Category Archives: Banking

Ministry of Finance | Status on GST Refunds

GST Collection

PIB News Update: A number of companies applied for a Goods & Services Tax (GST) refund since the introduction of the tax regime. As on 02.12.2019, a total of 1,86,158 entities have filed 36,42,272 refund applications, out of which 34,46,010 refund applications have been finalised.

This was stated by Shri Anurag Singh Thakur, Union Minister for State … Read More

MCA | Govt amends IEPFA Rules, 2016- to simplify refund of claims

Ministry of Corporate Affairs

PIB News Update: The Investor Education & Protection Fund (Accounting, Audit, Transfer and Refund) Rules 2016 have been amended vide GSR No.571 (E) dated 14.8.2019 to simplify the process of refund of claims filed with The Investor Education & Protection Fund Authority (the Authority).  The amended rules inter-alia provide for digitisation … Read More

MCA | IEPFA MoU with BoB for Investor Awareness

Investor Education & Protection Fund Authority (IEPFA) signs MOU with BoB

PIB News Update:“This is landmark collaboration for information dissemination and reaching out to investors and stakeholders. The coming together of two important organisations with similar stakes is a good sign. This exercise will definitely help various investors who often fall prey to tempting offers for investments and Ponzi schemes,” Shri Injeti… Read More

Finance Commission | 15th Finance Commission submits report for 2020-21 to the President of India

15th Finance Commission submits report for 2020-21 to the President

PIB News Update: The Chairman of the 15th Finance Commission, Shri N.K. Singh, Members S/Shri Ajay Narayan Jha,  Ashok Lahiri,  Ramesh Chand, Anoop Singh and Secretary Shri Arvind Mehta today called on the President of  India, Shri Ram Nath Kovind and submitted the report of the Commission for the financial year 2020-21 for further necessary action.  The… Read More

ADB prepares Action Plan for Infrastructure Creation, to increase use of Coastal Shipping in India

Asian Development Bank

PIB News Update: In a written reply to a question in Lok Sabha today the Minister of State for Shipping (I/C) and Chemical & Fertilizers Shri Mansukh Mandaviya informed that an Action Plan for Coastal Shipping has been prepared by the Asian Development Bank (ADB) in September, 2019. This action plan includes recommendations with respect to infrastructure… Read More

CBDT | Draft notification seeking inputs for framing rules with respect to Fund Manager Regime under Sec 9A of I.T. Act, 1961


PIB News Update: Section 9A of the Income-tax Act, 1961 (the Act) provides for a special taxation regime in respect of certain offshore funds in the context of their fund managers being located in India. It is provided that in case of an eligible investment fund, the fund management activity carried out through an eligible fund manager acting on behalf of such… Read More

Ministry of Commerce | Status on Anti-Dumping Duty

Ministry of Commerce & Industry

PIB News Update:  Minister of Commerce and Industry, Piyush Goyal has informed that Directorate General of Trade Remedies (DGTR) conducts anti-dumping investigations, under the Customs Tariff Act, 1975 and the rules made thereunder, on the basis of a duly substantiated application filed by the domestic industry alleging dumping of goods into the country… Read More

EPF amount in Public Limited Companies


PIB News Update: Shri Santosh Kumar Gangwar Union Minister of State (I/C) for Labour and Employment has informed that Employees’ Provident Fund Organization (EPFO) is investing in Exchange Traded Funds (ETFs) based on Nifty 50, Sensex, Central Public Sector Enterprises (CPSEs) and Bharat 22 Indices. EPFO does not invest in shares and equities of individual… Read More

India & ADB sign $206 million loan to strengthen urban services in 5 Tamil Nadu cities

Asian Development Bank

PIB News Update: The Asian Development Bank (ADB) and the Government of India on 2nd December 2019 signed a $206 million loan to develop water supply and sewerage infrastructure in 5 cities of Tamil Nadu and strengthen capacities of urban local bodies (ULBs) for improved service delivery.

This is the second project loan for the ADB-supported $500 million … Read More

Strong Customer Outreach by PSB – 4.91 lakh cr disbursed in Oct & Nov, 2019

Strong Customer Outreach by Public Sector Banks

PIB News Update: Smt. Nirmala Sitharaman, Union Minister for Finance & Corporate Affairs, had announced in September the launch of Customer Outreach Initiative by Public Sector Banks (PSBs) to improve credit delivery and support the needs of the economy, with particular focus on MSMEs, NBFCs, corporates, retail and agriculture sector borrowers,… Read More

S&P reaffirms Sovereign Credit Rating of India at BBB- with Stable outlook

S&Preaffirmed Sovereign Credit Rating of India

PIB News Update: S&P has in its report released today has reaffirmed the Sovereign Credit Rating of India  at BBB- with outlook as stable.

In their Summary publication on India they have stated that:

    •  India’s economy continues to achieve impressive long term growth rates despite a recent deceleration. It is believed that the economic slowdown is cyclical
Read More