Index of Industrial Production (IIP) for June 2015 at 3.8 per cent is the highest
Growth in Manufacturing Lead by Consumer Durables and Basic Goods is a Positive Development for the Economy; Shows that the Economy is Firmly on the Growth Path.
The Union Finance Minister Shri Arun Jaitley said that Index of Industrial Production (IIP) for June 2015 at 3.8 per cent is the highest over the growth recorded since February 2015. He said that the growth is boosted by 4.6 per cent increase in manufacturing, while mining and electricity sectors continue to need attention. The Finance Minister was responding to IIP figures released here today.
The Finance Minister Shri Jaitley further said that the growth in manufacturing lead by consumer durables and basic goods is a positive development for the economy. He said that it shows that the economy is firmly on the growth path. Shri Jaitley said that these figures are consistent, and need to be read with the growth in indirect tax receipts. It is especially notable that simultaneously inflation has declined to 3.8 per cent with food inflation being only 2.2 per cent, he added.
The Finance Minister further said that In terms of use based classification, consumer goods growth at 6.6 per cent has performed encouragingly. He said that the consumer durables growth is an even more encouraging at 16 per cent. Basic goods have also done appreciably well, notably in urea and complex grade fertilizers, various forms of steel, molasses and bagasse, he added.
The Finance Minister Shri Jaitley further said that the growth in manufacturing lead by consumer durables and basic goods is a positive development for the economy. He said that it shows that the economy is firmly on the growth path. Shri Jaitley said that these figures are consistent, and need to be read with the growth in indirect tax receipts. It is especially notable that simultaneously inflation has declined to 3.8 per cent with food inflation being only 2.2 per cent, he added.
The Finance Minister further said that In terms of use based classification, consumer goods growth at 6.6 per cent has performed encouragingly. He said that the consumer durables growth is an even more encouraging at 16 per cent. Basic goods have also done appreciably well, notably in urea and complex grade fertilizers, various forms of steel, molasses and bagasse, he added.
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Zero Balance Accounts Opened Under Pradhan Mantri Jan Dhan Yojana (PMJDY) have Declined from 76% to 46.93% from September 2014 to July 2015;
Rupay Card has been Issued to 15.26 Crore Beneficiaries who will get a Benefit of Personal Accidental Insurance of Rs. 1.00 lac under PMJDY; Deposit of Rs. 20769.33 crore has been Mobilized in the Accounts Opened Under PMJDY
Rupay Card has been Issued to 15.26 Crore Beneficiaries who will get a Benefit of Personal Accidental Insurance of Rs. 1.00 lac under PMJDY; Deposit of Rs. 20769.33 crore has been Mobilized in the Accounts Opened Under PMJDY
Zero balance accounts in Pradhan Mantri Jan Dhan Yojana (PMJDY) have declined from 76% to 46.93% from September 2014 to July2015. The Prime Minister Shri Narendra Modi had on 28 August 2014 launched the Pradhan Mantri Jan Dhan Yojana (PMJDY) across the country.
One of the major feedback was that a large majority of accounts in PMJDY are zero balance accounts and a burden to the Banks. Banks have launched special drive to bring downsuch accounts. Several steps have been taken for reduction of zero balance accounts. Some of these which have yielded good results are:-
i. Weekly monitoring of progress of PMJDY through Video Conference(VC) by Senior Officers in Ministry of Finance.For this purpose all the banks- Public Sector Banks and Major Private Sector Banks join the VC along with other stakeholders like NPCI, UIDAI and IBA.Sometimes officers from other Ministries like Ministry of Petroleum & Ministry of Rural Development also join the VC to sort out the issues with Banks regarding Direct Benefit Transfer (DBT) schemes implemented by them.
ii. Monitoring and follow-up of branches having more than 70% zero balance accounts, by banks and PMJDY Mission team on weekly basis.
iii. Launch of transaction based Incentive Schemes for Bank Mitras
iv. Organising special campaigns in the areas with high concentration of zero balance accounts along with financial Literacy counter, to educate customers on benefits of balance in the accounts.
v. Launch of Jansuraksha Schemes namely PMJJBY, PMSBY & APY, with auto debit facility for availing the benefit of the schemes.
vi. Encouraging the customers to do regular savings to be eligible for Overdraft facility under PMJDY.
Rupay card has been issued to 15.26 crore beneficiaries who will get a benefit of personal accidental insurance of Rs. 1.00 Lac under the Yojana and the progress is being constantly monitored.
A deposit of Rs. 20769.33 crore has been mobilized in the accounts opened under PMJDY.
One of the major feedback was that a large majority of accounts in PMJDY are zero balance accounts and a burden to the Banks. Banks have launched special drive to bring downsuch accounts. Several steps have been taken for reduction of zero balance accounts. Some of these which have yielded good results are:-
i. Weekly monitoring of progress of PMJDY through Video Conference(VC) by Senior Officers in Ministry of Finance.For this purpose all the banks- Public Sector Banks and Major Private Sector Banks join the VC along with other stakeholders like NPCI, UIDAI and IBA.Sometimes officers from other Ministries like Ministry of Petroleum & Ministry of Rural Development also join the VC to sort out the issues with Banks regarding Direct Benefit Transfer (DBT) schemes implemented by them.
ii. Monitoring and follow-up of branches having more than 70% zero balance accounts, by banks and PMJDY Mission team on weekly basis.
iii. Launch of transaction based Incentive Schemes for Bank Mitras
iv. Organising special campaigns in the areas with high concentration of zero balance accounts along with financial Literacy counter, to educate customers on benefits of balance in the accounts.
v. Launch of Jansuraksha Schemes namely PMJJBY, PMSBY & APY, with auto debit facility for availing the benefit of the schemes.
vi. Encouraging the customers to do regular savings to be eligible for Overdraft facility under PMJDY.
Rupay card has been issued to 15.26 crore beneficiaries who will get a benefit of personal accidental insurance of Rs. 1.00 Lac under the Yojana and the progress is being constantly monitored.
A deposit of Rs. 20769.33 crore has been mobilized in the accounts opened under PMJDY.
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Outstanding Balance of 7.38% Government Stock, 2015 Repayable at par on September 03, 2015
The outstanding balance of 7.38% Government Stock, 2015 is repayable at par on September 03, 2015. No interest will accrue there-on from the said dates. In the event of a holiday being declared on September 03, 2015 by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by the paying offices in that State on the previous working day.
As per sub-regulations 24 (2) and 24(3) of Government Securities Regulations, 2007 payment of maturity proceeds to the registered holder of Government Securities held in the form of Subsidiary General Ledger or Constituent Subsidiary General Ledger account or Stock Certificate shall be made by pay order incorporating the relevant particulars of his bank account or by credit to the account of the holder in any bank having facility of receipt of funds through electronic means. For the purpose of making payment in respect of the securities, the original subscriber or the subsequent holders of such Government Securities, shall submit the relevant particulars of their bank account well in advance.
However, in the absence of relevant particulars of bank account / mandate for receipt of funds through electronic means, to facilitate repayment of the Loan on the due date, holders may tender the securities, duly discharged, at the Public Debt Offices, Treasuries /Sub-Treasuries and branches of State Bank of India and its Associate Banks (at which they are enfaced/registered for payment of interest) 20 days in advance of the due date for repayment.
Full details of the procedure for receiving the discharge value may be obtained from any of the aforesaid paying offices.
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Chief Economic Adviser: Increase in Indirect Tax Revenue Collections during July 2015 and first four Months (April-July 2015) of Current Financial Year 2015-16 Indicate that the Underlying Momentum in the Economy Continues to improve across all Sectors; Growth of 14.6 Per Cent (Excluding The Additional Revenue Measures) in Collections in first four Months Suggests a Healthy Increase in Nominal GDP Growth which constitutes the Tax Base for Indirect Tax Collections
The Chief Economic Adviser Dr Arvind Subramanian said that increase registered in Indirect Tax Collections during the first four months (April-July 2015) of the Current Financial Year 2015-16 indicate that the underlying momentum in the economy continues to improve across all sectors.
He said that the growth in underlying indirect tax collections (excluding the additional revenue measures) of 14.6 per cent for the first four months – one-third of Financial Year 2016 – suggests a healthy increase in nominal GDP growth which constitutes the tax base for indirect tax collections.
The Chief Economic Adviser was responding to the Indirect Tax Collections figures released yesterday for the month of July 2015 by the Central Board of Excise and Customs(CBEC)
In July 2015, indirect tax collections increased by 39.1% compared with July 2014; cumulatively, in April-July 2015, indirect tax collections increased by 37.6 per cent over the same period last year.
These increases were spread across all three tax categories – customs, central excise and service tax.
Dr Subramanian further said that these collections reflect in part additional measures taken, including the excise increases n diesel and petrol, the increase in clean energy cess, the withdrawal of exemptions for motor vehicles and consumer durables, and in June 2015, the increase in service tax from 12.36 to 14 per cent; customs duties collections have been aided by the rupee depreciation of 6 per cent between April and July.
Stripped of all additional revenue measures, indirect tax collections increased by 15.2 per cent in July 2015 over July 2014; and by 14.6 per cent for April-July 2015 compared to the April-July 2014, he added.
He said that the growth in underlying indirect tax collections (excluding the additional revenue measures) of 14.6 per cent for the first four months – one-third of Financial Year 2016 – suggests a healthy increase in nominal GDP growth which constitutes the tax base for indirect tax collections.
The Chief Economic Adviser was responding to the Indirect Tax Collections figures released yesterday for the month of July 2015 by the Central Board of Excise and Customs(CBEC)
In July 2015, indirect tax collections increased by 39.1% compared with July 2014; cumulatively, in April-July 2015, indirect tax collections increased by 37.6 per cent over the same period last year.
These increases were spread across all three tax categories – customs, central excise and service tax.
Dr Subramanian further said that these collections reflect in part additional measures taken, including the excise increases n diesel and petrol, the increase in clean energy cess, the withdrawal of exemptions for motor vehicles and consumer durables, and in June 2015, the increase in service tax from 12.36 to 14 per cent; customs duties collections have been aided by the rupee depreciation of 6 per cent between April and July.
Stripped of all additional revenue measures, indirect tax collections increased by 15.2 per cent in July 2015 over July 2014; and by 14.6 per cent for April-July 2015 compared to the April-July 2014, he added.
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