Financial inclusion targets pressed on public sector banks to accelerate scheme enrollment and digital payments uptake nationwide.
Secretary, Department of Financial Services convened a review with Public Sector Bank heads and NABARD stressing achievement of allocated targets under social-security and financial-inclusion schemes (PMJDY, PMJJBY, PMSBY, APY, PMMY, Stand Up India), intensification of the Jan Suraksha saturation campaign in Gram Panchayats, promotion of digital payments and implementation of District Level Review Committee roadmaps for covering unbanked adults and credit outreach in credit-deficient districts.

PM SVANidhi scheme digital onboarding urged: banks to expedite loan sanctions and scale digital payments for vendors
Review and implementation oversight of the PM SVANidhi scheme focused on accelerating sanction and disbursement of microloans to street vendors and expanding their digital payment adoption. The Department urged public sector banks to clear pending sanction/disbursement applications expeditiously, increase digital onboarding, and organise outreach such as workshops and financial literacy programs to raise vendor awareness and recognise digital transaction performance.

International Tax Reform advances multilateral instruments and implementation timelines to strengthen global tax governance and transparency.
The document affirms coordinated macroeconomic, fiscal, monetary and structural policies to achieve SSBIG, emphasising central bank independence, macroprudential tools and targeted fiscal protection for vulnerable groups. It endorses a G20 Roadmap for implementing MDB Capital Adequacy Framework recommendations, calls for IMF governance and resource adequacy work including SDR mobilisation and trust pledges, and prioritises accelerated policy work on sovereign debt treatments under the Common Framework. The G20 endorses FSB and SSB initiatives on crypto assets, NBFI resilience, cross border payments, and promotes sustainable finance, climate risk reporting, and Inclusive Framework tax implementation.

Tariff value fixation for imports updated, setting valuation rates for edible oils, metals, areca nut and specified gold and silver forms.
Amendment under section 14(2) of the Customs Act substitutes revised TABLE 1, TABLE 2 and TABLE 3 in the principal notification to fix tariff values for specified imported goods - edible oils (crude and refined palm oil, palmolein, crude soybean oil), brass scrap (all grades), areca nut, and defined forms of gold and silver - specifying units of valuation and clarifying scope and exclusions for certain gold and silver entries; effective 15 July 2023.

State Disaster Response Fund release expedited by guideline relaxation to provide immediate relief to affected states.
The Central Government released funds to State Disaster Response Funds of 22 States as immediate assistance after relaxing guidelines and waiving the usual requirement for utilisation certificates and activity reports; SDRF, constituted under Section 48(1)(a) of the Disaster Management Act, 2005, is the primary State fund for immediate relief for notified calamities, with central contributions and instalment releases governed by Finance Commission recommendations and allocation based on past expenditure, area, population and disaster risk index.

Priority Sector Lending compliance urged to meet sub category targets, including agriculture and micro enterprises, to expand credit access.
Public Sector Banks have shown improved credit deployment, profitability, asset quality and capital adequacy with higher provision coverage and resilience to macroeconomic shocks. PSBs must adhere to regulatory norms for timely and transparent recognition of stressed assets, meet Priority Sector Lending targets across sub categories-notably agriculture and micro enterprises-sustain PMSVANidhi credit disbursals and digital onboarding, and ensure sponsor banks implement time bound technological upgrades and continuous monitoring of Regional Rural Banks.

Public debt management update: issuance profile, yield trajectory and market ownership shifts reported for the quarter.
Quarterly public debt management data for January-March 2023 shows substantial dated securities issuance with a weighted average yield of 7.34% and weighted average maturity near 16.6 years. The Central Government's cash position remained in surplus, touching Ways and Means Advances for one day. Total gross liabilities (including public account and external debt at current exchange rates) increased marginally quarter on quarter to a higher provisional level at end March 2023, and nearly 29.1% of outstanding dated securities had residual maturities below five years.

Reporting entity compliance failures prompt verifications and outreach to improve accurate financial reporting and information exchange.
The Income Tax Department conducted verifications of Reporting Entities to enforce reporting obligations and found failures to file or accurately complete Statements of Specified Financial Transactions and defective Form 61B filings for Automatic Exchange of Information; outreach programmes are being organised to explain obligations and ease compliance.

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.

Leave encashment tax exemption increased, capped per employee and aggregated across employers after notification.
The tax exemption for leave encashment of non-government salaried employees on retirement or otherwise under section 10(10AA)(ii) has been increased to Rs.25 lakh w.e.f. 01.04.2023. The aggregate exempt amount shall not exceed Rs.25 lakh where payments are received from more than one employer in the same previous year, and the exempt amount in the year of payment must be reduced by any exemption already allowed under section 10(10AA)(ii) in prior year(s). Notification No.31/2023 dated 24.05.2023 effects the change.

Tax Collection at Source on LRS remittances revised, with higher TCS rates and removal of the international credit card exemption.
Tax Collection at Source under Section 206C(1G) applies to remittances under the Liberalised Remittance Scheme; Finance Act 2023 raised TCS rates for certain categories while preserving concessional treatment for education and medical remittances (including a lower rate for funds from institutional education loans). The May 16, 2023 omission of Rule 7 of FEM(CAT) Rules removes the exemption for international credit-card use abroad, bringing credit-card transactions within LRS accounting to prevent circumvention of remittance limits and to ensure uniform foreign exchange treatment.

Angel tax valuation rules expanded to include non-resident transactions with new valuation methods and targeted exclusions.
Amendment extends the angel tax to non-resident consideration exceeding FMV under section 56(2)(viib). Proposed revisions to Rule 11UA broaden accepted valuation methods for non-resident transactions, permit price matching for notified non-resident investors and qualifying funds, accept merchant banker reports dated within a prescribed period, and provide a safe-harbour variation to address round-to-round economic fluctuations. A class-based exclusion is proposed for specified sovereign, regulated financial, institutional and pooled investment investors, and DPIIT-recognised start-ups are proposed to be exempt under a modified notification.