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PM Narendra Modi Inaugurated Iconic Week Celebrations of FinMin & MCA- June 6-12, 2022

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As a part of the ‘Azadi Ka Amrit Mahotsav (AKAM)’, an Iconic Week Celebrations of the Ministry of Finance (FinMin) and Ministry of Corporate Affairs (MCA) were held from June 6-12, 2022, at Vigyan Bhawan, New Delhi, Delhi. It was inaugurated by Prime Minister (PM) of India Narendra Modi.

  • Iconic Week Celebrations of the Ministry of Finance (FinMin) and Ministry of Corporate Affairs (MCA) was held under the theme of “Transforming Lives”.
  • It was attended by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman, Union Minister of State for Corporate Affairs Shri Rao Inderjit Sigh, among others.
  • Note-  Chairman of organizing Committee of Azadi Ka Amrut Mahotsav event is Amitabh Banerjee

PM launched 1st-of-its-kind Jan Samarth PortalNational Portal for Credit Linked Government schemes

The PM Narendra Modi launched National portal for credit linked government schemes – Jan Samarth Portal, a first of its kind platform to directly connect beneficiaries to lenders. It provides single window facility for 13 Government Schemes application submission and 125+ Member Lending Institutions-MLIs (including all Public Sector Banks) to choose from.

  • The portal will facilitate credit under the categories of Agriculture, Livelihood, and Education categories.
  • It is a one-stop digital portal linking Government credit schemes.

Key Points:

i.The portal will check eligibility, give in principle sanction and send the application to the selected Bank.

ii.It will also keep the beneficiaries updated during the credit process and bare multiple visit to bank branches.

iii.This portal is part of the PM’s Seva of the common people, and to encourage inclusive growth and development of various sectors by guiding and providing them with the right type of government benefits through simple and easy digital processes.

iv.Real time checks with Central Board of Direct Taxes (CBDT), Goods and Services Tax (GST), UDYAM, National E-Governance Services Limited (NeSL), UIDAI (Unique Identification Authority of India), Credit Information Bureau (India) Limited (CIBIL) etc ensures faster loan processing.

PM Narendra Modi launched new Re 1, Rs 2, 5, 10 and 20 coinsNew-Re-1,-Rs-2,-5,-10-and-20-coins-launched-by-PM-Modi

The PM also launched a special series of coins of Re 1, Rs 2, 5, 10 and 20 denominations having AKAM design. They are not commemorative coins and will be part of circulation.These special series of coins will have the theme of the logo of AKAM.

  • They are also visually impaired friendly
  • This new series motivate people to work towards the development of the country.

Finance Minister launches a Special Window Facility for Senior Citizens above 75 years

Union Finance Minister Nirmala Sitharaman launched a special window facility for senior citizens above 75 years seeking refund from the Investor Education and Protection Fund Authority (IEPFA). It is an initiative by IEPFA.

  • As a part of this facility, the claim filed by these claimants will be auto-prioritized in MCA 21 system, an e-Governance initiative of MCA, after receipt of e-verification report from the companies.
  • For facilitation of these claimants, a dedicated telephone number 011-23441727 and email id [email protected] has been established.
  • As a part of this initiative, Companies are requested to facilitate all such claimants in filing IEPF – 5 as well as file their e-verification report on priority in MCA 21.

About Investor Education and Protection Fund Authority(IEPFA):

Parent Ministry– Ministry of Corporate Affairs (MCA)

Chief Executive Officer (CEO)– Manoj Pandey

Headquarter– New Delhi, Delhi

Finance Minister launched NETRA Portal and Mobile Application for IDEASFinance-Minister-launched-NETRA

The Union Finance Minister also launched NETRA (New e-Tracking and Remote Administration) portal, and Mobile Application for India Development and Economic Assistance Scheme (IDEAS).

About NETRA:

NETRA has been developed for the efficient management and monitoring of the LOC (Line of Credit) and Concessional Finance Projects extended by Export-Import Bank of India (EXIM).

  • The platform will facilitate in the implementation cycle, project monitoring and reporting by providing all relevant information to the key Indian stakeholders in an automated environment.
  •  It will further enhance the speed of delivery of the LOCs

About IDEAS:

Under IDEAS, EXIM Bank extends concessional finance to low and middle-income countries for sharing India’s development experience by way of infrastructure development, capacity building, trade and skill transfer.

  • Till date, India has offered concessional financing aggregating $34.56 billion to 66 countries in Africa, Asia, Latin America, Oceania and Commonwealth of Independent States (CIS) region.

Finance Minister launches Single Nodal Agency Dashboard

The Union Finance Minister Nirmala Sitharaman also launched the Single Nodal Agency (SNA) Dashboard of Public Financial Management System (PFMS) to ensure effective utilization of technology in public finance.

  • The SNA dashboard will provide a platform for ministries and departments to monitor the transfer of funds for Centrally Sponsored Schemes (CSS) to states and their utilization.
  • The SNA Dashboard requires each State to identify and designate a SNA for every scheme.

SPMCIL sets up Saifabad Mint Museum in Hyderabad

A coin exhibition, showcasing the history of coin-making and collection at the Saifabad Mint Museum in Hyderabad, Telangana was inaugurated as part of ‘Azadi Ka Amrit Mahotsav’ celebrations.The exhibition reflects about 120 years of the history of the region as well as the nation.

The Saifabad Mint Museum has been set up by the Security Printing and Minting Corporation of India Ltd (SPMCIL) as part of ‘Azadi Ka Amrit Mohostav’ in a mint facility which was abandoned in 1990s.

Dr Jitendra Singh, Ministry of Science & Technology (MoST) released Aarohan

i.Union Minister of State (Independent Charge) Dr Jitendra Singh, Ministry of Science & Technology (MoST) released Aarohan, a Coffee Table Book and e-book on the progressive contribution of the Income Tax (IT) Department over the decades.

  • Aarohan means Ascent.

Dr. Bhagwat Kishanrao Karad, Ministry of Finance released an e-book titled PratidhwaniUnion-Minister-of-State-for-Finance-Dr

ii.Union Minister of State (MoS) Dr. Bhagwat Kishanrao Karad, Ministry of Finance released an e-book titled Pratidhwani that highlights policy initiatives and changes in IT Department during the period 2000 to 2022. It is divided into 4 chapters.

  • Pratidhwani means resonance.

iii.On June 8, 2022, Indian Customs under the Central Board of Indirect Taxes and Customs (CBIC) observed ‘Drug Destruction Day’ across India as a part of AKAM during which 42054.104 kgs kilograms of narcotics were destroyed which includes 17,108,45 tablets, 72757 bottles of cough syrup, and 16,336 vials of injections.

iv.The Central Board of Indirect Taxes & Customs (CBIC) launched ‘E-Lecture Series by Eminent Personalities’.

  • The event is being hosted by the CBIC Chairman and organised by Mumbai Customs Zone-I.

v.A video Rupaya Ka Rochak Safar’ was also launched at the inaugural function depicting the journey of the India’s financial services sector over the last 75 years. It is narrated by Veteran Bollywood Actor Amitabh Bachchan.

vi.The training modules of the Department of Expenditure were also launched as part of Mission Karmayogi.

  • Mission Karmayogi has been tasked with capacity building commission. It will come up with training modules in order to empower, train and skill the civil servants.

vii.A short Film ‘Journey of Corporate Governance in India: A Panorama’ was also released that  include evolution of Corporate Governance in India.

viii.There was also a release of Commemorative Postal Stamp on Investor Awareness – A unique postal stamp carrying the message of inclusive financial literacy & investor awareness with the mandate of Investor Education & Protection Fund Authority.

ix.There is also a launch of National CSR Exchange Portal–  a digital initiative on CSR (Corporate Social Responsibility) which will enable stakeholders to list, search, interact, engage and manage their CSR projects on a voluntary basis.

x.Other special attractions include the replicas of the world’s largest 1,000 tolas Mughal gold coin Muhr issued by Emperor Jahangir in the 17th Century and the famed silver Rupee issued by the ruler of Delhi Sher Shah Suri in the 16th century.

  • Types of coins from the Nizam era— Gold coins, Ashrafis, community coins and circulation coins.

xi.On June 11, 2022, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman dedicated to the nation, Dharohar – the National Museum of Customs and GST in Panaji, Goa.

  • xii.Dharohar is one of its kind museums in the country that showcases not only the artifacts seized by Indian Customs but also depicts various aspects of work performed by the Customs Department.
  • ‘Dharohar’ has eight galleries. GST Gallery is a brand new addition to the Dharohar Museum. A first-of-its-kind initiative in the country, this GST Gallery takes one through the long and arduous journey of GST spanning two decades.

xii.On June 9, 2022, Union Finance Minister Nirmala Sitharaman inaugurated a Mega exhibition- on Nation Building and Central Public Sector Enterprises (CPSEs) at Mahatma Mandir in Gandhinagar Gujarat.

About Ministry of Finance:

Union Minister– Nirmala Sitharaman (Constituency – RajyaSabha, Karnataka)
Ministers of State– Pankaj Chaudhary (Constituency – Maharajganj, Uttar Pradesh); Dr. Bhagwat Kishanrao Karad (Constituency – Rajya sabha Maharashtra)