Mahila Samman Savings Certificate expands subscription to banks, widening access with fixed tenure and withdrawal limits.
Department of Economic Affairs authorised Public Sector Banks and eligible Private Sector Banks to implement the Mahila Samman Savings Certificate, 2023, extending subscription beyond Post Offices to improve access for girls and women. The scheme allows account opening until March 31, 2025, with a fixed two year maturity from account opening, deposits above a minimum in specified multiples up to a maximum limit, interest at 7.5% per annum compounded quarterly, and partial withdrawals of up to 40% of the eligible balance during the tenor.

TCS on overseas remittances: threshold restored and higher post-threshold rates to apply after a postponed implementation.
The Government restored the annual de minimis threshold for TCS on LRS remittances across all payment modes and purposes; above that threshold differentiated TCS rates apply-reduced when education is financed by loan, intermediate for education or medical treatment, and higher for other purposes-and the increased rates will be implemented after a postponed commencement date to allow operational readiness.

Additional borrowing linked to power sector reforms enables states to access extra fiscal space upon meeting reform benchmarks.
Centre grants States additional borrowing permission linked to power sector reforms over a multi-year window contingent on implementation of mandatory measures and achievement of performance benchmarks. The Ministry of Power assesses compliance with requirements-such as state assumption of DISCOM losses, financial transparency, timely accounting and audit, metering coverage, DBT subsidy delivery, AT&C loss reduction, ACS-ARR gap narrowing, reduction in cross-subsidies, and timely payments by government entities-and recommends eligibility to the Ministry of Finance for approval of additional borrowing.

Capital investment assistance to states provides long-term interest-free loans to accelerate state capital spending and sectoral projects.
The Special Assistance to States for Capital Investment 2023-24 provides long term interest free loans to accelerate state capital expenditure. Allocations combine a principal distribution among States based on central tax devolution with sector specific and reform linked tranches supporting infrastructure sectors (health, education, irrigation, water supply, power, roads, bridges, railways), State shares in central schemes, urban planning and finance reforms, vehicle scrappage incentives, police housing, Unity Mall construction, and Panchayat digital libraries to expedite project implementation.

Direct tax collections rose year on year, driven by higher advance tax receipts and increased refunds issued.
Net Direct Tax collections as on 17.06.2023 are Rs. 3,79,760 crore, comprising Corporation Tax (net of refund) and Personal Income Tax including STT; Gross Direct Tax collections before refunds are Rs. 4,19,338 crore with major minor head breakdowns including Advance Tax, TDS, Self Assessment Tax, Regular Assessment Tax and other minor heads. Advance Tax for the first quarter and refunds issued to date are set out and compared with the corresponding period of the preceding year.

Sovereign Gold Bond issuance rules set eligibility, tenure, pricing mechanism and tax treatment for investors and tradability.
Issuance and sale mechanics for Sovereign Gold Bonds include tranche-based subscription windows, authorised distribution channels, issuance by the Reserve Bank on behalf of the Government as Government of India Stock, tradability and demat eligibility, use as collateral under applicable loan-to-value norms, pricing tied to the simple average of 999-purity gold prices published by IBJA for the preceding three working days with an online subscription discount, and an eight-year tenor with premature redemption option after the fifth year.

Project financing expands subtropical horticulture and irrigation access to raise farmer incomes and strengthen agribusiness value chains.
ADB and the Government of India financed a project to expand subtropical horticulture and rehabilitate or build irrigation schemes while strengthening Water User Associations to manage micro irrigation. The initiative organises farmers into CHPMAs and an apex Farmer Producer Company to lead agribusiness planning, market access, and value addition facilities, and modernises nurseries and digital agri technologies for improved advisories and CHPMA management.

Global Financial Safety Net strengthening to bolster resilience and address debt and sustainable capital flow risks.
The meeting advances policy coordination to strengthen the Global Financial Safety Net, address global debt vulnerabilities, and reinforce Multilateral Development Banks, while examining mechanisms to enhance financial resilience through sustainable capital flows and assessing macro financial implications of Central Bank Digital Currencies. The Presidency emphasises inclusive representation of low income and developing countries and a seminar on orderly green transition will address investment requirements and risks to capital flows.

Two-Pillar Solution examined for global south impact, shaping capacity building and treaty negotiation approaches in international taxation.
The event assembled Indian tax administrators and international experts to analyse the Two-Pillar Solution on digital economy taxation and the global minimum tax, focusing on its ramifications for developing economies. Panel discussions assessed design alternatives, effects on revenue mobilisation and tax treaty practice, while a workshop on tax treaty negotiations aimed to build negotiating and implementation capacity among Indian tax officials.