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.