Union Finance Minister Smt. @nsitharaman, Governor for India in @ADB_HQ, participated as a panelist in the Governors' Seminar on the theme 'Policies to Support Asia's Rebound', held as part of 56th #ADBAnnualMeeting, in Incheon, South Korea, today. @IndiainROK
(1/11) Besides FM Smt. @nsitharaman representing as Governor for India, Ms Sri Mulyani Indrawati, Indonesia; Mr Niels Annen, Germany; Mr Changyong Rhee, Republic of Korea; & @ADBPresident and Chairperson of the Board of Directors also participated. @IndiainROK
(2/11)

Union Finance Minister Smt. @nsitharaman met Mr. Hayashi Nobumitsu, Governor, Japan Bank for International Cooperation #JBIC, on the sidelines of the 56th #ADBAnnualMeeting, in Incheon, today. (1/5)

@IndiainROK FM Smt. @nsitharaman encouraged engagement of JBIC with Indian financial institutions such as Exim Bank @IndiaEximBank, NIIF and lending banks to leverage the strength and complementarities of both countries for facing local, regional and global financial challenges. (2/5)

Union Finance Minister Smt. @nsitharaman interacted with representatives of major business conglomerates operating in the field of marine products processing, on the sidelines of the 56th #ADBAnnualMeeting, in South Korea, today. (1/4)

@IndiainROK Union Finance Minister Smt. @nsitharaman encouraged potential investors to explore opportunities increasing share of value added food products in India’s export. (2/4)

@IndiainROK

Union Finance Minister Smt. @nsitharaman had a bilateral meeting with Mr. Masatsugu Asakawa @ADBPresident, Asian Development Bank @ADB_HQ, on the sidelines of the #ADBAnnualMeetings, at Incheon, today. (1/5)

@IndiainROK FM Smt. @nsitharaman mentioned that India continues to be the most significant country for ADB’s Sovereign and Non-sovereign operations and also expressed support to @ADB_HQ for #innovative financing mechanisms to #enhance the #LendingCapacity of the bank. (2/5)

Union Finance Minister Smt. @nsitharaman will lead the Indian delegation to attend Asian Development Bank’s 56th #ADBAnnualMeeting being held in Incheon, South Korea, from May 2-5, 2023. (1/4)

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@IndiainROK On the sidelines of the #ADBAnnualMeeting, Finance Minister Smt. @nsitharaman will have interaction with global economists and think-tanks, Governors and Finance Ministers of the ADB member countries. (2/4)

👉 MCA revises threshold for paid up capital of “small companies”

👉 Latest revision to facilitate Ease of Doing Business #EoDB further and reduce compliance burden on “small companies”

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(1/4) Some of the benefits of revised definition of small companies are 👇

👉 No need to prepare cash flow statement as part of financial statement

👉 Advantage of preparing and filing an Abridged Annual Return

👉 Mandatory rotation of auditor not required
(2/4)

Union Finance Minister Smt. @nsitharaman chairs the 1st meeting of Apex Monitoring Authority on the National Industrial Corridor Development & Implementation Trust #NICDIT, being organised in hybrid mode in New Delhi, today. (1/4)

#Smartcities #IndiaReimagined The meeting was also attended by Union Commerce Minister Shri @PiyushGoyal; Union Railways Minister Shri @AshwiniVaishnaw; @NITIAayog VC, Shri @sumanbery; Secretary @DPIITGoI Shri Anurag Jain; besides Ministers & seniors officials from States concerned in dual mode. (2/4)

Union Finance Minister Smt. @nsitharaman interacted via VC with several distinguished US universities to explore the opportunity of setting up foreign universities/institutions in @GIFTCity_ IFSC, which was an announcement made in Union Budget 2022. (1/6) Recognising the inherent potential of the IFSC, the Budget announcement paved the way for allowing world-class foreign universities to offer courses in Financial Management, FinTech, Science, Technology, Engineering and Mathematics in @GIFTCity_ IFSC. (2/6)

Union Finance Minister Smt. @nsitharaman attended earlier today the Development Committee Meeting of the World Bank in Washington D.C. (1/4) Finance Minister Smt. @nsitharaman stated that India’s economic growth in the current year is estimated to be 8.9 per cent, highest among all large economies and reflects India’s #resilience and #strong #recovery. (2/4)

Union Finance Minister Smt. @nsitharaman and @WorldBank Group President Mr. @DavidMalpassWBG met at Washington D.C., today. (1/6) The two discussed India’s continued #recovery from #COVID19, impact of Russia-Ukraine conflict, Single Borrower Limit & exploring the possibility of Guarantees from other G-7 nations, India’s #G20Presidency and @WorldBank leadership in India. (2/6)

Union Finance Minister Smt. @nsitharaman met Mr @MiebachMichael , CEO @Mastercard , in Washington D.C., today. (1/4) Mr @MiebachMichael informed Smt. @nsitharaman that @Mastercard has set up huge #DataCentres in India and is focusing on training and digitisation of small businesses. (2/4)

Union Finance Minister Smt. @nsitharaman attended the FATF Ministerial Meeting in Washington DC today conducted along-side the 2022 Spring Meetings of the IMF-WB to endorse @FATFNews strategic priorities for the years 2022-24. (1/6) The Strategic Priorities for FATF for 2022-24 are:

✅ Strengthen the FATF Global Network
✅ FATF systems of Mutual Evaluations
✅ Enhance International Beneficial Ownership Transparency
✅ Increase Capabilities to more effectively recover Criminal assets

(2/6) (cont…/-)

Union Finance Minister Smt. @nsitharaman attends the Plenary Meeting of the International Monetary and Financial Committee of the IMF, in Washington D.C., today. (1/5) In the backdrop of the emerging challenges, Finance Minister Smt. @nsitharaman conveyed that the global economy may witness some growth deceleration. (2/5)

Union Finance Minister Smt. @nsitharaman and MD IMF Ms @KGeorgieva met during the Spring Meetings of IMF-WB, today, in Washington D.C. (1/7) MD IMF Ms @KGeorgieva congratulated India on its successful #VaccinationProgramme to control the spread of #COVID19. She also appreciated India for extending #COVID19 relief support to other vulnerable countries. (2/7)

☑️ Close monitoring of receipts from taxes & duties to the Union Government in FY 2021-22 has enabled @FinMinIndia to release two additional instalments of Central Taxes (Rs 95,082 Cr.) over and above the regular 14 instalments devolved to States during a financial year. (1/5) ☑️ Further to this,  a net additional amount of Rs. 43,168 crore was also released towards settlement of dues of States’ Share in Central Taxes payable from 1996-97 to 2017-2018. (2/5)

National Credit Guarantee Trustee Company Limited #NCGTC today extended the Emergency Credit Line Guarantee Scheme #ECLGS beyond March 2022, till March 2023

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(1/8) ✅ Scope of #ECLGS enhanced & validity extended till 31.3.23
✅ #ECLGS benefits expanded to Hospitality, Travel, Tourism & Civil Aviation sectors
✅ Rs 3.19 lakh cr. loans sanctioned under #ECLGS as on 25.03.22; about 95% of guarantees issued for loans sanctioned to #MSMEs (2/8)

✅ India likely to have double digit growth in FY21-22

✅ India’s policy focused on both Supply & demand to ensure inflation under control. In contrast, post GFC, runaway inflation manifested because of the policy focused only on demand (1/6) ✅ Global inflation stems similarly from exclusive focus on demand in contrast to India, where the focus has been on both demand and supply (2/6)

Central Government guarantee of Rs.30,600 crore to back Security Receipts issued by NARCL for acquiring stressed loan assets was approved by Cabinet yesterday.
The following FAQs explain various aspects regarding the same.
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pib.gov.in/PressReleasePa… What is National Asset Reconstruction Company Limited (NARCL)? Who has set it up?👇

Last week India unveiled the #AccountAggregator network, a financial data-sharing system. Account Aggregator empowers the individual with control over their personal financial data, which otherwise remains in silos.
Read more➡️ pib.gov.in/PressReleaseIf… पिछले सप्ताह, भारत ने वित्तीय डेटा-साझा प्रणाली - अकाउंट एग्रीगेटर (एए) नेटवर्क का अनावरण किया।अकाउंट एग्रीगेटर व्यक्ति को अपने व्यक्तिगत वित्तीय डेटा पर नियंत्रण के साथ सशक्त बनाता है, जो डेटा सामान्यतया अलग-थलग और आसान पहुँच से बाहर रहते हैं।
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✅On the eve of completion of #4yearsofGST , CBIC to honour the tax payers contributing to the GST success story
✅CBIC to issue certificates of appreciation to honour contributions of tax payers
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(1/5) ✅Government reaffirms its commitment to continuous improvement in taxpayer services
(2/5)

Overall, GST rates have been reduced on 400 goods and 80 services. Given that, in the pre-GST regime, the combined Centre and States rates were more than 31% on most of the items; this reduction marks a significant relief for the taxpayer. #4yearsofGST
(1/8) Common-use items such as hair oil, toothpaste, and soap have seen their tax rates come down from 29.3% in the pre-GST era to just 18% under GST. #4yearsofGST
(2/8)