While some are relatively new in this business, Vodafone, which has 1.8 million touch points in the country, has been offering basic banking and payment services through its pre-paid mobile digital semi-closed wallet called M-Pesa since 2012.
The 39-year-old was arrested by the Enforcement Directorate from Ranchi after the agency conducted multi-city raids against him, Singhal, her businessman husband Abhishek Jha and others, on May 6.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
Some ex-MLAs from Punjab, too, had received similar threats from these numbers. The callers spoke to them in Mumbai accent and in Punjabi, the IGP said.
BSE's, NSE's overnight liquid fund facility can help stock investors maximise returns
'The vision now is not just to look at national highways as a number of kilometres, but quality as well.'
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.
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
Nearly 665 million Indians or 45 per cent of the rural population did not have access to the internet as of 2023. Difficulty in understanding internet procedures, insufficient awareness of its benefits, and a lack of interest have emerged as the top reasons for a gap in internet penetration in rural India, according to a joint report by the Internet and Mobile Association of India (IAMAI) and Kantar. "The proficiency of English in rural India is very low. While we have content in Hindi, the internet is English-heavy.
The biggest problem is that those with Aadhaar numbers aren't coming forward for seeding these with bank accounts.
Dwaipayan Bose simplifies the whys and hows of revisiting your financial goals
We as customers have to be conscious and careful to sidestep numerous types of frauds made possible under a mindless shift to a digital ecosystem without customer-redress procedures, warns Debashis Basu.
The Enforcement Directorate on Friday said it has issued a show cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic cryptocurrency start-up and its directors Nischal Shetty and Hanuman Mhatre, along with the company, have been named in the notice issued by the central probe agency after completion of investigation. The agency issued a statement saying that it stumbled upon the transactions of the company during an ongoing money laundering probe into the "Chinese-owned" illegal online betting applications.
An allocation to ESG theme funds can bring down the overall risk of an equity portfolio. Investors with long-term financial goals, such as retirement, should not ignore sustainable investing.
Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
The Delhi high court on Wednesday allowed Chinese smartphone maker Vivo to operate its various bank accounts frozen by the Enforcement Directorate in connection with a money-laundering probe subject to furnishing of a bank guarantee of Rs 950 crore within a week with the agency. Justice Yashwant Varma also directed the company to give details to ED about its remittances and issued notice to the investigating agency on Vivo's plea seeking quashing of the order freezing its various bank accounts. ED contended that presently the proceeds of crime have been quantified to Rs 1200 crore.
The Narcotics Control Bureau on Tuesday claimed to have busted the "biggest" darknet-based LSD cartel operating in India with the seizure of more than 13,000 blots and Rs 26 lakh in cash and the arrest of three persons.
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
Money saved is money earned, and cutting down your expenses could well be the single-most important step towards an organised financial life. Naval Goel shows you how to keep your finances organised.
While Indians are increasingly using mobile platforms and technology for various financial transactions and purchases like bill payments, ticket bookings, entertainment, travel and banking transactions, cross border mobile remittance is yet to see the light of the day.
Its entry will increase competition especially when WhatsApp too has received approvals to launch payment service.
Central Bureau of Investigation questioned the Income Tax officials, whose names were allegedly found in a register recovered from the residence of Chennai-based chartered accountant A Krishnamurthy
Price Waterhouse Chartered Accountants (PwC India) has resigned as the auditor of Paytm Payments Services, the fintech major said in a regulatory filing on Monday. "...we wish to inform you that M/s. Price Waterhouse Chartered Accountants LLP ... statutory auditors of material subsidiary i.e. Paytm Payments Services Limited (PPSL) have resigned with effect from August 7, 2023," the company added. Paytm said that the statutory auditors had not raised any concerns or issues and that the company had noted PwC's resignation.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
The government has already implemented one of its five poll guarantees, "Shakti", by providing free services for women in public transport buses.
'The Indian economy and the Indian financial sector today remain resilient and much better placed.'
Trouble started brewing after Cognizant announced that Ravi Kumar, former Infosys president, would take over as the Nasdaq-listed company's CEO.
Investors should keep updating their personal and bank details with fund houses. They should also opt for the auto-pay facility so that the dividend proceeds get credited into their account directly, advises Bindisha Sarang.
The persons nabbed have been identified as Perwez Ahmed, Mohd Ilias and Abdul Muqeet (arrested from Delhi) and Shafeeque Payeth who was taken into custody by the ED from Kerala.
The currency in circulation (CIC) declined by Rs 7,600 crore in the Diwali week, making it the first such happening in two decades, a report said on Thursday. This was made possible courtesy of a greater reliance on digital payments by people, the report by economists at SBI said, adding that the Indian economy is undergoing a structural transformation at present. They clarified that the Diwali week in 2009 had also witnessed a marginal Rs 950 crore decline in currency in circulation, but that was purely due to the economic slowdown amid the global financial crisis.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The Swiss National Bank, the country's central banking authority, has estimated the funds currently held by Indians in Swiss banks at a mere $1.98 billion. Fear of disclosure due to greater scrutiny of this illicit wealth has played the main role in the flight of capital.
The SMS-based application extends DBT's payment architecture to individuals, where their Aadhaar number will be linked to their bank accounts at the back-end.
The family lawyer said he was getting "frustrated" by the delay in the CBI taking a decision in the case.
A whopping Rs 62,476 crore has been "illegally" transferred by smartphone maker Vivo to China in order to avoid payment of taxes in India, the Enforcement Directorate said Thursday, as it claimed to have busted a major money laundering racket involving Chinese nationals and multiple Indian companies. This money is almost half of Vivo's turnover of Rs 1,25,185 crore, it said without stating the time period of the transaction. The crackdown on the leading Chinese company came after the federal probe agency found that three Chinese nationals, all of whom "left" India during 2018-21, and one other person from that country incorporated as many as 23 companies in India in which they were also helped by a Chartered Accountant, Nitin Garg.
The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
A 25 per cent year-on-year (Y-o-Y) increase in budget allocation towards the roads sector for FY24 has led to renewed interest among investors. However, a combination of escalating costs for Bharatmala and unseasonal rains to some extent have impacted progress. Bharatmala's cost has nearly doubled from Rs 5.35 trillion to Rs 10.6 trillion and the finance ministry has asked MoRTH to go slow until Cabinet approval is received.
The deadline of March 31 has been postponed till the apex court delivers its final judgment.
The Reserve Bank on Thursday said it will come out with a framework allowing borrowers to switch to fixed interest rate from floating interest rate, a move that would provide relief to borrowers of home, auto and other loans reeling under the impact of high interest rate. Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said under the framework, to be put in place shortly, the lenders will have to clearly communicate with the borrowers about tenor and EMI. "The supervisory reviews undertaken by the Reserve Bank and the feedback and references from members of public have revealed several instances of unreasonable elongation of tenor of floating rate loans by lenders without proper consent and communication to the borrowers," he said.
A special PMLA court here on Wednesday granted bail to Yes Bank founder Rana Kapoor, businessman Gautam Thapar and seven others in a case pertaining to the sale of a property at a prime location in Delhi. Kapoor and Thapar, however, will not walk out of jail as they are in judicial custody in connection with some other cases. The present case pertains to allegations in the sale of a property situated on Amrita Shergill Marg in Delhi to a company owned by Rana Kapoor's wife, Bindu Kapoor, for which a separate FIR had been registered by the Central Bureau of Investigation (CBI) in Mumbai last year.
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