finance ministry

The budget announcements also provide ample scope for the use of artificial intelligence (AI) tools and advanced data analytics as the government plans to expand and strengthen the country's electric vehicle ecosystem, agriculture, and healthcare sectors. To begin with, while land, labour, capital and entrepreneurship are well-known factors of production—and considered to be the building blocks of an economy since they comprise the inputs used to produce a good or service…

In what may turn into a massive blow for cryptocurrency sector in India, Centre's Financial Intelligence Unit (FIU), which is under the Finance Ministry, has issued show cause notices to as many as 9 offshore cryptocurrency and virtual digital assets platforms, including Binance and Kucoin. The notifications were issued for non-compliance with anti-money laundering law.Not just the notices, FIU has even taken the next step by writing to the Ministry of Electronics and Information Technology (MeiTY) to block the URLs of…

Last Updated: July 14, 2023, 06:00 ISTTesla's first-quarter vehicle sales in 2023 rose by 36 percent after the company cut prices twice in a bid to stimulate demand. (AP Photo/David Zalubowski, File)India's finance ministry dismisses duty waivers for Tesla, while discussions continue for the automaker's investment in the countryIndia’s finance ministry is not considering any duty waivers for U.S. automaker Tesla Inc, Revenue Secretary Sanjay Malhotra told Reuters on Thursday. This report comes nearly a month after Tesla…

The finance ministry is examining the possibility of allowing financial institutions to raise funds from blended finance instruments to invest in green climate projects, sources said. Blended finance involves leveraging of financial resources of the public sector or philanthropies to phase in private sector investment, thereby catalysing private finance in high-risk and long-gestation projects. The use of blended finance promotes investments in new and emerging sectors and it attracts commercial capital towards projects…

Union Minister Nirmala Sitharaman on Sunday said the finance ministry is working with MeitY and RBI to clamp down on ponzi apps to prevent them from taking away hard earned money of gullible investors. Cautioning investors against ponzi apps, Sitharaman said investors should do their due diligence and should not be lured by claims of lucrative returns made by them. "There are also apps which are coming out and reaching out to people saying we can do this, we can do that. Your money will fetch you this much. "Many of them…

Banning crypto should not be off the table, the International Monetary Fund (IMF) said in its recently released guidance framework on cryptocurrency for its member countries.The paper titled "Elements of Effective Policies for Crypto Assets" addresses questions raised by countries on the benefits and risks of crypto assets and on how to structure appropriate policy responses. IMF Executive Board said that efforts to put in place effective policies for crypto assets have become a “key policy priority” for authorities, amid…

A push by Group of 20 (G20) president India to regulate cryptocurrencies gained support from both the International Monetary Fund and the United States on Saturday as finance chiefs of the bloc wrap up two-days of talks.India has said it wants a collective global effort to deal with problems posed by cryptocurrencies such as bitcoin, and the finance ministry said it had held a seminar for G20 member states to discuss how to come up with a common framework.Speaking to Reuters on the sidelines of the G20 meeting in…

A man walks by monitors showing the Japanese yen against other foreign currencies at a securities firm in Tokyo, Thursday, Dec. 1, 2022. Shares have advanced in Asia after a rally on Wall Street spurred by the Federal Reserve chair's comments on easing the pace of interest rate hikes to tame inflation.(AP Photo/Hiro Komae)Singapore-based hedge fund 3D Investment Partners got two of its nominees on the board of software developer Fuji Soft Inc. in the latest proxy fight by activist investors seeking more independent…

The number of digital transactions frauds under the category 'Card/Internet-ATM/Debit Cards, Credit Cards and Internet Banking' as per the occurrence of frauds has declined from 70,283 in 2020–21 to 58,111 in 2021–22.In a written reply to a question on "frauds in digital transactions", the Finance ministry said that the digital transaction platform is a pan-India platform with the facility of "anytime anywhere" banking. Accordingly, the data is captured only at the national level.It said that the RBI has taken various…