On Saturday, finance minister Arun Jaitley talked the role fo the customs department in the country. While speaking at the Investiture Ceremony & International Customs Day 2018 at Vigyan Bhawan in India, he talked about the dual role that the customs department of India needs to comply with. FM Arun Jaitley said, “Customs Department has an important twin role to play. The twin challenge before the CBEC officers that is to have sharp detection to avoid tax evasion and at the same to perform the role of trade facilitator to cut down costs, time and bring efficiency.”
While attending the event, Arun Jaitley unveiled the two IT tools i.e. ICETAB & ICETRAK. The IT tool ‘ICETRAK’ is going to be a one-stop Portal for effective communication between trade and the Department of Customs & Central Excise. Arun Jaitley was present at the event along with Union Minister of State, Finance, Shiv Pratap Shukla and Finance Secretary Dr Hasmukh Adhia.
WATCH | Finance Minister Arun Jaitley at ‘International Customs Day 2018’ Function
Meanwhile, earlier Finance Minister Arun Jaitley had said that stringent norms for disbursal of high-value loans have been framed, with strict surveillance on big loan defaulters and mandatory reporting of loans of over Rs 250 crore if there is a breach of any covenant. PSBs have been reeling under non-performing assets (NPAs) or bad loans, which total around Rs 8 lakh crore and have hampered lending, impacting growth.
On January 24, Modi government announced Rs 88,139 crore capital infusion in 20 public sector banks (PSBs) during the current fiscal, with IDBI Bank getting the most –Rs 10,610 crore. On the same, Finance Minister Arun Jaitley said his ministry had undertaken a detailed exercise on the amount of capital to be infused into the PSBs.
Meanwhile, with just days left for the Union Budget 2018 to be presented by FM Arun Jaitley, the expectations from the Budget 2018 has reached tumultuous heights. Union Budget 2018 will be the last full budget presented by the current government and Finance Minister Arun Jaitley as the 2019 budget is likely to be a vote-on-account. This will also be the first budget after the launch of GST. Above all, GST also means that a plethora of indirect taxes like excise duty, service tax, VAT and central sales tax will be subsumed into the GST umbrella.