The PFI is alleged to have been continuously involved in anti-government propaganda and spreading the narrative that Muslims were being persecuted in India.
Axis Bank on Wednesday said it has completed the acquisition of Citibank's retail business in India for a final cash consideration of Rs 11,603 crore. The sale excludes Citi's institutional client businesses in India. The third-largest private sector bank said the acquisition, announced first in March last year, will not necessitate any new capital requirements and stressed that the attrition numbers on customers are much better than expected.
The value of unclaimed securities and other assets was nearly Rs 20,000 crore in March 2020.
Edtech major Byju's on Tuesday said it has filed a complaint in the New York Supreme Court to challenge acceleration of the $1.2 billion Term Loan B (TLB). The company is also seeking the disqualification of Redwood, who contrary to the terms of TLB, purchased a significant portion of the loan while primarily trading in distressed debt. "Byju's has had to take these measures following a series of predatory tactics by the lenders, led by Redwood," the company said in a statement.
A world anti-money laundering body has deleted all trace of an alert it issued last week warning that financial institutions had not done enough to police suspicious financial activity by officials at FIFA.
The central government is on track to meet its fiscal deficit target of 6.4 per cent of the GDP for 2022-23 on the back of strong growth in revenue collections, the World Bank said in its India Development Update on Tuesday. High nominal GDP growth in the first quarter supported strong growth in revenue collection, especially Goods and Services Tax (GST), despite tax cuts on fuel. Notwithstanding an increase in spending due to expanded fertilizer subsidies and food subsidies for vulnerable households in response to the commodity price shock, the government is on track to meet its FY22/23 fiscal deficit target of 6.4 per cent of GDP and the general government deficit is projected to decline to 9.6 per cent from 10.3 per cent in FY21/22 and 13.3 per cent in FY20/21.
About 56 million Indians may have plunged into extreme poverty in 2020 as a result of the pandemic, increasing the global tally by 71 million and making it the worst year for poverty reduction since World War II, according to fresh estimates by the World Bank. "The global goal of ending extreme poverty by 2030 is likely to be missed: By then, about 600 million people will remain in abject poverty. A major course correction is needed," Indermit Gill, chief economist at the World Bank, tweeted. The World Bank in its latest "Poverty and Shared Prosperity" made fresh estimates of poverty using a new extreme poverty line based on the purchasing power parity (PPP) of $2.15, the earlier one being at $1.9.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
Since trading in virtual currencies is not illegal, they traded in cash or through barter in some instances.
Pranjal Kamra, CEO, Finology Ventures, lists seven efficient ways to cope with the rise in EMIs even as you balance your monthly budgets.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
The Jamaat-ud-Dawa not only collected funds for charity and diverted it to the Lashkar-e-Tayiba, but also helped the outfit legitimise money collected through extortion, counterfeiting, smuggling and animal skin trade. Vicky Nanjappa/Rediff.com reports
COVID-19 forced people to work from home turned into the fuel for new demat accounts, observes Debashis Basu.
Jharkhand mining secretary Pooja Singhal, earlier arrested and remanded to the custody of the ED in a suspected money laundering case, was suspended by the Jharkhand government on Thursday, an official said.
Inching closer to resolving the Punjab and Maharashtra Cooperative (PMC) Bank issue, the Reserve Bank on Monday came out with a draft scheme for takeover of the crisis-hit bank by the Delhi-based Unity Small Finance Bank (USFB). The draft scheme of amalgamation envisages takeover of the assets and liabilities of PMC Bank, including deposits, by USFB, thus giving a greater degree of protection for the depositors, the RBI said. In September 2019, the RBI had superseded the board of PMC Bank and placed it under regulatory restrictions, including cap on withdrawals by its customers, after detection of certain financial irregularities, hiding and misreporting of loans given to real estate developer HDIL.
The Delhi High Court Tuesday restrained the Enforcement Directorate from taking any further action pursuant to the attachment of Amnesty International India's funds in connection with a money laundering case.
As corporate India prepares to put its house in order, the transition raises concerns
A day after Nationalist Congress Party leader Samir Bhujbal was arrested by the Enforcement Directorate in a money laundering case, the former member of Parliament was on Tuesday sent to the agency's custody until February 8 by a special PMLA court in Mumbai.
The research found that 50% of the people were receiving either nothing or less cash than they were entitled in lieu of the subsidised grains that were stopped under the pilots starting from September 2015 till May 2016.
The EPFO launched one-page simplified forms for withdrawal.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
Sources claimed that Singhal was "evasive" in her replies and hence was arrested.
The government has been in discussions to promote such international financial services centres within India as alternatives to places like Singapore.
The federal agency wants to question and record Parab's statement under the Prevention of Money Laundering Act, they said.
Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.
A video shared by Qureshi's Pakistan Tehreek-e-Insaf (PTI) party on Twitter shows plain-clothed men taking him away, with him waving at party workers before departing from the location where he was detained.
The SIP route suits the salaried class, by matching their income flows with investment frequency.
The Securities Appellate Tribunal has stayed a Sebi order that barred Franklin Templeton's Asia Pacific head Vivek Kudva and his wife Roopa from the securities market for one year.
This will cost the government Rs 3.1 trillion, about 10 per cent of its annual expenditure, and higher than any other spending item in its Budget.
For people at the bottom of the pyramid, which I would rather address as mass market or emerging class; the primary challenge in accessing banking services are not just affordability but applicability and accessibility of services.
The Centre has increased the premium rates for its flagship insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), for the first time in seven years due to "long-standing adverse claims experience", and to make them economically viable. The premium for PMJJBY would increase from Rs 330 to Rs 436 a year effective June 1, and the PMSBY premium would rise from Rs 12 to Rs 20, the Ministry of Finance said in a statement. PMJJBY provides life insurance cover worth Rs 2 lakh to all account holders aged 18-50 years.
The move will increase working capital requirement for brokers, raise the work load on the system and will leave little room for contingencies.
2017 saw the highest-ever mobilisation by way of IPOs of close to Rs 700 billion. The momentum is expected to continue this year as well.
One way to bring down the cost is selling off old furniture.
Under the scheme, National Iranian Oil Co, too, will open an account in a UAE or Turkey-based bank to receive direct money transfer from oil companies.
Irfan Khan is accused of plotting Kolhe's murder, allotting special tasks to the other accused and supplying vehicles and money to them.
The hoarding of cash accentuated from the very start of 2020, when the coronavirus pandemic started taking hold the world over, and fear of the pandemic prodded people to remain liquid for emergency use.
The investigation under FEMA was taken up by ED based on a reference received from RBI to investigate advance remittances received by certain entities for the purchase of the shares of Tamil Nadu Mercantile Bank through escrow mechanism maintained with Standard Chartered Bank, Mumbai.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
India's second-largest telecom firm Bharti Airtel on Tuesday reported a net profit of Rs 1,134 crore for the September 2021 quarter, and said it is witnessing strong business momentum with growth in 4G customers and increase in mobile ARPU. This is against a loss (attributable to owners of the parent) of 763.2 crore during the year-ago quarter, the company said in a statement. Its consolidated revenues for the second quarter of FY21 stood at Rs 28,326.4 crore, up 18.8 per cent year-on-year (on a comparable basis) and 13 per cent y-o-y on a reported basis, it added.
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