Loading...

Top
Help
×

By creating an account you can:

Logo TaxTMI
Call Us / Help / Feedback

Contact Us At :

E-mail: [email protected]

Call / WhatsApp at: +91 99117 96707

For more information, Check Contact Us

FAQs :

To know Frequently Asked Questions, Check FAQs

Most Asked Video Tutorials :

For more tutorials, Check Video Tutorials

Submit Feedback/Suggestion :

Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters 0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 News - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
Category: ?
Categorized by AI
---- All Categories ----
  • ---- All Categories ----
  • Income Tax
  • GST
  • Customs, DGFT & SEZ
  • FEMA & RBI
  • Corp. Laws, SEBI & IBC
  • PMLA, Black Money & ED
  • Budget
  • News and Press Release
  • PTI News
Month:
---- All Months ----
  • ---- All Months ----
  • January
  • February
  • March
  • April
  • May
  • June
  • July
  • August
  • September
  • October
  • November
  • December
Year:
---- All Years ----
  • ---- All Years ----
  • 2026
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
Sort By: ?
In Sort By 'Default', exact matches for text search are shown at the top, followed by the remaining results in their regular order.
Relevance Default Date
    Lokta Opens Its Agentic Loan Servicing Platform to NBFCs Up to Rs 100 crore, with No Platform Fee for Up to Two Years
    RTI seeks Aadhaar date-of-birth changes after pre-poll Bihar pension hike; UIDAI says no such data
    IC Electricals Secures Approx. ₹6 Crore Railway Orders and ₹1 Crore Export Order
    Additional Information related to GDP Estimates Received After Release of Q1 Estimates of FY 2026-27
    Union Minister of Commerce & Industry Shri Piyush Goyal Chairs CEO Roundtable on Ease of Doing Business for Scaling India’s Data Centre Ecosystem
    India–Afghanistan Joint Working Group on Trade Holds Virtual Meeting; Reviews Measures to Strengthen Bilateral Trade and Economic Cooperation
    PM Surya Ghar Yojana 2026: How to Get Rs 78,000 Solar Subsidy & Cut Your Electricity Bill
    Japan's JCR upgrades India's sovereign rating to 'A-', cites solid growth, improved financial system
    In personal insolvency case before NCLAT, Subhash Chandra opposes formation of 5-member NCLT bench
    GoCredit Launches Free Loan App Checker to Verify If a Lending App Is Real, Fake or RBI Registered
    Rupee falls 2 paise to 94.97 against US dollar in early trade
    Senior bureaucrats attend IICA’s ‘weekend wisdom’ program initiave
    NLMC to Facilitate E-Auction of 459 RINL Land Parcels in Visakhapatnam
    CCI approves acquisition of Aseem Infrastructure Finance Limited by TPG Nicobar SG Pte. Ltd. and related transactions
    CCI approves acquisition of up to 100% equity shareholding of Apollo Fertility Centre (AFCPL) and Apollo Specialty Hospitals (ASHPL) by Kids Clinic In...
    ED arrests businessman in DMF-linked money laundering case
    Rupee gains 27 paise to close at 94.95 against US dollar
    India's CAD widens to USD 4.2 bn in Q1 amid West Asia conflict: RBI data
    Andhra commercial tax collections rise by 11 per cent in August to Rs 4,983 cr
❯❯
Maximize Maximize Maximize
0 / 200
Expand Note
Add to Folder

No Folders have been created

+

Are you sure you want to delete "My most important" ?

NOTE:

News
Showing Results for :
Reset Filters
Results Found:
Show All Summaries Hide All Summaries
September 2, 2026
Show AI Summary
NBFC loan servicing governance retains lender control through deterministic decision rules, maker-checker controls, reconciled migration and optional AI assistance.
Lokta Next 100 offers RBI-registered NBFCs with loan books up to Rs 100 crore post-approval loan servicing, accounting, reporting, analytics, collections, recovery and partner-management functions, excluding pure-play microfinance NBFCs. Credit, approval and money decisions remain with the lender. Maker-checker approval applies to every change, and migration requires line-by-line reconciliation before cutover. Records remain lender-owned, hosted in India and exportable. AI may propose changes but cannot post to the ledger; deterministic lender-policy rules decide changes. Platform fees are deferred for up to 24 months, subject to stated loan-book thresholds.
September 2, 2026
Show AI Summary
RTI access to maintained records does not require creation of Aadhaar date-of-birth update data on demand.
UIDAI did not maintain separate Aadhaar data on date-of-birth updates in Bihar following the announced social security pension enhancement, including month-wise or district-wise compilations. No internal review or flagging of unusual update patterns was available or applicable in its records. The Central Information Commission clarified that the RTI framework does not require a public authority to create, compile or generate information that it does not maintain in the form requested. The initial CPIO response treating the information as outside the RTI Act was considered inappropriate.
September 2, 2026
Show AI Summary
Transgender arrest and detention safeguards prompt calls for a standard operating procedure and clearer procedural protections.
Legal and regulatory issues include safeguards for arrest and detention of transgender persons, consultation requirements in Bar Council policy-making, and procedural accountability in electoral administration and policing. Personal insolvency proceedings raise questions about tribunal powers to constitute an expanded bench. Hospitality operators are expected to comply strictly with food-safety and hygiene norms. Proposed restrictions on minors' social-media accounts address cyberbullying, online exploitation, and harmful screen exposure.
September 2, 2026
Show AI Summary
Railway equipment purchase orders and export order expand IC Electricals' domestic and international business pipeline.
IC Electricals Company Limited has secured railway purchase orders for electrical and electronic supplies and an export order, creating combined order inflow across domestic railway operations and international markets. Its product portfolio includes regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, alternators, traction motors, and permanent magnet alternators with controllers. Forward-looking statements on business plans, projects, and research and development remain subject to risks and uncertainties and may differ materially from actual results.
September 2, 2026
Show AI Summary
Double deflation explains negative manufacturing GVA deflators when input prices rise faster than output prices.
Double deflation in manufacturing separately deflates gross output and intermediate consumption, with real GVA derived from their difference. Where input prices rise faster than output prices, nominal GVA may grow more slowly than real GVA, producing a negative implicit GVA deflator despite rising output and input prices. A negative manufacturing GVA deflator therefore does not establish a fall in manufactured-product prices or lower real growth. The implicit GDP deflator is a derived ratio between current-price and constant-price GDP and differs from CPI and WPI because of their distinct coverage, weights, and price concepts.
September 2, 2026
Show AI Summary
Data centre ease-of-doing-business reforms target reliable power, prepared land, streamlined approvals and building standards for faster infrastructure deployment.
Ease-of-doing-business reforms for India's data-centre ecosystem focus on faster and sustainable infrastructure deployment through reliable power, ready-to-use land, streamlined approvals and suitable building regulations. Proposed power measures include cluster-based transmission planning, first-day sanctioned load, dual feeders and cross-border renewable-energy procurement. Data-centre-ready land banks and power-ready parcels are intended to reduce development timelines. The National Building Code 2026 recognises data centres under Group E and contains a dedicated annex on fire-risk assessment and data-centre-specific performance indicators.
September 2, 2026
Show AI Summary
Trade facilitation and customs cooperation drive follow-up action on connectivity, regulatory coordination, investment promotion and bilateral commercial engagement.
India-Afghanistan bilateral trade and economic cooperation is being advanced through institutional engagement on trade facilitation, customs cooperation, connectivity, investment and commercial exchange. Priority areas include customs and data-sharing cooperation, visa facilitation for traders, banking and financial cooperation, pharmaceutical and agricultural trade, energy cooperation, tariff concessions, cargo connectivity and port-related matters. Follow-up action covers regulatory cooperation, improved connectivity, investment promotion and business-to-business engagement.
September 2, 2026
Show AI Summary
Residential rooftop solar subsidy requires eligibility, prior approval, registered installation, net metering, commissioning, and verified bank details for direct transfer.
PM Surya Ghar Muft Bijli Yojana provides central financial assistance for eligible grid-connected residential rooftop solar systems, capped at Rs. 78,000 for systems of three kilowatts or more. Applicants must be Indian citizens who own a suitable house, hold a valid electricity connection, and have not received an earlier solar-panel subsidy. Applications require portal registration, distribution-company feasibility approval, installation through a registered vendor, net metering, inspection, commissioning and submission of bank details. Assistance is transferred directly after verification. State-specific net-metering procedures, approvals and additional incentives may apply.
September 2, 2026
Show AI Summary
Sovereign credit rating upgrade reflects solid growth, stronger financial systems, and improving fiscal and external resilience.
JCR upgrades India's foreign-currency and local-currency long-term issuer ratings to A- with a stable outlook, citing sustained economic growth, productivity-oriented policies and improved financial-system soundness. Fiscal constraints include elevated deficits, intergovernmental fiscal transfers, electoral-cycle sensitivity, and high combined government debt and interest burdens. Greater emphasis on infrastructure capital expenditure has improved the quality of fiscal spending. External resilience is supported by a contained current account deficit, services surplus and foreign-exchange reserves exceeding short-term external debt.
September 2, 2026
Show AI Summary
Personal insolvency bench constitution and repayment-plan eligibility remain contested where a larger tribunal bench stays a third-member order.
Personal insolvency proceedings raised a challenge to the National Company Law Tribunal's authority to constitute a five-member bench after a split verdict. The challenge contended that the mechanism for differing views permits reference to another member or members, but does not authorise a five-member bench. The larger bench stayed the third member's order, restricted asset alienation, and suspended an order permitting settlement of personal-guarantee claims. The dispute concerned the validity of that bench, the split-verdict reference procedure, repayment-plan eligibility, and pending creditor appeals.
September 2, 2026
Show AI Summary
Digital lending app verification enables borrowers to identify regulated lenders, grievance channels, and warning signs before accepting loans.
GoCredit's Loan App Checker allows borrowers to search lending apps against the public Digital Lending App directory and identify the regulated lender, grievance contact and RBI Ombudsman escalation route where a match exists. Regulatory reporting by regulated entities enables app-level verification, while borrowers should also check the lender named in app disclosures and loan agreements. A directory listing is a regulated-entity disclosure, not RBI approval or endorsement. Unmatched apps should be assessed through verification steps and reported through official channels where appropriate.
September 2, 2026
Show AI Summary
Rupee depreciation in early trade reflected oil-price pressures, risk aversion, higher Treasury yields and broad dollar strength.
Early foreign-exchange trading saw the rupee weaken against the US dollar amid renewed US-Iran tensions, risk aversion, higher Brent crude prices, and a stronger dollar. Safe-haven demand, inflation concerns linked to potential oil-supply disruption, expectations of a September Federal Reserve rate increase, and higher US Treasury yields supported the broad dollar rally. RBI monitoring of the rupee's decline was noted.
September 2, 2026
Show AI Summary
Responsible AI governance requires ethical safeguards, privacy protection, accountability and adaptive oversight to build lasting corporate stakeholder trust.
Responsible artificial intelligence governance requires continuous innovation, inclusive development, responsible deployment and trust-based governance. AI systems should be ethical, safe, transparent, fair and human-centric, with safeguards for privacy, bias, security and accountability. Proportionate and adaptive regulation should provide clear accountability, standards, monitoring, auditability and grievance redressal. Good governance, cybersecurity, personal data protection and responsible AI together strengthen organisational resilience, stakeholder trust, transparency and sustainable innovation.
September 2, 2026
Show AI Summary
E-auction of surplus public land enables transparent outright sale of RINL parcels through registered, KYC-verified bidding.
National Land Monetization Corporation will facilitate the e-auction and outright sale of 459 encumbrance-free RINL land parcels, including residential plots and parcels suited for commercial and logistics use. Competitive bidding will occur through the RailTel E-Nivida e-procurement platform. Participation requires online registration, KYC verification, and plot-wise submission of an earnest money deposit within prescribed timelines. The process supports transparent monetisation of surplus land and non-core public assets.
September 2, 2026
Show AI Summary
Competition approval for infrastructure finance restructuring covers acquisition, minority transfer, investment divestment, and merger of regulated NBFCs.
Competition Commission of India approval applies to the acquisition of Aseem Infrastructure Finance Limited by TPG Nicobar SG Pte. Ltd., a subsequent minority share acquisition by ICICI Bank Limited, and Aseem's divestment of its shareholding in NIIF Infrastructure Finance Limited to National Investment and Infrastructure Fund II. Following the acquisition, Climate Finance India Private Limited is intended to merge into Aseem as the surviving entity. The entities involved include RBI-registered non-deposit taking NBFCs operating in infrastructure finance, investment and credit, and infrastructure debt financing.
September 2, 2026
Show AI Summary
Healthcare merger approval enables KCIL to acquire fertility and specialty hospital businesses alongside related equity issuances and investment.
Competition Commission approval covers KCIL's acquisition of up to 100% equity shareholding in AFCPL and 100% equity shareholding in ASHPL. The combination includes KCIL issuing equity shares and optionally convertible debentures to AHLL, representing 9.9% fully diluted shareholding as partial consideration, together with a further KCIL equity investment by Arvon Investments Pte. Ltd. KCIL operates mother and baby care hospitals, while AFCPL provides assisted reproductive treatment and reproductive-medicine services.
September 1, 2026
Show AI Summary
Money-laundering investigation into alleged District Mineral Fund diversion examines purported liaison activity and asset acquisition through proceeds of crime.
Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged diversion of District Mineral Fund resources through the Chhattisgarh Seed Corporation. The investigation alleges siphoning of public funds by contractors in collusion with government officials and political executives. A businessman was identified as an alleged liaisoner and financial coordinator between public servants, district authorities and private vendors. Allegations also include receipt of commissions, acquisition of immovable assets from purported proceeds of crime, non-production of records, and contradictory statements during questioning.
September 1, 2026
Show AI Summary
Foreign exchange market dynamics: rupee appreciation reflected portfolio inflows, domestic growth, and possible central-bank intervention amid external pressures.
The rupee appreciated against the US dollar, supported by domestic growth, controlled fiscal slippage, portfolio-related inflows and possible Reserve Bank of India intervention. Its gains were limited by weak equity markets, rising crude oil prices and a stronger dollar. External geopolitical tensions and hawkish US monetary signals remained potential pressures. Domestic indicators showed strong economic activity, while the current account deficit widened because of a higher merchandise trade deficit. Foreign portfolio inflows continued despite investors remaining net sellers during the year.
September 1, 2026
Show AI Summary
Current account deficit widened as merchandise trade deficit increased, notwithstanding stronger services receipts, remittances, and foreign direct investment inflows.
India's current account deficit widened in the first quarter of 2026-27 as the merchandise trade deficit increased. Higher net services receipts, increased personal transfer receipts and lower net primary-income outgo partly supported the external account. Financial-account movements included higher net foreign direct investment inflows, a shift in foreign portfolio investment from net inflow to net outflow, and lower net inflows through non-resident deposits and external commercial borrowings. Foreign exchange reserves declined on a balance-of-payments basis during the quarter.
September 1, 2026
Show AI Summary
Technology-enabled tax compliance and enforcement supported higher commercial tax collections, while GST rate reductions moderated sectoral net GST growth.
Technology-enabled tax administration supported commercial tax and net GST collection growth in Andhra Pradesh during August 2026 and the cumulative period through August. AI-based analytics and scrutiny, IGST reversals, UPI-based enforcement, registration verification, Aadhaar authentication, digital payment enablement, predictive analytics and data sharing strengthened compliance, scrutiny and revenue mobilisation. Petroleum VAT, professional tax, liquor VAT and IGST settlement also increased, while GST rate reductions moderated net GST performance in specified product sectors.

News

Back

All News

Showing Results for :
Reset Filters
No Records Found

News

Showing Results for : Reset Filters

Ministry of Finance Year Ender 2023: Department of Expenditure

December 27, 2023

Contents
Summary
Note

Note

-

Bookmark

Print

Print

In the dynamic landscape of fiscal management, the Department of Expenditure (DoE) oversees the public financial management system in the Central Government and matters connected with State finances.

Implementing the recommendations of the 15th Finance Commission, DoE approved grants-in-aid totalling Rs. 1,79,140 crore to State Governments for the fiscal year 2023-24. These grants encompass various crucial sectors such as post-devolution revenue deficit, health, disaster management, and local bodies, demonstrating a comprehensive approach to regional development.

Through, the Data Gap Initiative, initiated in response to the 2007-08 global financial crisis, the Controller General of Accounts transitioned India's statistical system from ‘RED’ to ‘AMBER’, aligning with international standards. This commitment to transparent and comparable government finance statistics reflects the nation's resilience in anticipating and addressing vulnerabilities.

The Public Financial Management System (PFMS) has been a cornerstone in the implementation of Direct Benefit Transfer (DBT), a crucial aspect of the Digital India Initiative. With over 104.02 crore beneficiaries registered under various schemes, PFMS has facilitated the efficient transfer of funds, with an emphasis on real-time tracking and accessibility. The DBT Payment Summary since its inception showcases a substantial increase in both the number of schemes and the amount disbursed, underlining the system's impact.

Furthermore, the integration of treasury systems across States and Union Territories through the Single Nodal Account (SNA) framework has streamlined fund flow and expenditure tracking. The GIFMIS Vertical, eGramSwaraj Interface, and initiatives like SNA-SPARSH and the Central Nodal Account (CNA) Implementation exemplify the commitment to e-Governance and digital transformation.

The Special Assistance to States for Capital Expenditure, with its multi-faceted approach, stands out as a strategic move to boost state economies. This includes untied funds, incentives for scrapping old vehicles, urban planning reforms, financing reforms in urban local bodies, and housing initiatives.

In the pension domain, the Central Pension Accounting Office's (CPAO) innovative initiatives, including the DIRGHAYU Mobile Application and Virtual Pension Adalat, demonstrate a commitment to addressing the needs of pensioners efficiently.

Lastly, the Vivad Se Vishwas Scheme, introduced in the Union Budget 2023-24, has provided relief to MSMEs and sought to settle pending contractual disputes, further fostering economic stability. These achievements collectively underscore the Department of Expenditure's unwavering commitment to fiscal prudence, transparency, and inclusive development in the year 2023.

Following are some of the major achievements of the Department of Expenditure, Ministry of Finance, in 2023:

Data Gap Initiative

In 2009, the G-20 Finance Ministers and Central Bank Governors endorsed the ‘Data Gap Initiative’ (DGI) to address gap in data revealed by 2007-08 Global financial crisis. The crisis underscored the importance of reliable, timely and internationally comparable Government Finance Statistics (GFS) data on the general government for early detection of sources of vulnerability and taking timely corrective measures.

The Controller General of Accounts (CGA) plugged the gap in India's Statistical System by transitioning from 'RED' to ‘AMBER' label, showcasing the Ministry of Finance, Government of India's commitment of sharing reliable, timely and internationally comparable data as per DGI Recommendation.

The data was presented in conformity with the definitions of the Government Finance Statistics Manual, 2014 (GFSM 2014) by the CGA in coordination with the Department of Expenditure and Department of Economic Affairs, MoF, as well as IMF-SARTTAC (South Asia Regional Training and Technical Assistance Centre) to the International Monetary Fund (IMF).

Direct Benefit Transfer (DBT) Through Public Financial Management System (PFMS)

Through Public Financial Management System [PFMS]

  • Public Financial Management System (PFMS) makes a direct and significant contribution to the Digital India Initiative of Government of India enabling Direct Benefit Transfer for beneficiaries for Ministries/departments in Government of India.

DBT Through PFMS Aims to Achieve

  • Complete tracking of realisation of funds from its release to credit into the bank account of intended beneficiaries.
  • 'Just in time' transfer of funds.

Direct Benefit Transfer (DBT)

  • Payments in 1,016 schemes, including state schemes, are made through PFMS.
  • PFMS-External System Integration: More than 113 payment systems in India are integrated with PFMS.

Almost all the Centrally Sponsored Schemes (CSS) and Central Sector Schemes (CS) are on the PFMS and all the Major Banks including RBI have interface with PFMS.

Direct Benefit Transfer Payment Summary Since Inception

Financial Year

Number of schemes

Total transactions

(in cr)

Amount Paid

(in lakh cr)

2014-15

56

2.19

0.06

2015-16

90

6.75

0.22

2016-17

162

10.11

0.31

2017-18

296

16.55

0.90

2018-19

414

50.97

1.39

2019-20

507

102.37

2.46

2020-21

603

126.88

2.89

2021-22

891

190.36

3.14

2022-23

1081

266.14

3.29

2023-24
(upto 30.11.2023)

1016

167.94

2.14

 

Major Highlights of Direct Benefit Transfer

  • More than 104.02 crore beneficiaries registered under various DBT schemes as of September 2023.
  • Rs. 37,844.42 crore paid through 18.92 crore transactions under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Yojana during the FY 2023-24 till November 2023.
  • On boarding of PAHAL scheme of MoPNG on PFMS:
  • The payment for PAHAL (Pratyaksh Hastantarit Labh) gas subsidy started w.e.f 1st August 2021 onwards having largest number of beneficiary i.e. over 30 crore.
  • Rs. 8,142.49 crore paid under the scheme through 76.95 crore transactions during FY 2023-24 till November 2023.
  • DBT Tracker:
    • With an average 17,200 hits per day, payment tracker (Beta Version) has successfully met the needs of beneficiaries since its deployment on August 23,2023. Total hits as on 05.12.2023 is 21,00,764.

  • Sending Sms To DBT Beneficiaries Across All Schemes
  • PFMS sends SMS of transactions under various DBT schemes to ensure more and more citizen centric services for DBT Beneficiaries.
  • As in November 2023 around 4,66,50,704 SMS sent under 412 DBT Scheme in FY 2023-24.

National Scholarship Portal

  • To enable scholarship beneficiaries to know their Credit status, PFMS has developed and deployed the 'Track NSP Payment' Status for scholarship payments functionality.
  • The 'one stop' portal for Indian students applying for scholarships aims to reduce discrepancies and provide a common, effective and transparent way to disburse scholarships by bringing together hundreds of scholarships run by Central and State Governments.

 

SINGLE NODAL ACCOUNT (SNA)

  1. Integration of treasury systems across various States and Union Territories (UTs)
  • Full seamless Treasury Integration (TI) achieved across all 31 State Treasuries
  • Budget and expenditure data are consistently exchanged in the new format through an API, maintaining regular and effective data flow.
  • The TI interface allows observation of State Treasuries w.r.t. transferring funds to Single Nodal Account (SNA) within specified timelines in compliance with the Department of Expenditure Office Memorandum dated 23/03/2021
  • Share of states and Central are displayed separately with date-wise listing of SNA releases.

  1. SINGLE NODAL ACCOUNT (SNA) IMPLEMENTATION
  • All schemes successfully onboarded by PFMS.
  • 4,396 schemes onboarded on SNA Module of PFMS for all Centrally Sponsored Schemes (CSS) across all the States and UTs.
  • Standalone systems like Samagra Shiksha, National Health Mission etc. used by the states are also integrated for MIS with PFMS.
  • New CSS framework SNA module fully operationalised in all the States.
  • SNA ensures efficient cash management and reduces float in the system.
  • CSS fund flow monitoring and tracking through SNA.

 

Central Nodal Account (CNA) Implementation

  • Procedure of release of funds under Central Sector Schemes (CS) revised on 09.03.2022.
  • CS fund flow monitoring and tracking through Central Nodal Account (CNA) module of PFMS.

CNA Implementation MODEL 1

  • Release funds through Reserve Bank of India for the Central Sector Schemes having GBE greater than Rs. 500 crore
  • 57 schemes onboarded under Model 1 till date on PFMS.

CNA Implementation MODEL 2

  • Release funds through Scheduled Commercial Banks (SCB) for the Central Sector Schemes having GBE less than Rs. 500 crore.
  • 210 schemes onboarded under Model 2 till date on PFMS.

eGramSwaraj Interface with PFMS

  • To strengthen e-Governance in Panchayati Raj Institutions (PRIs) across the country, Ministry of Panchayati Raj (MoPR) currently implements a user friendly web-based portal eGramSwaraj to bring in better transparency in the decentralised planning, progress reporting and work-based accounting.
  • Public Finance Management System (PFMS), Department of Expenditure, facilitates seamless payment processes for Panchayats through the eGramSwaraj portal.
  • PFMS eGramSwaraj integrated with over 2.63 lakh Panchayats out of 2.78 lakh (Zila, Gram, Block panchayats and Tribal Local Bodies) onboarded for their payment transactions.
  • PFMS operates in a seamless two-way data flow - information from Panchayats (received through PFMS-State treasury systems module) is automatically populated on the eGramSwaraj portal.
  • PFMS notifies interest credited to Panchayats by banks.

 

Government Integrated Financial Management System (GIFMIS) Vertical

  • GIFMIS was developed by PFMS in support of the Digital India Initiative of the Prime Minister.
  • GIFMIS enables end-to-end digital processing of all other types of payees of Government.
  • As part of end of end digitalisation of payments, eBill module was developed under GIFMIS on PFMS platform.
  • e-bill System for Central Government Ministries was launched on 02/03/2022.
  • GIFMIS rolled out in 447 Pay and Accounting units of 52 Ministries/ Departments and 6 UTs without Legislature.
  • Majority of payment units of all Civil Ministries/Departments covered in this Financial Year.

Advantages of Government Integrated Financial Management System (GIFMIS) Vertical:

  • Convenience to vendors/suppliers/contractors in submitting bills/claims without physically approaching the offices
  • Shorter bill payment cycle after delivery of store/services
  • Online tracking of the bill position by vendors/suppliers/contractors
  • More effective audit trails in the payment system
  • Promoting Digital India & reducing carbon footprint by paperless system
  • Effective tool to Government disbursements in pandemic-like situations

 

SINGLE NODAL ACCOUNT - SNA-SPARSH

  • SNA SPARSH has been developed under GIFMIS on the PFMS platform to facilitate 'Just-in-time' releases under Centrally Sponsored Schemes and is currently being piloted.
  • Aims to achieve 'Just-in-time' fund flow from Centre and State Consolidated Funds through an integrated network of State IFMIS and e-kuber of RBI.
  • Facilitates more effective cash management.

Key features:

  • The Union Government's share in fund release based only on incurred actual expenditure followed by a claim against the expenditure.
  • State's account to be pre-funded with Union Government's share before making the payment to the end beneficiary.

Onboarded States: Rajasthan, Karnataka and Odisha

PILOT at advanced stages of implementation, to be rolled out soon: Telangana, Jharkhand, Chhattisgarh, Assam, Gujarat, Bihar, and Andhra Pradesh

SNA SPARSH schemes for Phase 1 pilot roll out: Rashtriya Uchchattar Shiksha Abhiyan (RUSA) and Swachh Bharat Mission (Grameen) (SBM -G)

SNA SPARSH schemes for Phase 2:

  • Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM ABHIM)
  • Pradhan Mantri Matsya SampadaYojna (PMMSY)
  • Pradhan Mantri Matru Vandana Yojana
  • Conservation of Natural Resources and Ecosystem are to be onboarded on SNA SPARSH in phase 2.

Initiatives by Central Pension Accounting Office (CPAO)

Authorisation of Pension Cases

  • Total Cases 1,01,788
  • New Pension Payment Orders 50,593
  • Revision Pension Cases 51,195

DIRGHAYU Mobile Application

  • App was launched by Union Minister Dr. Jitendra Singh on 27th Feb, 2023.
  • DIRGHAYU App provides various services viz. Downloading of SSA, Status of Grievances, Details of last 24 Transactions in Pension Account etc.
  • Bilingual app available on Google Play Store iOS version under testing.

Virtual Pension Adalat:

  • Two virtual pension Adalat organised in 2023 for prompt and quick redressal of grievances of Central Government Civil Pensioners

Escalation matrix on the CPAO Dashboard

  • CPAO has developed an escalation matrix to ensure timely resolution of grievances. Status of pending grievances is sent to the senior management of CPAO, authorised banks and ministries/ departments via automated e-mail.
  • The Matrix was made live on 23.10.2023.

SPECIAL FACILITATION

  • A Separate Desk for Paramilitary Pensioners/Family Pensioners for faster grievance resolution established in CPAO.

Finance Commission Grants to States

The 15th Finance Commission (XV-FC) has recommended the grants-in-aid of Rs.1,79,140 crore to the State Governments under the following heads for the year 2023-24:

  • Post Devolution Revenue Deficit Grant
  • Grants to Local Bodies
  • Health Sector grant
  • Disaster Management Grants (SDRMF/NDRMF)

Grants released to State Governments under various components during 2023-24:

S/No.

Components

Grants release during 2023-24   (Rs. in crore)

Upto 6th Dec, 2023

1.

Post Devolution Revenue Deficit Grant

34448.64

2.

Urban Local Bodies Grant

12180.19

3.

Rural Local Bodies Grant

20222.88

4.

Health Sector Grant

2760.69

5.

Central Share of State Disaster Response Fund

10234.00

6.

Central Share of State Disaster Mitigation Fund

2147.60

7.

Release of additional Central assistance from National Disaster Response Fund

250.15

 

Grand Total

82744.15

 

Scheme For Special Assistance To States For Capital Expenditure

  • Aims to boost states in capital expenditure through 50-year interest free loan to States.
  • The Scheme was extended in the financial years 2021-22 and 2022-23.
  • An amount of Rs. 11,830.29 crore, Rs. 14,185.78 crore & Rs. 18,195.35 crore released under the Scheme in 2020-21, 2021-22, and 2022-23.
  • Scheme redesigned and expanded on request from states for FY2023-24.
  • An amount of Rs. 1.30 lakh crore allocated including an amount of Rs. 30,000 crore, as an incentive in eight areas.

Scheme For Special Assistance to States for Capital Investment 2023-24

Part-I (untied)

  • Rs. 1,00,000 crore allocated to States in proportion to their share of central taxes and duties.
  • Capital Expenditure amounting to Rs. 91,471.43 crore has been approved for the States of Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Rajasthan, Sikkim, Tamil Nadu, Telangana, Tripura, Uttar Pradesh, Uttarakhand and West Bengal.
  • Out of which Rs. 57,090.39 crore has been released to eligible States.

Part-II (Incentives for Scrapping of Old Vehicles)

  • Rs. 3,000 crore earmarked for scrapping of State Government vehicles and ambulances older than 15 years.
  • The Scheme incentivises states to:
    • Waive of liabilities on old vehicles
    • Provide tax concessions to individuals for scrapping of old vehicles
    • Set up of automated vehicle testing facilities
  • Capital Expenditure amounting to Rs. 112.50 crore has been approved for the States of Bihar, Chhattisgarh and Punjab.
  • Out of which Rs. 31.25 crore has been released to State of Bihar and Chhattisgarh.

Part-III (Urban Planning Reforms)

  • Rs. 15,000 crore earmarked to promote affordable housing, comprehensive mobility, and conserve Blue-Green infrastructure, for sustainable urbanisation.

Part-IV (Financing Reforms In Urban Local Bodies)

  • Rs. 5,000 crore earmarked to improve creditworthiness of cities (Municipalities / Urban Local Bodies) and making them ready for municipal bonds by incentivising property tax governance reforms and ring-fencing of user charges on urban infrastructure.

Part-V (Housing for Police personnel above or as part of Police Stations in Urban Areas)

  • Rs. 2,000 crore earmarked to increase the housing facility for the police personnel and their families in urban areas thereby saving the time and energy of the police personnel wasted in commuting to reach the place of their duty.
  • Capital Expenditure amounting to Rs. 1,684.80 crore has been approved for the States of Assam, Bihar, Chhattisgarh, Goa, Gujarat, Himachal Pradesh, Karnataka, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tamil Nadu, Telangana and Uttarakhand.
  • Out of which Rs. 820.97 crore has been released to eligible States.

Part-VI (Construction of Unity Malls)

  • Rs. 5,000 crore earmarked to promote national integration.
  • Incentive to carry forward the concept of "Make in India”.
  • Promotes construction of one Unity Mall per State.
  • Capital Expenditure amounting to Rs. 2,945.64 crore has been approved for the States of Assam, Bihar, Chhattisgarh, Goa, Gujarat, Harayana, Himachal Pradesh, Jharkhand, Madhya Pradesh, Maharashtra, Meghalaya, Nagaland, Odisha, Punjab, Telangana, Tripura and Uttarakhand.
  • Out of which Rs. 1,393.32 crore has been released to these States.

Part-VII (Children and Adolescents’ Libraries & Digital Infrastructure)

  • Rs. 5,000 crore to States for setting up of a physical library with infrastructure for accessing the National Digital Library resources at panchayat and ward level.
  • Capital Expenditure amounting to Rs. 1,942.54 crore has been approved for the States of Assam, Karnataka, Meghalaya and Uttar Pradesh.
  • Out of which Rs. 971.27 crore has been released to these States.

Part-VIII ('Just-In-Time' Release Using RBI'S E-Kuber Model)

  • As on 31st October 2023 capital investment projects of States worth Rs. 96,206.27 crore approved and Rs. 58,494.19 released so far under the Scheme for 2023-24.
  • Under this Part, a State will be eligible for an incentive amount equivalent to 10 percent of the Central share of a Scheme brought under the 'Just-in Time' model through RBI's e-Kuber system.
  • In addition, a State will be eligible for incentive upto Rs. 100 crore if as per SNA reports, more than 95 percent of the releases of the Central share are made by the State Government in 2023-24 to the respective Single Nodal Account (SNA) within the time limit.

Net Borrowing Ceilings (Nbc) For The Year 2023-24

  • Normal Net Borrowing Ceiling for States fixed at 3 percent of Gross State Domestic Product (GSDP), i.e. Rs. 8,59,988 crore, for FY 2023-24 as recommended by Fifteenth Finance Commission [XV-FC].
  • Approval issued for raising Rs. 6,99,016 crore for Open Market Borrowing (OMB) & of Rs. 69,370.81 crore for availing Negotiated Loan during FY2023-24.
  • Further, States allowed extra borrowing ceiling equivalent to employer and employee share of contribution of its employees with actual NSDL/trustee bank as per the guidelines of National Pension Scheme (NPS), over and above the normal net borrowing ceiling of 3% of GSDP, for FY2023-24.
  • Extra borrowing ceiling of Rs. 60,876.80 crore allowed to 22 States in 2023-24 (as on 27.10.2023) for NPS contribution by complying States.

Additional Borrowing Of 0.5% Of GSDP Linked To Performance In Power Sector

  • XV-FC has recommended performance based additional borrowing space of 0.50 percent of Gross State Domestic Product (GSDP) to States in the power sector, over and above the normal net borrowing ceiling.
  • OBJECTIVE 
    • Improves operational and economic efficiency
    • Promotes sustained increase in paid electricity consumption
    • This special dispensation is recommended from 2021-22 to 2024-25
  • FY 2021-22: 12 States permitted Rs. 39,175 crore on basis of stipulated reform criteria
  • FY 2022-23: 6 States allowed of Rs. 27,238 crore
  • FY 2023-24: States eligible for Rs. 143,332 crore (approx), on recommendation of Ministry of Power

S.No.

Name of the State

Amount (Rs. in crore)

2021-22

2022-23

1

Andhra Pradesh

3716

5858

2

Assam

1886

2473

3

Himachal Pradesh

251

-

4

Kerala

4060

4263

5

Manipur

180

-

6

Meghalaya

192

-

7

Odisha

2725

-

8

Rajasthan

5186

6122

9

Sikkim

191

170

10

Tamil Nadu

7054

-

11

Uttar Pradesh

6823

-

12

West Bengal

6911

8352

 

Total

39175

27238

 

Vivad Se Vishwas Scheme

  • Vivad se Vishwas scheme was announced in Union Budget 2023-24

Vivad Se Vishwas I (Relief For MSMEs)

  • Scheme provided relief to MSMEs unable to comply with Central Government contracts due to COVID-19 pandemic.
  • This Scheme was launched on 11th April 2023. Last date for submission of claims was 31.07.2023.
  • As on 01.12.2023, 43,904 claims involving more than Rs. 650 crore by MSMEs settled by the Government.

Vivad Se Vishwas II (Contractual Disputes)

  • This scheme was launched for settling pending public procurement related contractual disputes of Central Government.
  • This Scheme was launched on 29th May, 2023. Last date for submission of claims was 31.10.2023.
  • More than 900 claims worth Rs. 20,000 crore received. Claims worth Rs. 1,652 crore have already been settled and remainder is under examination by the respective Ministries/ Departments/ Organisation.

****

Topics

Acts Income Tax