PM CARES Fund Corpus Hits Record Rs. 8,452 Crore, Rs. 6,641 Crore Parked in Fixed Deposits The PM CARES Fund, established by Prime Minister Narendra Modi in 2020 to address emergencies, has grown to a corpus of Rs. 8,452.07 crore as of the end of the 2024-25 financial year. This marks a significant increase from the previous year’s corpus of Rs. 7,173 crore, reflecting a rise of approximately Rs. 1,279 crore over the past year. A detailed audit report reveals that the majority of the fund’s assets—Rs. 6,641 crore—are currently held in fixed deposits, a stark contrast to the previous year when only Rs. 78.46 crore was parked in such accounts. This shift indicates a strategic move to prioritize long-term investments, as fixed deposits offer higher returns compared to savings accounts, which saw a decline in holdings. Savings account balances dropped from Rs. 6,283 crore in 2022-23 to Rs. 605 crore in 2024-25. The fund’s growth is also attributed to interest income. In 2024-25, fixed deposits generated Rs. 475 crore in interest, with an additional Rs. 13.49 lakh returned as tax benefits. This interest income, combined with new contributions, contributed significantly to the fund’s expansion. New inflows during the 2024-25 fiscal year totaled Rs. 1,279 crore, sourced from domestic and foreign donations, interest, and reimbursements from implementing agencies. Domestic contributions accounted for Rs. 479.04 crore, while foreign donations amounted to Rs. 92.83 lakh. Reimbursements from agencies totaled Rs. 324.66 crore. Despite substantial inflows, the fund’s expenditure remained minimal, with only Rs. 87.85 lakh spent during the year. This low spending, coupled with interest income, explains the sharp rise in the corpus.#finance_minister #narendra_modi #pm_cares_fund #central_home_minister #defense_minister
Lok Sabha Passes Bill to Allow Charges on Digital Payments The Lok Sabha on Thursday, August 6, 2026, passed the Taxation and Other Laws (Amendment) Bill, which amends the Payment and Settlement Systems Act, 2007 to authorize the government to permit banks and payment service providers to levy charges on transactions through the unified payments interface (UPI) and other notified electronic payment modes. The bill was passed without a formal debate due to persistent interruptions by the Opposition, which raised issues such as alleged theft of donations at the Ram temple in Ayodhya. The amendment removes the existing legal provision that previously prohibited banks and payment service providers from charging Merchant Discount Rate (MDR) on electronic payment modes. Real-time payments via RTGS and NEFT have long been subject to service charges, but UPI transactions remained exempt until now. The proposed changes are part of a broader taxation legislation introduced in the Lok Sabha on August 4, 2026. The bill was passed through a voice vote after the Lok Sabha resumed at 2 p.m. following an earlier adjournment. Finance Minister Nirmala Sitharaman moved the bill to amend the Payment and Settlement Systems Act, 2007, the Income Tax Act, 2025, and the Finance Act, 2026. The government’s objective is to impose small charges on digital payment services for consumers and small businesses while ensuring a sustainable revenue model for banks, payment service providers, and infrastructure firms. The amendment modifies Section 10A of the Payment and Settlement Systems Act, 2007, replacing the phrase “electronic modes of payment prescribed under section 269SU of the Income-tax Act, 1961” with “one or more electronic modes of payment as the central government may, by notification, specify.#finance_minister #lok_sabha #nirmala_sitharaman #ru_pay #bhim_upi
France's finance minister calls for more euro stablecoins in sign of government policy shift #finance_minister #France_finance #policy_shift #minister_calls #euro_stablecoins
Poland's Bold Tax Cut on Fuel: Impact on Economy and Energy Sector Poland has implemented a significant reduction in the value-added tax (VAT) on fuel to ease the financial burden on drivers, a move expected to result in substantial revenue losses for the government. Finance Minister Andrzej Domanski revealed that the tax cut will lead to a monthly shortfall of 900 million zlotys, equivalent to approximately $242.88 million. Additionally, the reduction in excise taxes is projected to add another 700 million zlotys to the monthly budget deficit. These measures aim to lower fuel costs for consumers, but they come at a considerable fiscal cost. The Polish government is exploring further steps to offset the impact of these tax cuts, including potential caps on pump prices and the introduction of a windfall tax on energy companies. These strategies are intended to provide additional relief to motorists, though they have already influenced financial markets. Shares in state-controlled refiner Orlen have declined as investors react to the government’s plans, reflecting concerns about the long-term economic implications of the policy. The decision to cut fuel taxes aligns with Poland’s broader efforts to balance economic growth with consumer protection, particularly in the context of fluctuating energy markets. The government’s approach highlights the challenges of managing inflationary pressures while maintaining stability in key sectors. Meanwhile, the current exchange rate stands at $1 equaling 3.7055 zlotys, underscoring the interconnectedness of fiscal policy and currency dynamics. As the government navigates these adjustments, the focus remains on mitigating the impact on households while addressing the financial strain caused by the tax cuts.#finance_minister #poland #andzej_domanski #orlen #fuel_tax_cut
Brazil’s finance minister delays divisive crypto tax plan #finance_minister #tax_plan #minister_delays #delays_divisive #divisive_crypto
Kerala Budget session: Rs 14,500 crore welfare boost; major push for social security—key points Kerala's finance minister presented a people-focused budget for 2026-27, allocating Rs 14,500 crore for social security and community programs. Key announcements include the formation of the 12th Pay Revision Commission and the Assured Pension Scheme, replacing NPS for eligible employees. The budget also boosts honorariums for ASHA and Anganwadi workers, and allocates funds for infrastructure projects like the RRTS. #social_security #points_Kerala #Kerala_finance #crore_welfare #major_push #community_programs #finance_minister #minister_presented #Kerala_Budget #key_points
