India is one of the five countries where instances have been found that trade accounts of diamond business are being used to launder illegal funds to the tune of millions of dollars, according to a report by a global financial crimes combating body.
The Delhi high court has rejected a government challenge to an arbitration panel award that had ruled in favour of Reliance Industries Ltd in a dispute over gas migration from fields operated by state-owned ONGC in the KG basin. The government had slapped a provisional penalty of $1.55 billion on Reliance for "unjust enrichment" from gas migrating from the ONGC-operated KG-D5 block to the private firm's adjoining KG-D6 area. It had sought $175 million in additional profit petroleum from Reliance and its UK partner BP Plc.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
The Economic Offences Wing of the Delhi Police has filed an FIR against former BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, Suresh Jain and Shwetank Jain for an alleged Rs 81 crore fraud after a complaint by the fintech unicorn. The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery). BharatPe in the complaint alleged that Grover and his family caused damages of about Rs 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri Jain and destruction of evidence.
With an aim to recover fines from elusive offenders, capital markets regulator Sebi on Thursday introduced a reward system for up to Rs 20 lakh to informants for sharing information about the assets of defaulters. The reward may be granted in two stages -- interim and final. While the interim reward amount will not exceed two and a half per-cent of the reserve price of the asset regarding which tips was provided or Rs 5 lakh, whichever is less and the final reward amount will not exceed 10 per cent of the dues recovered or Rs 20 lakh, whichever is less.
In the coming few weeks, agriculture markets in North and Central India will be full of wheat, mustard, and chana - the three main rabi crops grown in these parts. Not only will the price trajectory of these determine the course of food inflation in the months to come, but it could also have a wider impact on the rural economy in the main growing states for these crops. Wheat and chana are largely grown in Madhya Pradesh (MP).
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
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Tough market conditions are also throwing challenges before the companies to get good investments, while weakness in primary market is also making the exit difficult for pre-IPO investors, Sebi Chairman U K Sinha said.
Apple is hoping to assemble in India 25 per cent of all iPhones produced globally to reduce its heavy dependence on China.
The Indian equity market is likely to remain under pressure and rangebound over the next few months. This comes as global central banks, led by the US Federal Reserve look at a possibility of hiking rates aggressively to tame inflation. Back home, the Reserve Bank of India, too, remains data dependent in its endeavour to keep inflation in check and pursue an aggressive monetary policy stance.
'In India, we are very far away from the per capita incomes of the West. And so the need to support many more people with much more money will come sooner in India than in other nations,' says Aakar Patel.
India's first auction of 5G spectrum, that powers ultra-high data speeds, is currently underway with a total of 72 GHz (gigahertz) of radiowaves worth at least Rs 4.3 lakh crore up for bidding. Billionaire Mukesh Ambani's Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of billionaire Gautam Adani's flagship Adani Enterprises are in the race to bid for 5G spectrum, that offers speeds about 10 times faster than 4G, lag-free connectivity, and can enable billions of connected devices to share data in real-time. In addition to powering ultra-low latency connections, which allow downloading full-length high-quality video or movie to a mobile device in a matter of seconds (even in crowded areas), Fifth Generation or 5G would enable solutions such as e-health, connected vehicles, more-immersive augmented reality and metaverse experiences, life-saving use cases, and advanced mobile cloud gaming among others.
As 2009 draws to a close we present to you some New Year Resolutions for 2010 which will go a long way in making you financially fit. All you need is will power and determination to follow these simple tips.
'In terms of ticket sales, Hindi is at 50-60 per cent while the South markets are at 80-90 per cent of pre-pandemic levels.' The patchy performance of Hindi, the largest segment of the business is the nub of what is bothering Indian cinema.
PM Modi on Sunday called upon states to "speed up capital expenditure and infrastructure creation" to spur economic growth.
Despite markets turning volatile, share sale activity at India Inc has surged to its highest level in five months. So far in March, promoters, strategic investors and other large shareholders have been able to offload shares worth more than Rs 33,000 crore-the most since November-defying uncertain market conditions. Both the Sensex and the Nifty are on course to post their fourth straight monthly loss amid headwinds, such as interest rate tightening by the US Federal Reserve and the global banking crisis.
British Prime Minister Rishi Sunak on Monday unveiled a new scheme for the world's 100 most talented young professionals in the field of artificial intelligence (AI) as part of his vision to make the UK a "beacon" to attract the "brightest and best" from around the world. Addressing the Confederation of British Industry (CBI) annual conference in Birmingham, Sunak told an audience of business chiefs and professionals that control over the country's post-Brexit immigration policy remains crucial. However, he pledged to create "one of the world's most attractive visa regimes for entrepreneurs and highly skilled people" and make use of the "Brexit freedoms" to strike trade deals with "the world's fastest-growing economies".
In the previous Budget, the government had come out with a similar scheme.
While equity savings funds could offer higher returns over three-five years, they would also be more volatile.
Evans, who recovered from illness to be part of the $15 million prize money event, showed his battling qualities to overcome Ramos-Vinolas
India's production-linked incentive (PLI) scheme, which aims to make domestic manufacturing globally competitive, has attracted investment worth over Rs 45,000 crore and has also created three lakh jobs, NITI Aayog CEO Parameswaran Iyer said on Monday. The government has rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, food products, high efficiency solar PV modules, advanced chemistry cell and speciality steel. "The PLI programme has already started showing results.
'If you are going to have only a handful of telecom players on whom the entire dream of Digital India rests, it's important they are financially sustainable.'
A robo advisor may seem like the perfect solution for those with only a small investment capital who are just starting their investment journey, says Mrin Agarwal, founder, Finsafe India.
The government has raised the penalty amount to up to Rs 500 crore for violating the provisions proposed under the draft Digital Personal Data Protection Bill 2022 issued on Friday. The draft personal data protection bill in 2019 proposed a penalty of Rs 15 crore or 4 per cent of the global turnover of an entity. The draft proposes to set up a Data Protection Board of India, which will carry on functions as per the provisions of the bill.
Inflation data, both at domestic and global level, interest rate scenario in the US, geopolitical situation and general elections in 2024 are some of the major factors that would influence trading in the equity market this financial year, analysts said. Besides, foreign fund trading activity and global trends will also dictate terms in the equity market going ahead. Equity markets across the globe faced major challenges in FY23 due to concerns over high inflation, which resulted in increase in interest rates around the world, lowering investor sentiment, experts added.
In 2022, gold emerged as the top performer among all conventional asset classes with over 14 per cent returns mainly owing to the depreciation of the rupee.
The air carriers' liability and insurance draft bill has proposed a five-fold increase in compensation in case of death or injury, the report said.
The demand for gold is expected to take a hit if the price of the yellow metal - which has been hovering around Rs 60,000, a level never seen before - remains elevated. Due to a sharp increase in price in a very short time and the flow of smuggled gold continuing, gold price in Mumbai is quoted at around Rs 59,000 per 10 gram. Typically, overall demand in the January-March and July-September quarters is moderate-to-dull, which is the case in the ongoing period.
The South African pacer however renders himself doubtful for 4th ODI
The question is: Will the company have a strong balance sheet to support this massive investment plan?
The US has announced that individuals travelling to the country on a business or tourist visa - B-1 and B-2 - can apply for new jobs and even appear in interviews, but the prospective employees must ensure that they have changed their visa status before starting a new role. B-1 and B-2 visas are generally referred to as "B visas", and they are the most common types of visa issued for a wide range of uses in the United States. The B-1 visa is issued mainly for short-term business trips, while the B-2 visa is issued mainly travelling for tourism purposes.
The Delhi police has sent investigators to four cities in the country to trace the money trail in the Indian Premier League spot-fixing case. According to sources, teams have been sent to Ahmedabad, Kolkata, Mumabi and Hyderabad in this connection.
In view of popular demand, the government will on Tuesday relaunch saving instrument Kisan Vikas Patra (KVP), wherein the invested money will get doubled in 8 years and 4 months.
The March quarter (Q4) of the ongoing financial year (FY23) may see cement companies report better financial numbers as input costs ease, pricing action resumes, and cement demand remains firm. While companies have been cautiously optimistic about their outlook, analysts and sector experts remain bullish. In its latest report on the cement sector, brokerage IDBI Capital said that it expected earnings before interest, tax, depreciation, and amortisation (Ebitda) per tonne for cement companies to improve by Rs 200-300 sequentially in Q4.
'If such inflows materialise, what will be the effect on the rupee's value -- and therefore on exports growth, the only sustainable path to recovery?', asks Mihir S Sharma.
A pilots' union of Air India on Wednesday sought the response of the airline management on various issues, including alleged violation of the roster system and career progression policy. The Indian Commercial Pilots' Association (ICPA) also said that if there is no response in three days, it will be constrained to seek appropriate remedies in accordance with applicable law. In its letter on Wednesday, the grouping said, "we understand the management of Air India is contemplating certain changes to the conditions of service of the pilots".
The rout in Adani Group stocks after US-based short seller Hindenburg Research released a report on January 24 has sparked a rebound in trading activity this month. The average daily trading volume (ADTV) for the cash segment (both NSE and BSE combined) so far in February stands at Rs 59,346 crore, and is around 15 per cent more than the previous month's tally of Rs 51,844 crore, which was the lowest in six months. The ADTV for the futures and options (F&O) segment rose to a record Rs 204 trillion (notional turnover) against Rs 202 trillion in January.
Gold, the safest haven amid the ongoing uncertainty, also emerged as one of the most lucrative investment options in financial year 2022-23 with an impressive return of 16.1 per cent in rupee terms, and 2.3 per cent returns in dollars. And, had it not been for the very high inflow of smuggled gold and the huge discount prevailing in the market due to high prices, the returns in gold would have been much higher, analysts said. The precious metal has consistently been delivering positive returns in India since 2016.
'Investors should ideally consider equity allocations from a medium-to-long term perspective.'
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