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.

Tax evasion investigations uncover unaccounted cash sales, parallel books, and seized assets leading to ongoing probes.
Income-tax authorities conducted coordinated search and seizure operations across multiple premises in West Bengal and Assam targeting a business group and a close associate, revealing suppression of yield, unaccounted cash sales, handwritten and digital evidence of cash transactions, parallel cash books and bogus expense claims; preliminary review showed significant unaccounted income, incriminating documents relating to cash land payments and extensive unrecorded receipts, with seizures of unaccounted cash and jewellery and further investigations ongoing.

Social security schemes extend affordable insurance and pension coverage, simplifying enrolment and claims for underserved account holders.
Three Jan Suraksha schemes provide targeted insurance and pension coverage for underserved bank and post office account holders: two one year renewable insurance schemes with auto debit premium mandates delivering standardized death and accidental death/disability benefits to eligible age bands, and a contributory pension scheme under the national pension framework guaranteeing a minimum pension with government-funded shortfall support, spousal continuation and nominee corpus return rules.

Financial sector stability: coordinated regulatory vigilance, compliance reduction and cybersecurity to safeguard system resilience.
The Financial Stability and Development Council directed regulators to ensure financial sector stability through coordinated vigilance and timely mitigation of vulnerabilities, to reduce compliance burden by improving regulatory quality with progress reviews by the Union Finance Minister, to strengthen cybersecurity preparedness of financial information systems, and to conduct a special drive to settle unclaimed deposits and claims across banking, securities, mutual funds and insurance. The Council also reviewed action on Budget announcements and set timelines for implementation of Budget 2023-24 measures.

Refund of forfeited securities to MSMEs for COVID 19 period; substantial refunds and debarment revocation available under scheme.
Vivad se Vishwas I directs procuring entities across central government bodies to refund a substantial portion of forfeited performance security, bid security, liquidated damages and risk purchase amounts deducted or realized during the COVID 19 period; interest is not payable and claims are to be processed through Government e Marketplace.

International financial diplomacy: Minister leads delegation at the ADB annual meeting, focusing on policy coordination and investor engagement.
The Union Minister for Finance will lead the Indian delegation to the 56th Annual General Meeting of the ADB Board of Governors, joining official delegations, observers, civil society, financial institutions and private sector participants. The Minister's programme includes plenary and focal events, bilateral meetings, roundtables with global business leaders and investors, diaspora engagement, and participation as a panelist in the ADB Governors' Seminar on policies supporting the region's economic rebound.

Fixation of tariff value for specified imports fixes valuation rates and clarifies category definitions for import assessment.
The Central Board of Indirect Taxes and Customs amends the principal customs notification by substituting TABLE-1, TABLE-2 and TABLE-3 to fix tariff values for specified imports. The amendment establishes US dollar per metric tonne values for edible oils, brass scrap and areca nut, and unit-based US dollar values with definitional clarifications for specified categories of gold and silver. The substituted tables are the operative reference for import valuation and the amendment is effective from the stated effective date.

Guaranteed pension entitlement under Atal Pension Yojana strengthened as enrolments rise and digital onboarding expands nationwide.
Atal Pension Yojana enrolment expanded with increased assets under management and targeted outreach; digital onboarding and awareness initiatives were implemented. The scheme provides a lifelong minimum guaranteed pension from age 60, variable by contribution and age at entry; the spouse inherits the same pension on the subscriber's death, and on death of both the accumulated pension wealth up to age 60 is payable to the nominee.

Sustainable development cooperation urges SCO IBC members to deepen banking partnerships, share expertise, and support climate finance.
The SCO IBC Council agreed to deepen interbank cooperation by expanding engagement, exchanging experience and personnel training, strengthening partnerships, and creating an electronic collection of signed SCO IBC documents; it proposed the Development Bank of Kazakhstan as Chair for 2023-24. The Council emphasized sustainable development and climate finance, reaffirming support for aligning infrastructure financing with sustainability objectives, endorsing a net-zero carbon emissions target by 2070, and promoting member banks' roles in supporting green hydrogen and related green energy initiatives.

Taxpayer reporting expansion strengthens compliance and prompts directives for faster disciplinary and application disposal processes.
The Finance Minister reviewed data-driven measures that expanded reporting through the Statement of Financial Transactions and new TDS codes, noting these increased taxpayer identification and contributed to a rising Personal Income Tax to GDP ratio. She directed reduction of administrative delays in disciplinary proceedings, prompt disposal of taxpayer applications for condonation and exemptions, and enhanced taxpayer awareness and compliance outreach.

Financial markets cooperation strengthens India UK regulatory collaboration on banking, cryptoassets, insurance, capital markets, asset management and sustainable finance.
The India UK Financial Markets Dialogue brought senior government and independent regulators together to advance bilateral cooperation across banking, payments and cryptoassets, insurance, capital markets, asset management and sustainable finance, exchanging regulatory developments and identifying areas for technical collaboration-including CBDC research, cryptoasset policy coordination, insurer regulatory reforms, pension fund frameworks, fintech and equity capital markets connectivity-and committing to follow up workstreams, industry engagement through the IUKFP, a Sustainable Finance Forum and a future ministerial Economic and Financial Dialogue.

Financial inclusion schemes saturation campaign urges banks to intensify outreach and enroll eligible beneficiaries promptly.
The Secretary, Department of Financial Services reviewed progress of central financial inclusion and social security schemes administered via Public Sector Banks, urging timely achievement of targets, use of Banking Correspondents for outreach, and regional language awareness campaigns. The meeting also endorsed a three month saturation campaign for PMJJBY and PMSBY, and reviewed issuance of Kisan Credit Cards for animal husbandry and fisheries, expansion of the account aggregator ecosystem, and operational issues relating to Debt Recovery Tribunals and digital document execution.

Micro-insurance enrolment campaign to boost life and accidental coverage at gram panchayat level for vulnerable groups.
Department of Financial Services initiated a three-month nationwide micro-insurance schemes saturation campaign from 01.04.2023 to 30.06.2023, directing Central Ministries and departments to prioritise outreach at Gram Panchayat level and target groups such as Self-Help Group members, Anganwadi and health workers, unorganised labour, street vendors, urban local body staff, MNREGA workers and PM Kisan beneficiaries to increase enrolment under the life and accidental insurance schemes.

Tax evasion via cheque discounting uncovered; cooperative banks and societies used to mask cash withdrawals.
Search and seizure operations found Cooperative Banks and societies routing funds to enable tax evasion by discounting bearer cheques in fictitious names without KYC, crediting proceeds to cooperative society accounts whose cash withdrawals were returned to business entities to mask payment sources and permit bogus business expenditure; investigations also uncovered layering of unaccounted money through bank-related real estate and business dealings, misuse of funds for management-owned firms, unvouched cash-backed loans, and seizure of unaccounted cash and gold.

Micro insurance enrolment drive expands PMJJBY and PMSBY coverage through State coordination and bank led outreach.
An intensive three month national campaign will expand coverage under the micro insurance Schemes PMJJBY and PMSBY via Gram Panchayat level enrolment drives. The DFS Secretary chaired consultations with Chief Secretaries to secure State commitment for outreach, monitoring and saturation enrolment, and will meet Public Sector Bank heads to align banking channels with campaign objectives. The schemes provide defined life and accidental insurance benefits to marginalised subscribers and the meeting stressed inter agency coordination to increase active enrolments.

G20 Finance Track advances multilateral action on global debt, MDB reform, sustainable finance and international taxation.
The Union Finance Minister will lead India's delegation at the IMF World Bank Spring Meetings and the Second G20 Finance Ministers and Central Bank Governors meeting to advance the G20 Finance Track, concentrating on global economy and international financial architecture, sustainable finance and inclusion, and international taxation, while coordinating multilateral initiatives on sovereign debt, MDB strengthening, climate finance mobilization, and policy dialogues on crypto assets and Digital Public Infrastructure.