Ministry of Finance: Current Affairs, GK & News - 2020-2021

Businesses, with an annual turnover of up to Rs 40 lakh are exempted from GST

Published: August 25, 2020

The Finance Ministry of the Government of India has declared in a series of statements that Businesses with an annual turnover of up to Rs 40 lakh will enjoy GST exemption. Previously the threshold limit was Rs 20 lakh. Key highlights During the commemoration ceremony of the first death anniversary of former Finance Minister Arun ..

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Banks sanction loans worth over Rs 1.5 lakh crore under ECLGS for MSME

Published: August 20, 2020

The finance ministry declared, Public and Private Sector Banks have disbursed loans over Rs 1.5 lakh crore under the Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector. The top three lenders under the scheme are the State Bank of India, Canara Bank, and Punjab National Bank. What is the Emergency Credit Line Guarantee ..

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GoI: No New Schemes for a year

Published: June 6, 2020

On June 5, 2020, the Government of India announced that no new schemes will be approved till March 31, 2021. Till then, the schemes under Pradhan Mantri Garib Kalyan Yojana and Atma Nirbhar Bharat Abhiyan are to be implemented. Highlights The Government of India will implement the schemes that were announced under Atma Nirbhar Bharat ..

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Status Paper on Government Debt released

Published: May 23, 2020

On May 22, 2020, the Ministry of Finance released Status Paper on Government Debt 2018-19. According to the report, the overall debt of centres and states declined by 68.7% in March 2018 to 68.6% in 2019. Highlights The Status Paper on Government Debt is being produced by the Ministry of Finance since 2010. Current debt ..

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Finance Ministry begins Annual Exercise

Published: May 13, 2020

On May 12, 2020, the Ministry of Finance announced that the government departments and ministries will review guarantees issued against loans issued by various government entities. Highlights The exercise is done to make sure that the borrower is discharging the repayment obligations and interest obligations according to the loan agreement. The financial advisories of the ..

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