The Ministry of Finance has announced new guidelines for regularising irregular accounts under National Small Savings Schemes (NSS) through Post Offices.

The new rules apply to those under NSS-87, Public Provident Fund (PPF) for minors, Sukanya Samriddhi schemes, and others. The guidelines will be effective from October 1.

<h2>Here is what you should know about new rules for Small Savings Schemes:</h2>

1. NSS-87 Accounts

For accounts opened before April 2, 1990, the first account will get the prevailing scheme rate, while the second will get a higher rate of an additional 2 per cent. The accounts should not exceed the annual deposit limits cumulatively.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-karnataka-hc-stays-probe-against-fm-sitharaman-in-electoral-bond-extortion-case-763257">India: Karnataka HC stays probe against FM Sitharaman in electoral bond extortion case</a>

For accounts opened after April 2, 1990, the first will get the prevailing scheme rate, while the second will earn the existing Post Office Savings Account (POSA) rate.

Both accounts will earn 0 per cent interest effective October 1, 2024. There will be no interest for more than two accounts and the principal amount will be refunded.

2. PPF accounts for minors

PPF accounts opened for minors will be paid an interest as per POSA. When the minor reaches the age of 18 and becomes eligible for opening an account, the applicable interest rate will be paid.

3. Multiple PPF accounts

The total deposits in multiple PPF accounts should not amount to more than the annual limit and any excess amount will be returned without any interest. The second account will be merged with the primary account and will be paid an interest at the prevailing scheme rate. More than two accounts will not get any interest and will be refunded.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/foreign-investments-surge-into-indian-equities-with-record-rs-57359-crore-inflow-in-september-763069">Foreign investments surge into Indian equities with record Rs 57,359 crore inflow in September</a>

4. NRI PPF Accounts

Non-Resident Indian (NRI) PPF accounts under the 1968 scheme, in which Form H did not require the residency status of the account holder, will be paid interest at POSA. It is applicable for account holders who became NRIs during their tenure until September 30, 2024. From October 1, these accounts will earn zero interest.

5. Small Savings Accounts for Minors (Other than PPF and SSA)

Irregular Small Savings Accounts opened under a minor’s name will be regularised with simple interest which will be calculated based on the prevailing POSA rate.

Irregular accounts can be regularised with simple interest at the prevailing POSA rate.

6. Sukanya Samriddhi Accounts ( SSA) Opened by Grandparents

Accounts initiated by grandparents will be transferred to the person who is a natural guardian (alive parents) or Legal Guardian. If there are more than two accounts, they will be closed.

(With inputs from agencies)

The Ministry of Finance has announced new guidelines for regularising irregular accounts under National Small Savings Schemes (NSS) through Post Offices. The new rules apply to those under NSS-87, Public Provident Fund (PPF) for minors, Sukanya Samriddhi schemes, and others.

The Ministry of Finance has announced new guidelines for regularising irregular accounts under National Small Savings Schemes (NSS) through Post Offices. The new rules apply to those under NSS-87, Public Provident Fund (PPF) for minors, Sukanya Samriddhi schemes, and others. The guidelines will be effective from October 1. Here is what you should know about new rules for Small Savings Schemes: 1. NSS-87 Accounts For accounts opened before April 2, 1990, the first account will get the prevailing scheme rate, while the second will get a higher rate of an additional 2 per cent. The accounts should not exceed the annual deposit limits cumulatively. Also read | India: Karnataka HC stays probe against FM Sitharaman in electoral bond extortion case For accounts opened after April 2, 1990, the first will get the prevailing scheme rate, while the second will earn the existing Post Office Savings Account (POSA) rate. Both accounts will earn 0 per cent interest effective October 1, 2024. There will be no interest for more than two accounts and the principal amount will be refunded. 2. PPF accounts for minors PPF accounts opened for minors will be paid an interest as per POSA. When the minor reaches the age of 18 and becomes eligible for opening an account, the applicable interest rate will be paid. 3. Multiple PPF accounts The total deposits in multiple PPF accounts should not amount to more than the annual limit and any excess amount will be returned without any interest. The second account will be merged with the primary account and will be paid an interest at the prevailing scheme rate. More than two accounts will not get any interest and will be refunded. Also read | Foreign investments surge into Indian equities with record Rs 57,359 crore inflow in September 4. NRI PPF Accounts Non-Resident Indian (NRI) PPF accounts under the 1968 scheme, in which Form H did not require the residency status of the account holder, will be paid interest at POSA. It is applicable for account holders who became NRIs during their tenure until September 30, 2024. From October 1, these accounts will earn zero interest. 5. Small Savings Accounts for Minors (Other than PPF and SSA) Irregular Small Savings Accounts opened under a minor’s name will be regularised with simple interest which will be calculated based on the prevailing POSA rate. Irregular accounts can be regularised with simple interest at the prevailing POSA rate. 6. Sukanya Samriddhi Accounts ( SSA) Opened by Grandparents Accounts initiated by grandparents will be transferred to the person who is a natural guardian (alive parents) or Legal Guardian. If there are more than two accounts, they will be closed. (With inputs from agencies)

Small Savings Schemes new rules effective Oct 1: Everything you need to know

finance Minister Nirmala Sitharaman has announced the budget for the upcoming fiscal starting April 1, 2020. Though budget brought joy to some sections, it has not really lived up to the expectations of the common man or market investors.

Annual Financial Statement and Common man

Taxpayers will now be able to avail a lower income tax rate on various slabs by foregoing certain deductions and exemptions, Sitharman announced in the budget. The new regime will be optional and those who want to stick to claiming deductions will be allowed to do so.

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GST revenue collection in October 2019 stood at Rs 95,380 crore, Ministry of Finance data released on Friday showed.&nbsp;

Notably, GST collection increased by 3.76 per cent in comparison to September 2019, when it was Rs 91,916 crore.

Gross revenue on account of Goods and Services Tax (GST) totalled Rs 95,380 crore in October, 5.29 per cent lower in the year-ago period, the Central government said on Friday.&nbsp;

Of this amount, the Central GST was Rs 17,582 crore, State GST Rs 23,674 crore and Integrated GST Rs 46,517 crore (including Rs 21,446 crore collected on imports) and cess Rs 7,607 crore (including Rs 774 crore collected on imports).&nbsp;

This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark. The total number of GSTR 3B Returns filed for September up to October 31 is 73.83 lakh, according to a statement issued by the Ministry of Finance.&nbsp;

The government settled Rs 20,642 crore to CGST and Rs 13,971 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and the state governments after regular settlement in October is Rs 38,224 crore for CGST and Rs 37,645 crore for the SGST.&nbsp;

During April to October vis-a-vis 2018, the domestic component has shown 6.74 per cent growth while the GST on imports has shown negative growth and the total collection has grown by 3.38 per cent, the statement said.

GST revenue collection in October 2019 stood at Rs 95,380 crore, Ministry of Finance data released on Friday showed. Notably, GST collection increased by 3.76 per cent in comparison to September 2019, when it was Rs 91,916 crore.

GST revenue collection in October 2019 stood at Rs 95,380 crore, Ministry of Finance data released on Friday showed. Notably, GST collection increased by 3.76 per cent in comparison to September 2019, when it was Rs 91,916 crore. Gross revenue on account of Goods and Services Tax (GST) totalled Rs 95,380 crore in October, 5.29 per cent lower in the year-ago period, the Central government said on Friday. Of this amount, the Central GST was Rs 17,582 crore, State GST Rs 23,674 crore and Integrated GST Rs 46,517 crore (including Rs 21,446 crore collected on imports) and cess Rs 7,607 crore (including Rs 774 crore collected on imports). This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark. The total number of GSTR 3B Returns filed for September up to October 31 is 73.83 lakh, according to a statement issued by the Ministry of Finance. The government settled Rs 20,642 crore to CGST and Rs 13,971 crore to SGST from IGST as regular settlement. The total revenue earned by the Centre and the state governments after regular settlement in October is Rs 38,224 crore for CGST and Rs 37,645 crore for the SGST. During April to October vis-a-vis 2018, the domestic component has shown 6.74 per cent growth while the GST on imports has shown negative growth and the total collection has grown by 3.38 per cent, the statement said.

Rs 95,380 crore gross GST revenue collected in October

Anurag Singh Thakur becomes Minister of State in the Ministry of Finance and Minister of State in the Ministry of Corporate Affairs. Watch this video to know more.

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Bank of China, the country's fourth-biggest lender by assets, has offered a loan of $300 million to Sri Lanka which can be raised to $1 billion, a source in Colombo with direct knowledge of the matter, told Reuters on Tuesday.

The government is considering the offer because of "difficulty in borrowing money after recent ratings downgrades", the source said, declining to be named as the information was not public.

Reuters could not immediately reach Sri Lanka's Ministry of Finance and the Bank of China.

Sri Lanka, an island nation off India's southeastern coast, is struggling to repay its foreign loans, with a record $5.9 billion due this year including $2.6 billion in the first three months alone.

The government is considering the offer because of 'difficulty in borrowing money after recent ratings downgrades', the source said.

Bank of China, the country's fourth-biggest lender by assets, has offered a loan of $300 million to Sri Lanka which can be raised to $1 billion, a source in Colombo with direct knowledge of the matter, told Reuters on Tuesday. The government is considering the offer because of "difficulty in borrowing money after recent ratings downgrades", the source said, declining to be named as the information was not public. Reuters could not immediately reach Sri Lanka's Ministry of Finance and the Bank of China. Sri Lanka, an island nation off India's southeastern coast, is struggling to repay its foreign loans, with a record $5.9 billion due this year including $2.6 billion in the first three months alone.

Bank of China offers Sri Lanka $300 million loan, option to raise to $1 billion: Report

India&#39;s Gross Domestic Product (GDP) growth for 2018-19 has been projected at 7 to 7.5 per cent as per the Economic Survey 2017-18.

Also read: <a href="http://www.wionews.com/business-economy/10-big-takeaways-from-economic-survey-31068" target="_blank">10 big takeaways from economic survey</a>

The document, which was tabled in Lok Sabha on Monday, noted that a series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7.0 to 7.5 per cent in 2018-19.

&quot;A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7 to 7.5 per cent in 2018-19, thereby re-instating India as the world&#39;s fastest growing major economy,&quot; it said.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Outlook 
2017-18: Real GDP growth of 6.75%, nominal growth of 10.5% 
2018-19: Real growth of 7%-7.5% <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a> <a href="https://t.co/wDBgVfFqds">pic.twitter.com/wDBgVfFqds</a>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957873340512837632?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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The reform measures undertaken in 2017-18 can be strengthened further in 2018-19, it said.

The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around four percentage points higher than global growth and nearly three percentage points higher than that of emerging market and developing economies.

It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world.

&quot;That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable,&quot; it said.

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<blockquote class="twitter-tweet" data-lang="en">
Post-demonetization and GST increase in new tax filers (over and above natural increase) of about 1.8 million and some boost to individual income tax collections (Ch 1, Box 2) <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a> <a href="https://t.co/kMCeRt886y">pic.twitter.com/kMCeRt886y</a>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957874070665572352?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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The survey also said that the real estate sector has begun to show signs of improvement with the total FDI of US $257 million in first half of 2017, which is more than double the total FDI in 2016 full year.

&quot;With the enactment of Real Estate (Regulation &amp; Development) Act, 2016, it is anticipated that accountability would lead to higher growth across the real estate value chain, while compulsory disclosures and registrations would ensure transparency,&quot; it said.

The economic survey is an annual document of the Ministry of Finance, Government of India, and reviews the developments in the Indian economy over the previous 12 months, summarises the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.

This document is presented to both Houses of Parliament during the Budget Session.

The annual survey was released ahead of the government&#39;s annual budget statement, due to be presented by Finance Minister Arun Jaitley on Thursday.

The survey warned that the coming year could be challenging, and cautioned that persistently high oil prices remain a key risk for a country that relies on imports for much of its fuel needs.

This year's survey points out that India can be rated as among the best performing economies as the average growth during last three years is around 4 percentage points higher than global growth

India's Gross Domestic Product (GDP) growth for 2018-19 has been projected at 7 to 7.5 per cent as per the Economic Survey 2017-18. Also read: 10 big takeaways from economic survey The document, which was tabled in Lok Sabha on Monday, noted that a series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7.0 to 7.5 per cent in 2018-19. "A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7 to 7.5 per cent in 2018-19, thereby re-instating India as the world's fastest growing major economy," it said. Outlook 2017-18: Real GDP growth of 6.75%, nominal growth of 10.5% 2018-19: Real growth of 7%-7.5% #economicsurvey18 https://t.co/VAfz77JvGp pic.twitter.com/wDBgVfFqds — arvind subramanian (@arvindsubraman) January 29, 2018 × The reform measures undertaken in 2017-18 can be strengthened further in 2018-19, it said. The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around four percentage points higher than global growth and nearly three percentage points higher than that of emerging market and developing economies. It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world. "That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable," it said. Post-demonetization and GST increase in new tax filers (over and above natural increase) of about 1.8 million and some boost to individual income tax collections (Ch 1, Box 2) #economicsurvey18 https://t.co/VAfz77JvGp pic.twitter.com/kMCeRt886y — arvind subramanian (@arvindsubraman) January 29, 2018 × The survey also said that the real estate sector has begun to show signs of improvement with the total FDI of US $257 million in first half of 2017, which is more than double the total FDI in 2016 full year. "With the enactment of Real Estate (Regulation & Development) Act, 2016, it is anticipated that accountability would lead to higher growth across the real estate value chain, while compulsory disclosures and registrations would ensure transparency," it said. The economic survey is an annual document of the Ministry of Finance, Government of India, and reviews the developments in the Indian economy over the previous 12 months, summarises the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. This document is presented to both Houses of Parliament during the Budget Session. The annual survey was released ahead of the government's annual budget statement, due to be presented by Finance Minister Arun Jaitley on Thursday. The survey warned that the coming year could be challenging, and cautioned that persistently high oil prices remain a key risk for a country that relies on imports for much of its fuel needs.

Economic Survey sees accelerating GDP growth, upswing in real estate sector

Chief Economic Adviser Arvind Subramanian, who has been given a one-year extension on his tenure, said that he is well aware of the challenges that the Indian economy is currently facing, adding, he is &quot;delighted to take on the challenge of the economy&quot;.

&quot;I am delighted to take on the challenge of the economy. We know what the challenges are. We have to drive growth, investment, and exports. The government is working on multiple fronts,&quot; Subramanian told ANI.

Subramanian, whose term was to end on October 16, will continue as the CEA for another year, the Ministry of Finance confirmed in a statement.

The principal author of the annual Economic Survey, Subramanian took over as the CEA on October 16, 2014, owing to a vacancy post the appointment of Raghuram Rajan as the Reserve Bank of India (RBI) governor in September 2013.

Named as one of the world`s top 100 global thinkers, Subramanian has various accolades to his kitty. Most importantly, he ideated the phrase &quot;JAM&quot;- Jan Dhan, Aadhaar, Mobile - which was introduced in 2015.&nbsp;

The &quot;JAM agenda&quot;&nbsp;aims at empowering the economic stature of the poor, and raise efficiency by reducing leakage and market distortions.He was ranked amongst the top one per cent of the world&#39;s academic economists in terms of citation of research, according to the widely used REPEC rankings.

An alumnus of St&nbsp;Stephens College, Delhi, Subramanian pursued his education at the Indian Institute of Management at Ahmedabad and the University of Oxford.&nbsp;

Chief Economic Adviser Arvind Subramanian has been given a one-year extension on his tenure

Chief Economic Adviser Arvind Subramanian, who has been given a one-year extension on his tenure, said that he is well aware of the challenges that the Indian economy is currently facing, adding, he is "delighted to take on the challenge of the economy". "I am delighted to take on the challenge of the economy. We know what the challenges are. We have to drive growth, investment, and exports. The government is working on multiple fronts," Subramanian told ANI. Subramanian, whose term was to end on October 16, will continue as the CEA for another year, the Ministry of Finance confirmed in a statement. The principal author of the annual Economic Survey, Subramanian took over as the CEA on October 16, 2014, owing to a vacancy post the appointment of Raghuram Rajan as the Reserve Bank of India (RBI) governor in September 2013. Named as one of the world`s top 100 global thinkers, Subramanian has various accolades to his kitty. Most importantly, he ideated the phrase "JAM"- Jan Dhan, Aadhaar, Mobile - which was introduced in 2015. The "JAM agenda" aims at empowering the economic stature of the poor, and raise efficiency by reducing leakage and market distortions.He was ranked amongst the top one per cent of the world's academic economists in terms of citation of research, according to the widely used REPEC rankings. An alumnus of St Stephens College, Delhi, Subramanian pursued his education at the Indian Institute of Management at Ahmedabad and the University of Oxford.

Delighted to take on challenge of economy: Arvind Subramanian on extension of tenure