In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
Here's how you are most likely to get ripped off in cyberspace--and how to protect yourself.
The Bill allows stopping of transmission and intercepting messages in case of public emergency, in the interest of the public, to prevent incitement for committing offence.
Credit card frauds are on an upswing these days. How can you make sure your credit card is not misused?
Stories of friendship, former life and fights against the system dominate the OTT this week. Sukanya Verma lists her recommendations.
'With free software on the Internet and apps, creating a deepfake video can take 3 to 5 minutes. Anyone can make these videos.'
Disney Star is mulling legal actions against Zee Entertainment for backing out from a $1.4 billion sub-licensing agreement for TV broadcast of international cricket matches in India, according to industry sources. This could brew another legal trouble for Zee Entertainment Enterprises Ltd (ZEEL), which is already facing an arbitration plea by Sony Group at the Singapore International Arbitration Centre, claiming $90 million for breach of conditions of their merger agreement. Disney Star, an Indian subsidiary of media conglomerate The Walt Disney Company, is working on its strategy over the development, said industry sources.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
If Sebi and RBI remain quiet about this brazenly illegal activity, will someone in the finance ministry or the NITI Aayog take a closer look, asks Debashis Basu.
'Clients deemed higher-risk are required to update their KYC more frequently.'
Experts say the recent Rs 14,000-crore PNB fraud could have been avoided had there been an integration of PNB's CBS with its SWIFT system
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
The next time when you apply for a visa for Britain, you will have to furnish your finger scans and digital photographs. The British High Commission is set to introduce biometric data collection procedure from Wednesday to check cases of identity fraud.
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
Use of blockchain technology will ensure that banks will not be blindsided like in the case of the Nirav Modi-Mehul Choksi blowout at PNB, says Raghu Mohan.
Telecom service providers (TSPs) have begun to monitor and prevent spam calls since May 1, with the help of an artificial intelligence and machine language-based system acting on the Telecom Regulatory Authority of India's (Trai) latest directive on the matter, its officials told Business Standard. Touted as the first big technological measure against the growing menace of unsolicited commercial communications, all TSPs have confirmed to Trai that they have rolled out the AI/ML tool. The filter system works on the distributed ledger technology (DLT) platform used by TSPs, and is set to go for incremental updates, rules for which will soon be released, they added.
Gullible bank customers are getting fooled by callers who scare or lure them.
Banks and brokerage firms have plans to test a small device that would help customers prove their identities while logging on to online banking, brokerage and bill-payment programmes, in an effort to fight Internet fraud.
During the trip, check your bank account and credit card statements regularly for unauthorised transactions.
Telecom regulator Trai on Monday said that it is working on various technologies to detect pesky calls and messages along with a joint action plan with other regulators to curb financial frauds. The Telecom Regulatory Authority of India (Trai) said that Unsolicited Commercial Communication (UCC) or pesky communication is a major source of inconvenience to the public and impinges on the privacy of individuals. "Now complaints are reported against Unregistered Telemarketers (UTMs), where a surge has been seen in pushing various kinds of UCC SMSes. Additionally, UCC calls are also one of the concerns which need to be dealt with equally along with UCC SMSes," it said.
The probe, being conducted under various sections of the Prevention of Money Laundering Act, is against the Kallal Group and the UK-based Lyca group and its Indian companies Lyca Productions and Lyca Hotels, it said.
He said the Aadhaar programme violated informational privacy, self-determination and data protection.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
Nia builds on Mana, the first AI platform introduced by the software services major last year. It also includes the robotic process automation capabilities of AssistEdge, another Infosys solution.
The reports also claim that the same beneficiary had been found to avail treatment at two hospitals at the same time.
Google said safety, affordability and expanded use cases for the next wave of users will be the pillars to get the next 700 million users online.
IIIT-D team builds algorithm that will help identify synthetic images.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
The CBI has registered 11 cases against cyber criminals involved in financial fraud using the internet and the agency conducted searches at 87 locations while 28 locations were raided by the state police forces, they said.
Email providers can stop spoof emails impersonating them from reaching their customer's inbox or junk/bulk folder by enabling DMARC, says Venkata Satish Guttula.
Against an offer of 4.55 crore shares of Adani Enterprises Ltd, only 4.7 lakh were subscribed, according to information available from the BSE. Adani Enterprises fell almost 20 per cent to below the offer price of its secondary sale as all the seven listed companies of the conglomerate took a beating in the aftermath of Hindenberg Reserach alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
Fan tokens are a type of cryptocurrency that allow holders to vote
The Indian financial system's asset quality improved despite the pandemic, but it could be due to special dispensations by the regulator, and banks would likely see increased stress on their books once the schemes expire. According to the annual trend and progress report of the Reserve Bank of India (RBI) released on Tuesday, the data available for this financial year so far indicate that banks' bad debts have moderated while provision coverage ratios (PCRs), capital buffers as well as profitability indicators have improved relative to pre-pandemic levels.
Airtel CEO Gopal Vittal on Thursday warned about a rise in cyber frauds amid a massive surge in online transactions during the second wave of the pandemic, and asserted the company is working "relentlessly" and coming out with safety features to ensure customers are not vulnerable to fraudsters. In an e-mail outreach to customers, Vittal highlighted the modus operandi being adopted by fraudsters and also drew attention to cyber frauds related to digital payments. "With the growing second wave of the pandemic and lockdowns in various parts of the country, there has been a massive increase in online transactions. "Unfortunately, there has also been a corresponding increase in cyber fraud," Vittal said.
Personal data of thousands of people in India has been leaked from a government server which includes their name, mobile number, address and Covid test result, and these information can be accessed through online search.
The government wants a collaborative model with a public-private partnership to fact-check social media content.
Shivani Shinde reports. The youngest member of the Tata group, the much-awaited Tata Neu, has finally been launched for people across the country. The 'super app' offers a number of services ranging from financial services to tech, travel and even groceries. The app takes off with a customer base of 120 million, with 2,500 offline stores. According to the Tata group, the app will be a one-stop destination for all consumer needs. The super app also offers a bouquet of financial offers like Unified Payments Interface (UPI), bill payments, loans and insurance. Tata Neu will also provide other services like fashion, gadgets, groceries, travel and health.
Don't reveal any information to strangers.
'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.'
In a bid to check fraud, the Reserve Bank on Friday decided to permit all banks to introduce card-less cash withdrawal through ATMs.
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