Thursday, October 17

Tag: top financial news today

Finance Minister hints at a review of tax limit on EPF
22Feb By Nikita Dhyani1 Comment
Business, Finance, Politics

Finance Minister hints at a review of tax limit on EPF

Finance Minister Nirmala Sitharaman has commented that there is no intent to discourage higher income earners from saving with the Employees Provident Fund (EPF) and that she was open to reviewing the contribution limit of ₹2.5 lakh a year for tax-free interest, imposed in the recent Union Budget. Reiterating that the EPF will continue to remain in its present form, the Minister said there was no plan to merge the EPF with the National Pension Scheme. Also learn- For rich/affluent, EPF is not a nest egg but a goose that lays golden eggs. “We want to continue with the EPF. We understand that there is a certain comfort with people, particularly middle-income earners when they are assured of a return,” she mentioned in an exclusive interview with Business Line. “We have taken ...
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Bharti Airtel adds maximum number of wireless users than Jio for 5 months in a row
19Feb By Nikita DhyaniNo Comments
Business, Communication, Finance, Jio, news, Politics

Bharti Airtel adds maximum number of wireless users than Jio for 5 months in a row

Airtel acquired 4.05 million wireless subscribers against Jio's 0.47 million while battling Vodafone-Idea once again lost almost 5.7 million users in December, as per Telecom Regulatory Authority of India (Trai) data delivered on Thursday. Bharti Airtel adds maximum numbers of wireless users 5th times successfully in a row which is more than market leader Reliance Jio. Airtel added 4.05 million wireless subscribers in December to take its base to 338.70 million, followed by Reliance Jio, which added 478,917 subscribers to take its base to 408.77 million. With solid additions, Airtel has also narrowed the gap with market pioneer Reliance Jio, which has seen its subscriber additions slowing down. Reliance Jio’s wireless market share stood at 35.43% in December, followed by Airte...
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Bitcoin trading likely to attract Income Tax, 18% GST: Reports
18Feb By Nikita DhyaniNo Comments
Bitcoins, Business, Finance, news

Bitcoin trading likely to attract Income Tax, 18% GST: Reports

The government is considering imposing income tax (IT) and Goods and Services Tax (GST) at the rate of 18 percent on the profits and trade of bitcoin or related cryptocurrencies, a Business Standard report said. Forward of the presentation of Cryptocurrency and Regulation of Official Digital Forex Invoice, 2021 within the Finances session of Parliament, as has been reported by some media publications, the report additional added that each the taxes might be levied for the present fiscal year. Last year, there was a report by the Times of India, telling officials said that the Central Economic Intelligence Bureau (CEIB), an arm of the finance ministry had suggested that bitcoins can be categorized under the ‘intangible assets’ class, thus making it liable for GST levy. However,...
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FM Nirmala Sitharaman addresses Directors of Central Board of RBI, explains priorities of the government
17Feb By Nikita Dhyani1 Comment
Business, Finance, finance minister, news, Politics

FM Nirmala Sitharaman addresses Directors of Central Board of RBI, explains priorities of the government

Finance Minister Nirmala Sitharaman on Tuesday explained the government's priorities to the Reserve Bank of India's central board during their first meeting after the presentation of the Union Budget 2021-22. As per the tradition, the Finance Minister holds customary meetings with the board members of the RBI and the Securities and Exchange Board of India (Sebi)  every year after the presentation of the Budget. The RBI said in a statement that the FM minister addressed the 587th RBI Central Council, informing members of key budget initiatives and government priorities. “Complimenting the finance minister on the budget, the board members made various suggestions for consideration of the government,” it added. At its first meeting after the presentation of the Budget for 2021...
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India Shortlists Four Banks for Potential Privatisation – sources
16Feb By Nikita DhyaniNo Comments
Bank, Business, Finance, news, Politics

India Shortlists Four Banks for Potential Privatisation – sources

India’s government has shortlisted four mid-sized state-run banks for privatisation, under a new push to sell state assets and shore up government revenues, three government sources said. Privatisation of the banking sector, which is dominated by state-run behemoths with hundreds of thousands of employees, is politically risky because it could put jobs at risk but Prime Minister Narendra Modi's administration aims to make a start with second-tier banks. The report said two of these banks will be selected for sale in the next financial year, 2021-22, starting April. Privatisation of these banking behemoths employing thousands may put jobs at risk, but this would let the government test the waters in the first round before moving on to bigger banks, it added. The government, how...
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SBI’s Household Loan Cross Rs 10 Lakh Crore Over 5 Years
12Feb By Nikita Dhyani1 Comment
Business, Finance, news

SBI’s Household Loan Cross Rs 10 Lakh Crore Over 5 Years

Khera said SBI was the country's cheapest home loan provider with an NPA of less than 1 percent, even during COVID. "We will get to the next Rs 5 trillion much faster than the 10 years it took us initially. We are targeting a (home loan) portfolio of Rs 7 lakh crore in three years and Rs 10 lakh crore in five years,” Khara said in a press conference. Despite a massive setback to the real estate sector triggered by the pandemic-induced lockdown, the home loan vertical registered strong growth even in December 2020 with the highest sourcing, sanctions, disbursements, and growth. The bank is now targeting a home loan AUM of Rs 7 lakh crore by 2023-24. SBI is extending builder loans and also approving their projects in anticipation that offtake will improve. When it comes to build...
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Govt must keep an eye on the fiscal deficit – FM Nirmala Sitharama
9Feb By Nikita Dhyani1 Comment
Business, Finance

Govt must keep an eye on the fiscal deficit – FM Nirmala Sitharama

Addressing a virtual event of industry body PHDCCI Sitharaman said careful monitoring and tackling of fiscal deficit was the “mool mantra” of the budget 2021. The Centre's fiscal deficit increased, as it was forced to offer relief packages in the wake of the epidemic, despite a decline in revenue collection. Even though nominal GDP is expected to reverse a contraction in the FY22 and expand at 14.9%, the inevitability of continued spending to continue growth has led the Center to keep the fiscal deficit target elevated at 6.8% for the next fiscal as well. She said that the government has managed to make the Budget transparent. "There is nothing under wraps or swept under the carpet. Whatever the government is borrowing or spending is open for everyone to see," she emphasized. ...
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