New Delhi, April 18 (IANS) The fact-checking unit of the Press Information Bureau (PIB) has dismissed reports circulating online, which claimed that the Reserve Bank of India (RBI) has introduced new guidelines permitting the exchange of discontinued currency.The fact-checking unit dismissed these claims as fake, clarifying that the RBI has made no such announcement.“Some news reports claim that the Reserve Bank of India (RBI) has issued new guidelines to exchange discontinued currency notes. …
Latest Finance Minister Nirmala Sitharaman News & Updates
New Delhi, April 1 (IANS) The Central Board of Direct Taxes (CBDT) has amended income tax rules to provide clarity on the applicability of General Anti-Avoidance Rules (GAAR), in a move aimed at reducing ambiguity around tax avoidance provisions.In its notification, the CBDT said that GAAR will not apply to income arising from the transfer of investments made before April 1, 2017. The amendment will come into effect from April 1, 2026.The clarification is expected to provide certainty to investo…
New Delhi, March 31 (IANS) The government has notified the Finance Act 2026 to bring into effect the financial proposals of the Union Budget for 2026-27.A gazette notification issued by the Ministry of Law and Justice stated: “The Finance Act 2026 received the assent of the President on March 30, 2026 and is hereby published for general information.”The Parliament on Friday approved the Finance Bill 2026 with the Rajya Sabha returning it to the Lok Sabha by a voice vote, completing the legislati…
New Delhi, March 31 (IANS) As India approaches the new fiscal year FY27, the country’s direct tax system is set for a major overhaul from April 1, 2026, with the new Income Tax Act, 2025, coming into force — replacing the six-decade-old 1961 legislation and introducing changes in compliance, terminology and taxation.Major reform under the new framework is the replacement of the ‘Financial Year’ (FY) and ‘Assessment Year’ (AY) with a single ‘tax year’, which could simplify the filing process a…
New Delhi, March 30 (IANS) The Enforcement Directorate has investigated 1,105 bank fraud cases under the Prevention of Money Laundering Act (PMLA) and has attached proceeds of crime worth Rs 64,920 crore, Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday. She also said that action had been taken under the Fugitive Economic Offenders Act (FEOA) against those evading Indian law by staying abroad.This was a reference to high-profile cases such as the Nirav Modi case, including …
New Delhi, March 30 (IANS) The Lok Sabha on Monday approved the Insolvency and Bankruptcy Code (Amendment) Bill, aimed at speeding up insolvency proceedings to resolve cases related to defaulting companies.The Bill introduces a mandatory 14-day timeline for admitting insolvency applications once a company’s default has been established.Finance Minister Nirmala Sitharaman said that the government has proposed a set of 12 amendments to the Insolvency and Bankruptcy Code to further strengthen the…
New Delhi, March 27 (IANS) Amid rising crude prices and mounting pressure on oil retailers, the Centre’s Rs 10 per litre excise duty cut on petrol and diesel signals both near-term relief for consumers and a potential impact on one of its key revenue streams. Under the revised rates, excise duty on petrol has been reduced to Rs 3 per litre, while diesel has effectively been exempted.The decision comes against the backdrop of elevated global crude oil prices due to the ongoing West Asia conflic…
New Delhi, March 10 (IANS) Oil prices declined sharply on Tuesday, trading below $90 per barrel after US President Donald Trump predicted the war in the Middle East could end soon.Brent futures declined as much as 10.85 per cent to an intraday low of $88.22 per barrel from the previous close of $98.96 per barrel. At the last count (around 11 am), they were trading at $92.50, down 6.44 per cent. Meanwhile, crude oil futures were trading at $87.94 per barrel, down more than 7 per cent. However, th…
Nainital, Feb 7 (IANS) Anagh Saxena, a participant in the Viksit Bharat Young Leaders’ Dialogue 2026, on Saturday welcomed the Union Budget 2026 and said that suggestions put forward by young leaders have been reflected in the government’s financial road map, expressing gratitude to the Modi government for acknowledging youth perspectives.Saxena, a resident of Uttarakhand’s Nainital, said that the aspirations and policy proposals presented by young Indians during the Viksit Bharat Young Le…
Guwahati, Feb 1 (IANS) Gauhati University Vice-Chancellor Nani Gopal Mahanta, on Sunday, described the Union Budget 2026-2027 as a progressive and future-oriented roadmap that has the potential to reshape India’s higher education landscape in alignment with the national vision of ‘Viksit Bharat’. Reacting to the Union Budget presented by Finance Minister Nirmala Sitharaman, Mahanta said the government’s renewed thrust on Viksit Shiksha clearly recognises education as a cornerstone of national pr…