Finance Ministry

The 11 states include Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Kerala, Madhya Pradesh, Manipur, Meghalaya, Nagaland, Rajasthan and Uttarakhand. The additional open market borrowing permission granted to states under the programme is equivalent to 0.25 per cent of their Gross State Domestic Product (GSDP).

According to the Finance Ministry, with this installment, a total amount of Rs 59,226.00 crore has been released to the eligible states as PDRD grant in the current financial year. This grant is provided to the states under Article 275 of the Constitution. "The Commission has recommended these grants to 17 states during 2021-22."

As per the Foreign Exchange Management (non-debt instruments) (second amendment) Rules, 2021 notified by the government on Thursday, applications for FDI in private banks having a joint venture or subsidiary in the insurance sector may be addressed to the Reserve Bank of India for consideration in consultation with the Insurance Regulatory and Development Authority of India.

With the release of this installment, a total amount of Rs 49,355 crore has been released to eligible states as Post Devolution Revenue Deficit Grant (PDRD) in the current financial year. The Post Devolution Revenue Deficit Grant is provided to the States under Article 275 of the Constitution.

Out of this, an amount of Rs 494 crore has been released to Uttar Pradesh, Rs 110.20 crore to Gujarat, Rs 74.80 crore to Jharkhand and Rs.6.80 crore to Mizoram. Grants for ULBs have been released, as per the recommendations of the 15th Finance Commission, for improving basic civic services including fulfilling location specific felt needs. These grants are intended for smaller cities.

"Amendment in LLP act proposes to now remove the criminality angle in respect of violations and will now only entail pecuniary penalty by way of a fine with no criminal action. This will facilitate the middle-level entrepreneur in their business activities and growth," Resurgent India Managing Director Jyoti Prakash Gadia said. ADIF Executive Director Sijo Kuruvilla George said that it is founder-friendly development.

Addressing the media, post the Cabinet meeting, Finance Minister Nirmala Sitharaman the pact will enable ease of doing business for companies in GIFT city. "This is one of the biggest multilateral forum which has several regulators coming into it. It has 124 signatories. India joining this will enable all kinds of exchange of information and ease of doing business for those who are registering themselves in the gift city," she said.

According to Finance Minister Nirmala Sitharaman, the bill will increase insurance amount on each depositor's bank deposit to Rs 5 lakh in both principal and interest. The increase in insured amount from Rs 1 lakh to Rs 5 lakh will cover 98.3 per cent of all deposit accounts and 50.9 per cent of deposit value. " Various definitions would also be changed under the new bill to cover a larger section of depositors.

The launch was carried out virtually by Union Finance and Corporate Affairs Minister, Nirmala Sitharaman, and the Finance Minister of Bhutan, Lyonpo Namgay Tshering. Speaking on the occasion, Sitharaman said that the services have been started in Bhutan under India's neighbourhood first policy and the country is proud and happy to share them with its valued neighbour.

Although the retail inflation declined on sequentially in June, it remained above the 6 per cent threshold for the second consecutive month. CPI inflation moderated marginally to 6.26 per cent. Core inflation (CPI excluding food, fuel and pan, tobacco) moderated to 6.2 per cent, with flat sequential momentum following a surge of 1.5 per cent M-oM in May.