Finance

Fincare Small Finance expanding networks in Andhra Pradesh

Fincare Small Finance Bank is expanding its branch and outlet networks in Andhra Pradesh, “a key market in South India”. “We have a number of banking outlets – 108 – in Andhra Pradesh and we have seven branches in the State, the seventh being the Vizag one. We will open the next branch in Kakinada,” said Rajeev Yadav, Managing Director ... Read More »

Finance (No 2) Bill-2019 is unconstitutional and unrealistic: P Chidambaram

Finance minister Nirmala Sitharaman It takes a lot of courage to speak in a House of Parliament where the Opposition benches are empty. That is precisely what the Finance Minister, Ms Nirmala Sitharaman, did on July 23, 2019, in the Rajya Sabha! She piloted her maiden Finance Bill, the Rajya Sabha (minus the Opposition) ‘considered and returned’ the Bill, and all ... Read More »

Mahindra Finance registers 66% fall in consolidated net profit to Rs 108.5 crore

Mahindra and Mahindra Financial Services (Mahindra Finance) has posted a decline of 66 per cent in its consolidated net profit to Rs 108.50 crore in the first quarter ended June 30, the company said on July 23. It had registered a net profit of Rs 322.30 crore in the corresponding quarter of the previous financial year. Total income (consolidated) was, however, ... Read More »

Centre asked World Bank to drop Amaravati project: AP finance minister

Hyderabad: The Union finance ministry has asked the World Bank not to go ahead with the funding of Amaravati, the proposed capital of Andhra Pradesh, state finance minister Buggana Rajendranath said on Monday. The World Bank, which had promised $300 million investment for the project, however, said it would be happy to support additional proposals for finance, the minister added. In ... Read More »

UK Finance Minister to quit if Johnson becomes PM

British Finance Minister Philip Hammond said on Sunday he would make a point of resigning before Boris Johnson became Prime Minister, saying he could never agree to his Brexit strategy. Johnson is widely expected to win the governing, centre-right Conservative Party’s leadership contest on Tuesday and be named as prime minister once Theresa May resigns the premiership on Wednesday. Hammond ... Read More »

Lok Sabha passes Finance Bill 2019

The Lok Sabha has passed the Finance Bill, 2019 that gives effect to the proposals of the Central Government for the year 2019-2020. Explaining the proposed amendments in the taxation Acts, Finance Minister Nirmala Sitharaman pointed out that the said amendments will promote ‘Make in India’ and Startups. On the incentives being provided for Electrical Vehicles, she said that the ... Read More »

Demands for Grants, Finance Bill may escape scrutiny of Parliamentary panels

Almost half of the budgetary exercise is over, but Parliament is yet to see formation of department-related standing committees (DRSC). This means Demands for Grants and the Finance Bill will not be vetted by DRSCs as of now. The Lok Sabha is scheduled to take up the Finance Bill for consideration and passage during the week starting July 15. There ... Read More »

Gag on media freedom: Journalists condemn finance ministry restricting entry of journalists into North Block

After the finance ministry put in place restrictions on media from entering the North Block, a tug of war has ensued between Finance Minister Nirmala Sitharaman and reporters. According to the new rules, the finance ministry issued a notice which read, “Entry of media persons, including those holding a PIB accredited card will be on the basis of prior appointment.” ... Read More »

Watch | The Budget Roundtable with Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman. (Photo: PTI) India Today TV is hosting The Budget Roundtable with Finance Minister Nirmala Sitharaman on Monday night. India Today TV News Director Rahul Kanwal will act as the moderator for the roundtable, which is being held at the Oberoi Hotel in Delhi. Also taking part in the roundtable will be managing director of Kotak Mahindra ... Read More »

After dividend distribution tax, Finance Minister ends tax avoidance via buyback route

Finance Minister Nirmala Sitharaman has proposed closing the buyback route used by corporates to avoid paying taxes. Earlier, corporates used to prefer using the buyback route after the government levied a dividend distribution tax of 10 percent in 2007, which was further hiked by a similar quantum in 2016. In the last three years, more than 170 companies have bought back shares worth ... Read More »