Ministry of Finance

July 9, 2026 11:50 AM

Finance Ministry exempts customs duty on goods used in manufacturing lithium-ion cells, inductor coil modules and display assemblies

The Finance Ministry has exempted customs duty on specified goods used in the manufacture of lithium-ion cells, inductor coil modules and display assemblies, according to a notification issued on Wednesday. The Department of Revenue, under the Ministry of Finance, through a notification dated July 8, amended the earlier Customs Notification. Under the new notification, the government has expanded the list of machinery and equipment that can be imported without payment of customs duty for use in...

May 19, 2026 12:38 PM

Government dismisses claims on monetisation of temple gold holdings

The government on Tuesday dismissed reports and social media claims suggesting that it is planning to monetise gold held by temples and religious institutions across the country, calling such speculation “completely false, misleading and without any basis.” In an official statement, the Ministry of Finance said that there is no proposal to issue gold bonds to temples in exchange for temple gold reserves, nor has any plan been approved for monetisation of temple gold holdings. The clarifica...

May 13, 2026 10:59 AM

Centre revises customs duty on precious metals; new rates effective from May 13

The Centre has revised customs duty rates on precious metals and jewellery findings, with the new rates coming into effect from May 13, according to a notification issued by the Ministry of Finance. Under the revised structure, import duty on gold and silver has been increased from 6 per cent to 15 per cent, while duty on platinum has been raised from 6.4 per cent to 15.4 per cent. Consequential changes have also been made in the duty structure applicable to gold and silver dore, coins, finding...

April 30, 2026 6:42 PM

NARCL recovers Rs 4,364 crore in FY26, drives nearly 70% of total recoveries

National Asset Reconstruction Company Limited (NARCL) has significantly accelerated its recovery efforts in FY 2025-26, recovering ₹4,364 crore during the year - accounting for nearly 70% of its total recoveries to date and reinforcing its role in India’s stressed asset resolution framework. According to the Finance Ministry, cumulative recoveries by NARCL have reached ₹6,345 crore, reflecting steady progress in resolving large non-performing assets and improving outcomes for lenders. Th...

March 6, 2026 10:39 AM

8th Central Pay Commission invites stakeholder representations; online submissions open until April 30

The Eighth Central Pay Commission has invited representations and memorandums from stakeholders, including serving employees, pensioners, associations, unions and organizations, regarding pay structure and related matters. According to the Ministry of Finance, the Commission has provided a structured online format for submitting suggestions and representations through its official website, 8th Central Pay Commission portal (8cpc.gov.in). Stakeholders can also submit their memorandums through t...

February 16, 2026 3:44 PM

UPI preferred mode of transaction at 57%, surpassing cash at 38%: Survey

Unified Payments Interface (UPI) has emerged as the most preferred mode of transaction, accounting for 57 per cent, surpassing cash transactions at 38 per cent, primarily due to ease of use and instant fund transfer capability, according to a survey. The Department of Financial Services (DFS), Ministry of Finance, released a report titled 'Socio-Economic Impact Analysis of the Incentive Scheme for Promotion of RuPay Debit Card and low-value BHIM-UPI (Person-to-Merchant) transactions' during t...

January 11, 2026 12:53 PM

Year Ender 2025: How DFS shaped banking, inclusion and digital finance in 2025

The Ministry of Finance’s Department of Financial Services (DFS) closed 2025 with an expanded set of reforms that strengthened public sector banks, deepened financial inclusion and accelerated India’s transition to a digital payments economy. According to the year-ender report, DFS built on measures such as the Banking Laws (Amendment) Act 2025, the Your Money, Your Right campaign, EASE reforms, credit innovations and digital payment initiatives under the DigiDhan Mission. A major storyline...

July 8, 2025 4:56 PM

No directions issued to close inactive Jan Dhan accounts, says Finance Ministry

The Department of Financial Services (DFS) under the Ministry of Finance on Tuesday clarified that no instructions have been issued to banks for closing inactive accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY). The statement came amid reports in sections of the media claiming that the government had asked banks to shut down dormant Jan Dhan accounts. Terming such reports incorrect, the DFS reiterated that no such directive has been given. In an official note, the department stated th...

May 6, 2025 10:44 AM

India’s first mortgage-backed PTCs listed on NSE

M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, on Tuesday rang the ceremonial bell to mark the listing of the country’s first mortgage-backed Pass Through Certificates (PTCs) on the National Stock Exchange (NSE). The certificates were structured by RMBS Development Company Limited. The listing ceremony, held in Mumbai, was attended by senior officials from banks, housing finance companies, and key financial institutions. The PTCs, fully subscribed at ₹1,000 c...

April 9, 2025 9:40 AM

India offers a compelling growth opportunity for foreign banks: FM Sitharaman

Union Finance Minister Nirmala Sitharaman has highlighted India as a compelling destination for foreign banks and financial institutions, underlining the government’s active encouragement of foreign investment in the country’s rapidly expanding banking and financial sector. Speaking on Tuesday at the India-UK Investor Roundtable in London, which brought together around 60 representatives from pension funds, insurance firms, banks, and other financial institutions, the Minister outlined the ...