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Tag: Ministry of Finance

  • R K Swamy launches Amrit Mahotsav Campaign for finance ministry

    R K Swamy launches Amrit Mahotsav Campaign for finance ministry

    Mumbai: The ministry of finance has released a special music video called “Thank You” as part of the “Azadi ka Amrit Mahotsav” celebrations, which mark the 75th anniversary of India’s independence. 

    The song was composed by the duet Salim-Sulaiman and has a star cast of singers in several languages. It was written and conceptualised by R K SWAMY. This music video stands out since it was created as originals in 11 languages and was originally rendered in each language.

    The video is intended to recognise the contributions of everyone involved in the ministry as well as the workers in the banks, insurance, and other financial services sectors to nation-building and the fight against the Covid pandemic.

    R K SWAMY executive creative director Sangeetha N said, “We wanted to break the clutter for these special people who never shut down their service even during Covid, so that the country could cope. We cast for talent in every language, and we have a lineup of the best of them. Remarkably, there was so much enthusiasm for this project from everyone. It shows in the genuine expression of gratitude we could capture both in the song and in the video.”

    Music composer Salim Merchant commented, “This was a super special project for us. It was a privilege and an honour to be able to execute this on behalf of the ministry of finance. It was a special thought. It needed a magical expression. We were fortunate to get such good talent to participate. Hats off to Team R K SWAMY for their conception and management of this project.”

  • STB import duty doubled to 20%

    STB import duty doubled to 20%

    NEW DELHI: In a fresh bid to boost domestic production under the Make in India project, the Indian government has increased the import duty on set-top boxes (STBs) to 20 per cent, including a host of other electronic items such as TVs sets and smartphones.

    The duty hike from 10 per cent could impact the ongoing digitisation of TV services in India. Experts and stakeholders in the country’s broadcast and cable industry are still assessing the directive, including the fact whether the move is aimed at arresting imports from China.

    A ministry of finance notification dated 14 December 2017 stated the federal government was “satisfied” that the import duty on certain goods, including electronics, should be increased as “circumstances exist” that render it “necessary to take immediate action”.

    Though officially over, India’s digitisation of TV services is still a work in progress with many big MSOs admitting in private that the last and fourth phase is still far from over.

    A cable industry source highlighted that India’s DTH operators annually import about 10 million STBs, while an additional 20 million boxes approximately would still be needed to fully cover areas falling under phase IV of digitisation.

    While many India companies, including big companies like the Hero group, are manufacturing and/or assembling STBs in India, the supply, according to industry sources, isn’t enough to meet the demand. It is also expected that whenever the next round of survey is undertaken, the total number of TV homes in India would increase much beyond the figure of 183 million (as indicated by BARC India).

    Will this increase in import duty also up the cost of STBs for consumers via a mixed business model of rentals and outright purchase of the product? It’s still not clear.

    An industry source, however, said whether this government move would give a fillip to domestic manufacturing is not yet known. Most Indian DTH operators have already started importing STBs from countries like Thailand and Vietnam to take advantage of an ASEAN (Association of Southeast Asian Nations) trade pact, which is aimed at lowering trade barriers and help economic growth in general.

    STBs can be now imported by Indian companies from ASEAN countries at very low tax rate that is in the range of 2-3 per cent, the source elaborated.

    ALSO READ:

    Budget 2016: STBs exempt from basic customs duty

    DAS: Even official figures show digitization is incomplete

    DAS phase IV pace slack; MIB to make Indian STB makers

     

  • Span to create MoF media campaign

    Span to create MoF media campaign

    MUMBAI: Span Communications has won a media campaign for the Ministry of Finance, Government of India focusing on demonetisation and making India a cashless economy.

    Understanding the high level of cash dependency in India, the campaign is based on the theme — Chhodo Kal ki Batein — highlighting the ease of digital transactions through various platforms and moving with the times, accepting the change.

    Actor-director-producer Ajay Devgan also participated in the promotion of the campaign and urged the public to push digital and e-transactions to the forefront, making e-banking, e-wallets, and other transaction apps more prevalent.

  • Span to create MoF media campaign

    Span to create MoF media campaign

    MUMBAI: Span Communications has won a media campaign for the Ministry of Finance, Government of India focusing on demonetisation and making India a cashless economy.

    Understanding the high level of cash dependency in India, the campaign is based on the theme — Chhodo Kal ki Batein — highlighting the ease of digital transactions through various platforms and moving with the times, accepting the change.

    Actor-director-producer Ajay Devgan also participated in the promotion of the campaign and urged the public to push digital and e-transactions to the forefront, making e-banking, e-wallets, and other transaction apps more prevalent.

  • Surcharge removed for card and online payments for government services

    Surcharge removed for card and online payments for government services

    MUMBAI: In a major development, no surcharge for card and online payments has been removed for government services.

    A government notification to this effect follows a recent cabinet note in which towards the government has suggested removal of the surcharge as its commitment towards less cash economy, formulating a differentiated MDR framework, introduction of a formula linked acceptance infrastructure for different stakeholders, and incentivizing digital transactions.

    The government has also suggested mandating payments beyond a prescribed threshold only in card/ digital mode, rationalization of telecom service charges for digital financial transactions; promotion of mobile banking; and creation of necessary assurance mechanisms for quick resolution of fraudulent transactions and review the payments ecosystem in the country.

    The majority of these recommendations had been made by the Internet and Mobile Association of India (IAMAI) and Payments Council of India (PCI).

    The Association has welcomed the positive and comprehensive steps taken by the government. It expressed the hope that a speedy implementation of all these recommendations will usher in more accountability, transparency and efficiency in the economy. 

    The industry body in its recommendations to the Finance Ministry – ‘Draft Proposal for Facilitating Electronic Transactions’ – had focused on government departments bearing MDR cost like other merchants, differentiated MDR framework for certain cash dominated sectors, having significant ticket sizes and generating considerable volumes of transactions, installing POS devices in proportion to cards issued and incentivizing the customers and merchants for adoption electronic payments among other things.

  • Surcharge removed for card and online payments for government services

    Surcharge removed for card and online payments for government services

    MUMBAI: In a major development, no surcharge for card and online payments has been removed for government services.

    A government notification to this effect follows a recent cabinet note in which towards the government has suggested removal of the surcharge as its commitment towards less cash economy, formulating a differentiated MDR framework, introduction of a formula linked acceptance infrastructure for different stakeholders, and incentivizing digital transactions.

    The government has also suggested mandating payments beyond a prescribed threshold only in card/ digital mode, rationalization of telecom service charges for digital financial transactions; promotion of mobile banking; and creation of necessary assurance mechanisms for quick resolution of fraudulent transactions and review the payments ecosystem in the country.

    The majority of these recommendations had been made by the Internet and Mobile Association of India (IAMAI) and Payments Council of India (PCI).

    The Association has welcomed the positive and comprehensive steps taken by the government. It expressed the hope that a speedy implementation of all these recommendations will usher in more accountability, transparency and efficiency in the economy. 

    The industry body in its recommendations to the Finance Ministry – ‘Draft Proposal for Facilitating Electronic Transactions’ – had focused on government departments bearing MDR cost like other merchants, differentiated MDR framework for certain cash dominated sectors, having significant ticket sizes and generating considerable volumes of transactions, installing POS devices in proportion to cards issued and incentivizing the customers and merchants for adoption electronic payments among other things.

  • MoF assures that GST will be a game changer for M&E and subsume service tax, entertainment tax & VAT

    MoF assures that GST will be a game changer for M&E and subsume service tax, entertainment tax & VAT

    NEW DELHI: In a major relief to the media and entertainment industry, two senior officials of the Finance Ministry assured the captains of the sector that VAT, service tax and entertainment tax would be subsumed in the proposed Goods and Services Tax.

     

    Terming GST as a game changer, Revenue Special Secretary Rashmi Verma said the rate was being worked out but she reiterated that it would be one and uniform for the entire country.

     

    Member Service Tax and GST V S Krishnan added that Infosys had been given the task of creating a special portal for GST collections and the progress was good.

     

    He said that three processes under way were in the public domain and the stakeholders and citizens could react. As all these were drafts, changes could still be made.

     

    These were the rate of taxation, the law relating to GST, and the technology. The fourth relating to returns would be put in the public domain today itself. Technology  was being taken care of by Infosys.

     

    He added that after GST came and the government got time to review its progress, it could be improved over time.

     

    They were responding to remarks made by some industry leaders on the second and final day of the two-day Big Picture summit organized by the Confederation of Indian Industry.

     

    Sector representatives included Farokh Balsara of Ernst and Young, Film Federation of India Vice President Ravi Kottarakara, Hinduja Ventures whole time Director Ashok Mansukhani and Zee Network’s legal expert Avnindra Mohan. A P Parigi, advisor to the Chairman of Network 18 moderated the session.

     

    Verma added that the problem of share of centre and states would be sorted out by the Ministry and need not worry the M and E industry which will just have to pay a single tax.

     

    There will be slabs, but that would be restricted to just two – higher and lower, she added.

     

    She said bringing the Centre and 29 states on one table had been difficult but most problems had been ironed out.

     

    The work of the portion of the state was being worked out but the citizens need have no doubt that he will have to pay just one tax. For the citizen, the apportioning was only of academic interest.

     

    She said there may be some tax levied by some local bodies in some states, but this would be between half per cent to two per cent. While ways were also being found to sort out this problem, it was clear that this would only relate to the manufacturing industry.

     

    She also clarified that the GST would apply both to services and goods.

     

    The M and E industry would benefit as the multiplicity of taxation would vanish.

     

    The entire information will be out on a GST portal by the third week of November, she said. The transitional problems were being worked out, she added.

     

    Answering a point made by one of the earlier speakers who asked whether the M &  E sector was being treated at par with sinful industries, she said this was not so. The only sinful industries for the Government were cigarettes and alcohol.

     

    Parigi suggested creation of a separate secretariat with representatives of industry and bodies like the CII. 

  • DEN Networks hikes foreign investment limit to 74 per cent

    DEN Networks hikes foreign investment limit to 74 per cent

    MUMBAI: Close on the heels of multi system operator (MSO)  Hathway Cable and Datacom’s decision to increase the foreign investment limit in its company, DEN Networks has now followed suit.

     

    It may be recalled that in January this year Hathway decided to increase the foreign investment limit from 49 per cent to 74 per cent. 

     

    DEN Networks, which is currently building its broadband base and also working towards digitisation in phase III and IV, is looking at attracting overseas capital into the company.

     

    DEN Networks has got the approval from the board of directors to increase the foreign investment limit in the company by Foreign Institutional Investors (FII) and Foreign Portfolio Investors etc. from the current 49 per cent to 74 per cent. This, subject to approval of the shareholders, Foreign Investment Promotion Board of India, Ministry of Finance (FIPB) among others.

     

    In an announcement to the BSE, DEN Networks said, “The board of directors of the company has approved through circulation, increase in foreign investment limit in the company by Foreign Institutional Investors, Foreign Portfolio Investors etc., under the Portfolio Investment Scheme in accordance with Schedules 2 and 2A of Foreign Exchange Management Act (Transfer or Issue of Security by a person Resident Outside India) Regulations, 2000 (FEMA 20) from existing 49 per cent to 74 per cent of the issued and fully paid-up share capital of the company, subject to the approval of the Shareholders, Foreign Investment Promotion Board of India, Ministry of Finance (FIPB) and all other applicable acts, laws, rules, regulations, circulars, directions, notifications, press notes guidelines and statutory approvals, if any.”

    The approval of shareholders for aforesaid resolution will be taken through Postal Ballot in accordance with section 110 of the Companies Act, 2013 read with Rule 22 of the Companies (Management and Administration) Rules, 2014, the release further added.