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    Income-Tax department extends deadline for filing revised ITR for AY25 to January 15
    Ministry of Finance Year Ender 2024: Department of Expenditure
    Dr. Arunish Chawla took charge as Secretary, Department of Revenue, Ministry of Finance
    Ministry of Finance Year Ender 2024: Department of Financial Services
    Year-end review 2024: Ministry of Statistics and Programme Implementation (MoSPI) during 2024
    Ministry of Finance Year Ender 2024: Department of Revenue
    Government of India and Asian Development Bank sign $500 million loan to support sustainable infrastructure projects aligned with the India’s climat...
    Key stakeholders from NPS ecosystem to come together with the launch of Association of NPS Intermediaries (ANI)
    Minutes of the Monetary Policy Committee Meeting, December 4 to 6, 2024 [Under Section 45ZL of the Reserve Bank of India Act, 1934]
    $350 Million Loan signing between Government of India and ADB
    Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chairs the Pre-Budget Consultation Meeting with States and UTs (with legislat...
    Government of India and Asian Development Bank (ADB) sign $42 million loan to strengthen coastal protection to help boost community resilience in Maha...
    CBDT launches Electronic Campaign to address income and transaction mismatches for FY 2023-24 and FY 2021-22
    3rd India-UK Financial Markets Dialogue: Joint Statement
    India’s FDI Journey Hits $1 Trillion
    Government of India and ADB sign $50 million loan for climate-adaptative water harvesting project in Meghalaya
    Revenue Secretary Shri Sanjay Malhotra inaugurates 67th Foundation Day of the Directorate of Revenue Intelligence in New Delhi
    India's Advancing Role in Global Trade Competitiveness
    CBDT extends due date for filing return of income in the case of an assessee withrequirement to furnish report referred to in section 92E, for AY 2024...
    Government of India and ADB sign $98 million loan to promote plant health management in India’s horticulture
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    December 31, 2024
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    Deadline extension for belated and revised income tax returns gives resident taxpayers extra time to reconcile books before filing.
    The Central Board of Direct Taxes extended the last date for resident individuals to furnish belated or revised returns of income for Assessment Year 2024-25, shifting the deadline from the prior year end date to a later date in mid January, allowing taxpayers additional time to reconcile books and make rectifications before filing.
    December 27, 2024
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    Direct Benefit Transfer via PFMS strengthens transparent beneficiary payments alongside procurement, borrowing and pension reforms.
    The Department of Expenditure expanded PFMS enabled Direct Benefit Transfer coverage and operational tools, integrated 117 external systems, and reduced credit failures; fixed the states' net borrowing ceiling at 3% of GSDP with an additional 0.5% GSDP borrowing window for power sector performance; enacted procurement reforms reducing performance security to 5%, raising monetary thresholds and issuing a revised Goods Procurement Manual; introduced Delegation of Financial Powers Rules, 2024; and approved the Unified Pension Scheme to commence 1 April 2025 with assured pension, family pension, minimum pension and inflation indexing.
    December 27, 2024
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    Administrative appointment: Secretary, Department of Revenue assumes charge, bringing extensive finance and international economic experience.
    Dr. Arunish Chawla assumed charge as Secretary, Department of Revenue, Ministry of Finance, following appointment by the Appointments Committee of the Cabinet. The release records his 1992-batch IAS (Bihar cadre) background, immediate prior tenure as Secretary, Department of Pharmaceuticals from 1 November 2023, earlier roles including Managing Director of the Metro Rail Project Patna, senior economic postings on foreign assignment (including at the IMF and as Minister (Economic) in Washington), service as Joint Secretary in the Department of Expenditure, and academic credentials of a Master's and Doctorate in Economics from the London School of Economics.
    December 26, 2024
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    Banking Sector Resilience strengthened through reforms, digital payments expansion and financial inclusion expanding credit and service access.
    Departmental reforms in 2024 enhanced banking-sector resilience through asset-recognition and resolution measures, recapitalisation and prudential frameworks that reduced gross and net NPAs and improved provision coverage and capital adequacy. Concurrently, the digital-payments ecosystem was expanded and internationalised via enhanced UPI features, interoperability measures, and regulatory directions including BBPS Master Direction and escrow protections. Financial inclusion was advanced through scale-up of basic bank accounts, low-cost insurance schemes, MUDRA and targeted credit programs, while agricultural credit and Kisan Credit Card saturation drives increased concessional lending to farmers and allied activities.
    December 26, 2024
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    Data governance strengthened: MoSPI unified metadata, launched eSankhyiki and rebased macrostatistical processes to improve accessibility.
    MoSPI strengthened the National Statistical System by fast tracking survey releases, publishing an Advance Release Calendar, launching the eSankhyiki portal and APIs for centralised access, issuing NMDS 2.0 and statistical standards for metadata and interoperability, constituting committees for base revision of GDP/CPI/IIP, delegating financial powers to regional HODs, reorganising survey divisions into product focused verticals, and operationalising a Research & Analysis Unit and Data Innovation Lab to support methodological innovation and stakeholder collaboration.
    December 26, 2024
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    Tax Administration Reforms: digital processes and risk-based GST and customs measures streamline compliance and facilitate refunds.
    The document describes a coordinated programme to enhance tax administration and trade facilitation through digitalisation, procedural reliefs, and risk-based compliance. Income tax measures emphasize faceless processes, e-verification, pre-filling, and rapid ITR/refund processing alongside demand resolution and taxpayer outreach. GST reforms focus on registration integrity, sequential return filing, input tax credit relaxations, conditional waivers for historical periods, and reduced pre-deposit for appeals. Customs modernisation highlights ICEGATE 2.0, ICETAB mobile examination, exchange rate automation, bonded warehouse digitisation, and expanded courier/postal export benefit processing, supported by international cooperation and financial intelligence enhancements.
    December 24, 2024
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    Sovereign-guaranteed financing expands institutional capacity for green infrastructure and sustainability assessment under new loan agreement.
    A sovereign-guaranteed multilateral loan will be extended to a public infrastructure finance company to provide long-term capital for green and sustainable infrastructure, support connectivity and energy transition, and target under-resourced sectors. The project emphasises mobilising private capital via innovative financing and risk-mitigation instruments and builds institutional capacity by establishing a sustainability unit, an environmental sustainability framework, and a sustainability scoring method to integrate sustainability practices into project assessment.
    December 23, 2024
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    Pension coverage expansion urged as Association of NPS Intermediaries launches to enhance subscriber welfare and regulatory collaboration.
    The Association of NPS Intermediaries (ANI) creates a collective platform of NPS stakeholders to expand pension coverage, promote NPS as a tax-efficient retirement product, strengthen subscriber welfare, streamline transparent subscriber processes, and provide coordinated feedback to regulators and policymakers to refine the NPS framework and develop the pension market.
    December 21, 2024
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    Monetary policy decision: repo rate unchanged and neutral stance to prioritise disinflation while supporting growth.
    The MPC meeting under Section 45ZL concluded with a resolution to keep the policy repo rate unchanged and to continue a neutral monetary policy stance focused on a durable alignment of CPI inflation with the medium term target while supporting growth. The minutes set out the macroeconomic and inflation outlook underpinning this choice-weak Q2 GDP driven by industrial slowdown, elevated food led headline inflation with core uptick, projected quarter by quarter GDP and CPI trajectories with evenly balanced risks-and record the voting split and individual member statements proposing alternative measures including a repo rate cut and non rate liquidity options.
    December 21, 2024
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    Policy-based loan expands manufacturing resilience through logistics reforms and institutional and regulatory strengthening, with digital integration to boost efficiency.
    A programmatic policy-based loan under the SMILE second subprogram supports a coordinated reform agenda to expand manufacturing and strengthen supply chain resilience by operationalizing a comprehensive policy framework that: strengthens institutional bases for multimodal logistics at national, state and city levels; standardizes warehousing and logistics assets to attract private investment; improves external trade logistics efficiencies; and adopts smart, low-emission digital logistics systems.
    December 21, 2024
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    State fund devolution under the 15th Finance Commission increases transfers and expands untied capital support for States.
    Devolution of central funds under the 15th Finance Commission has exceeded prior-transfer levels, increasing States' fiscal capacity. The 2024-25 SASCI allocation adds untied capital funds for State use across sectors and creates a disaster dispensation allowing eligible States, as assessed by an Inter Ministerial Central Team, to receive up to fifty percent of their Part 1 (Untied) SASCI allocation for reconstruction of infrastructure, in addition to resources under the National Disaster Response and Mitigation Fund.
    December 20, 2024
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    Climate-resilient coastal protection to combine hybrid engineering, nature-based solutions and institutional capacity building for community resilience.
    The Government of India and the Asian Development Bank agreed a loan to finance climate-resilient coastal and riverbank protection in Maharashtra through hybrid engineering and nature-based measures, enhanced climate-impact forecasting and remote-sensing shoreline monitoring, and institutional strengthening including a coastal infrastructure management unit and capacity building for gender equality, social inclusion, livelihoods, and disaster preparedness.
    December 17, 2024
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    AIS-ITR mismatch resolution campaign enables taxpayers to file revised or belated returns before applicable limitation deadlines.
    The CBDT's electronic campaign notifies taxpayers of AIS-ITR mismatches and non-filing for specified years, urging filing of revised, belated, or updated returns within the applicable limitation windows and permitting taxpayers to contest AIS entries or provide feedback via the AIS portal; the initiative is implemented under the e-Verification Scheme, 2021 and uses third-party data to enhance voluntary compliance and transparency.
    December 14, 2024
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    Cross-border financial cooperation to facilitate listings, regulatory alignment and joint workstreams driving investment and market access.
    The Dialogue prioritised facilitation of cross-border financial services and investment through regulatory alignment and market-access measures across capital markets, insurance, pensions, FinTech, sustainable finance and the IFSC. Key operative measures included exploring direct listings via GIFT IFSC, proposed increases in foreign investment limits in insurance, reforms to reinsurance frameworks and pension regulation to enable overseas investment, and joint workstreams-notably the Capital Markets Working Group, Fintech Joint Working Group, and Sustainable Finance Forum-to advance regulatory sandbox collaboration, digital payment connectivity, CBDC cooperation, disclosure standards and transition finance.
    December 12, 2024
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    Foreign direct investment policy attracts record cumulative inflows after reforms expanding automatic route and easing tax compliance.
    India has achieved cumulative FDI inflows of one trillion dollars since April 2000, supported by a 26% rise in FDI in the first half of the current fiscal year. The growth is attributed to investor friendly policy liberalisation-permitting 100% FDI under the automatic route in most sectors-pro business regulatory reforms, and measures enacted in 2024 abolishing the angel tax and reducing the income tax rate for foreign companies to simplify tax compliance for investors.
    December 5, 2024
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    Climate-adaptive water harvesting funds community-led water security infrastructure and capacity building for resilient rural irrigation systems.
    A concessional loan funds a climate-adaptive community-based water-harvesting project in Meghalaya to construct climate-resilient small water-storage facilities, develop command-area irrigation and micro-irrigation systems, establish weather stations, and pilot renewable micro-hydropower. The project will prepare a WHS master plan and village-level water security plans managed by local institutions, and strengthen capacity of state watershed and conservation departments while training farmers, especially women, to enhance irrigated agriculture, fisheries and horticulture and integrate climate adaptation into water-security planning.
    December 5, 2024
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    Integration of AI and ML urged to boost detection and enforcement against smuggling while preserving legitimate trade.
    DRI is urged to integrate Machine Learning and Artificial Intelligence to enhance detection and enforcement; its intelligence has helped identify policy gaps, and recent empowerment under wildlife protection legislation aids wildlife smuggling enforcement. Expansion of technical and human capacity is recommended to counter technologically sophisticated criminals while balancing enforcement with facilitation of legitimate trade; publication of smuggling reports and regional international cooperation initiatives support intelligence-led responses to smuggling and commercial frauds.
    December 3, 2024
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    Foreign Trade Policy reforms expand export incentives and digital facilitation to strengthen global supply chain integration and exporter support.
    The document sets out India's export policy architecture centred on the Foreign Trade Policy, organised around remission incentives, collaborative export promotion, digital ease of doing business measures, and focus on emerging sectors including SCOMET and e commerce. It details incentive mechanisms such as interest equalisation, rebate and remission schemes, PLI support for manufacturing, tariff line corrections, and investment reforms, together with operational facilitation through the National Single Window System, Trade Connect, Common Digital Platform for Certificates of Origin, ICEGATE and eBRC automation to reduce compliance costs and bolster MSME and district level export promotion.
    December 2, 2024
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    Due date extension for transfer pricing return filings: filing deadline moved to mid-December under CBDT circular.
    CBDT issued Circular No. 18/2024 (F.No.225/205/2024/ITA-II) dated 30.11.2024 extending the due date to 15th December of the assessment year for assessees required to furnish a transfer pricing report under section 92E; the original due date for filing the return of income under the filing provision was the 30th of November for AY 2024-25.
    November 30, 2024
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    Plant health management initiative to establish certified clean plant centres and accreditation enhancing horticulture resilience to climate impacts.
    The programme will establish dedicated clean plant centres with diagnostic laboratories, trained staff, and operating procedures to maintain disease free foundation material, and will roll out a certification and accreditation scheme to test and certify planting materials and accredit private nurseries. Implementation is by the Ministry of Agriculture and Farmers Welfare through the National Horticulture Board and the Indian Council of Agricultural Research, with consultations involving private nurseries, researchers, state governments, and growers' associations.

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      Government of India and ADB sign $50 million loan for climate-adaptative water harvesting project in Meghalaya

      December 5, 2024

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      The project will support construction of 532 small water-storage facilities across 12 districts in Meghalaya besides developing 3,000 hectares of command area to provide reliable irrigation areas for farmers

      The project will also establish 50 weather stations for climate data gathering and monitoring, and micro-irrigation systems in Garo, Jaintia, and Khasi regions

      The Government of India and the Asian Development Bank (ADB) today signed a $50 million loan aimed at enhancing water security by constructing water-harvesting systems to improve access to water and reducing community vulnerability against climate change impacts in Meghalaya.

      The signatories to the loan agreement for the Climate-Adaptative Community-Based Water-Harvesting Project in Meghalaya were Ms. Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance, for the Government of India, and Ms. Mio Oka, Country Director of ADB’s India Resident Mission, for ADB.

      After signing the loan agreement, Ms. Mukherjee stated that the project aligns with the Meghalaya State Water Policy (MSWP) 2019, which seeks to achieve sustainable development, management, and utilisation of the state's water resources through a participatory approach, reduce vulnerability, and promote integrated water resource management.

      “Beyond financing, ADB's value addition will involve assisting the state in implementing the MSWP and providing guidance on integrating climate adaptation measures into water security plans. This includes designing water harvesting systems (WHS) to support agriculture, fisheries, horticulture, water supply, and other productive livelihoods for economic development”, Ms. Oka said.

      The project will help develop a state-wide WHS master plan considering micro catchment areas and disaster risk management. This will guide the creation of water security plans at the village level to be managed by the village employment councils, watershed management committees and water users’ associations.

      The project will support the construction of 532 small water-storage facilities across 12 districts. These facilities will incorporate climate-resilient designs to capture and manage heavy rainfall and flash floods during monsoon season. The stored water shall improve water security during the dry season. The project will develop 3,000 hectares of command area to provide reliable irrigation areas for farmers. It will establish 50 weather stations for climate data gathering and monitoring, and micro-irrigation systems in Garo, Jaintia, and Khasi regions. The project will also pilot-test renewable energy micro-hydropower in three WHSs.

      ADB will help strengthen the capacity of the Meghalaya State Watershed and Wasteland Development Agency and the Soil and Water Conservation Department in water management, operation, and management. In addition, the project will train farmers, especially women, to increase livelihood productivity in irrigated agriculture such as horticulture and fishery techniques.

      ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

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