All stories by Shrimi Choudhary
Police book Indiabulls promoters, directorsRediff.com27 Apr 2021
The Maharashtra police has booked Indiabulls group companies, including its flagship Indiabulls Housing Finance (IBHL), for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company between 2014 and 2020. A first information report was registered by the Palghar police on April 13 under various sections of Indian Penal Code dealing with cheating, fraud and criminal conspiracy. The move comes after Palghar's judicial magistrate passed an order under Section 156 (3) of the Code of Criminal Procedure (power to direct police/agency to investigate the matter), following a complaint filed by Ashutosh Kamble, a shareholder of IBHL.
I-T notices to holders of foreign assetsRediff.com17 Apr 2021
'Quite a few notices have been issued in both black money and benami transactions.'
Centre may offer an exit window to cryptocurrency holdersRediff.com12 Apr 2021
The government is considering a provision to provide an exit window to holders of cryptocurrencies (cryptos), keeping in mind that banning them outright could deal a blow to investors sitting on them for years. According to sources in the government, the framework in the making may propose a grace period of three to six months for investors before prohibiting the possession, trading, mining, and issuing of cryptos. A group of secretaries chaired by the Cabinet secretary is learnt to have met in mid-March and discussed issues associated with cryptos, including the consequences of banning them and also on possible substitutes of blockchain technology - an advanced technology Bitcoin uses.
NSE co-location case: ED to also investigate tech glitchRediff.com25 Mar 2021
Sebi had, in February, dropped allegations of fraudulent and unfair trade practices against NSE's former heads Ravi Narain and Chitra Ramakrishna in the co-lo case.
Non-govt PFs, gratuity funds can now invest in AIFsRediff.com17 Mar 2021
The government has brought in changes to the investment pattern for non-government provident funds, and superannuation and gratuity funds, enabling them to invest up to 5 per cent in the units of Category I and Category II alternative investment funds (AIFs), subject to some caveats. The development is part of the central government's strategy to channelise domestic savings and improve their returns to attract more investment in the said sectors. At present, these funds typically invest a minimum 45 per cent in government securities, besides new instruments, such as exchange-traded funds and real estate investment funds, while a portion in equity-related instruments.
Software royalty likely to cost Centre Rs 5,000 crore every yearRediff.com15 Mar 2021
Sources said about hundreds of companies, including Facebook and Amazon, could seek tax refund because they import software for sale in India.
Profit-making PSUs likely to go under the hammer firstRediff.com12 Mar 2021
The Centre is likely to privatise profit-making enterprises, reversing its previous position of first closing or merging loss-making state-run units. The NITI Aayog, which is in the process of selecting public sector units for privatisation, is likely to put out its first list, focusing on companies in non-strategic sectors, along with those that have got Cabinet approval for stake sale, or are in final stage of due diligence. "The shortlisted firms will be put out in three-four tranches, with the first list comprising non-strategic ones, followed by strategic sectors with a focus on privatisation and not divestment," said a senior government official privy to the plan. He said the first report was expected in early April. The think tank approach is in sync with the government's new strategies on privatisation and asset monetisation.
Sebi's expert panel to probe glitch at NSE, submit report by March 15Rediff.com10 Mar 2021
The Securities and Exchange Board of India's (Sebi's) technical advisory committee has been mandated to probe the trading halt at National Stock Exchange (NSE) and fix accountability. The committee after a detailed examination would send its findings and recommendations to whole-time member Madbhi Puri Buch, to decide the future course of action, said two people in the know. The panel, which is currently chaired by Ashok Jhunjhunwala of IIT Madras, is learnt to have sought an explanation over two key issues from NSE: One on the effectiveness of interoperability as it was unable to migrate the trading positions; the other on laxity in switching it to the disaster recovery site.
Reeling under high prices? Finance ministry says it's downside to growthRediff.com6 Mar 2021
'While intensification of fuel prices and broad-based domestic cost pass-through pressures is a downside risk, core inflation is expected to strengthen further as demand recovers to pre-Covid levels,' the ministry said on Friday.
How successful is India in catching economic offenders?Rediff.com5 Mar 2021
Despite Nirav Modi win, in the last five years, India managed to bring only about 20 fugitive offenders.
Govt likely to ease restrictions on Chinese FDIRediff.com3 Mar 2021
However, that could only be for sectors where 100 per cent FDI is allowed under the automatic route and pose no risk to national security.
Stressed asset cases likely to be resolved soonRediff.com22 Feb 2021
Government may also consider giving relief to some of the worst-affected sectors.
FM Sitharaman seeks Parliament nod for Rs 6.3-trillion extra spendingRediff.com12 Feb 2021
Of the cash outgo, Rs 64,598 crore is for enhanced expenditure on fertiliser subsidy under Atmanirbhar Bharat Abhiyan 3.0 and Rs 20,466 crore for the capital outlay in defence services.
Finmin pins hope on vaccine drive for robust recovery in services sectorRediff.com11 Feb 2021
FY22 will be the year to rebuild with the IMF projecting output growth at 11.5 per cent, economic survey at 11.0 per cent and the RBI's Monetary Policy Committee at 10.5 per cent.
'Rating agencies are like Bollywood'Rediff.com11 Feb 2021
'Rather than cutting and pasting from advanced economies, we should use basic economic principles to think about what is right for India at the stage of development at which we are,' says Chief Economic Advisor Krishnamurthy Subramanian.
Budget 2021: Govt stares at revenue shortfall of Rs 7 trillion this fiscalRediff.com29 Jan 2021
Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.
Budget may open window for big-ticket foreign investmentsRediff.com26 Jan 2021
The Centre plans to create a special window for strategically important investors such as sovereign wealth funds and pension funds that wish to invest over Rs 3,000 crore through a single transaction.
Over Rs 950-crore tax evasion by Swiggy, Flipkart unit,: I-T departmentRediff.com21 Jan 2021
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
Govt mulls easing NPA normsRediff.com18 Jan 2021
Move to increase 90-day window to 120 days to give more time to borrowers to service loans.
Ministries face cash crunch as winter session scrappedRediff.com28 Dec 2020
The health and family welfare ministry spent 70 per cent of its allocation till October. The ministry may need additional funds for the vaccination drive which is expected to be kicked off from January.