Finance Minister Sitharaman on Monday announced&nbsp;Rupees 12,000 crore interest-free 50-year loan&nbsp;to states for spending on capital projects.

The initiative will&nbsp;bolster the pandemic-hit Indian economy by creating a consumer demand of about 280 billion rupees ($3.83 billion).

Sitharaman said during a press conference, "The COVID-19 pandemic has adversely affected the economy. The needs of the poor and weaker sections were addressed in various announcements by the government. Supply constraints have somewhat got eased but consumer demand still needs to be given a boost."

Also read:&nbsp;<a href="https://www.wionews.com/india-news/indias-gdp-expected-to-contract-by-9-per-cent-this-year-world-bank-333426" hreflang="en">India's GDP expected to contract by 9 per cent this year: World Bank</a>

In a bid to stimulate consumer demand in the economy,&nbsp;Sitharaman announced two proposals: Leave Travel Concession (LTC) Cash Voucher Scheme and Special Festival Advance Scheme.

"The proposals being presented are designed in a way that they can stimulate demand by front-loading/advancing some of the expenditure with some offsetting changes. Others are directly linked to an increase in the GDP," she explained.

Under the LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment plus three times ticket fare, to buy items, which attract GST of 12 per cent or more.

Every four years, central government employees get LTC to any destination to their choice plus one to their hometown. 
Since travel is difficult to undertake during the pandemic, the government will pay the entitled fare as cash vouchers which have to be spent by March 31, 2021, she said.

Central government payout on cash-in-lieu-for-LTC will be Rs 5,675 crore, and another Rs 1,900 crore will be payout by central PSUs and public sector banks, Sitharaman said.

The demand infusion because of this would be Rs 19,000 crore, and another Rs 9,000 crore if half of the states follow this guideline, she added.

Prime Minister Narendra Modi's government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season.

Finance Minister Sitharaman on Monday announced Rupees 12,000 crore interest-free 50-year loan to states for spending on capital projects. The initiative will bolster the pandemic-hit Indian economy by creating a consumer demand of about 280 billion rupees ($3.

Finance Minister Sitharaman on Monday announced Rupees 12,000 crore interest-free 50-year loan to states for spending on capital projects. The initiative will bolster the pandemic-hit Indian economy by creating a consumer demand of about 280 billion rupees ($3.83 billion). Sitharaman said during a press conference, "The COVID-19 pandemic has adversely affected the economy. The needs of the poor and weaker sections were addressed in various announcements by the government. Supply constraints have somewhat got eased but consumer demand still needs to be given a boost." Also read: India's GDP expected to contract by 9 per cent this year: World Bank In a bid to stimulate consumer demand in the economy, Sitharaman announced two proposals: Leave Travel Concession (LTC) Cash Voucher Scheme and Special Festival Advance Scheme. "The proposals being presented are designed in a way that they can stimulate demand by front-loading/advancing some of the expenditure with some offsetting changes. Others are directly linked to an increase in the GDP," she explained. Under the LTC Cash Voucher Scheme, government employees can opt to receive cash amounting to leave encashment plus three times ticket fare, to buy items, which attract GST of 12 per cent or more. Every four years, central government employees get LTC to any destination to their choice plus one to their hometown. Since travel is difficult to undertake during the pandemic, the government will pay the entitled fare as cash vouchers which have to be spent by March 31, 2021, she said. Central government payout on cash-in-lieu-for-LTC will be Rs 5,675 crore, and another Rs 1,900 crore will be payout by central PSUs and public sector banks, Sitharaman said. The demand infusion because of this would be Rs 19,000 crore, and another Rs 9,000 crore if half of the states follow this guideline, she added. Prime Minister Narendra Modi's government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season.

Finance Minister Sitharaman announces Rs12,000 crore interest-free 50-year loan to states

The Afghanistan government has fulfilled "almost 90 per cent" of its commitments made to international partners in order to secure continued assistance, Acting Finance Minister Abdul Hadi Arghandiwal said.

In a statement on Saturday, Arghandiwal said the government was confident that it will convince the international community in the upcoming Geneva Conference on Afghanistan to continue its assistance, reports TOLO News.

"We will go to the conference with accomplishments and we will convince members of the conference to continue supporting Afghanistan, in view of the current circumstances," said Arghandiwal.

But members of Parliament and the private sector have said that the government has not managed to act upon its stated policies in terms of facilitating investments, reducing corruption and increasing national revenues.

<a href="https://www.wionews.com/south-asia/afghan-govts-top-negotiator-abdullah-abdullah-to-visit-india-on-october-6-332291">Also read:&nbsp;Afghan govt's top negotiator Abdullah Abdullah to visit India on October 6</a>

"The Afghan government failed to take advantage of the assistance over the past several years, it also failed to fulfill the commitments it made to the international community," said Sakhi Ahmad Paiman, deputy head of the Chamber of Commerce of Afghanistan.

The Kabul government, Finland and the UN are co-hosting the 2020 Afghanistan Conference on November 23-24 in Geneva.

The 2020 Afghanistan Conference is a milestone event in Afghanistan`s journey to peace, prosperity and self-reliance.

The aim of the conference is to renew international and Afghan commitments to the development and stability of Afghanistan, to agree to joint development goals for 2021-24 and to coordinate development cooperation regarding financial support for Afghanistan.

The Afghanistan government has fulfilled "almost 90 per cent" of its commitments made to international partners in order to secure continued assistance, Acting Finance Minister Abdul Hadi Arghandiwal said.

The Afghanistan government has fulfilled "almost 90 per cent" of its commitments made to international partners in order to secure continued assistance, Acting Finance Minister Abdul Hadi Arghandiwal said. In a statement on Saturday, Arghandiwal said the government was confident that it will convince the international community in the upcoming Geneva Conference on Afghanistan to continue its assistance, reports TOLO News. "We will go to the conference with accomplishments and we will convince members of the conference to continue supporting Afghanistan, in view of the current circumstances," said Arghandiwal. But members of Parliament and the private sector have said that the government has not managed to act upon its stated policies in terms of facilitating investments, reducing corruption and increasing national revenues. Also read: Afghan govt's top negotiator Abdullah Abdullah to visit India on October 6 "The Afghan government failed to take advantage of the assistance over the past several years, it also failed to fulfill the commitments it made to the international community," said Sakhi Ahmad Paiman, deputy head of the Chamber of Commerce of Afghanistan. The Kabul government, Finland and the UN are co-hosting the 2020 Afghanistan Conference on November 23-24 in Geneva. The 2020 Afghanistan Conference is a milestone event in Afghanistan`s journey to peace, prosperity and self-reliance. The aim of the conference is to renew international and Afghan commitments to the development and stability of Afghanistan, to agree to joint development goals for 2021-24 and to coordinate development cooperation regarding financial support for Afghanistan.

Afghanistan fulfils almost 90% of pledges to international donors

Canada's Finance Minister&nbsp;Bill Morneau has resigned amid controversies of charity scandal and fallout with the Canadian Prime Minister.

"This morning I went to the prime minister and I tendered my resignation," Morneau announced on Monday morning.

He claims the reason behind this decision is that he does not plan to run for the parliament again and would prefer if the PM Justin Trudeau finds someone for long term.&nbsp;"It`s appropriate that the prime minister find someone with a longer term approach for the role, since I`m not running for office," he said.

However, his reason is being seen as a cover-up for the real issues. Morneau, the 57-year-old minister, had been on this job since 2015. However, recently there had been rumours about his falling out with Trudeau, after which the PM had expressed confidence in his finance minister.

<a href="https://www.wionews.com/world/canada-refuses-to-release-emails-over-huawei-cfo-meng-wanzhous-arrest-321356">Also read:&nbsp;Canada refuses to release emails over Huawei CFO Meng Wanzhou's arrest</a>

Morneau, who claims to aim to become&nbsp;the next secretary general of the Organisation for Economic Cooperation and Development (OECD) rather than the Finance Minister, was also surrounded by controversies of a charity scandal after he&nbsp;disclosed he had forgotten to repay travel expenses covered for him by a charity at the heart of an ethics probe. This upset several cabinet members and led to an investigation on Morneau and the PM from the Ethics body of the charity.

His decision to step down, when the country is facing economic challenges in a pandemic, has not been appreciated by the opposition.&nbsp;"I doubt you`ll be seeing other finance ministers around the world step down at this time of elevated economic and fiscal uncertainty," David Rosenberg, chief economist at Rosenberg Research and Associates. "It`s like a boxer being forced to take his gloves off in the fifth round."

<a href="https://www.wionews.com/world/over-9000-canadian-government-accounts-hacked-320943">Also read:&nbsp;Over 9,000 Canadian government accounts hacked</a>

The opposition has labelled this step-down as a proof of the government facing an inner chaos.

Conservative Party leader Andrew Scheer took to Twitter to condemn this resignation. Calling it a 'scapegoat' move, he claimed that the&nbsp;"government is so consumed by scandal that Trudeau has amputated his right hand to try and save himself."

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Bill Morneau’s “resignation” is further proof of a government in chaos. 
 
At a time when Canadians are worried about their health and their finances , Justin Trudeau’s government is so consumed by scandal that Trudeau has amputated his right hand to try and save himself. 1/3
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"We had a little bit of a sell-the-rumour type weakness in the lead up to the resignation," said Ray Attrill, head of forex strategy at National Australia Bank in Sydney. "There doesn’t seem to be any suggestion at this stage that this any broader implications for the Canadian government."

Justin Trudeau, however, thanked the minister and his friend for his service over the past five years and assured that he will be lending his full support to Morneau in his bid to head the OECD.

Possible replacements for the key post include Deputy Prime Minister Chrystia Freeland, Foreign Minister Francois-Philippe Champagne and President of Canada`s Treasury Board Jean-Yves Duclos.

While the resignation became a point of debate among the two political parties,&nbsp;the Canadian dollar showed little reaction to the news.

Canada's Finance Minister Bill Morneau has resigned amid controversies of charity scandal and fallout with the Canadian Prime Minister. "This morning I went to the prime minister and I tendered my resignation," Morneau announced on Monday morning.

Canada's Finance Minister Bill Morneau has resigned amid controversies of charity scandal and fallout with the Canadian Prime Minister. "This morning I went to the prime minister and I tendered my resignation," Morneau announced on Monday morning. He claims the reason behind this decision is that he does not plan to run for the parliament again and would prefer if the PM Justin Trudeau finds someone for long term. "It`s appropriate that the prime minister find someone with a longer term approach for the role, since I`m not running for office," he said. However, his reason is being seen as a cover-up for the real issues. Morneau, the 57-year-old minister, had been on this job since 2015. However, recently there had been rumours about his falling out with Trudeau, after which the PM had expressed confidence in his finance minister. Also read: Canada refuses to release emails over Huawei CFO Meng Wanzhou's arrest Morneau, who claims to aim to become the next secretary general of the Organisation for Economic Cooperation and Development (OECD) rather than the Finance Minister, was also surrounded by controversies of a charity scandal after he disclosed he had forgotten to repay travel expenses covered for him by a charity at the heart of an ethics probe. This upset several cabinet members and led to an investigation on Morneau and the PM from the Ethics body of the charity. His decision to step down, when the country is facing economic challenges in a pandemic, has not been appreciated by the opposition. "I doubt you`ll be seeing other finance ministers around the world step down at this time of elevated economic and fiscal uncertainty," David Rosenberg, chief economist at Rosenberg Research and Associates. "It`s like a boxer being forced to take his gloves off in the fifth round." Also read: Over 9,000 Canadian government accounts hacked The opposition has labelled this step-down as a proof of the government facing an inner chaos. Conservative Party leader Andrew Scheer took to Twitter to condemn this resignation. Calling it a 'scapegoat' move, he claimed that the "government is so consumed by scandal that Trudeau has amputated his right hand to try and save himself." Bill Morneau’s “resignation” is further proof of a government in chaos. At a time when Canadians are worried about their health and their finances , Justin Trudeau’s government is so consumed by scandal that Trudeau has amputated his right hand to try and save himself. 1/3 — Andrew Scheer (@AndrewScheer) August 18, 2020 × "We had a little bit of a sell-the-rumour type weakness in the lead up to the resignation," said Ray Attrill, head of forex strategy at National Australia Bank in Sydney. "There doesn’t seem to be any suggestion at this stage that this any broader implications for the Canadian government." Justin Trudeau, however, thanked the minister and his friend for his service over the past five years and assured that he will be lending his full support to Morneau in his bid to head the OECD. Possible replacements for the key post include Deputy Prime Minister Chrystia Freeland, Foreign Minister Francois-Philippe Champagne and President of Canada`s Treasury Board Jean-Yves Duclos. While the resignation became a point of debate among the two political parties, the Canadian dollar showed little reaction to the news.

Canadian Finance Minister resigns amid controversies and scandals

Lim Guan Eng, Malaysia' ex-finance minister, has been charged with a corruption charge regarding the $1.5 billion construction project.

The leader of the Democratic Action Party (DAP) has pleaded not guilty to soliciting bribe from a businessman in exchange for being appointed for the project.&nbsp;

His allies have come out in support and have alleged this case to be a politically motivated move.

The case centres on a 6.3 billion ringgit ($1.5 billion) project to build an undersea tunnel in the northern state of Penang, which Lim led as chief minister from 2008 to 2018.

<a href="https://www.wionews.com/india-news/in-a-departure-from-past-malaysia-refrains-from-commenting-on-kashmir-as-ties-improve-318693">Also read:&nbsp;In a departure from past, Malaysia refrains from commenting on Kashmir as ties improve</a>

The allegations claim that the amount was&nbsp;a cut of profits the company would have gained from the work it performed on the project.&nbsp;

While the leader was let out on bail on Friday morning, he faces the danger of a 20-year prison sentence, if proven guilty for the corruption charge.&nbsp;&nbsp;He will also face two more corruption charges next week, according to the anti-graft agency.

This i&nbsp; not the first time the 59-year-old leader has had to face the jury for such an allegation. Few years ago, too, Lim Guan Eng was faced with similar corruption charges. However, those were dropped in 2018.

Lim is not the first leader to come under the microscope for such allegations. Many leaders from his party are being challenged for their actions, in the present and past, for the last few months now. Lim, however, is the highest-profile figure to face a criminal probe in recent months.

Lim Guan Eng, Malaysia' ex-finance minister, has been charged with a corruption charge regarding the $1.5 billion construction project. The leader of the Democratic Action Party (DAP) has pleaded not guilty to soliciting bribe from a businessman in exchange for being appointed for the project.

Lim Guan Eng, Malaysia' ex-finance minister, has been charged with a corruption charge regarding the $1.5 billion construction project. The leader of the Democratic Action Party (DAP) has pleaded not guilty to soliciting bribe from a businessman in exchange for being appointed for the project. His allies have come out in support and have alleged this case to be a politically motivated move. The case centres on a 6.3 billion ringgit ($1.5 billion) project to build an undersea tunnel in the northern state of Penang, which Lim led as chief minister from 2008 to 2018. Also read: In a departure from past, Malaysia refrains from commenting on Kashmir as ties improve The allegations claim that the amount was a cut of profits the company would have gained from the work it performed on the project. While the leader was let out on bail on Friday morning, he faces the danger of a 20-year prison sentence, if proven guilty for the corruption charge. He will also face two more corruption charges next week, according to the anti-graft agency. This i not the first time the 59-year-old leader has had to face the jury for such an allegation. Few years ago, too, Lim Guan Eng was faced with similar corruption charges. However, those were dropped in 2018. Lim is not the first leader to come under the microscope for such allegations. Many leaders from his party are being challenged for their actions, in the present and past, for the last few months now. Lim, however, is the highest-profile figure to face a criminal probe in recent months.

Malaysian ex-finance minister faces corruption charge; issued bail

Finance Minister Nirmala Sitharaman said on Thursday there was nothing wrong in imports to spur growth but wondered why even Ganesha idols should be bought from China.

Importing raw materials that were not available in the country and needed for our industries was not wrong, she said addressing the BJP's Tamil Nadu unit workers via a virtual link.

"There is nothing wrong in imports that would spur production and create job opportunities and it can be done definitely," she said while speaking on the Centre's Aatmanirbhar Bharat Abhiyaan initiative.

However, imports that could not bring benefits like employment opportunities and support growth would not help self-reliance and the Indian economy, she said.

Ganesha idols made of clay have been traditionally bought from the local potters during Ganesh Chaturthi festival every year, she said.

"But today, why even Ganesha idols are imported from China. Why such a situation can't we make a Ganesha idol from clay, is it the situation?" she asked.

She wondered if importing household products used every day like a soap-box, plastic items or incense sticks used for pooja purposes would support self-reliance especially when such products were made locally by Indian firms and Micro, Small and Medium Enterprises.

Such a situation of importing things that are locally made and available should change and self-reliance is the basic idea behind the Aatmanirbhar Abhiyan, she said.

Self-reliance was practised in India for long, but it faded subsequently and now the Abhiyan initiative stood for local manufacturing, she said.

"Self-reliant India (Aatmanirbhar Bharat Abhiyaan) does not mean that imports should not be done at all.

For industrial growth and creation of job opportunities here, you may please do whatever imports that are needed.

“In her speech in Tamil, she referred to Prime Minister Narendra Modi as "Modi Ayya (sir)," and listed out the "achievements" of the government in the past one year after her party returned to power at the Centre.

She praised the valour of Havildar K Palani from Tamil Nadu who was among the 20 soldiers killed in a clash with Chinese troops at Ladakh on June 15.

Finance Minister Nirmala Sitharaman said on Thursday there was nothing wrong in imports to spur growth but wondered why even Ganesha idols should be bought from China.

Finance Minister Nirmala Sitharaman said on Thursday there was nothing wrong in imports to spur growth but wondered why even Ganesha idols should be bought from China. Importing raw materials that were not available in the country and needed for our industries was not wrong, she said addressing the BJP's Tamil Nadu unit workers via a virtual link. "There is nothing wrong in imports that would spur production and create job opportunities and it can be done definitely," she said while speaking on the Centre's Aatmanirbhar Bharat Abhiyaan initiative. However, imports that could not bring benefits like employment opportunities and support growth would not help self-reliance and the Indian economy, she said. Ganesha idols made of clay have been traditionally bought from the local potters during Ganesh Chaturthi festival every year, she said. "But today, why even Ganesha idols are imported from China. Why such a situation can't we make a Ganesha idol from clay, is it the situation?" she asked. She wondered if importing household products used every day like a soap-box, plastic items or incense sticks used for pooja purposes would support self-reliance especially when such products were made locally by Indian firms and Micro, Small and Medium Enterprises. Such a situation of importing things that are locally made and available should change and self-reliance is the basic idea behind the Aatmanirbhar Abhiyan, she said. Self-reliance was practised in India for long, but it faded subsequently and now the Abhiyan initiative stood for local manufacturing, she said. "Self-reliant India (Aatmanirbhar Bharat Abhiyaan) does not mean that imports should not be done at all. For industrial growth and creation of job opportunities here, you may please do whatever imports that are needed. “In her speech in Tamil, she referred to Prime Minister Narendra Modi as "Modi Ayya (sir)," and listed out the "achievements" of the government in the past one year after her party returned to power at the Centre. She praised the valour of Havildar K Palani from Tamil Nadu who was among the 20 soldiers killed in a clash with Chinese troops at Ladakh on June 15.

'Why even Ganesha idols are imported from China?', asks Finance Minister Nirmala Sitharaman

With the governments imposing large-scale restrictions on economic activities to halt the spread of coronavirus, the global economy has come to a virtual standstill. A report by the United Nations Department of Economic and Social Affairs has projected that the world economy is set to lose nearly $8.5 trillion over the next 2 years.

UN Predicts slowing down of India’s growth

Union Finance Minister Nirmala Sitharaman on Saturday asked public and private sector banks to ensure uninterrupted banking operations and flow of liquidity — in order to ensure there is least negative impact of the coronavirus lockdown on the economy.

In a series of tweets, the office of Sitharaman said that she spoke to chiefs of public sector banks and representatives of private banks on Saturday.

"The FM acknowledged the role of public sector banks and encouraged them to keep up their efforts in providing uninterrupted banking services across the country. #IndiaFightsCorona," it&nbsp;said, in a tweet.

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The FM acknowledged the role of public sector banks and encouraged them to keep up their efforts in providing uninterrupted banking services across the country. <a href="https://twitter.com/hashtag/IndiaFightsCorona?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaFightsCorona</a>
— NSitharamanOffice (@nsitharamanoffc) <a href="https://twitter.com/nsitharamanoffc/status/1243886177599406080?ref_src=twsrc%5Etfw">March 28, 2020</a></blockquote>
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&nbsp;

She also asked the PSB chiefs to make sure there was adequate liquidity at the branches, ATMs and banking correspondent level.

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Had a detailed conversation with chiefs of Banks-public&amp; private. Encouraging to know that they are doing their best, even during the lockdown. They are certain that they’ll ensure customer service without disruption. Social distancing is being adhered to as well. <a href="https://twitter.com/PIB_India?ref_src=twsrc%5Etfw">@PIB_India</a>
— Nirmala Sitharaman (@nsitharaman) <a href="https://twitter.com/nsitharaman/status/1243883511615901697?ref_src=twsrc%5Etfw">March 28, 2020</a></blockquote>
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&nbsp;

The finance minister’s office also said that Sitharaman held calls with the representatives of private sector banks and requested them to ensure uninterrupted banking services along with maintenance of social distancing.&nbsp;

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Finance Minister Smt <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a> also held calls with the representatives of private sector banks and requested them to ensure uninterrupted banking services are provided across the country while maintaining social distancing norms. <a href="https://twitter.com/udaykotak?ref_src=twsrc%5Etfw">@udaykotak</a> <a href="https://twitter.com/ADITYAPURI?ref_src=twsrc%5Etfw">@adityapuri</a>
— NSitharamanOffice (@nsitharamanoffc) <a href="https://twitter.com/nsitharamanoffc/status/1243887915324682241?ref_src=twsrc%5Etfw">March 28, 2020</a></blockquote>
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&nbsp;

Sitharaman also tweeted that she spoke to Punjab Chief Minister Amarinder Singh regarding the difficulties faced by banks in the state.

"Spoke to Hon. CM of Punjab @capt_amarinder on the difficulties banks face in keeping up their services in the state. Hon. CM explained the particular difficulties #Punjab is facing containing #CoronavirusPandemic. He assured that he shall facilitate the banks @PIB_India," she tweeted.

The Department of Financial Services (DFS) — in view to ease functioning of banking services for customers — has created a Twitter handle "@DFSFightsCorona", where people can post their queries and complaints.

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As per Smt <a href="https://twitter.com/nsitharaman?ref_src=twsrc%5Etfw">@nsitharaman</a>'s directions, <a href="https://twitter.com/DFS_India?ref_src=twsrc%5Etfw">@DFS_India</a> has created a new handle <a href="https://twitter.com/DFSFightsCorona?ref_src=twsrc%5Etfw">@DFSFightsCorona</a> to provide a direct route to customers for their complaints, queries, and concerns on banking and insurance related issues with regard to Corona virus related relief measures. <a href="https://t.co/4gtUrxiCrJ">pic.twitter.com/4gtUrxiCrJ</a>
— NSitharamanOffice (@nsitharamanoffc) <a href="https://twitter.com/nsitharamanoffc/status/1243904566963228672?ref_src=twsrc%5Etfw">March 28, 2020</a></blockquote>
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According to the Union health ministry, the total number of coronavirus cases in India has shot upto 918, including 19 deaths.

Union Finance Minister Nirmala Sitharaman on Saturday asked public and private sector banks to ensure uninterrupted banking operations and flow of liquidity — in order to ensure there is least negative impact of the coronavirus lockdown on the economy.

Union Finance Minister Nirmala Sitharaman on Saturday asked public and private sector banks to ensure uninterrupted banking operations and flow of liquidity — in order to ensure there is least negative impact of the coronavirus lockdown on the economy. In a series of tweets, the office of Sitharaman said that she spoke to chiefs of public sector banks and representatives of private banks on Saturday. "The FM acknowledged the role of public sector banks and encouraged them to keep up their efforts in providing uninterrupted banking services across the country. #IndiaFightsCorona," it said, in a tweet. The FM acknowledged the role of public sector banks and encouraged them to keep up their efforts in providing uninterrupted banking services across the country. #IndiaFightsCorona — NSitharamanOffice (@nsitharamanoffc) March 28, 2020 × She also asked the PSB chiefs to make sure there was adequate liquidity at the branches, ATMs and banking correspondent level. Had a detailed conversation with chiefs of Banks-public& private. Encouraging to know that they are doing their best, even during the lockdown. They are certain that they’ll ensure customer service without disruption. Social distancing is being adhered to as well. @PIB_India — Nirmala Sitharaman (@nsitharaman) March 28, 2020 × The finance minister’s office also said that Sitharaman held calls with the representatives of private sector banks and requested them to ensure uninterrupted banking services along with maintenance of social distancing. Finance Minister Smt @nsitharaman also held calls with the representatives of private sector banks and requested them to ensure uninterrupted banking services are provided across the country while maintaining social distancing norms. @udaykotak @adityapuri — NSitharamanOffice (@nsitharamanoffc) March 28, 2020 × Sitharaman also tweeted that she spoke to Punjab Chief Minister Amarinder Singh regarding the difficulties faced by banks in the state. "Spoke to Hon. CM of Punjab @capt_amarinder on the difficulties banks face in keeping up their services in the state. Hon. CM explained the particular difficulties #Punjab is facing containing #CoronavirusPandemic. He assured that he shall facilitate the banks @PIB_India," she tweeted. The Department of Financial Services (DFS) — in view to ease functioning of banking services for customers — has created a Twitter handle "@DFSFightsCorona", where people can post their queries and complaints. As per Smt @nsitharaman's directions, @DFS_India has created a new handle @DFSFightsCorona to provide a direct route to customers for their complaints, queries, and concerns on banking and insurance related issues with regard to Corona virus related relief measures. pic.twitter.com/4gtUrxiCrJ — NSitharamanOffice (@nsitharamanoffc) March 28, 2020 × According to the Union health ministry, the total number of coronavirus cases in India has shot upto 918, including 19 deaths.

Coronavirus: Finance ministry asks banks to ensure liquidity flow, smooth operations

Former Peoples Democratic Party (PDP) Minister and J&K Finance Minister Altaf Bukhari on Sunday launched his own political party named 'Apni Party' in Jammu and Kashmir. #ApniParty #AltafBukhari #WION About Channel: WION -The World is One News, examines global issues with in-depth analysis. We provide much more than the news of the day. Our aim to empower people to explore their world. With our Global headquarters in New Delhi, we bring you news on the hour, by the hour. We deliver information that is not biased. We are journalists who are neutral to the core and non-partisan when it comes to the politics of the world. People are tired of biased reportage and we stand for a globalised united world. So for us the World is truly One. Please keep discussions on this channel clean and respectful and refrain from using racist or sexist slurs as well as personal insults. Subscribe to our channel at https://goo.gl/JfY3NI Check out our website: http://www.wionews.com Connect with us on our social media handles: Facebook: https://www.facebook.com/WIONews Twitter: https://twitter.com/WIONews Follow us on Google News for latest updates WION: shorturl.at/fwKO0 Zee News English: shorturl.at/aJVY3 Zee News Hindi: shorturl.at/eorM1 Zee Business: shorturl.at/hpqX6 DNA News: shorturl.at/rBOY6 BGR: shorturl.at/eioqL

Big blow to regional powers in J&K, Ex-PDP leader launches his party named 'Apni Party'

Former Peoples Democratic Party (PDP) Minister and J&K Finance Minister Altaf Bukhari on Sunday launched his own political party named 'Apni Party' in Jammu and Kashmir.

J&K's Ex-finance Minister Altaf Bukhari forms 'Apni Party' | J&K Political Party | PDP | Kashmir

Finance Minister Nirmala Sitharaman on Friday said that if required, the government would take more steps beyond the announcements made in the Union Budget 2020-21 to boost economic activities.

At an interactive session on 'Budget and Beyond' with professionals from asset management, wealth advisory, tax consultancy and other related industries, the minister also said the Budget 2020-21 was a budget where the impact on equity, bond and currency markets was positive.

"If more has to be done beyond the Budget 2020, we are willing to do that," Sitharaman said at the session, where the participants made several suggestions to boost economic activities in the country.

The government announced a host of steps in the Union Budget, presented on February 1 in Parliament, to expand the economic activities at a time when the country is faced with demand slowdown due to several reasons.

The country's GDP growth is estimated to slow to an 11-year low of 5 per cent in the current financial year.

Also read: <a href="https://www.wionews.com/india-news/laid-foundation-for-5-trillion-economy-in-budget-finance-minister-nirmala-sitharaman-279610">Laid foundation for $5 trillion economy in budget - Finance Minister Nirmala Sitharaman</a>

During the interactive session, participants made suggestions for increasing consumption, giving more money into the hands of consumers, measures required to boost liquidity and hosts of suggestions for the capital markets.

Several suggestions were also made on the 'Vivad se Vishwas' scheme to deal with the disputes related to the direct taxes. It was announced in the Budget 2020-21.

She said the finance ministry will provide details of the scheme soon. However, Parliament approval will be required before the scheme is implemented.

The Union Cabinet has approved certain amendments to the scheme.

"In a day or two, we shall be coming with a clear non-paper (on the scheme) because Parliament is yet to pass it," she said.

To a suggestion regarding PAN card, the minister said the issuance process would be simplified further.

She assured the participants that her ministry would look into the suggestions.

The finance minister had similar interactive sessions in Mumbai, Chennai and Kolkata last week.

The meeting was also attended by Niti Aayog Vice-Chairman Rajiv Kumar and CEO Amitabh Kant, besides secretaries of the finance ministry.

Finance Minister Nirmala Sitharaman on Friday said that if required, the government would take more steps beyond the announcements made in the Union Budget 2020-21 to boost economic activities.

Finance Minister Nirmala Sitharaman on Friday said that if required, the government would take more steps beyond the announcements made in the Union Budget 2020-21 to boost economic activities. At an interactive session on 'Budget and Beyond' with professionals from asset management, wealth advisory, tax consultancy and other related industries, the minister also said the Budget 2020-21 was a budget where the impact on equity, bond and currency markets was positive. "If more has to be done beyond the Budget 2020, we are willing to do that," Sitharaman said at the session, where the participants made several suggestions to boost economic activities in the country. The government announced a host of steps in the Union Budget, presented on February 1 in Parliament, to expand the economic activities at a time when the country is faced with demand slowdown due to several reasons. The country's GDP growth is estimated to slow to an 11-year low of 5 per cent in the current financial year. Also read: Laid foundation for $5 trillion economy in budget - Finance Minister Nirmala Sitharaman During the interactive session, participants made suggestions for increasing consumption, giving more money into the hands of consumers, measures required to boost liquidity and hosts of suggestions for the capital markets. Several suggestions were also made on the 'Vivad se Vishwas' scheme to deal with the disputes related to the direct taxes. It was announced in the Budget 2020-21. She said the finance ministry will provide details of the scheme soon. However, Parliament approval will be required before the scheme is implemented. The Union Cabinet has approved certain amendments to the scheme. "In a day or two, we shall be coming with a clear non-paper (on the scheme) because Parliament is yet to pass it," she said. To a suggestion regarding PAN card, the minister said the issuance process would be simplified further. She assured the participants that her ministry would look into the suggestions. The finance minister had similar interactive sessions in Mumbai, Chennai and Kolkata last week. The meeting was also attended by Niti Aayog Vice-Chairman Rajiv Kumar and CEO Amitabh Kant, besides secretaries of the finance ministry.

Government willing to do more beyond Budget to boost growth: Sitharaman

There has been a major cabinet re-shuffle in the United Kingdom. Three Indian-origin legislators now form the top-3&nbsp;of PM Boris Johnson's cabinet.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/from-working-in-chemist-shop-to-becoming-uks-new-finance-minister-who-is-rishi-sunak-280574" hreflang="en">From working in chemist shop to becoming UK's new finance minister - Who is Rishi Sunak?</a>

On Thursday, Rishi Sunak was appointed the chancellor to the exchequer, which is equivalent to a finance minister in most governments across the world.

Rishi hails from a Punjabi family in Southampton and has served as a junior minister to the former finance minister Sajid Javid.&nbsp;Javid's sudden exit resulted in Sunak's elevation to the position.

In India, he is mostly known as the son-in-law of Infosys co-founder Narayana Murthy.&nbsp;In his new position, Sunak will move into number 11 Downing Street right next door to PM Boris Johnson.

Rishi has previously worked at Goldman Sachs and has also co-founded a global investment firm.&nbsp;Sunak's most pressing engagement will be presenting the UK's budget next month.

In a Twitter post soon after his appointment, Sunak emphasised on the great rapport he shared with his predecessor Sajid Javid and promised to build on his great work.

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I am honoured to be appointed as Chancellor of the Exchequer. 
 
My predecessor and good friend Saj did a fantastic job in his time at the Treasury. He was a pleasure to work with and I hope to be able to build on his great work going forward.
— Rishi Sunak (@RishiSunak) <a href="https://twitter.com/RishiSunak/status/1228027925901053952?ref_src=twsrc%5Etfw">February 13, 2020</a></blockquote>
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The second big appointment was Alok Sharma as the secretary of business and energy departments.&nbsp;He was born in Agra and moved to the United Kingdom at the age of 5.&nbsp;Sharma's biggest challenge will be at the UN climate summit to be held in November this year where he will assume the role of summit president.

In the summit, countries are expected to bring forward plans to cut emissions as part of the Paris agreement, however,&nbsp;very few have produced a concrete roadmap.&nbsp;There will be pressure on Alok Sharma to produce results coming November.

Priti Patel meanwhile has retained the home department. She is a second-generation immigrant from India and has been serving as the home minister since July last year.

A self- confessed follower of the 'Thatcher doctrine', Patel entered politics as a teenager and was elected to the House of Commons in 2010.

Other than their Indian origin, these three&nbsp;leaders are bound together by another commonality, they were huge 'leave' campaigners during Brexit and have been unequivocal supporters of Boris Johnson's policies.

There has been a major cabinet re-shuffle in the United Kingdom. Three Indian-origin legislators now form the top-3 of PM Boris Johnson's cabinet. Also read: From working in chemist shop to becoming UK's new finance minister - Who is Rishi Sunak?

There has been a major cabinet re-shuffle in the United Kingdom. Three Indian-origin legislators now form the top-3 of PM Boris Johnson's cabinet. Also read: From working in chemist shop to becoming UK's new finance minister - Who is Rishi Sunak? On Thursday, Rishi Sunak was appointed the chancellor to the exchequer, which is equivalent to a finance minister in most governments across the world. Rishi hails from a Punjabi family in Southampton and has served as a junior minister to the former finance minister Sajid Javid. Javid's sudden exit resulted in Sunak's elevation to the position. In India, he is mostly known as the son-in-law of Infosys co-founder Narayana Murthy. In his new position, Sunak will move into number 11 Downing Street right next door to PM Boris Johnson. Rishi has previously worked at Goldman Sachs and has also co-founded a global investment firm. Sunak's most pressing engagement will be presenting the UK's budget next month. In a Twitter post soon after his appointment, Sunak emphasised on the great rapport he shared with his predecessor Sajid Javid and promised to build on his great work. I am honoured to be appointed as Chancellor of the Exchequer. My predecessor and good friend Saj did a fantastic job in his time at the Treasury. He was a pleasure to work with and I hope to be able to build on his great work going forward. — Rishi Sunak (@RishiSunak) February 13, 2020 × The second big appointment was Alok Sharma as the secretary of business and energy departments. He was born in Agra and moved to the United Kingdom at the age of 5. Sharma's biggest challenge will be at the UN climate summit to be held in November this year where he will assume the role of summit president. In the summit, countries are expected to bring forward plans to cut emissions as part of the Paris agreement, however, very few have produced a concrete roadmap. There will be pressure on Alok Sharma to produce results coming November. Priti Patel meanwhile has retained the home department. She is a second-generation immigrant from India and has been serving as the home minister since July last year. A self- confessed follower of the 'Thatcher doctrine', Patel entered politics as a teenager and was elected to the House of Commons in 2010. Other than their Indian origin, these three leaders are bound together by another commonality, they were huge 'leave' campaigners during Brexit and have been unequivocal supporters of Boris Johnson's policies.

Three Indian origin MPs make it to Johnson's cabinet

Finance Minister Nirmala Sitharaman said on Tuesday that several important indicators have emerged in the recent past pointing towards green shoots in the economy.

WION Wallet: 'India's Economic growth set to bounce back' says officials

Finance Minister Nirmala Sitharaman on Sunday said that the foundation for achieving the goal of USD 5 trillion economy by 2024-25 has been laid in the union budget which stressed on increasing capital expenditure for infrastructure.

She said that the budget has also focused on increasing consumption and investments towards building assets.

"I think we have laid the foundation for increasing consumption and investments towards building assets such as infrastructure, which should have a cascading effect in the long and short term," Sitharaman told reporters.

She said this will trigger the virtuous cycle for the economy to perform and move forward.

"The majority of government investment is directed towards creating infrastructure and through various windows like health and agriculture to avoid any kind of rural distress. These will create the foundation for the USD 5 trillion economy," she said.

Asked about the rationalisation of rates of Goods and Services Tax, the finance minister said that it is being reviewed every three months by the GST Council.

"If the rates are reviewed every three months, the government cannot make an assessment of revenue collection. Can we consider a situation where rate rationalisation is done once a year and not every three months?. I have proposed the GST Council to consider it," she said.

Rationalisation of GST rates once a year will help the government and businesses, she said.

Also read: <a href="https://www.wionews.com/india-news/no-plans-to-cut-funds-for-states-nirmala-sitharaman-279527">No plans to cut funds for states - Nirmala Sitharaman</a>

"It is not that GST collection is not happening. The indirect tax administration is now getting the benefits of data analytics to prevent fraudulent activities," the finance minister said.

The GST collection has been around Rs one lakh crore per month, she said.

To a query whether GST has been revenue neutral as was envisaged, the finance minister said, "The compensation rate (for states' revenue loss) was fixed at 14 per cent on the basis of a certain level of calculation. However, collections have fallen (short of expectations) and so there will be an impact."

The compensation rate was fixed on the premise that the economy will grow by 12-13 per cent, she said,

"But in the last two months, the economy grew less than that. However, the government will pay compensation (to the states) within a timeline", Sitharaman said.

To a question about bringing petrol and diesel under GST, she said a lot of discussions had taken place when the new law was framed.

"My predecessor late Arun Kr Jaitley made a provision for making petroleum products zero-rated. When states are ready, there is no need for any amendment to bring petroleum products under GST and the Council can do that," the finance minister said.

On liquidity to industry and NBFCs, she said every possible step is being taken to ensure that availability of cash does not become an issue.

"The government is closely monitoring lending by both public and private sector banks. Secretaries are continuously engaged with the banks and every possible step is being taken so that liquidity is available," she said.

Sitharaman also dismissed the fear that the optional direct tax structure, as announced in the budget, will decrease savings and thereby investments.

Regarding partial disinvestment in LIC through an IPO, as announced in the budget, she said, "Indian people will hold shares and there is no reason to believe as to why money in the insurance company will not be secure after the shares will be offered to the public."

She said, "I do not know what will be the extent of disinvestment. May be eight, ten or 12 per cent. The government will have the remaining shareholding."

Asked about what West Bengal has received from the budget, she said, "I do not know how I answer this question of kisko keya mila (which state gets what). I am looking at the point of macroeconomic stability, building assets in the country, money directly going to hands of individuals because of reduced tax rates and so on."

Announcements were made in the budget about various projects which are happening in different states, the finance minister said.

While interacting with the members of trade and industries here earlier in the day, Sitharaman said the government wants continuous engagement with industries and businesses and will act as a facilitator for hassle-free payments of taxes.

She said the Centre has introduced some features in the budget like "faceless appeals and sorting out of problems while imparting tax administration".

Sitharaman said this will be made possible only with the help of new technology.

At one point of time during the discussion, city-based industrialist Gaurav Swarup complained that promoters of some companies are looking at selling their businesses and many others are "losing interests" as there is no incentive.

Unfazed by such remarks, Sitharaman said, "Tell me, what is the solution? The government reduces the corporate tax rate and keeps it very low for a new one. It takes steps to simplify the tax structure and make the system cleaner and reduce the rates progressively. Tell me what else you want me to do."

Indian Chamber of Commerce director general Rajeev Singh said a delegation from the industry body also expressed concerns over the implication of tax collected at source (TCS) on Indian exports and other issues like ESOP (Employee stock ownership plan).&nbsp;

Finance Minister Nirmala Sitharaman on Sunday said that the foundation for achieving the goal of USD 5 trillion economy by 2024-25 has been laid in the union budget which stressed on increasing capital expenditure for infrastructure.

Finance Minister Nirmala Sitharaman on Sunday said that the foundation for achieving the goal of USD 5 trillion economy by 2024-25 has been laid in the union budget which stressed on increasing capital expenditure for infrastructure. She said that the budget has also focused on increasing consumption and investments towards building assets. "I think we have laid the foundation for increasing consumption and investments towards building assets such as infrastructure, which should have a cascading effect in the long and short term," Sitharaman told reporters. She said this will trigger the virtuous cycle for the economy to perform and move forward. "The majority of government investment is directed towards creating infrastructure and through various windows like health and agriculture to avoid any kind of rural distress. These will create the foundation for the USD 5 trillion economy," she said. Asked about the rationalisation of rates of Goods and Services Tax, the finance minister said that it is being reviewed every three months by the GST Council. "If the rates are reviewed every three months, the government cannot make an assessment of revenue collection. Can we consider a situation where rate rationalisation is done once a year and not every three months?. I have proposed the GST Council to consider it," she said. Rationalisation of GST rates once a year will help the government and businesses, she said. Also read: No plans to cut funds for states - Nirmala Sitharaman "It is not that GST collection is not happening. The indirect tax administration is now getting the benefits of data analytics to prevent fraudulent activities," the finance minister said. The GST collection has been around Rs one lakh crore per month, she said. To a query whether GST has been revenue neutral as was envisaged, the finance minister said, "The compensation rate (for states' revenue loss) was fixed at 14 per cent on the basis of a certain level of calculation. However, collections have fallen (short of expectations) and so there will be an impact." The compensation rate was fixed on the premise that the economy will grow by 12-13 per cent, she said, "But in the last two months, the economy grew less than that. However, the government will pay compensation (to the states) within a timeline", Sitharaman said. To a question about bringing petrol and diesel under GST, she said a lot of discussions had taken place when the new law was framed. "My predecessor late Arun Kr Jaitley made a provision for making petroleum products zero-rated. When states are ready, there is no need for any amendment to bring petroleum products under GST and the Council can do that," the finance minister said. On liquidity to industry and NBFCs, she said every possible step is being taken to ensure that availability of cash does not become an issue. "The government is closely monitoring lending by both public and private sector banks. Secretaries are continuously engaged with the banks and every possible step is being taken so that liquidity is available," she said. Sitharaman also dismissed the fear that the optional direct tax structure, as announced in the budget, will decrease savings and thereby investments. Regarding partial disinvestment in LIC through an IPO, as announced in the budget, she said, "Indian people will hold shares and there is no reason to believe as to why money in the insurance company will not be secure after the shares will be offered to the public." She said, "I do not know what will be the extent of disinvestment. May be eight, ten or 12 per cent. The government will have the remaining shareholding." Asked about what West Bengal has received from the budget, she said, "I do not know how I answer this question of kisko keya mila (which state gets what). I am looking at the point of macroeconomic stability, building assets in the country, money directly going to hands of individuals because of reduced tax rates and so on." Announcements were made in the budget about various projects which are happening in different states, the finance minister said. While interacting with the members of trade and industries here earlier in the day, Sitharaman said the government wants continuous engagement with industries and businesses and will act as a facilitator for hassle-free payments of taxes. She said the Centre has introduced some features in the budget like "faceless appeals and sorting out of problems while imparting tax administration". Sitharaman said this will be made possible only with the help of new technology. At one point of time during the discussion, city-based industrialist Gaurav Swarup complained that promoters of some companies are looking at selling their businesses and many others are "losing interests" as there is no incentive. Unfazed by such remarks, Sitharaman said, "Tell me, what is the solution? The government reduces the corporate tax rate and keeps it very low for a new one. It takes steps to simplify the tax structure and make the system cleaner and reduce the rates progressively. Tell me what else you want me to do." Indian Chamber of Commerce director general Rajeev Singh said a delegation from the industry body also expressed concerns over the implication of tax collected at source (TCS) on Indian exports and other issues like ESOP (Employee stock ownership plan).

Laid foundation for $5 trillion economy in budget: Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said the Centre has no plan to decrease the funds for the states.

"We have no plan to cut the funds for states. We are already giving what the 14th Finance Commission recommended. Now, we will fully honour the report of 15th Finance Commission," Sitharaman said at a press conference.

"We will soon return the share of GST to Tamil Nadu in two instalments," she added.

Regarding the payments to Micro, Small and Medium Enterprises (MSME) sector, the Finance Minister said: "During September, October, and November, we worked hard to ensure the payments to them are cleared. Nearly 60 per cent of the amount, which was pending, has been cleared."

Finance Secretary Rajiv Kumar, who was also present on the occasion, said that helping agriculture in the country was one of the main focuses of the Union Budget.

"There is a total allocation of Rs 2.83 lakh crore for the agriculture sector. This covers water-deficient districts and others. Over and above, there is an agriculture credit of Rs 15 lakh crore, which is an increase from Rs 12 lakh crore, which was given earlier," said Kumar.

Sitharaman said that a similar interaction will be held in Kolkata on Sunday too, which will be followed by a few others in other cities.

The conferences are being held by the Finance Minister with her subordinates to hold talks with representatives of industries and other sectors, seeking their opinions on the Budget.&nbsp;

Finance Minister Nirmala Sitharaman on Saturday said the Centre has no plan to decrease the funds for the states. "We have no plan to cut the funds for states. We are already giving what the 14th Finance Commission recommended.

Finance Minister Nirmala Sitharaman on Saturday said the Centre has no plan to decrease the funds for the states. "We have no plan to cut the funds for states. We are already giving what the 14th Finance Commission recommended. Now, we will fully honour the report of 15th Finance Commission," Sitharaman said at a press conference. "We will soon return the share of GST to Tamil Nadu in two instalments," she added. Regarding the payments to Micro, Small and Medium Enterprises (MSME) sector, the Finance Minister said: "During September, October, and November, we worked hard to ensure the payments to them are cleared. Nearly 60 per cent of the amount, which was pending, has been cleared." Finance Secretary Rajiv Kumar, who was also present on the occasion, said that helping agriculture in the country was one of the main focuses of the Union Budget. "There is a total allocation of Rs 2.83 lakh crore for the agriculture sector. This covers water-deficient districts and others. Over and above, there is an agriculture credit of Rs 15 lakh crore, which is an increase from Rs 12 lakh crore, which was given earlier," said Kumar. Sitharaman said that a similar interaction will be held in Kolkata on Sunday too, which will be followed by a few others in other cities. The conferences are being held by the Finance Minister with her subordinates to hold talks with representatives of industries and other sectors, seeking their opinions on the Budget.

No plans to cut funds for states: Nirmala Sitharaman

Finance Minister of India, Nirmala Sitharaman today slashed the personal income tax rate for individuals for the fiscal year 2020-21. Under the new regime, taxpayers will pay 10%, 15%, 20% and 25% for incomes between Rs 5-7.5 lakh, Rs 7.5-10 lakh, Rs 10-12.5 lakh and Rs 12.5-15 lakh.

Watch In-depth Analysis of Budget 2020

Hours before the Finance Minister delivers the budget speech - The Economic Survey for 2020 has been released. A revival in growth is likely, but the Indian economy still faces some challenges. In this report, WION breaks down the good, bad and the ugly from the economic survey.

Gravitas: What does the 2020 economic survey say

Amid ongoing nationwide protests against Citizenship (Amendment) Act, 2019, <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">Finance Minister Nirmala Sitharaman</a> on Sunday said that as many as 2838 people from Pakistan were given citizenship during the last six years.

"In the last six years, as many as 2838 Pakistani refugees, 914 Afghanistani refugees, 172 Bangladeshi refugees including Muslims have been given Indian citizenship. From 1964 to 2008, more than 4,00,000 Tamils (from Sri Lanka) have been given Indian citizenship," Sitharaman said at 'Programme on Citizenship (Amendment) Act, 2019' event.

Also Read:&nbsp;<a href="https://www.wionews.com/india-general-elections-2019/nirmala-sitharaman-the-first-full-time-woman-defence-minister-retained-as-union-minister-222866">Nirmala Sitharaman: The first full time woman defence minister retained as Union Minister</a>

<img alt="Nirmala Sitharaman" data-entity-type="file" data-entity-uuid="6e168db8-3114-450b-8e9a-d408657a346e" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2814%29_9.jpg" /> 
[ Nirmala Sitharaman (Courtesy: ANI) ]

She added, "Till 2014, over 566 Muslims from Pakistan, Bangladesh and Afghanistan were given Indian citizenship. During 2016-18 under <a href="https://www.wionews.com/videos/finance-minister-nirmala-sitharaman-addresses-media-on-the-indian-economys-state-249625">Modi government</a>, around 1595 Pakistani migrants and 391 Afghanistani Muslims were given Indian citizenship."

The minister, further, said, "It was also during the same period in 2016, that Adnan Sami was given Indian citizenship, this is an example. Giving citizenship to Taslima Nasreen is another example."

Sitharaman added that people who came from East Pakistan have been settled at various camps in the country.

"They are still there and it's been 50-60 years now. If you visit these camps, your heart will cry. The situation is the same with Sri Lankan refugees who continue to live in camps. They're barred from getting <a href="https://www.wionews.com/business-economy/ride-hailing-services-metro-trains-bs-vi-among-other-reasons-for-auto-sector-slowdown-finance-minister-nirmala-sitharaman-248878">basic facilities</a>," she said.

"The National Population Register (NPR) will be updated every 10 years and is not involved with the National Register of Citizens (NRC). Some are involved in raising false allegations and triggering people unnecessarily without any base," she added.

Amid ongoing nationwide protests against Citizenship (Amendment) Act, 2019, Finance Minister Nirmala Sitharaman on Sunday said that as many as 2838 people from Pakistan were given citizenship during the last six years.

Amid ongoing nationwide protests against Citizenship (Amendment) Act, 2019, Finance Minister Nirmala Sitharaman on Sunday said that as many as 2838 people from Pakistan were given citizenship during the last six years. "In the last six years, as many as 2838 Pakistani refugees, 914 Afghanistani refugees, 172 Bangladeshi refugees including Muslims have been given Indian citizenship. From 1964 to 2008, more than 4,00,000 Tamils (from Sri Lanka) have been given Indian citizenship," Sitharaman said at 'Programme on Citizenship (Amendment) Act, 2019' event. Also Read: Nirmala Sitharaman: The first full time woman defence minister retained as Union Minister [ Nirmala Sitharaman (Courtesy: ANI) ] She added, "Till 2014, over 566 Muslims from Pakistan, Bangladesh and Afghanistan were given Indian citizenship. During 2016-18 under Modi government, around 1595 Pakistani migrants and 391 Afghanistani Muslims were given Indian citizenship." The minister, further, said, "It was also during the same period in 2016, that Adnan Sami was given Indian citizenship, this is an example. Giving citizenship to Taslima Nasreen is another example." Sitharaman added that people who came from East Pakistan have been settled at various camps in the country. "They are still there and it's been 50-60 years now. If you visit these camps, your heart will cry. The situation is the same with Sri Lankan refugees who continue to live in camps. They're barred from getting basic facilities," she said. "The National Population Register (NPR) will be updated every 10 years and is not involved with the National Register of Citizens (NRC). Some are involved in raising false allegations and triggering people unnecessarily without any base," she added.

2838 Pakistanis, 914 Afghans, 172 Bangladeshis given Indian citizenship in last 6 years, says Nirmala Sitharaman

The customary halwa ceremony, which marks the process of printing documents for the Budget, will be hosted by the Finance Ministry on January 20, ahead of the presentation of the Union Budget on February 1.

Finance Minister Nirmala Sitharaman, other officials of the ministry and clerks will be present at the ceremony which will be held at North Block.

Every year, the government follows an annual tradition of hosting a halwa ceremony, a few days before the Budget is presented.

The making of halwa marks the official kick-off of events. The Indian dessert is prepared in a large vessel and served to the finance ministry staff as part of the ritual.

After the ceremony, the employees who are a part of the budget-making process, move to the basement of North Block for around 10 days. They will only emerge once the Finance Minister presents the Budget in Parliament.

This is done to prevent any leaks before the annual Budget is presented.The ceremony also recognises and lauds the efforts of every staff who have been a part of the budget-making process.&nbsp; 
&nbsp;

The customary halwa ceremony, which marks the process of printing documents for the Budget, will be hosted by the Finance Ministry on January 20, ahead of the presentation of the Union Budget on February 1.

The customary halwa ceremony, which marks the process of printing documents for the Budget, will be hosted by the Finance Ministry on January 20, ahead of the presentation of the Union Budget on February 1. Finance Minister Nirmala Sitharaman, other officials of the ministry and clerks will be present at the ceremony which will be held at North Block. Every year, the government follows an annual tradition of hosting a halwa ceremony, a few days before the Budget is presented. The making of halwa marks the official kick-off of events. The Indian dessert is prepared in a large vessel and served to the finance ministry staff as part of the ritual. After the ceremony, the employees who are a part of the budget-making process, move to the basement of North Block for around 10 days. They will only emerge once the Finance Minister presents the Budget in Parliament. This is done to prevent any leaks before the annual Budget is presented.The ceremony also recognises and lauds the efforts of every staff who have been a part of the budget-making process.

All you need to know about halwa ceremony ahead of Budget

<a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">Union Budget</a> 2020 will be presented by Finance Minister Nirmala Sitharaman on February 1, news agency ANI reported.&nbsp;

As per reports, the first phase of the budget session will be held from January 31 to February 11.

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Sources: First part of budget session to be held from January 31 to February 11. Budget to be presented on February 1. Second phase of budget session to be held from March 2 to April 3. <a href="https://t.co/5LlUQ1gZoE">pic.twitter.com/5LlUQ1gZoE</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1215125320262537217?ref_src=twsrc%5Etfw">January 9, 2020</a></blockquote>
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The second phase of the budget session will begin from March 2 and will go on till April 3.

Some of the measures included the introduction of 100 per cent FDI in insurance intermediaries. 1 crore loans for MSMEs in 59 minutes, among other features.&nbsp;

Prime Minister Narendra Modi hailed the budget 2019 and said that it had "given hopes to the country".

"It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'.&nbsp;

Also read: <a href="https://www.wionews.com/business-economy/budget-2019-key-takeaways-announced-by-nirmala-sitharaman-in-parliament-233179">Key takeaways announced by Nirmala Sitharaman in budget 2019</a>

"The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise," PM Modi had said.&nbsp;

Sitharaman will be closely watched with her pronouncements this budget. She is will be expected to come with measures that would drive the economy towards growth and bolster the equilibrium between consumption and investment.&nbsp;

The announcement of cuts in corporate tax and interest rates by the Reserve Bank of India last year didn't bring in much relief.

Sitharaman will be closely watched with her pronouncements this budget. She is will be expected to come with measures that would drive the economy towards growth and bolster the equilibrium between consumption and investment.&nbsp;

The announcement of cuts in corporate tax and interest rates by the Reserve Bank of India last year didn't bring in much relief.&nbsp;

Meanwhile, as per a <a href="https://www.wionews.com/india-news/world-bank-pegs-indias-growth-at-5-in-financial-year-2020-projects-recovery-next-year-273104">World Bank report</a>, India's growth is projected at five per cent in the current financial year 2019-20 which is set to recover to 5.8 per cent in the following fiscal year. 
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Union Budget 2020 will be presented by Finance Minister Nirmala Sitharaman on February 1, news agency ANI reported. As per reports, the first phase of the budget session will be held from January 31 to February 11.

Union Budget 2020 will be presented by Finance Minister Nirmala Sitharaman on February 1, news agency ANI reported. As per reports, the first phase of the budget session will be held from January 31 to February 11. Sources: First part of budget session to be held from January 31 to February 11. Budget to be presented on February 1. Second phase of budget session to be held from March 2 to April 3. pic.twitter.com/5LlUQ1gZoE — ANI (@ANI) January 9, 2020 × The second phase of the budget session will begin from March 2 and will go on till April 3. Some of the measures included the introduction of 100 per cent FDI in insurance intermediaries. 1 crore loans for MSMEs in 59 minutes, among other features. Prime Minister Narendra Modi hailed the budget 2019 and said that it had "given hopes to the country". "It testifies that the path we are on is right and that we will reach our target," PM Modi said, adding that the budget will help facilitate the creation of 'New India'. Also read: Key takeaways announced by Nirmala Sitharaman in budget 2019 "The middle class will progress with this budget, development work will expedite even more. The tax structure will simply and infrastructure will modernise," PM Modi had said. Sitharaman will be closely watched with her pronouncements this budget. She is will be expected to come with measures that would drive the economy towards growth and bolster the equilibrium between consumption and investment. The announcement of cuts in corporate tax and interest rates by the Reserve Bank of India last year didn't bring in much relief. Sitharaman will be closely watched with her pronouncements this budget. She is will be expected to come with measures that would drive the economy towards growth and bolster the equilibrium between consumption and investment. The announcement of cuts in corporate tax and interest rates by the Reserve Bank of India last year didn't bring in much relief. Meanwhile, as per a World Bank report, India's growth is projected at five per cent in the current financial year 2019-20 which is set to recover to 5.8 per cent in the following fiscal year.

Union Budget 2020 to be presented on February 1

Finance Minister <a href="https://www.wionews.com/business-economy/ride-hailing-services-metro-trains-bs-vi-among-other-reasons-for-auto-sector-slowdown-finance-minister-nirmala-sitharaman-248878">Nirmala Sitharaman</a> on Tuesday said the government has identified infrastructure projects worth ₹102 lakh crore spread across 23 ministries, 18 states and union territories with another ₹3 lakh crore of projects likely to come from the states.

"In line with the announcement made by <a href="https://www.wionews.com/india-general-elections-2019/2002-gujarat-riots-nanavati-mehta-commission-gives-clean-chit-to-narendra-modi-267592">Prime Minister Narendra Modi</a> in his Independence Day speech to make infrastructure investment worth ₹100 lakh crore for the next five years, a task force was formed to identify projects. Today, the task force has identified ₹102 lakh crore worth of projects after conducting 70 stakeholder consultations in a short period of four months," Sitharaman said in a press conference here.

"In addition, ₹3 lakh crore projects by states are likely to be added to the pipeline. So, in all, we will have a ₹105 lakh crore total projects for the 100 lakh crore commitment we have made," she said.

Also Watch: Finance Minister Nirmala Sitharaman's announcement to boost 'Make in India'

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The Finance Minister also announced that India's first National Infrastructure Pipeline (NIP) comprising the Centre, states and the private sector for detailed planning on infrastructure projects will be launched.

"We intend to launch the National Infrastructure Pipeline Coordination Mechanism comprising the Centre, states and private sector for detailed planning, information dissemination and monitoring implementation of the NIP framework," she said.

The minister said that the Centre and states will have an equal share of 39 per cent in the NIP while 22 per cent will be the share of the private sector.

"In NIP, the share of Centre is 39 per cent, 39 per cent will be the share of state and 22 per cent share of the private sector. We expect the private sector share to increase to at least 30 per cent by 2025. This is the first time that NIP has been formed which makes the job of monitoring, linking with the developers fairly well structured and easier," she said.

Sitharaman said that a total of 51 lakh crores that is about 5-6 per cent of the GDP has been spent on infrastructure in the last six years by Centre and states.

Finance Minister Nirmala Sitharaman on Tuesday said the government has identified infrastructure projects worth ₹102 lakh crore spread across 23 ministries, 18 states and union territories with another ₹3 lakh crore of projects likely to come from the states.

Finance Minister Nirmala Sitharaman on Tuesday said the government has identified infrastructure projects worth ₹102 lakh crore spread across 23 ministries, 18 states and union territories with another ₹3 lakh crore of projects likely to come from the states. "In line with the announcement made by Prime Minister Narendra Modi in his Independence Day speech to make infrastructure investment worth ₹100 lakh crore for the next five years, a task force was formed to identify projects. Today, the task force has identified ₹102 lakh crore worth of projects after conducting 70 stakeholder consultations in a short period of four months," Sitharaman said in a press conference here. "In addition, ₹3 lakh crore projects by states are likely to be added to the pipeline. So, in all, we will have a ₹105 lakh crore total projects for the 100 lakh crore commitment we have made," she said. Also Watch: Finance Minister Nirmala Sitharaman's announcement to boost 'Make in India' × The Finance Minister also announced that India's first National Infrastructure Pipeline (NIP) comprising the Centre, states and the private sector for detailed planning on infrastructure projects will be launched. "We intend to launch the National Infrastructure Pipeline Coordination Mechanism comprising the Centre, states and private sector for detailed planning, information dissemination and monitoring implementation of the NIP framework," she said. The minister said that the Centre and states will have an equal share of 39 per cent in the NIP while 22 per cent will be the share of the private sector. "In NIP, the share of Centre is 39 per cent, 39 per cent will be the share of state and 22 per cent share of the private sector. We expect the private sector share to increase to at least 30 per cent by 2025. This is the first time that NIP has been formed which makes the job of monitoring, linking with the developers fairly well structured and easier," she said. Sitharaman said that a total of 51 lakh crores that is about 5-6 per cent of the GDP has been spent on infrastructure in the last six years by Centre and states.

Government has identified ₹102 lakh crore infrastructure projects: Finance Minister

Finance Minister Nirmala Sitharaman on Friday said that the Central government is taking steps "to import and bring onions to the market as soon as possible".

The finance minister's comments came during a media address earlier in the day. Sitharaman said that the price of onions has "started going down at several places" in the country.&nbsp;

"It is not completely less, but it is going down. We've had a group of ministers' meeting which is reviewing on almost every 1-2 days' gap and deciding on how to further take up the import-related issues," Sitharaman told media today.&nbsp;

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FM: Onions are a fast perishable commodity. Due to rain in some places, flooding in some other, crop extent was less and hence the less output. Due to this it has gone out of certain reasonable level. Govt is taking steps to import &amp; bring onions to the market as soon as possible <a href="https://t.co/V8cY9LXQxK">https://t.co/V8cY9LXQxK</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1205454080937582593?ref_src=twsrc%5Etfw">December 13, 2019</a></blockquote>
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She explained how the onion crop was affected this year due to rains and flooding in some part of the country.&nbsp;

"Onions are a fast perishable. Due to rain in some places, flooding in some other, crop extent was less and hence the less output. Due to this, it has gone out of a certain reasonable level. The government is taking steps to import and bring onions to the market as soon as possible," she said.&nbsp;

On Thursday, the government had said that it would import an additional 12,660 metric tonnes of onions, which shall begin arriving in the country from December 27 onwards.

Union Minister Ram Vilas Paswan had also written to all Chief Ministers, asking them to carry out immediate anti-hoarding operations to ensure the supplies in the markets are augmented and stock holding limits are strictly enforced.

At various places, the rates of the kitchen commodity have breached the Rs 100 mark, with the prices reaching as high as Rs 200 at some places like Madurai in Tamil Nadu.&nbsp;

(With inputs from ANI)&nbsp;

Finance Minister Nirmala Sitharaman on Friday said that the Central government is taking steps "to import and bring onions to the market as soon as possible". The finance minister's comments came during a media address earlier in the day.

Finance Minister Nirmala Sitharaman on Friday said that the Central government is taking steps "to import and bring onions to the market as soon as possible". The finance minister's comments came during a media address earlier in the day. Sitharaman said that the price of onions has "started going down at several places" in the country. "It is not completely less, but it is going down. We've had a group of ministers' meeting which is reviewing on almost every 1-2 days' gap and deciding on how to further take up the import-related issues," Sitharaman told media today. FM: Onions are a fast perishable commodity. Due to rain in some places, flooding in some other, crop extent was less and hence the less output. Due to this it has gone out of certain reasonable level. Govt is taking steps to import & bring onions to the market as soon as possible https://t.co/V8cY9LXQxK — ANI (@ANI) December 13, 2019 × She explained how the onion crop was affected this year due to rains and flooding in some part of the country. "Onions are a fast perishable. Due to rain in some places, flooding in some other, crop extent was less and hence the less output. Due to this, it has gone out of a certain reasonable level. The government is taking steps to import and bring onions to the market as soon as possible," she said. On Thursday, the government had said that it would import an additional 12,660 metric tonnes of onions, which shall begin arriving in the country from December 27 onwards. Union Minister Ram Vilas Paswan had also written to all Chief Ministers, asking them to carry out immediate anti-hoarding operations to ensure the supplies in the markets are augmented and stock holding limits are strictly enforced. At various places, the rates of the kitchen commodity have breached the Rs 100 mark, with the prices reaching as high as Rs 200 at some places like Madurai in Tamil Nadu. (With inputs from ANI)

Government is taking steps to import and bring onions to market as soon as possible: Sitharaman 

A big cheer for Finance Minister Nirmala Sitharaman as she bags the 34th spot in Forbes' list of 'World's 100 most powerful women'.&nbsp;

Sitharaman has left behind New Zealand's Prime Minister Jacinda Ardern at 38 and Britain's Queen Elizabeth II at the 40th spot.&nbsp;

US President Donald Trump's senior advisor and daughter Ivanka Trump stands at the 42nd&nbsp;spot. Climate activist Greta Thunberg is at the bottom of the listing at 100.&nbsp;

The ranking is topped by German Chancellor Angela Merkel followed by former IMF chief Christine Lagarde and Speaker of the US House of Representatives Nancy Pelosi.&nbsp;

Nirmala Sitharaman is India's first female finance minister. In PM Modi's last cabinet (2014-19) she served as the defence minister. &nbsp;

A big cheer for Finance Minister Nirmala Sitharaman as she bags the 34th spot in Forbes' list of 'World's 100 most powerful women'. Sitharaman has left behind New Zealand's Prime Minister Jacinda Ardern at 38 and Britain's Queen Elizabeth II at the 40th spot.

A big cheer for Finance Minister Nirmala Sitharaman as she bags the 34th spot in Forbes' list of 'World's 100 most powerful women'. Sitharaman has left behind New Zealand's Prime Minister Jacinda Ardern at 38 and Britain's Queen Elizabeth II at the 40th spot. US President Donald Trump's senior advisor and daughter Ivanka Trump stands at the 42nd spot. Climate activist Greta Thunberg is at the bottom of the listing at 100. The ranking is topped by German Chancellor Angela Merkel followed by former IMF chief Christine Lagarde and Speaker of the US House of Representatives Nancy Pelosi. Nirmala Sitharaman is India's first female finance minister. In PM Modi's last cabinet (2014-19) she served as the defence minister.

Ahead of Ivanka Trump and Queen Elizabeth II, Sitharaman is world's 34th most powerful woman

&nbsp;India's state-run banks reported fraud worth 958 billion rupees ($13.3 billion) from April to end-September of this year, the country's finance minister said on Tuesday, as the government struggles to help banks recoup losses.

State banks reported 5,743 cases of fraud in the period, most of which had taken place over the last several years, although 1,000 cases worth 25 billion rupees had just taken place, Nirmala Sitharaman told the upper house of parliament.

"Government has taken comprehensive measures to curb the incidence of fraud in banks," the minister said.

Measures included the freezing of 338,000 bank accounts of inoperative companies in the last two financial years and the enactment of a law with a provision to confiscate the property of those found to have committed fraud and who have fled the country.

State Bank of India reported fraud of 254 billion rupees followed by Punjab National Bank of 108 billion rupees and Bank of Baroda of 83 billion rupees, she said.

Bankers have blamed lax regulations and said some bank officials were working in league with fraudsters.

Prime Minister Narendra Modi introduced a tough bankruptcy and insolvency law in 2016, and fugitive economic offenders law aiming to help banks recover losses from fraud amounting to near $140 billion.

Punjab National Bank, India's second-biggest state-run bank, reported more than $2 billion losses through fraud last year alleging that a few rogue employees had issued fake bank guarantees over several years to help jewellery groups raise funds in foreign credit.

India's state-run banks reported fraud worth 958 billion rupees ($13.3 billion) from April to end-September of this year, the country's finance minister said on Tuesday, as the government struggles to help banks recoup losses.

India's state-run banks reported fraud worth 958 billion rupees ($13.3 billion) from April to end-September of this year, the country's finance minister said on Tuesday, as the government struggles to help banks recoup losses. State banks reported 5,743 cases of fraud in the period, most of which had taken place over the last several years, although 1,000 cases worth 25 billion rupees had just taken place, Nirmala Sitharaman told the upper house of parliament. "Government has taken comprehensive measures to curb the incidence of fraud in banks," the minister said. Measures included the freezing of 338,000 bank accounts of inoperative companies in the last two financial years and the enactment of a law with a provision to confiscate the property of those found to have committed fraud and who have fled the country. State Bank of India reported fraud of 254 billion rupees followed by Punjab National Bank of 108 billion rupees and Bank of Baroda of 83 billion rupees, she said. Bankers have blamed lax regulations and said some bank officials were working in league with fraudsters. Prime Minister Narendra Modi introduced a tough bankruptcy and insolvency law in 2016, and fugitive economic offenders law aiming to help banks recover losses from fraud amounting to near $140 billion. Punjab National Bank, India's second-biggest state-run bank, reported more than $2 billion losses through fraud last year alleging that a few rogue employees had issued fake bank guarantees over several years to help jewellery groups raise funds in foreign credit.

India's state-run banks report frauds of more than $13 billion in six months: Finance minister

Union Finance Minister Nirmala Sitharaman on Saturday held a meeting with Chartered Accountants and traders' body to address the concern raised on the process of filling Goods and Services Tax (GST) forms and make them more user-friendly.&nbsp;

Representatives of Rajasthan Tax Consultants' Association, Institute of Chartered Accountants of India (ICAI), The Confederation of All India Traders (CAIT) and Laghu Udyog Bharti were present in the meeting.

"Nirmala Sitharaman would like to thank ICAI, CAIT, Laghu Udyog Bharti, Rajasthan Tax Consultants` Association and other professionals for their valuable inputs on simplification of GST forms and returns," office of Nirmala Sitharaman tweeted.&nbsp;

In a follow-up tweet, it said that based on today's consultations, Sitharaman has directed that extensive nation-wide consultations should be held on the new GST return system to be launched from April 2020.

Union Finance Minister Nirmala Sitharaman on Saturday held a meeting with Chartered Accountants and traders' body to address the concern raised on the process of filling Goods and Services Tax (GST) forms and make them more user-friendly.

Union Finance Minister Nirmala Sitharaman on Saturday held a meeting with Chartered Accountants and traders' body to address the concern raised on the process of filling Goods and Services Tax (GST) forms and make them more user-friendly. Representatives of Rajasthan Tax Consultants' Association, Institute of Chartered Accountants of India (ICAI), The Confederation of All India Traders (CAIT) and Laghu Udyog Bharti were present in the meeting. "Nirmala Sitharaman would like to thank ICAI, CAIT, Laghu Udyog Bharti, Rajasthan Tax Consultants` Association and other professionals for their valuable inputs on simplification of GST forms and returns," office of Nirmala Sitharaman tweeted. In a follow-up tweet, it said that based on today's consultations, Sitharaman has directed that extensive nation-wide consultations should be held on the new GST return system to be launched from April 2020.

Finance Minister Nirmala Sitharaman holds meeting on GST simplification in Delhi

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