Latest news with #MinistryofFinance
Hans India
3 hours ago
- Business
- Hans India
Atal Pension Yojna surpasses 8 crore enrollments, adds 39 lakh new members in FY26
New Delhi: The Atal Pension Yojana (APY) has achieved a significant milestone by surpassing 8 crore total gross enrollments with an addition of 39 lakh new subscribers in the current Financial Year (FY 2025-26) alone, the Ministry of Finance said on Friday. This milestone comes as the social security scheme celebrates its 10th anniversary since its launch on May 9, 2015. Launched with a vision to create a universal social security system for all Indians, APY is a voluntary, contributory pension scheme, focused on the poor, the underprivileged, and workers in the unorganised sector. Its remarkable success is a result of the dedicated and untiring efforts of all Banks, the Department of Posts (DoP), other stakeholders and the continued support of the Government of India, the ministry said in a press note. Pension Fund Regulatory and Development Authority (PFRDA), an administrator for the APY, has actively driven enrolments through outreach programmes, training, multilingual handouts, media campaigns, and regular reviews. APY is meticulously designed to provide a security Shield by ensuring a guaranteed monthly pension of Rs 1,000 to 5,000 for the subscriber post-60 years of age, and the same pension to the spouse after the subscriber's demise. In addition, the return of the accumulated corpus to the nominee after the death of both (Husband and Wife). The scheme is open to all Indian citizens between the ages of 18-40 years. However, people paying income tax can not be subscribers of the Atal Pension Scheme. Earlier in April this year, APY's subscriber base reached to 7.65 crore, and women make up about 48 per cent of all, according to data from the government. Initially, the scheme was available to all citizens of India between 18 and 40 years of age. From October 2022, individuals paying income tax were exempted from the eligibility.
Time of India
9 hours ago
- Business
- Time of India
New SGB issuance: When will government issue next tranche of sovereign gold bonds? Here is the answer
Questions on Sovereign Gold Bond scheme Academy Empower your mind, elevate your skills Whether Sovereign Gold Bonds (SGBs) scheme is a failure? If not, by when Government is going to release the next tranches of SGBs for the public? How does the government decide when to release new SGB tranches? Has the geopolitical situation affected SGB issuance? When will the next SGB tranche be released? FAQS on SGB What is a Sovereign Gold Bond (SGB)? The Ministry of Finance responded to questions about the effectiveness and future of the Sovereign Gold Bond (SGB) scheme, highlighting its success since its inception in 2015 and explaining the impact of global geopolitical tensions on issuing new tranches of last tranche of SGBs - SGB 2023-24 Series IV was issued in February Wealth Online tells you in detail the questions asked by Members of Parliament on the Sovereign Gold Bond scheme and the government's response on the Ashokrao Patil, Member of Parliament, Rajya Sabha, asked the following questions on SGBs from the government:Whether Sovereign Gold Bonds (SGBs) scheme is a failure; and if not, by when is the Government going to release the next tranches of SGBs for the public?Pankaj Chaudhary gave a written reply in Rajya Sabha to the question raised on SGBs:'The Sovereign Gold Bonds (SGB) scheme was introduced in 2015 to help reduce the demand for physical gold. As of March 31, 2025, the SGB scheme garnered subscription of about 146.96 ton of gold amounting to about Rs 72,275 crore through 67 different tranches. Against this, 18.81 ton of SGB subscription has already been redeemed till June 15, 2025.'' The Government of India mobilizes resources through various modes including Government Securities, Treasury Bills, Sovereign Gold Bonds, etc. A decision on the mode of mobilizing resources is taken after due consideration of the relative costs to the Government. The recent global geopolitical unrest has impacted gold prices significantly, increasing the cost of borrowing through SGBs. The Government's endeavor is to minimize the cost of borrowings and hence it is imperative for a prudent debt management strategy to carefully consider the above factor while deciding on offering new tranches of Sovereign Gold Bonds.'The decision to issue new SGBs depends on the overall cost of borrowing for the government. It is evaluated alongside other instruments like Government Securities and Treasury Bills to ensure a prudent debt management Global geopolitical unrest has driven up gold prices, which in turn has increased the cost of borrowing via SGBs. This is a key factor currently influencing the government's decision on whether to launch new SGB the government has not announced specific dates for the next tranche, it stated in Parliament that any such decision will depend on market conditions, particularly gold price trends and borrowing are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on nominal value of Gold Bonds shall be in Indian rupees fixed on the basis of simple average of closing price of gold of 999 purity, published by the India Bullion and Jewelers Association Limited, for the last 3 business days of the week preceding the subscription matures after 8 years and premature withdrawal of SGB redemption is allowed from fifth year. One month before maturity, the investor will be informed of the bond's upcoming maturity date. On the date of maturity, the maturity proceeds will be credited to the bank account specified in the record. If there are any changes to any details, such as account numbers or email addresses, the investor must notify the bank.
The Star
12 hours ago
- Business
- The Star
Thai government unveils extensive financial relief for border conflict victims
BANGKOK: The Thai government has announced a comprehensive package of relief measures for individuals and officials affected by the recent escalation of conflict along the Thai-Cambodian border. The announcement comes as ministries coordinate a wide-ranging response, including financial assistance and a significant diplomatic downgrade. Jirayu Huangsap, spokesperson for the Prime Minister's Office, confirmed that interim Prime Minister Phumtham Wechayachai, who also serves as Deputy Prime Minister and Interior Minister, has instructed relevant agencies to swiftly compile casualty figures. This includes details of citizens and personnel killed, injured, and those who suffered property damage. This information will then be sent to provincial authorities to finalise numbers for immediate financial compensation and relief. Initial aid will be drawn from the Prime Minister's Office Fund to provide immediate relief, with further comprehensive measures to be rapidly assessed and returned to the Ministry of Interior and Prime Minister's Office for approval. The Ministry of Finance has mandated specialised financial institutions to implement emergency financial measures aimed at alleviating hardship caused by the border unrest. These initiatives encompass debt moratoria, reduced interest rates and the provision of low-interest loans. Deputy Prime Minister and Finance Minister Pichai Chunhavajira stated that the unrest has severely impacted the safety and well-being of local residents, with significant economic and social repercussions for surrounding communities. The conflict has led to considerable property damage and severely disrupted the livelihoods and businesses of people in the affected areas. Acknowledging these severe impacts, the government has prioritised urgent care for its citizens, instructing various financial institutions to implement a broad spectrum of relief measures. The Ministry of Finance affirmed its commitment to mitigating the conflict's impact, ensuring that affected citizens and businesses have adequate access to funding for their livelihoods, operations, and recovery. These comprehensive measures are designed to reach a wide range of beneficiaries, including farmers, small entrepreneurs, and the general public, aiming to reduce costs, enhance liquidity, and support the repair and restoration of assets to enable efficient business resumption. Affected individuals can apply for assistance through the relevant financial institutions immediately, with the Ministry of Finance closely monitoring the situation to introduce further appropriate measures as needed. Key financial support initiatives include: Government Savings Bank: Offering principal payment deferment until December 2025 for affected individuals (with partial interest payments), along with two low-interest retail loan programmes and a specific loan scheme for SMEs, including fee waivers Bank for Agriculture and Agricultural Cooperatives: Providing emergency expense loans up to 50,000 baht (US$1,546) (for farmers, with a six-month interest grace period) and rehabilitation loans up to 500,000 baht for repairs and quality of life improvement Government Housing Bank: Introduced a 200 million baht project offering highly preferential interest rates (as low as 0.01 per cent per annum) for borrowers with severe injuries, permanent disabilities, or damaged/destroyed homes Small and Medium Enterprise Development Bank of Thailand: Launched a 'Pause, Reduce, Extend, Add' programme for affected SMEs, including principal payment suspensions, reduced installments, extended repayment periods and low-interest capital loans Export-Import Bank of Thailand: Providing urgent relief measures such as extended debt repayment periods, reduced interest rates, and increased temporary credit lines, alongside various liquidity and cost reduction measures for new market entry and export support Islamic Bank of Thailand: Implemented 'IBank Never Leaves You' measures, offering principal and profit payment suspensions and additional funding for home and business rehabilitation with favourable profit rates Thai Credit Guarantee Corporation: Offering payment deferrals for guarantee fees and instalments for existing clients, and new credit guarantee schemes (SMEs Power Trade & Biz, SMEs Micro Biz) worth billions of baht to provide crucial liquidity In response to the volatile border situation, several key ministries have been issued specific directives: Ministry of Education: Ordered the temporary closure of schools in high-risk areas Ministry of Public Health: Transformed local hospitals into temporary field hospitals and successfully evacuated all patients and injured individuals to safer facilities Ministry of Social Development and Human Security: Tasked with overseeing initial relief efforts and basic humanitarian assistance Ministry of Digital Economy and Society: Instructed to monitor and correct the spread of false information related to the situation Ministry of Interior: Directed to collaborate with the military in affected areas to ensure comprehensive public care Diplomatic Downgrade and Financial Support On the diplomatic front, the government has confirmed a downgrade in relations with Cambodia. The Ministry of Foreign Affairs has been instructed to recall Thailand's Ambassador to Cambodia and to send the Cambodian Ambassador to Thailand back to Phnom Penh. Jirayu described this as 'the most severe measure in diplomacy'. - The Nation/ANN ALSO READ:
Business Times
12 hours ago
- Business
- Business Times
Vietnam mulls overhaul of property transfer tax, sparks fears of stalling recovery
[HO CHI MINH CITY] Vietnam's Ministry of Finance has unveiled a sweeping proposal to overhaul the way personal income tax is applied to real estate transactions – replacing the current flat 2 per cent levy on selling price with higher percentages, based on how long the property is held, or 20 per cent of the actual capital gains per transaction. The ministry states that the change is necessary to plug tax loopholes, reduce speculation, and create a more equitable tax regime. However, industry stakeholders warn that the shift could dampen liquidity, inflate prices for real homebuyers, and further weaken an already-fragile property market. Under the proposal, individuals selling real estate would be taxed 20 per cent on the net profit, which is the difference between the selling price and the original purchase price, minus related costs. In cases where the purchase price or expenses cannot be verified, tax would be applied to the gross sale value, based on how long the property was held. That marks a sharp increase from the current flat 2 per cent tax on the selling price to as much as 10 per cent for properties owned for less than two years. The ministry says the new model better reflects true earnings and is modelled after systems used in Singapore, Taiwan and Malaysia, where tax rates also scale with holding periods to deter speculative flipping. In Singapore, for instance, residential properties resold within a year are subject to a 100 per cent tax on the price gain. In Malaysia, the Real Property Gains Tax imposes rates of up to 30 per cent on properties sold within three years. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up The latest shift in the rule, outlined in the draft of the revised Personal Income Tax Law, is now open for public consultation until the end of this month and is expected to go before the National Assembly for review and approval this October. Huynh Thi Huong Giang, head of research at property advisory firm Savills in Ho Chi Minh City, said: 'From my perspective, applying this tax model under current conditions without adequate infrastructure would be very challenging.' She noted that Vietnam's property data system remains fragmented, with transfer prices largely based on declared values in sales agreements, and that actual transaction prices are often higher. '(We expect) a negative impact on market liquidity, potentially slowing down transaction processes, causing tax collection bottlenecks, and increasing the risk of disputes and legal conflicts,' she noted. Sellers may also respond to higher taxes by raising housing prices to maintain their profit margins, potentially making homes less affordable for genuine buyers, Giang added. Nguyen Thi Thu Xuan, a Hanoi-based investor who frequently buys and resells homes with a group of friends, believes that speculative investing will continue both in undervalued properties and amid rising market prices due to a supply crunch. 'It won't hurt us as much as it hurts end-buyers who actually need a home,' she said, noting that additional tax costs could push prices even higher. Xuan added that in practice, if sale prices are not truthfully declared, a 10 per cent or 20 per cent tax is mostly symbolic. 'It doesn't mean higher tax costs,' she said. 'In fact, steeper rates might just drive more people to exploit loopholes and under-report transactions.' The finance ministry appears aware of the challenges in applying the new property tax rule. In a response to local media reports, officials stressed the need for a gradual transition with a suitable road map, tied to the development of land and housing policies, data infrastructure and legal frameworks for tracking and taxing property profits. Problematic timing Dinh Minh Tuan, southern regional director at PropertyGuru Vietnam, which owns the country's largest real estate portal said the timing of applying the new rule was problematic. 'While the policy aims to 'reward holders, penalise flippers,' it also raises concerns about timing and broader market impact, especially as the real estate sector remains sluggish,' he stated in a commentary. 'The proposal may prove more harmful than beneficial.' Vietnam's real estate market plunged into a slump in 2022 and 2023, with supply freezing up, liquidity drying out, and many housing projects stalling. Transactions started picking up in 2024 and 2025, showing signs of market recovery following a series of regulatory reforms. However, property prices have been soaring exponentially due to supply-demand imbalance and speculative buying, making them out of reach for most residents. In major urban centres such as Hanoi and Ho Chi Minh City, it now takes several decades of the disposable income of a family at the median to purchase an apartment. 'We expect residential prices to continue their upward trajectory (for the rest of the year), largely driven by the launch of high-end projects and ongoing supply constraints,' noted Savills' Giang. A survey of more than 1,000 users found that 59 per cent bought real estate primarily for investment, not for personal use, and many were planning to sell within the year. Tuan noted that short-term investors now make up a significant share of the market, especially in segments of land plots and high-end condominiums. 'A 10 per cent tax would significantly eat into profit margins, reducing investment appeal and potentially pushing small investors out, further dampening market liquidity,' he stated. He believes this tax hike could act as an untimely brake, stalling the recovery momentum and causing ripple effects in related sectors of the economy. The Vietnamese government is aiming for 8.3 to 8.5 per cent economic growth this year, from 7.1 per cent last year, to create a foundation for double-digit growth in the 2026-2030 period. Prime Minister Pham Minh Chinh recently emphasised that Vietnam must revitalise its traditional growth engines – domestic consumption, exports and investment – while also embracing new drivers such as green growth and the digital economy. With US tariff hikes weighing on trade, experts say that a rebound in the real estate market and increased infrastructure spending would be crucial to boosting consumer confidence in the country's economy, where household consumption contributes to about 60 per cent of the gross domestic product.
Straits Times
12 hours ago
- Politics
- Straits Times
Thai government unveils extensive financial relief for border conflict victims
Find out what's new on ST website and app. More than 100,000 people have fled the bloodiest border fighting between Thailand and Cambodia in a decade, Bangkok said on July 25. Follow our live coverage here. BANGKOK - The Thai government has announced a comprehensive package of relief measures for individuals and officials affected by the recent escalation of conflict along the Thai-Cambodian border . The announcement comes as ministries coordinate a wide-ranging response, including financial assistance and a significant diplomatic downgrade. Mr Jirayu Huangsap, spokesperson for the Prime Minister's Office, confirmed that interim Prime Minister Phumtham Wechayachai, who also serves as Deputy Prime Minister and Interior Minister, has instructed relevant agencies to swiftly compile casualty figures. This includes details of citizens and personnel killed, injured, and those who suffered property damage. This information will then be sent to provincial authorities to finalise numbers for immediate financial compensation and relief. Initial aid will be drawn from the Prime Minister's Office Fund to provide immediate relief, with further comprehensive measures to be rapidly assessed and returned to the Ministry of Interior and Prime Minister's Office for approval. The Ministry of Finance has mandated specialised financial institutions to implement emergency financial measures aimed at alleviating hardship caused by the border unrest. Top stories Swipe. Select. Stay informed. Singapore HDB resale price growth moderates in Q2, more flats sold Singapore MRT service changes needed to modify 3 East-West Line stations on Changi Airport stretch: LTA Singapore Etomidate found in blood samples of 2 people involved in fatal Punggol Road accident in May: HSA Asia Live: Thailand-Cambodia border clashes continue for second day Asia Cambodia border clash heaps pressure on embattled Thai PM Singapore Ex-cop faces 15 charges over sex offences involving at least 6 boys, allegedly made child porn Business GIC posts 3.8% annualised return over 20 years despite economic uncertainties Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly These initiatives encompass debt moratoria, reduced interest rates, and the provision of low-interest loans. Deputy Prime Minister and Finance Minister Pichai Chunhavajira stated that the unrest has severely impacted the safety and well-being of local residents, with significant economic and social repercussions for surrounding communities. The conflict has led to considerable property damage and severely disrupted the livelihoods and businesses of people in the affected areas . Acknowledging these severe impacts, the government has prioritised urgent care for its citizens, instructing various financial institutions to implement a broad spectrum of relief measures. The Ministry of Finance affirmed its commitment to mitigating the conflict's impact, ensuring that affected citizens and businesses have adequate access to funding for their livelihoods, operations, and recovery. These comprehensive measures are designed to reach a wide range of beneficiaries, including farmers, small entrepreneurs, and the general public, aiming to reduce costs, enhance liquidity, and support the repair and restoration of assets to enable efficient business resumption. Affected individuals can apply for assistance through the relevant financial institutions immediately, with the Ministry of Finance closely monitoring the situation to introduce further appropriate measures as needed. Key financial support initiatives include: Government Savings Bank (GSB): Offering principal payment deferment until December 2025 for affected individuals (with partial interest payments), along with two low-interest retail loan programmes and a specific loan scheme for SMEs, including fee waivers Bank for Agriculture and Agricultural Cooperatives (BAAC): Providing emergency expense loans up to 50,000 baht (S$1,980) (for farmers, with a 6-month interest grace period) and rehabilitation loans up to 500,000 baht for repairs and quality of life improvement Government Housing Bank (GHB): Introduced a 200 million baht project offering highly preferential interest rates (as low as 0.01 per cent per annum) for borrowers with severe injuries, permanent disabilities, or damaged/destroyed homes Small and Medium Enterprise Development Bank of Thailand (SME D Bank): Launched a 'Pause, Reduce, Extend, Add' programme for affected SMEs, including principal payment suspensions, reduced instalments, extended repayment periods, and low-interest capital loans Export-Import Bank of Thailand (EXIM Thailand): Providing urgent relief measures such as extended debt repayment periods, reduced interest rates, and increased temporary credit lines, alongside various liquidity and cost reduction measures for new market entry and export support Islamic Bank of Thailand (IBank): Implemented 'IBank Never Leaves You' measures, offering principal and profit payment suspensions and additional funding for home and business rehabilitation with favourable profit rates Thai Credit Guarantee Corporation (TCG): Offering payment deferrals for guarantee fees and instalments for existing clients, and new credit guarantee schemes (SMEs Power Trade & Biz, SMEs Micro Biz) worth billions of baht to provide crucial liquidity In response to the volatile border situation, several key ministries have been issued specific directives: Ministry of Education: Ordered the temporary closure of schools in high-risk areas Ministry of Public Health: Transformed local hospitals into temporary field hospitals and successfully evacuated all patients and injured individuals to safer facilities Ministry of Social Development and Human Security: Tasked with overseeing initial relief efforts and basic humanitarian assistance Ministry of Digital Economy and Society: Instructed to monitor and correct the spread of false information related to the situation Ministry of Interior: Directed to collaborate with the military in affected areas to ensure comprehensive public care Diplomatic downgrade and financial support On the diplomatic front, the government has confirmed a downgrade in relations with Cambodia. The Ministry of Foreign Affairs has been instructed to recall Thailand's Ambassador to Cambodia and to send the Cambodian Ambassador to Thailand back to Phnom Penh . Mr Jirayu described this as 'the most severe measure in diplomacy'. THE NATION/ASIA NEWS NETWORK
