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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
The ED had launched raids on Friday at multiple locations linked to Prasad's family members including that of his son and Bihar Deputy Chief Minister Tejashwi Yadav in Delhi.
'If I close my housing loan, are there any investment avenues (the investment should provide liquidity) to save tax?'
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
Free provision of food, cash transfers, and jobs in villages see enhanced flow of funds despite a precipitous fall in revenue. Till May, defence spend was nearly 30 per cent less than the previous year.
The banks argue since the scale of credits is unforeseen, they will have to bear an unknown cost of servicing these accounts.
Relaxation in KYC guidelines has helped meet the target but this could lead to money laundering and financial malfeasance, it is feared.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
New offerings by banks are changing the way you transact.
Outlets of telecom companies such as Airtel and Vodafone may soon double as bank kiosks for financial services like funds transfer or bill payment, especially in parts of the country where there are very few banks or none at all.
The bigger worry is that its effects could linger well into the next financial year.
The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
Rediff readers share their Cash Crisis experiences.
Banks have been quick to embrace the smartphone era. Their apps for financial transactions promise ease, convenience and freedom from rigmarole.
Twelve days of movie madness and 36 films later, Aseem Chhabra lists his top 10 favourite films from this year's Cannes Film Festival.
Bengaluru-based iKaaz Software, a mobile payment solution provider, is launching a new application, MOWA, that works almost like the Apple Pay
Indian plants -- who plan to begin production with 28 nano metre chips -- will take two to four years to get off the ground. By that time, in the fast changing world of chip making, the global market would have shifted to 22 nm.
'Amendments in the past have created fear. This will take it further.'
'Most of the measures the finance minister announced will take effect after the lockdown.' 'By that time, millions of people will be starving.'
Experts said the rules will help curb market manipulation and money laundering, which could take place during the transfer of shares between residents and NRIs.
Database to contain taxable financial transactions and history of any tax-paying individual.
'If a stranger refuses to pet my Russian dog, what treatment can I expect for myself?'
Official sources said that the federal probe agency, which is investigating the PFI under the PMLA)tka since 2018, has found that at least Rs 1.04 crore were deposited in several bank accounts linked to the organisation between December 4 last year and January 6 this year in various parts of the country.
They said Rajeev Shamsher Bahadur Saxena wanted in the Rs 3,600 crore AgustaWestland VVIP choppers money laundering case and lobbyist Deepak Talwar wanted by the Enforcement Directorate and the Central Bureau of Investigation in a case of misusing over Rs 90 crore taken through the foreign funding route, were brought in a special plane to Delhi around 1:30 am.
The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms, including one related to "Frauds - Classification and Reporting". A penalty of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Punjab National Bank. In a statement, the RBI said the statutory Inspection for Supervisory Evaluation (lSE) of Bank of India was conducted with reference to its financial position as on March 31, 2019.
The Mumbai Police on Wednesday arrested Ashok Advani, publisher of Business India and former director of the Mumbai-based Jai Hind Cooperative Bank, on charges of embezzling Rs 27 crore from a savings account held by a trust.
'As an investor, I either have to exit my investments in the next three months or use dark pools or cash to transact. For a normal investor, it will be almost impossible to transact in bitcoin and other digital currencies.'
Maulana Kaleem Siddiqui was arrested by the ATS, which is probing the racket, at around 9 pm on Tuesday from Meerut, Additional Director General (ADG), Law and Order, Prashant Kumar said.
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
To select the right platform, get the opinions of a few existing users or browse online for feedback. Select a platform that offers a seamless experience. Check that the platform you are going with is a regulated entity, suggests Sanjay Kumar Singh.
'People are questioning these highways and expressways in UP because ultimately, they want to get bread and butter first.'
People who are close to retirement and don't intend to go back to full-time work again should deploy a part of their VRS money in equities so that it keeps growing at a faster rate.
A committee suggested that CSR expenditure be made tax deductible, in order to incentivise spending by companies. It also said that CSR should not be used as a means of resource-gap funding for government schemes.
The Supreme Court has agreed to examine the legal issue of whether the Enforcement Directorate can attach ancestral properties of the accused under the Prevention of Money Laundering Act as 'proceeds of crime.'
A sharp fall in the price of Bitcoin and other cryptocurrencies is another hard blow to the already sinking cryptocurrency market in India. Global and domestic prices have been on a downward trail since November last year when Bitcoin prices hit a peak of close to $68,000 in international markets. The recent past has seen a much sharper fall in the price of the leading cryptocurrency, Bitcoin.
Britain said it had imposed asset freezes on Chelsea soccer club owner Roman Abramovich
In the aftermath of the Karvy incident, lending against third-party collateral facility raises questions over regulations concerning banks and brokers which are at loggerheads. While Sebi and NSDL have ordered the transfer of securities, which were kept as collateral, lenders followed the old business model of sanctioning loan against shares and allegedly overlooked certain parameters. Legal experts feel that this could lead to a collapse of the loan-against-shares market as it raises questions over the sanctity of the pledged securities.
The group also lauded 'Sebi's active cooperation' in the matter.
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