Moving beyond text based literature, awareness seminars and workshops, the Central Board of Direct Taxes (CBDT) has adopted a novel approach to spread tax literacy through ‘learn by play’ methods. CBDT has brought out products to introduce concepts related to taxation, often perceived to be complicated, to high school students through board Games, puzzles and comics.
Kick-starting this initiative, Union Finance Minister Nirmala Sitharaman launched a series of communication and outreach products aimed at spreading financial and tax awareness at the Closing Ceremony of the Azadi Ka Amrit Mahotsav Iconic Week in Panaji, Goa on Saturday evening. She termed the next 25 years as Amrit Kaal, and said youth would play a major role in shaping the new India. Smt. Sitharaman also distributed the first sets of the games to select school students present at the event.
The novel products brought out by the CBDT are as follows :
Snakes, Ladders and Taxes : This board game introduces good and bad habits in respect of tax events and financial transactions. The game is simple, intuitive and educational with good habits being rewarded through ladders and bad habits penalized by snakes.
Building India : This collaborative game introduces the concept of importance of paying taxes through the use of 50 memory cards based on infrastructure and social projects. The game aims to convey the message that taxation is collaborative in nature and not competitive.
India Gate – 3D Puzzle : This game consists of 30 pieces, each containing information about various terms and concepts related to taxation. The pieces when connected together will build a 3-dimensional structure of India Gate conveying the message that taxes build India.
Digital Comic Books – Income Tax Department has collaborated with Lot Pot Comics to spread awareness about concepts of income and taxation among children and young adults. The messages are given by the immensely popular cartoon characters of Motu-Patlu, through their bone tickling dialogues.
These products will be initially distributed to schools through the network of Income Tax offices spread across India. A proposal to distribute these games through bookstores is also being worked out.
DIPAM to organise Conference on “Creating wealth through markets” as part of Azadi Ka Amrit Mahotsav Celebrations of Ministry of Finance tomorrow
Finance Minister Smt. Nirmala Sitharaman to join the Conference from Bengaluru
Conference is being organised on a mega scale in 75 cities, covering all States and UTs
In celebrations of “Azadi Ka Amrit Mahotsav (AKAM)”, Department of Investment & Public Asset Management (DIPAM) is organinsing a Conference on the theme “Creating Wealth through Market” as an iconic event in 75 cities across the country on tomorrow starting at 04:00 PM. This initiative aims to educate, encourage and empower people in 75 cities across India about investments and creating wealth as well as on the steps taken by the Government for ensuring financial growth of the citizens.
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will join the conference from Indian Institute of Science (IISc), Bengaluru.
Union Minister of State for Finance Dr Bhagwat Kisanrao Karad will participate in the Conference from Vigyan Bhawan, New Delhi.
The inaugural address will be followed by a session at the local venue in 75 cities with eminent speakers comprising of Financial Experts / Professionals / Bankers / Influencers etc. The event will feature discussions on broad topics such as:
Growth of Indian Capital Markets in the past 75 years.
Women as rising Independent Investors.
Role of Government and other Market Players in improving Market Confidence.
Financial Literacy- a road to financial wellbeing.
Future of Indian capital markets i.e. Amrit Kaal
“Azadi Ka Amrit Mahotsav” is being celebrated in the country in commemoration of 75 years of independence of India, and the glorious history of its people, culture and achievements. It’s a celebration of our collective achievements as a 75-year-old independent country with a legacy of 5000+ years of ancient history. The celebration rests on five pillars outlined by the Prime Minister i.e. Freedom Struggle, Ideas at 75, Achievements at 75, Actions at 75 and Resolves at 75 as guiding force for moving forward, keeping dreams and duties as inspiration. The Mahotsav will be celebrated as Jan-Utsav in the spirit of Jan-Bhagidari.
True to the pan-India essence of Azadi ka Amrit Mahotsav, DIPAM will conduct the programme in all major Indian languages in 75 cities for better and easier acceptability among the people. Reflecting its extensive reach, the Programme covers all geographical areas of the country from Ladakh to Lakshdweep and Andaman & Nicobar Islands, and no area of the country is left out of its ambit.
Various steps taken by Government since 2014 helped keep economy and people afloat in difficult times: Smt. Nirmala Sitharaman
Government’s targeted approach during Pandemic helped to deliver assistance to citizens: FM
FM inaugurates Department of Economic Affairs Iconic Day celebrations today; launches ‘NETRA Portal and Mobile Application:
Finance Minister launches DEA’s three short films on Externally Aided Projects, financial literacy and lines of credit to other countries by the Government
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman launched the Iconic Day celebrations of the Department of Economic Affairs with Securities and Exchange Board of India (SEBI) under the Azadi Ka Amrit Mahotsav (AKAM) here today. Along with the Union Finance Minister, Shri Ajay Seth, Secretary, D/o Economic Affairs; Dr. Anantha V. Nageswaran, Chief Economic Advisor, Ministry of Finance and Shri S.K. Mohanty, Whole Time Member, SEBI also participated. The occasion also saw participation from key dignitariesand prominent leaders from the world of finance.
In her address, the Finance Minister said that India’s fundamentals are once again sound because of the many steps taken by the Government since 2014. Major steps taken by the Government, before the COVID-9 pandemic hit us, which include reducing the corporate tax, ensuring that the economy is greatly digitised, bringing in the GST and IBC – all of this heavylifting prepared us for the unprecedented situation of the Pandemic, she said.
Smt. Sitharaman emphasised that when Government looks at targeted approach of providing assistance and takes the input from the ground and does so quickly, in time and in an open fashion, the impact is for all to see. In this context she cited a study on Pradhan Mantri Garib Kalyan Yojana (PMGKY) which brought out that the probability of people cutting down consumption utilities has come down by 75% across the country. The study has also shown that the PMGKY reduced the probability of borrowing money by 67% of all respondents.
Citing another study on the Emergency Credit Liquidity Guarantee Scheme (ECLGS), the Finance Minister stated that as of March 2022 loans sanctioned under this scheme have crossed Rs 3.19 lakh crore and the scope of ECLGS has now been extended till 2023. The study says that this handholding has kept many people afloat during the Pandemic.
The third study highlighted by the Finance Minister was on the Ayushman Bharat scheme wherein the implementation of this scheme has been associated with a 21% decline in out of pocket health expenditure and 8% reduction in the tendency to borrow for emergency health purposes.
The Finance Minister underlined that the Department of Economic Affairs has channelised external aid towards every region of the country, with the support of multiple multilateral institutions. India very smartly raised funds and distributed them not only for infrastructure building but also for livelihood prospects in each region. Smt. Sitharaman also appreciated the DEA’s efforts through the IDEAS project that spans across so many countries and making a difference to livelihood environment, especially for most of Africa and also for the Island countries.
In his address during the AKAM celebrations, Chief Economic Advisor Dr Anantha V. Nageswaran said that the structural reforms of this Government, such as the Goods and Services Tax (GST) and the Insolvency & Bankruptcy Code (IBC) will manifest their advantages and potential in the coming decade, once the current clouds of global political developments and macro monetary policy challenges dissipate. The CEA underlined that for these reasons India is forecasted by the International Monetary Fund (IMF) to cross $5 trillion by 2026-27 and if GDP of the country doubles every 7 years, we will be $20 trillion GDP by 2040 with the per capita income close to $15,000.
Dr Nageswaran stated that India is better-positioned than many other countries in facing the current challenges. He indicated that we face challenges of managing a sustainably high growth rate, moderate inflation, keeping the fiscal under balance and also ensuring that the external value of the rupee remains stable. The CEA stated that the Government is prepared to meet the challenges of balancing these core important considerations.
Smt. Sitharaman launched ‘NETRA (New e-Tracking and Remote Administration)’ Portal and Mobile Application for Indian Development and Economic Assistance Scheme (IDEAS).
NSDL’s outreach initiative ‘Market Ka Eklavya – Express’, a programme specially designed to introduce students to the basics of investing and financial markets was screened during the event.
Market Ka Eklavya – Express’:
‘Market Ka Eklavya – Express’ lays the foundation of the twin pillars of Financial Independence, namely, Financial Awareness and Financial Discipline in a simple language using relatable examples from everyday life to explain complex concepts. As a part of the AKAM celebrations, NSDL has recently launched the programme in 8 languages to reach 75 cities to commemorate 75 years of independence.
The Finance Minister also released a short film ‘Sahyog se Samriddhi’ on Externally Aided Projects during the Iconic Week celebrations of Azadi Ka Amrit Mahotsav. The film showcased the role of Externally Aided Projects in India’s development trajectory since 1947, with a special emphasis on India’s engagement with multilateral and bilateral agencies in last 8 years.
‘Sahyog se Samriddhi’:
Smt. Sitharaman also inaugurated a film on the lines of credit called “IDEAS – India Partnering in Global Growth”. This film showcased India’s recognition as a trusted development partner for the developing economies. The Indian Development and Economic Assistance Scheme (IDEAS) has played a key role in the socio-economic development in the partner countries. The film features key marquee projects financed by Exim Bank of India under the GoI Lines of Credit in Africa, Asia, Latin America, Oceania, and the CIS region.
“IDEAS – India Partnering in Global Growth”:
During the morning session, engaging discussions on ‘Emergence of women investors in securities market’ and ‘Growth of Indian retail investors’ during the symposium on ‘Jaagruk Niveshak: Samridha Bharat ki Neev’ organised by SEBI in collaboration with Department of Economic Affairs took place. The idea of an enlightened investor empowered to make informed financial choices was central to the discussions. The symposium also explore the exciting possibilities presented by the encouraging trend of increasing participation of women in financial markets.
Watch live streaming:
Ministry of Finance Press Release Id :-1832085, 08th March 2022
Retains GDP growth forecast at 7.2%, Inflation projected at 6.7% during FY 2022-23
Credit Cards, beginning with RuPay card can be linked with UPI
e-Mandate transaction limit increased to Rs 15,000
Upper limit on housing loans by Cooperative banks hiked by more than 100%
Key Policy Rates
The Monetary Policy Committee of Reserve Bank of India, which met from 6-8 June 2022, has unanimously decided to hike the Repo Rate by 50 basis points to 4.90 %
Consequently, Standing Deposit Facility Rate stands adjusted to 4.65% and Marginal Standing Facility rate and Bank Rate to 5.15%
The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth.
Inflation
Assuming normal monsoon in 2022 and average crude oil price of $105 per barrel in Indian basket, inflation is projected at 6.7% in 2022-23
Q1 – 7.5%
Q2 – 7.4%
Q3 – 6.2%
Q4 – 5.8%
Growth forecast
The MPC has observed that the global economy continues to grapple with multi-decadal high inflation and slowing growth, persisting geopolitical tensions and sanctions, elevated prices of crude oil and other commodities and lingering COVID-19 related supply chain bottlenecks.
Economic indicators for April –May indicate a broadening of the recovery in economic activity in India. Urban demand is recovering and rural demand is gradually improving. Merchandise exports posted robust double-digit growth for the fifteenth month in a row during May while non-oil non-gold imports continued to expand at a healthy pace, pointing to recovery of domestic demand.
Real GDP growth for 2022-23 is estimated at 7.2%
Q1 – 16.2%
Q2 – 6.2%
Q3 – 4.1%
Q4 – 4.0%
According to NSO provisional estimates released on May 31, India’s GDP growth in 2021-22 is estimated at 8.7%, higher than pre-pandemic level.
Measures to benefit Cooperative Banks
Taking into account the increase in housing prices since the limits were last revised and considering the customer needs, it has been decided to increase the existing limits on individual housing loans by cooperative banks. Accordingly, the limits for Tier I /Tier II UCBs shall stand revised from ₹30 lakh/ ₹70 lakh to ₹60 lakh/ ₹140 lakh, respectively. As regards RCBs, the limits shall increase from ₹20 lakh to ₹50 lakh for RCBs with assessed
net worth less than ₹100 crore; and from ₹30 lakh to ₹75 lakh for other RCBs.
Urban cooperative banks can now extend doorstep banking services to customers Will enable these banks to better meet the needs of their customers, especially senior citizens and differently abled persons-
Rural cooperative banks can now extend finance to commercial real estate (loans to residential housing projects) within existing aggregate housing finance limit of 5% of total assets
Enhancement of limit on e-mandate transactions
To further augment customer convenience and facilitate recurring payments like subscriptions, insurance premia and education fees of larger value, limit per transcation for e-mandate based recurring payments increased from ₹5,000 to ₹ 15,000
Enhancing scope of UPI payment system.
Now, credit cards too can be linked with UPI platform, beginning with RuPay cards. This will provide additional convenience to users and enhance scope of digital payments. UPI has become the most inclusive mode of payment in India. Currently, over 26 crore unique users and 5 crore merchants are onboarded on the UPI platform.
The Monetary Policy Committee, besides the Governor Shri Shaktikanta Das comprised Dr. Shashanka Bhide, Dr. Ashima Goyal, Prof. Jayanth R. Varma, Dr. Rajiv Ranjan and Dr. Michael Debabrata Patra
The next meeting of the MPC is scheduled during August 2-4, 2022
RBI Governor’s Detailed statement can be seen here
The next meeting of the MPC is scheduled during August 2-4, 2022
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to launch of Single Nodal Agency (SNA) Dashboard during the Iconic Week Celebrations of Azadi Ka Amrit Mahotsav celebrations of Ministry of Finance
Smt. Sitharaman will also launch Training Modules of Department of Expenditure
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman to launch of Single Nodal Agency (SNA) Dashboard during the Iconic Week Celebrations of Azadi Ka Amrit Mahotsav celebrations of Ministry of Finance, in New Delhi, tomorrow.
The Ministry of Finance & Ministry of Corporate Affairs’ Iconic Week celebrations from 6th June to 12th June 2022 were launched by the Prime Minister, Shri Narendra Modi here today morning.
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will be the Chief Guest and Finance Secretary, Dr. T.V. Somanathan, and the Controller General of Accounts, Smt. Sonali Singh will grace the occasion along with other dignitaries.
The SNA Dashboard forms part of a major public financial management reform that was initiated in 2021 with regards to the manner in which funds for Centrally Sponsored Schemes (CSS) are released, disbursed and monitored. This revised procedure, now referred to as the SNA model, requires each State to identify and designate a SNA for every scheme.All funds for that State in a particular scheme will be credited in this bank account, and all expenses will be made by all other Implementing Agencies involved from this account.
The SNA model, therefore, ensures that allocation of funds to States for the CSS are made in a timely manner and after meeting various stipulations. Effective implementation of this Model has brought about greater efficiency in CSS fund utilization, tracking of funds, pragmatic and just-in-time release of funds to the States; ultimately all contributing to better Cash Management of the Government.
In order to give the stakeholders of SNA model the necessary feedback and monitoring tools in the operation of the schemes, Public Financial Management System (PFMS) has developed the SNA Dashboard. The Dashboard depicts releases made to different States by Ministries, further releases made by State Treasuries to the SNA accounts, expenditure reported by the agencies, interest paid by banks to SNA accounts etc. in intelligible, informative and visually appealing graphics.
The programme will also have presentations on ‘Best Practices in Cash Management through SNA and Treasury Single Account (TSA)’. The presentations will be made by Joint Controller General of Accounts, State Government of Odisha and Canara Bank showcasing their experiences on the subject.
The Union Finance Minister will also launch Training Modules of the Department of Expenditure. With the aim to facilitate and build the capacity of the officials, two central training institutes namely Institute of Government Accounts and Finance (INGAF) and Arun Jaitley National Institute of Financial Management (AJNIFM) have developed the courses to be published on the iGOT Karmayogi portal, DoPT. INGAF has developed the training programme on FR SR- III (Leave Rules) to increase knowledge of learners towards various conditions of leave, process to apply and avail leaves due and admissible and their approval, describe special kinds of leaves etc. The course curated by AJNIFM caters to procurement of variety of goods and services, including execution of works. This would help officers posted in Integrated Finance Divisions (IFDs) of various Ministries/Departments in examining the proposals in light of GFRs and other instructions before concurrence is given by Financial Advisors. Learners shall be put to test in each module so that they can check themselves and may go back to the particular portion of the module for re-emphasizing the learning.
MCA issued General Circular on 30 May 2022 giving Clarification on Micro Finance/Micro Credit as an Object in the Object Clause of MOA of Section 8 companies registered under the CA 2013 :
Ministry of Finance and Ministry of Corporate Affairs today held a Curtain Raiser press conference of their ‘Iconic Week’ celebrations as part of the ‘Azadi Ka Amrit Mahotsav’ (AKAM) during the week of 6th to 11th June, 2022.
Prime Minister Shri Narendra Modi had inaugurated the “Azadi Ka Amrit Mahotsav” (AKAM) on 12th March 2021, marking a 75-week countdown to the 75th Anniversary of India’s Independence on 15th August, 2022. The AKAM celebrations will continue for a year, thereafter, till 15th August, 2023.
As part of celebration of 75th anniversary of India’s 75th year of Independence, a ‘Thank You’ (Shukriya) song was released which celebrates the unsung heroes of the battle against COVID-19 Pandemic and those who kept the financial system running during the most challenging times.
An e-booklet was also presented to provide a snapshot of the events unfolding during the week in which the two Ministries – Corporate Affairs and Finance, will not only showcase their achievements, new initiatives, but also traverse through an interesting journey of their growth and evolution over the years. CLICK HERE to acesss the schedule of events.
Prime Minister Shri Narendra Modi will grace the inaugural function on the 6th of June 2022 in Vigyan Bhavan, New Delhi. The 6th June ceremony would be celebrated live simultaneously in 75 cities across India keeping up with the spirit of 75years of India’s Independence.
During the Iconic week of Azadi ka Amrit Mahotsav, Ministry of Corporate Affairs and each Department of Ministry of Finance will showcase their rich history and legacy as well as readiness to face the challenges ahead. For example, a documentary will be released on the Development of Securities Market in India on the third day, i.e. 8th June 2022; and on the last day, 11th June 2022, the National Customs and GST Museum, ‘Dharohar’, which showcases an array of seized goods, antiques, and customs heritage will be dedicated to the nation.
Some other notable events during the Iconic Week celebrations of the Ministry of Finance & Ministry of Corporate Affairs include the International Conference on data analytics in public procurement that will deliberate on the best international practices in the field of public procurement and way forward to harness modern tech to bring more value for money in public procurement. Some major initiatives in public expenditure management and taxation, both direct and indirect will also be showcased.
The kick off celebrations of Iconic Week of Ministry of Finance & Ministry of Corporate Affairs was presided over by Finance Secretary & Secretary Expenditure, Dr T.V. Somanathan. Among attendees were Shri Tuhin Kanta Pandey, Secretary, DIPAM; Shri Ajay Seth, Secretary, Economic Affairs; Shri Rajesh Verma, Secretary, Ministry of Corporate Affairs; Shri Ali Raza Rizvi, Secretary, DPE; Shri Sanjay Malhotra, Secretary, DFS; Shri Vivek Johri, Chairperson, CBIC and Smt. Sangeeta Singh, Chairperson (addl. Charge), CBDT, besides other senior officers of the Ministry of Finance & Corporate Affairs.
E-booklet for Ministry of Finance and Ministry of Corporate Affairs for Iconic Week celebrations of Azadi Ka Amrit Mahotsav:
Oil and Natural Gas Corporation Ltd. (ONGC) has become the first Exploration and Production (E&P) company in India to trade domestic gas on Indian Gas Exchange. The first online trade was made on 23 May 2022 by ONGC Director (Onshore) In-charge Marketing Anurag Sharma on India’s first automated national level Gas Exchange, IGX. The gas traded is from ONGC Krishna Godavari 98/2 block.
After the deregulation in gas pricing ecosystem in 2000-21, ONGC has prepared itself to reap the benefits. The quantity sold by ONGC through the Gas Exchange will be enhanced slowly.
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