Offenders will be tried under Prevention of Money Laundering Act
The assets have been attached as part of five separate orders issued by the central probe agency under the Prevention of Money Laundering Act, it said.
Unlike the race to buy airwaves by telecom companies, airports by infrastructure companies and city gas networks by energy companies, the race to develop super apps by consumer-facing companies in India has not brushed up against any regulatory issues. Officials at the ministry of electronics and information technology and at other regulators are happy they do not have to meddle in who among the Tata group, Reliance Industries Ltd, Flipkart or Paytm will manage to build an app that sweeps in customers. Unlike separate apps a customer uses on her mobile to order groceries, buy food or airline tickets or just make payments, a super app can perform all these functions.
The S&P BSE 500 index, which accounts for 94% market capitalisation of BSE listed companies, has gained 45% from its March 24 low. However, out of the BSE 500 index stocks, 225 have underperformed the index by gaining less than the broader index during this period.
The Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
Cyber crimes in 2016-2017: 1,372 cases. Cost: Rs 423 million.
Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
"Well, he never used words like escape or shared with me such a plan like this. However, he did ask me twice if I have ever been to Cuba, he also told me that the next time we may meet in Cuba. He never explained the escape plan but I'm certain that Dominica is not his final destination but if you ask my opinion, I can be more and more certain that Cuba could have been his final destination," Barbara told ANI.
'There is no law and order in Bihar.' 'Criminals do as per their will.'
The annual Amarnath yatra to the 3,880-metre high cave shrine in the south Kashmir Himalayas will commence on June 28 and culminate, as per the tradition, on the day of Raskha Bandhan festival on August 22, officials said.
Global agency Fitch on Wednesday cut credit rating outlook to negative from stable of 11 financial entities, including State Bank of India, ICICI Bank, Punjab National Bank and Axis Bank.
Restoring the bank to its former glory will be the top priority for Vijayalakshmi Iyer, the seasoned banker who took over as chairperson and managing director of the Mumbai-based bank last month.
Banks and builders are offering lower rates and freebies, but there is also a case for price correction in the future. Wait, if you are not desperate.
Banks cut interest rates, processing fees; offer discounts for online shoppers.
Sources say given the complexity involved in the process of creating a holding company, which will ultimately be the parent company of banking and other businesses, banks are going slow in acquiring stakes in insurance arms or mutual funds of other lenders.
'Kindly advise about the following stocks. Can I hold or exit?'
The Reserve Bank of India (RBI) has asked banks not to treat Kingfisher Airlines' brand as collateral since it is intangible. This is because the loan has turned non-performing for most of the banks.
The government is planning to extend the electronic modes of tax payment to its own payments platform, Unified Payments Interface (UPI), credit cards of banks, or even a mobile wallet like Paytm.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra answers reader queries on the stock market.
Reports suggest state-owned banks have lapped up Rs 40,000 crore, so far, using both bonds and equity instruments. The question, though, is whether there will be a perceptional change for PSB stocks.
RuPay is working on how to increase offers to customers. It is also focused on technology innovation in the card payment system.
Army XI made a stunning comeback in the second-half, pumping in four goals, to hold Air India 4-4 and keep their semi-final hopes alive in the 117th Beighton Cup hockey tournament in Kolkata on Wednesday.
The valuables include polished diamonds, pearls and silver jewellery and are worth Rs 1,350 crore.
The Central Vigilance Commission has penalised 130 government employees for their alleged involvement in corruption. Of these, 29 were Syndicate Bank officials, nine each were from Canara Bank and Punjab National Bank, eight from State Bank of India, seven from Bharat Coking Coal Limited and six each from State Bank of Bikaner and Jaipur and Life insurance Corporation of India Limited.
If the earnings in the first quarter of the current financial year are an indication, most banks, particularly those majority-owned by the government, have fared well, reveals Tamal Bandyopadhyay.
Lenders can now initiate recovery proceedings since the SC has lifted the standstill on asset classification, which protected stressed accounts from slipping into NPAs.
The lawyer also claimed "there is no evidence to prove any of the charges levelled against my client."
Credit cards appear to have found favour with public sector banks, which had, so far, been reluctant in expanding their unsecured loan portfolios aggressively.
A major fire broke out in a multi-storey building housing offices of banks, around 300 metres from Parliament House, in New Delhi on Wednesday evening, fire brigade officials said.
Women dominate Indian banks's clerical and officer rolls, but few make it to the executive office these days, notes Tamal Bandyopadhyay.
Life insurance companies are balancing the increasing use of celebrity endorsers by limiting the association to short, event-led campaigns.
'The PM teaches children how to take exams for 1.5 hours, but fails to tell the country on who is responsible for PNB scam'
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