Union Finance Ministry Current Affairs - 2019

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Centre fixes price for Sovereign Gold Bonds at Rs.3,443 per gram

Government of India has fixed the price at Rs.3,443 per gram for the new series of Sovereign Gold Bonds (SGBs) opening July 8.

Key Highlights

Union Finance Ministry recently announced that Centre in consultation with Reserve Bank of India (RBI) has decided to allow a discount of Rs.50 per gram from issue price to those investors who apply online and payment which is made via digital mode. This implies that for such investors, the issue price of gold bond will be Rs.3,393 per gram of gold.

On 30 may 2019 RBI announced calendar for issuance of SGB for 1st half of current financial year (2019-2020).

The SGB’s will be issued every month from June 2019 to September 2019.

About Sovereign Gold Bond Scheme

It was launched by Government of India in November 2015 with the goal of reducing the demand for physical gold and shifting a part of domestic savings, used for purchase of gold, into financial savings.

Under the SGB scheme, bonds are denominated in units of 1 gram of gold and multiples thereof.

Minimum Investment: in bonds is 1 gram and a maximum limit of subscription of 500 gram/person/fiscal year (April-March).

Maximum Limit: of subscription is 4 kg for an individual and Hindu Undivided Family (HUF) and 20 kg maximum subscription limit for trusts and similar entities per fiscal (April-March).

Annual Ceiling: includes bonds subscribed under different tranches during initial issuance by centre and those purchased from secondary market.

Union Government launches e-Sahyog Pilot Project to facilitate Taxpayers

Union Finance Ministry has launched an e-Sahyog pilot project of Income-Tax Department to facilitate taxpayers to reduce their need to physically appear before tax authorities.

It was launched by Union Finance Minister Arun Jaitley at a function in New Delhi in line with Union Government flagship Digital India initiative.

Key facts about e-Sahyog project

  • Aims to reduce compliance cost, especially for small taxpayers and provide an online mechanism to resolve mismatches in Income-tax returns.
  • As part of the digital initiative, IT Department will provide an end to end e-service using SMS, e-mails to inform the tax assesses of the mismatch.
  • Henceforth, by using this service taxpayers will simply need to visit the e-filing portal and log in with their user-ID and password.
  • It will help them to view mismatch related information and submit online response on the issue without physically appearing before tax authorities.

Apart from it, Union Finance Minister also launched a campaign to provide public service at peoples’ door step by holding special PAN camps in remote areas.

Under the campaign, special camps will be held over for two days at 43 remote, semi urban and rural locations across the country. It is the first instance IT Department facilitating in such areas for obtaining of PAN card by persons residing.