In a significant development, the Karnataka High Court stayed further investigation till October 22 in the FIR filed against former Karnataka BJP President Nalin Kumar Kateel and FM Nirmala Sitharaman.

An FIR has been filed against Union Finance Minister Nirmala Sitharaman following allegations of electoral roll fraud. The case involves BJP leaders and Enforcement Directorate officials under charges of extortion and conspiracy. The controversy has sparked a political debate.

Under the NPS Vatsalya scheme, parents can open a pension account for their children and make a minimum annual contribution of Rs 10,000 per annum. After the child is 18 years of age, the account automatically gets converted into a normal NPS account, which the holder can continue.

NPS Vatsalya: If parents contribute Rs 10,000 annually to their child's NPS Vatsalya account for 18 years, a fund of Rs 5 lakh will be accumulated at an estimated return of 10%.

Finance Minister Nirmala Sitharaman highlighted the crucial role of banks in India's vision for 2047. She called for enhanced infrastructure development, MSME support, financial inclusion, and digital security while praising the global success of UPI.

NPS Vatsalya Scheme Overview: Finance Minister Nirmala Sitharaman has introduced the NPS Vatsalya scheme, allowing parents to open pension accounts for their minor children. Aimed at securing long-term financial stability, the scheme converts to a regular NPS account when the child turns 18.

NPS Vatsalya Scheme: The Union Finance Minister will also launch an online platform for subscribing to NPS Vatsalya, release of scheme brochure, and distribute Permanent Retirement Account Number (PRAN) cards to new minor subscribers.

The 54th GST Council meeting introduced several key changes in GST rates, including reductions for cancer drugs and adjustments for various goods. Notable updates include a rate cut for extruded snacks, a new reverse charge mechanism for metal scrap, and an increase in GST rates for car seats.

There has been a widespread demand to remove the 18 per cent GST on health insurance premiums so that the extra burden is not imposed on the insured, thereby increasing the ambit of coverage.

The Fitment Committee, comprising the Centre and state tax officials, on Monday presented a report giving data and analysis and implications of GST reduction on life, health and reinsurance premiums.

The GST Council will also decide whether to reduce the tax burden on health insurance from the current 18 per cent or exempt certain categories of individuals, like senior citizens.

On the tenth anniversary of Pradhan Mantri Jan-Dhan Yojana (PMJDY), Prime Minister Narendra Modi praised the scheme for significantly boosting financial inclusion in India. Launched in 2014, PMJDY has opened over 53 crore bank accounts and accumulated deposits exceeding Rs 2.3 lakh crore.

Describing the ministers-only meeting as "productive," Balakrishnan noted that it paves the way for an upcoming official visit to Singapore by Prime Minister Narendra Modi, which is expected to happen soon.

The four ministers are in Singapore for the second India-Singapore Ministerial Roundtable (ISMR), scheduled for Monday. They will discuss bilateral cooperation and share perspectives on mutual interests.

Finance Minister Nirmala Sitharaman urged banks to prioritise their core business activities, emphasising the necessity of collecting deposits and lending with increased strictness.

Centre has brought an amendment to the Finance Bill 2024, to allow taxpayers to select either a 12.5 per cent long-term capital gains tax rate without indexation or a 20 per cent rate with indexation for property acquired before July 23 this year.

The External Affairs Minister also mentioned that the government is monitoring the situation with regard to the minorities living in Bangladesh.

Parliament Monsoon Session Highlights: In the Lok Sabha, Union Finance Minister Nirmala Sitharaman will introduce the Appropriation Bill and Finance Bill. The Appropriation Bill was passed in Lok Sabha today.

Mamata Banerjee said that the imposition of GST on insurance premiums increases the financial burden on the common people and urged Union Finance Minister Nirmala Sitharaman to withdraw the Centre's recent move in the Union Budget.

In a positive economic development, the government announced that July's Gross Goods and Services Tax (GST) collections have surged by 10.3%, reaching over Rs 1.82 lakh crore. This marks a significant improvement from the same period last year.