New Delhi : Ahead of Diwali, the Finance Ministry has issued advisory to all financial institutions, including the Reserve Bank of India, to stop wasteful expenditure like festival gifts in order to promote fiscal discipline and curb non-essential expenditure.Citing an advisory from the Department of Public Enterprises, the Department of Financial Services (DFS) has asked entities under its administrative control to follow the directive, sources said.

The advisory comes at a time when the government is trying to boost consumption and encourage people to spend. In its effort to prop up spending by the middle class, the government has provided relief on the income tax front earlier this year in Budget 2025-26. Read Also MP News: GST 2.0 Reduction; Finance Department Works Out Implicatio

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