Ministry of Finance

March 26, 2025 3:36 PM

IMF reaches staff-level agreement with Pakistan for $1.3 billion climate loan package

The International Monetary Fund (IMF) has finalized a staff-level agreement with Pakistan for a $1.3 billion loan package over 28 months to support the country’s climate change mitigation and adaptation efforts. This agreement also includes the first review of the ongoing $7 billion bailout program, with the IMF commending Pakistan’s progress in restoring macroeconomic stability despite global challenges. Government sources from Pakistan’s finance department report steady inflation progre...

March 25, 2025 10:33 PM

Centre discontinues Gold Monetisation Scheme; short-term deposits to continue

The government on Tuesday announced the discontinuation of the Medium-Term and Long-Term Government Deposit (MLTGD) components of the Gold Monetisation Scheme (GMS), effective from March 26, 2025. The Ministry of Finance said in a statement that banks may continue offering Short-Term Gold Deposits (1-3 years) under the scheme. About 31,164 kilograms of gold have been mobilised under the GMS as of November 2024. “Based on the examination of the performance of the Gold Monetisation Scheme (GM...

February 21, 2025 5:19 PM

DRI busts seven fake currency modules across four states; nine arrested

In a major crackdown on Fake Indian Currency Notes (FICN) operations, the Directorate of Revenue Intelligence (DRI) dismantled seven modules across Maharashtra, Haryana, Bihar, and Andhra Pradesh, resulting in the arrest of nine individuals. The operation, conducted on Thursday, involved simultaneous searches at 11 locations, targeting facilities engaged in printing FICN using imported security paper, according to the Ministry of Finance. The raids in Maharashtra uncovered sophisticated setups ...

January 24, 2025 2:18 PM

Bangladesh grappling with skyrocketing interest payments

Bangladesh's economy is grappling with skyrocketing interest payments, which eat up more than half of government revenue expenses during the first four months of the current fiscal year 2024–25, according to data from the Ministry of Finance of Bangladesh. Economic experts said that Bangladesh's external debt is over $100 billion with higher interest rates, posing grim challenges for the country's economy, especially considering its declining revenue and foreign exchange earnings. Earlier th...

January 21, 2025 1:57 PM

Semicon India scheme to create 85,000 jobs: Centre

In the run-up to the Union Budget 2025-26 to be presented on February 1, the Union Finance Ministry on Tuesday highlighted the achievements of the government’s policies in pushing up investments and employment through the semiconductor programme and the PLI scheme for electronic goods manufacturing. The ministry stated, “The Scheme for ‘Programme for development of Semiconductors and Display Manufacturing Ecosystem’ aims to provide attractive incentive support to semiconductor packaging...

October 9, 2024 11:30 AM

Atal Pension Yojana enrollments cross 7 crore mark, over 56 lakh new subscribers added in FY 2024-25

Total enrollments under the Atal Pension Yojana (APY) have surpassed 7 crore, with over 56 lakh new enrollments recorded in the current financial year 2024-25, according to a statement from the Ministry of Finance. Launched on May 9, 2015, the Atal Pension Yojana is a flagship social security initiative by the central government aimed at providing pension coverage to vulnerable sections of society. The scheme guarantees a lifelong pension to the subscriber and extends this benefit to the spouse...

May 11, 2024 5:20 PM

India’s forex reserves rise USD 3.7 billion in latest week

India's foreign exchange reserves witnessed a significant rebound, rising by $3.668 billion to $641.590 billion in the week ended May 3, according to data released by the Reserve Bank of India (RBI). This increase comes after three consecutive weeks of decline. Prior to the reporting period, the country's forex reserves had declined for three straight weeks, following a seven-week streak of growth that propelled them to an all-time high of $648.562 billion. The latest RBI data reveals that Ind...

May 1, 2024 4:34 PM

GST collection for April 2024 highest ever at Rs 2.1 lakh crore

Gross Goods and Services Tax (GST) collections surged to a record high of Rs 2.10 lakh crore in the month of April, registering a 12.4 per cent year-on-year growth. The Ministry of Finance attributed the rise in GST collection to a robust uptick in both domestic transactions, up by 13.4 per cent, and imports, which witnessed an 8.3 per cent spike. After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 15.5 per cent growth compared...