Finance Minister

Northeast India’s first small bank opened

Northeast India’s first small bank, North East Small Finance bank (NESFB) started its services. Rashtriya Gramin Vikas Nidhi (North East) Microfinance Limited received the Small Finance Bank License from the Reserve Bank of India (RBI) on March 31, 2017. Tata Trust chairman Ratan Tata and Assam’s finance minister Himanta Biswa Sarma launched the first 28 branches of the bank.

Committee to set up Asset Reconstruction Comp

Finance Minister Piyush Goyal announced setting up of a committee to give recommendations on formation of an Asset Reconstruction Company. The committe will give recommendations in two weeks for faster resolution of stressed accounts. The committee will be formed under Sunil Mehta, non-executive chairman of Punjab National Bank.

Nepal to announce first federal budget

29 : Nepal’s Finance Minister will present the first federal budget of the Himalayan nation after completing the three-tier elections held simultaneously in the year of 2017. The Government of Nepal is expected to unveil the budget of about 16 trillion for the upcoming fiscal year. The Constitution of Nepal mandates the government to unveil the budget in a joint meeting of federal parliaments.

GST Council simplifies return filing process

5 : The GST Council in its 27th meeting decided on a new, simplifed method of filing GST returns, based on the recommendations of the Group of Ministers on IT simplification. All taxpayers excluding a few exceptions like composition dealer shall file one monthly return. Goods & Services Tax Council is a constitutional body & is chaired by the Union Finance Minister

Informal meeting of SAARC FMs held in Manila

The twelfth informal meeting of SAARC Finance Ministers was held in Manila, on the sidelines of the 51st Annual Meeting of Asian Development Bank (ADB).The meeting was chaired by the Finance Minister of Nepal Yuba Raj Khatiwada. The Finance Ministers/Heads of Delegation briefed the meeting about the current status of economic progress achieved by their countries.

Gobardhan Yojana launched from Haryana

Union Minister for Drinking Water and Sanitation launched the Gobardhan scheme from Haryana’s Karnal district on 30th April. The scheme would focus on managing and converting cattle dung and solid waste in farms to compost, biogas and bio-CNG. The Galvanizing Organic Bio-Agro Resources Dhan (GOBAR-DHAN) scheme was first announced by Finance Minister Arun Jaitley in budget.

Economist & WB Finance Min Ashok Mitra died

Noted scholar and former Finance Minister in the Left Front government in West Bengal Ashok Mitra passed away on 1st May. Mr. Mitra was also an eminent economist and penned several newspaper columns on social and economic issues. He was the Chief Economic Adviser to the Central Government from 1970 to 1972. In the mid-1990s he became a member of Rajya Sabha.

Tramadol brought under narcotics law

Tramadol, a painkiller pharma drug, has been declared as a “psychotropic substance” by the Union Government & its sale in the country will now be strictly monitored.The Union Finance Ministry has brought the drug under the control of the Narcotic Drugs and Psychotropic Substances (NDPS) Act.A gazetted notification to this effect was issued on April 26.

1st meet of BRICS FMs & Central Bank Governors

First meeting of BRICS Finance Ministers & Central Bank Governors was held on the sidelines of IMF/World Bank Spring Meetings in Washington D.C.Main issues that were discussed were related to enhancing project pipelines of NDB evenly across member countries & expansion of NDB’s membership. Issues related to BRICS Contingent Reserve Arrangement as well as BRICS Bond Fund were also discussed.

Arun jaitley re-appointed as leader of RS

Finance Minister Arun Jaitley was once again appointed as the Leader of the Rajya Sabha (RS) following his re-election to the House.In June 2014, Mr Jaitley was appointed the leader of the House in Rajya Sabha. Prime Minister Narendra Modi is the Leader of the House in Lok Sabha. The Leader of the House is a Rajya Sabha member who is either a cabinet minister or another nominated minister.

G20 ministerial meeting in Buenos Aires

21 : The 1st G20 meeting of Finance Ministers and Central Bank governors began on 19th March in Buenos Aires, with the presence of 57 delegations from countries and institutions. The topics under discussion are likely to be infrastructure and the future of work in the digital arena. This is the first of five such meetings to be held before Argentina hosts the G20 Summit.

Karnataka’s Hampi as ‘Iconic Tourism’ site

The Centre announced that Karnataka’s Hampi monuments will be among the ten destinations selected as ‘Iconic Tourism’ sites.In his Union Budget speech, Finance Minister Arun Jaitley had said that the sites will be provided support for holistic infrastructure and skill development. Other selected sites include the Taj Mahal, Konark Sun Temple, and Ajanta and Ellora caves.

Govt debt constrains India’s rating

Fitch Ratings said that the high debt burden of the government constrains India’s rating upgrade.It comes after a day after Finance Minister Arun Jaitley projected a fiscal deficit of 3.5 % of GDP against the earlier target of 3.2 %.Thomas Rookmaaker said that weak public finances “constrain India’s sovereign ratings”.

Gobar-Dhan Scheme to be launched

In an effort to make the villages open defecation free and improving the lives of villagers, the Finance Minister announced the launch of Galvanizing Organic Bio-Agro Resources Dhan (GOBAR-DHAN).Jaitley added that this will manage and convert cattle dung and solid waste in farms to compost, bio-gas and bio-CNG.He announced that 187 projects have been sanctioned under Namami Gange Programme

Govt announces ` 10,000 cr for fisheries

Finance Minister Arun Jaitley announced ` 10,000 crore for the fisheries and aqua-culture and animal husbandry fund, during his Budget speech.He also said that Kisan credit cards will be extended to fisheries and animal husbandry farmers.He added that exports for agriculture commodities will be liberalised.

No change in personal income tax rates

Finance Minister Arun Jaitley while presenting the Union Budget for the year 2018-19 announced that no change has been made in the personal income tax rates.“Government made many positive changes in the personal income tax rates in the last three years,” Jaitley said.Around 1.89 crore salaried individuals have filed their tax returns, he added.

President’s monthly salary to be ` 5 lakh

While presenting the Union Budget 2018, Finance Minister Arun Jaitley on Thursday announced that the President’s monthly salary will be increased to ?5 lakh from the earlier ` 1.5 lakh.Further, the Vice President’s monthly salary will be increased to ?4 lakh from ?1.25 lakh.The government has proposed a law to automatically revise MPs’ salaries every 5 years.

8 cr women to get free LPG connections

While presenting the Union Budget 2018 in Parliament, Finance Minister Arun Jaitley announced that eight crore poor women will be provided with free LPG connections under the Ujjwala scheme.The Minister added that the Saubhagya scheme will provide power to four crore families and that the government will spend ?16,000 crore on this scheme.

World’s largest govt-funded health program

Finance Minister Arun Jaitley has announced the world’s largest government-funded healthcare programme with ?5 lakh annual cover per family for 10 crore poor families.The government also allocated ?1200 crore for construction of 1.5 lakh new healthcare centres.Jaitley also announced setting up of 24 new government medical colleges and hospitals by upgrading existing district hospitals.

Govt to construct 2 cr toilets in 2 yrs

The government is targeting to construct two crore new toilets in the next financial year, Finance Minister Arun Jaitley announced during his budget speech.Speaking about the ‘Swacch Bharat Mission’ he said that already 6 crore toilets have been built as part of the mission.Jaitley has allocated Rs. 22,356.6 crore for SBM, a 6.89% decrease from last year’s allocation of Rs 24,011.18 crore.

Credit for agriculture to be ` 11 lakh cr

Finance minister said the government will focus on strengthening rural, agriculture economy.It credit for agriculture is increased from 10 trillion rupees to 11 trillion rupees. Minimum support price of all crops will be increased to at least 1.5 times of production cost and export of agriculture commodities to be liberalised.

India will grow at 7.2-7.5%

Finance Minister Arun Jaitley said that India is expected to register a growth rate of 7.2-7.5% in the second half of the current fiscal.While unveiling the Budget 2018-19, he said, India has grown on an average of 7.5 percent in the first three years of the current government and has become a $2.5 trillion economy.India is expected to become 5th largest economy soon, he said.

Union Budget 2018-19 presented

Finance Minister Arun Jaitley’s delivered his fifth and last full Budget.Budget focused on agriculture sector.India is expected to become the fifth largest economy very soon.Exports are expected to grow 15% in 2018.As per the FM, India is a Rs 2.5 trillion economy.The government will set up a fund of Rs 2,000 crore for developing agricultural markets.

25th GST Council Meet Held In New Delhi

25th meeting of the Goods and Services Tax (GST) Council was held in New Delhi on January 18, 2018.The meeting was chaired by Union Finance Minister, Arun Jaitley.During this meeting, the GST Council recommended many relief measures regarding GST rates on goods and services.

1st agro options contract in guar seeds

Finance Minister Arun Jaitley launched options trading in guar seed on commodity bourse NCDEX.NCDEX Agri-Options in Guar Seed aims to provide farmers better engagement in the commodity markets. NCDEX is the 2nd exchange after MCX to launch options trading in commodities. Guar seed is a major contributor to revenue generation, hence making it a suitable commodity to start with for Options.

2018 Budget to be presented on 1 Feb

This year’s Union budget will be presented on 1 February.The budget will be presented by finance minister Arun Jaitley. The Union Budget of India, also referred to as the Annual financial statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India.

Menon Named Best Central Bank Governor

The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, has been named the best central bank governor in Asia-Pacific for 2018 by UK-based magazine, The Banker.Finance Minister Heng Swee Keat was also given this award in 2011 when he was then MAS’s managing director. Over the last three years, the award went to the central bankers of Vietnam, India and Bangladesh.

Crypto-currencies not legal tender: India

Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk, Finance Minister Arun Jaitley said.A committee under the chairmanship of Secretary, Department of Economic Affairs, is deliberating over the issue.A cryptocurrency is a digital asset designed to work as a medium of exchange.

Anuk Arudpragasam bags 2017 DSC Prize

Sri Lankan author Anuk Arudpragasam’s “The Story of a Brief Marriage” has bagged the $25,000 DSC Prize for South Asian Literature 2017. Bangladesh Finance Minister Abul Maal Abdul Muhith presented the award to Arudpragasam. “The Story of a Brief Marriage” is a touching tale of a young man trapped on the frontlines between the Sri Lankan Army and the Tamil Tigers.

SBI under Adopt a Heritage Scheme

Union Finance Minister, Arun Jaitley has presented Letters of Intent to seven shortlisted entities under the ‘Adopt a Heritage Scheme’. LOIs were presented at the closing ceremony of ‘Paryatan Parv’ in Delhi on October 25, 2017. The Scheme was launched on World Tourism Day. Under this scheme, private and PSU have to adopt monuments/sites and have to take responsibility for its maintenance.

1st commodity options trading with gold

Multi Commodity Exchange launched trading in Gold option’s contract in presence of Finance Minister Arun Jaitley. MCX is the first commodity options trading with gold. Options contract offers the buyer the right, but not the obligation, to buy or sell a stock/commodity/asset at an agreed-upon price (referred to as strike price) during a certain period of time up to a specific date.

G-20 FMCBG meeting held in Washington

On 13th October 2017, the G-20 Finance Ministers and Central Bank Governors meeting was held in Washington D.C., US. Finance Minister Arun Jaitley participated in the meeting. The discussion focused on the agenda items like Global Economy and Framework for Growth. Angela Merkel is the chaiperson of G-20.

Govt to exempt small exporters

The government has decided to exempt small exporters from furnishing bank guarantee for shipping goods and services. Under the Goods and Services Tax, an exporter can get an exemption from payment of IGST if he submits bonds or Letter of Undertaking. The decision comes a day after exporters met Finance Minister Arun Jaitley for resolution of GST-related problems to boost overseas shipments.

Subramanian to get extension as CEA

The government has decided to extend the term of Chief Economic Adviser Arvind Subramanian by one year until October 2018. Subramanian was appointed India’s Chief Economic Adviser in October 2014. His term was for three years, which was to end on October 16. The CEA is the main go-to person for advice for the finance minister on macroeconomic matters.

Jaitley to launch new pension scheme

Finance Minister Arun Jaitley will launch a new pension scheme for senior citizens, Pradhan Mantri Vaya Vandana Yojana, PMVVY in New Delhi. Under this scheme, senior citizens (60 years and above) in which they will get a guaranteed interest of 8% for 10 years. It also allows for premature exit for treatment of any critical or terminal illness of self or spouse. Scheme is exempted from GST

Aaykar Setu launched

Finance Minister Arun Jaitley has launched Aaykar Setu. It is an e-initiative for Income tax Department to directly communicate with the taxpayers and aimed at providing information on useful tax services. It compiles various tax tools, live chat facility, dynamic updated and important links to various processes within the Department in a single module.

Greenfield projects in Africa

Highlighting Indian investors’ growing presence in Africa, union finance minister Arun Jaitley said in terms of greenfield projects, India was now the fourth largest investor in Africa with 45 projects. The 2017 African Economic Outlook released on May 22 at the AfDB summit showed that China led greenfield investment in Africa for 2015-16. India has invested $2.2 billion.

Govt launches ‘Clean Money’ portal.

Finance Minister Arun Jaitley has launched the ‘Operation Clean Money’ portal that aims to create a tax-compliant society. This portal will create awareness about black money and also to help those those who want to come clean on demonetisation cash deposits. It will also enable transparent Tax Administration by sharing status reports.

Lavasa Committee submits report to FM

The ‘Committee on Allowance‘ headed by Finance Secretary Ashok Lavasa submitted its final report on ‘higher allowances’ and ‘minimum wages’ to Finance Minister Arun Jaitley. Around 43 lakh central government employees and 57 lakh pensioners are eagerly waiting for the Ashok Lavasa committee to submit its final report. The Ashok Lavasa Committee was formed in June 2016.

8.65% interest rate on EPF approved

Finance Ministery has revised interest rate on Employees’ Provident Fund (EPF) to 8.65 per cent for the financial year 2016-17. The change in interest rates will enable the retirement fund body EPFO to pay this interest rate to accounts of nearly four crore subscribers. There will be a surplus fund after providing 8.65 per cent interest rate for the last fiscal.

FM clears military reforms proposal

Union FM Arun Jaitley, who got the additional charge of the defence ministry, has given the green light to widespread military reforms. The reforms are based on a report by the Lt General (ret) DB Shekatkar committee, which made recommendations on enhancing the combat potential of India’s all 3 armed forces. A major recommendation is that the defence budget should be 2.5% to 3% of the GDP.

Tax for lowest income slab slashed to 5%

The FM has proposed to slash the tax rate in the lowest income tax slab-` 2.5 lakh to ` 5 lakh-to 5% instead of 10%. The tax for those with income upto ` 3 lakh would be 0 and tax burden for those in the ` 3 lakh to ` 3.5 lakh bracket would be ` 2500. Those earning ` 4.5 lakh can therefore reduce their tax liability to zero by fully utilising the tax break under Section 80C.

26 crore Accounts Open under Jan Dhan

According to latest data released by Finance Ministry over 26 crore accounts have been opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) across the country till date. Of the total, nearly 16 crore accounts are in rural areas and more than 10 crore in urban. Over 71 thousand 500 crore rupees have been deposited in these accounts and zero balance accounts has come down to nearly 24%.

Council Clears Primary Drafts of GST Law

The Goods and Services Tax (GST) Council approved the primary drafts of Central GST & State GST laws. Finance Minister Arun Jaitley said that the CGST & GST draft laws comprise 197 provisions and five schedules. The CGST is to be approved by Parliament while the SGST to be approved by States legislative Assemblies. The states will be fully compensated for any loss of revenue for five years.

IMF Chief Convicted Over Payout

A special French court convicted the IMF Christine Lagarde of negligence for her role in a controversial 2008 arbitration award to a businessman. Lagarde approved an award of €404m to businessman Bernard Tapie for the disputed sale of a firm. She was France’s finance minister at the time, was spared punishment. She began her second five-year term at the IMF last February,.

IMF Chief Lagarde to Hear Trial Verdict

IMF MD, Christine Lagarde will learn the verdict in her trial for approving a massive state payout to a tycoon when she was French finance minister At the heart of the case is Lagarde’s decision to allow a dispute with Bernard Tapie to be resolved by arbitration in 2007. Her later failure to contest the huge award linked to the flamboyant businessman’s sale of the Adidas to Credit Lyonnais

Govt Scraps Wheat Import Duty

The central government has slashed the import duty on wheat from 10 percent to nil. The notification scrapping the wheat import duty was tabled by Finance Minister Arun Jaitley. In September, the government had lowered wheat import duty to 10 per cent from 25 per cent till February 2017. Private traders have imported 1.72 million tonnes (mt) of wheat so far.

Watal Panel on Digital Pymts Give Report

A committee, which was set up to suggest ways to make India a digital payment economy submitted its report to Finance Minister Arun Jaitley. The panel, headed by former finance secretary Ratan P Watal, was set up in August. The 11-member committee included H R Khan, CBDT & UIDAI Chairperson & heads of Indian Banks’ Association, Nasscom, Internet and Mobile Association of India.

Digital Push: Govt Announces New Measures

Govt announced several incentives on payments made through digital modes. Finance Minister Arun Jaitley said, petroleum companies will offer a discount of 0.75% on diesel and petrol to consumers who pay through digital means. 0.5% discount who will buy monthly seasonal tickets. Passengers will get 10 lakh rupees free accident insurance cover on booking of Railway ticket through online mode.

5th GST Council Meet Concludes

The 5th Goods and Services Tax Council Meet concluded in New Delhi. Finance Minister Arun Jaitley expressed optimism that the critical issues in GST will be resolved soon, to roll out the GST regime on time. The next meet is scheduled on December 11th and 12th & the drafts are expected to be approved. He expressed hope for a positive result on the cross empowerment issue in the next meet.

Govt Realises Over ` 23,497 Cr from DisInv

The government has realised over 23,497 crore rupees from disinvestment as on the 15th of this month. In the current financial year, the budget estimate for disinvestment is 56,500 crore rupees. Finance Minister Arun Jaitley said the government has identified some central public enterprises for sale in sectors like mineral and metal, oil and capital goods.

Lok Sabha Passes Taxation Amendment Bill

Lok Sabha has passed the second amendment to Taxation Laws Bill. Bill seeks to tax up to 85% on those caught with undisclosed income post demonetisation. The Bill is aimed to levy tax up to 85 per cent on those caught with undisclosed income after demonetization. Union Finance Minister Arun Jaitley said that the money from the PM Gareeb Jan Kalyan Yojna will be used for welfare of the poor.

China Govt Spending Down 12.5% in Oct

China Government spending decreased 12.5% in October from a year earlier, while revenue rose by 5.9%. This was informed by the Ministry of Finance. Government spending in the first 10 months of the year rose by 10% from a year earlier. China has relied on government spending to stabilise growth this year as private companies pull back.

Banks to Circulate New Currency Note

Union Finance Minister Arun Jaitley has said that the new series of 500 and 2,000 rupees notes will be available in banks and post-offices. He assured the people that the government will do its best to minimise the inconveniences they may face due to the scrapping of old notes. Mr Jaitley said, the initiative will help curb black money & parallel economy as they impact the actual economy.

S. Korea Names New PM, Finance Minister

South Korea’s president Park Geun-hye has named a new prime minister and finance minister. Kim Byong-joon, a former senior presidential secretary was named the new prime minister to replace Hwang Kyo-ahn. Yim Jong-yong, the Financial Services Commission chairman was named the new finance minister & deputy prime minister. Yim replaces incumbent minister Yoo Il-ho.

Jaitley launches data bank portal of MSMEs

Finance Minister Arun Jaitley has launched a data bank Portal of micro, small and medium enterprises, MSME in New Delhi. The portal aims to gather information about micro, small and medium enterprises. An Online Finance Facilitation Web Portal was also launched to provide collective funding options for MSMEs. Secretary in the MSME Ministry K K Jalan said, six Online Finance Facilitation Centres in Jalandhar, Ludhiana, Guwahati, Lucknow, Peenya near Bengaluru and Delhi have been opened today and six more will be unveiled in the near future.

Union Government aims to roll out GST from April 1, 2017

The Union Finance Minister Arun Jaitley announced that the Government has set the ambitious target to roll out of the Goods and Services Tax, (GST) from 1st April 2017. Mr. Jaitley also unveiled a detailed roadmap for GST implementation. This announcement was made after Rajya Sabha had passed The Constitution (122nd Amendment) (GST) Bill, 2014.

Finance Minister Arun Jaitley inaugurated India’s International Footwear Fair

A three day long India’s International Footwear Fair (IIFF) has been launched by the Finance Minister Arun Jaitley on August 5th in New Delhi. This year around 263 companies from India and abroad are participating in the event.

INDIA INVESTMENT SUMMIT

Finance Minister Mr. Arun Jaitley on February 4, 2016 inaugurated the two-day India Investment Summit, aimed at attracting long-term foreign investors to the infrastructure sector. The Minister highlighted opportunities the country presents to investors and sought investment in sectors like roads, highways, oil & gas, urban infrastructure and railways. He also held discussions with several potential investors, including European investment banks and sovereign funds of countries like Singapore and the UAE. In his inaugural address, Mr. Jaitley said that India wanted better infrastructure, better private sector and banking sector among others in order to achieve the global standards. He said that India needed large investment in infrastructure sector, including roads, highways, fly-overs, railways, power renewable energy, oil & gas, ports and airports among others. He said that the Government wanted that both domestic and international resources were optimally used for development of the whole country.
The Minister said that one of the greatest challenges before India was to re-establish the credibility of Indian markets and in order to establish the credibility of-Indian economy, it was important that it not only reformed but continued reforms only in one direction. The Government, he said, had ensured that decision-making became faster, policy changes and improvements, including structural reforms, which were to take place, the pace of those reforms was consistent and direction was one way itself. He said that not only the Central Government, but State governments and local bodies were also working towards the ease of doing business and making process transparent. He said that in the 19 months of the Modi government, India had opened the gates for investment, pitching the country as an attractive destination to foreign investors. Showcasing investment opportunities that India offered, Mr. Jaitley said that with one-sixth of the world population and the largest middle class, there were huge opportunities.

Along with Finance Minister Mr. Arun Jaitley, H.H. Sheikh Hamid Bin Zayed Al Nahyan, Managing Director Abu Dhabi Investment Authority (ADIA); Mr. Shaktikanta Das, Secretary, Department of Economic Affiars (DEA); Ms. Anjuli Chib Duggal Secretary, Department of Financial Services (DFS); Chairperson, SBI, Ms. Arundhati Bhattacharya and senior officials of Ministry of Finance and other participating Ministeries, State Governments and representatives of various Sovereign Wealth Funds, Pension Funds and institutional investors, both domestic and international, were also present on this occasion. The Indian delegation led by Union Finance Minister Mr. Jaitley held a bilateral meeting with the UAE Official Delegation led by H.H. Sheikh Hamid Bin Zayed Al Nahyan, Managing Director, ADIA on the sidelines of India Investment Summit 2016. The Finance Minister also launched the Logo of National Investment and Infrastructure Fund (NIIF) on the occasion.

Finance Minister launches crop insurance scheme

Finance Minister Mr. Arun Jaitley launches crop insurance scheme Pradhan Mantri Fasal Bima Yojana in Mumbai, aimed to boost the agricultural sectors in the country.

Finance Minister proposal to tax EPF withdrawals

Finance Minister Mr. Arun Jaitley announces to withdraw the proposal to tax Employees Provident Fund (EPF) withdrawals.

Finance Ministry approves proposal for 4 states for the issuance of UDAY

Finance Ministry approves proposal of four States for the issuance of Ujjwal Discom Assurance Yojana (UDAY) bonds. These four States are Uttar Pradesh, Rajasthan,Jharkhand and Chhattisgarh.

Finance Minister presents Union Budget 2016-17

Finance Minister Mr. Arun Jaitley presents Union Budget 2016-17 in the Lok Sabha. This is the second full-year Budget of the NDA Government and third budget of Mr.Jaitley.

Service Tax Rate @ 14% applicable from 1st June

Finance Minister while presenting the Budget 2015 has increased the Service Tax Rate from 12.36% to flat 14%. However, the date from which the new Service tax rate is applicable was not announced in the Budget. On 19th May, the FINANCE Ministry announced that the new Service Tax Rate @ 14% would be applicable from 1st June. The rate of Service Tax for services provided before 1st June is 12.36% and for services provided after 1st June is 14%.

Finance Minister inaugurated New Bank Note Paper Line unit in Hoshangabad, MP

As part of Make in India, FINANCE Minister Arun Jaitely inaugurates Indigenous New Bank Note printing lines at Security Paper Mill in Hoshangabad. Finance Minister Arun Jaitley inaugurated the New Bank Note Paper Line of 6,000 metric tonnes capacity at Security Paper Mill, Hoshangabad in Madhya Pradesh. The Bank Note Paper Line in Mysore with 12,000 Metric Tonnes capacity is expected to be commissioned by the year end. The government is expected to save FOREIGN EXCHANGE worth 1,500 crore rupees by commissioning two new bank paper lines in Hoshangabad and Mysore for indigenously printing Indian CURRENCY. The production of the Bank Note paper from these two units will reduce the import considerably. This will also reduce possibility of diversion of the paper supplied by the foreign suppliers to the other destinations for the purpose of generating the fake currency.

FM Arun Jaitley announces setting up of NIIF

Finance minister Arun Jaitley had announced the setting up of the National Investment and Infrastructure Fund(NIIF) in the Union Budget. The north block has now issued a draft Cabinet note on its formation. The note is likely to be taken up by the Cabinet within a month’s time. The National Investment and Infrastructure Fund is likely to have an initial corpus of less than Rs 20,000 crore. In fact, we pick up from our sources that the initial capital could be approximately between Rs 5,000 crore and Rs 10,000 crore. The finance ministry is likely to seek the Parliament’s nod for supplementary funds once the Cabinet has given its nod. The government is also inviting foreign investors for their participation in the fund.