Several hundred Indian firms that manufacture or assemble Rs 10,000 crore worth of aerospace components annually for manufacturers like Boeing, Airbus, Lockheed Martin and Bell Helicopters now face disruptions relating to covid-19.
Gandhi said if money is not given in the hands of the poor and small and medium industry, there could be "serious economic damage" in the country.
Fifty-six months on, the government's record in implementing these schemes and projects has been mixed, report Arup Roychoudhury and Indivjal Dhasmana.
'The government has failed to understand the seriousness of the situation, and that's why they are underestimating the problem.' 'They think some tinkering here and there will fix the economy automatically.'
The CBI suspects that Yadav had played a crucial role in facilitating the jobs and later, the transfer of land to Prasad's family.
The finance ministry has asked the tax department to impose hefty penalties on those hospitals found with unaccounted cash, and such entities could be booked under anti-money laundering laws and prosecuted, reports Shrimi Choudhary.
The Central Bureau of Investigation (CBI) on Monday questioned former Bihar chief minister Rabri Devi at her Patna residence and has issued notice to her husband and former railway minister Lalu Prasad Yadav in connection with the further probe in the land-for-jobs scam case, officials said.
Ahead of his government's first full year budget, Prime Minister Narendra Modi on Friday sought ideas from economists to attract investments, create jobs and finance infrastructure to put India back on high growth path.
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
80% of beneficiaries in 300 districts to be linked with direct benefits transfer
Jet Airways, which is yet to resume operations under its new owner, will reduce salaries for various staff and send many employees on leave without pay, amid uncertainty over resumption of its operations. The measures, which will be effective from December 1, were revealed hours after the winning bidder Jalan-Kalrock Consortium (JKC) said it might take "difficult" near-term decisions to manage cashflows. The once-storied airline shuttered operations in April 2019 and JKC's resolution plan was approved under the insolvency process by the National Company Law Tribunal (NCLT) in June last year.
The government had last year excluded those with an annual income of more than Rs 10 lakh from LPG subsidy
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Total payments in the economy grew 24.08 per cent to Rs117.43 trillion in value terms in June, compared to Rs94.64 trillion in May.
At ATMs, as a step to avoid getting Rs 2,000 notes, people are withdrawing Rs 1,900 in Rs 100 notes and then putting another request for the balance Rs 600, so that they remain within the limit of Rs 2,500 per day of withdrawal.
FM should avoid proposals such as to tax financial transactions and fringe benefits
Says GDP growth rate from 2014-15 to 2015-16 will be greater than that of 2014-15 from 2013-14
Spanish club Real Madrid have agreed to pay 105 million pounds in a part-exchange deal for Welsh striker Gareth Bale after claiming that a world-record agreement had been sealed with Spurs chairman Daniel Levy.
If the PM wishes to be re-elected in 2019, there are a few things he needs to learn from his predecessor
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
'There is lack of demand because people have no jobs, and no income.' 'Lakhs of people have lost their jobs and they have no income which has led to no demand in the market.'
There could be multiple measures announced in quick succession, not only by the finance minister but also other ministers regarding their respective sectors, and by the Reserve Bank of India. The total size of these announcements could rival that of other G-20 nations as a percentage of GDP.
The most immediate challenge for growth is the disruption of the global economy brought about by the Ukraine war and related sanctions, the Covid shutdowns in China and the rising tide of inflation, points out Nitin Desai.
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
The top court said in order to declare whether the exercise is academic or infructuous, it needs to examine the matter since both sides are not agreeable.
The Bombay high court on Monday granted bail to former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kochhar in a loan fraud case, saying their arrest was not in accordance with the provisions of law. A division bench of Justices Revati Mohite Dere and P K Chavan held that the arrest of Kochhars was in violation of Section 41A of the Code of Criminal Procedure (CrPC), which mandates sending notice for appearance before the police officer concerned. The couple was arrested by the Central Bureau of Investigation (CBI) on December 23, 2022 in connection with the Videocon-ICICI Bank loan case.
The CBI has named Prasad, his wife Rabri Devi, and daughters Misa Bharti and Hema Yadav, in addition to 12 people who were given jobs in Railway zones of Mumbai, Jabalpur, Kolkata, Jaipur, Hajipur, the officials said.
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.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
The D-Company has established a special unit to strike terror in people of India by attacking eminent personalities, including political leaders and businesspersons, the probe agency further claimed.
A 5% increase is expected due to additional interest on approval costs.
Prof Ananth Narayan, well known financial expert who works as a faculty member at the SP Jain Institute of Management and Research and the RBI's nominee director on the board of Yes Bank, expects a double-digit contraction in India's GDP this fiscal year. In the first of a two-part interview to Shobha Warrier/Rediff.com, Prof Narayan, below, says, "Giving liquidity and loan to cover the cash flow problem is not sufficient because you are essentially increasing the debt of many of these companies. And they might not be able to bear the burden."
The CBI has said the mall belongs to Yadav who has made investment in the project through a company.
Harried Yes Bank depositors rushed to ATMs to withdraw cash but faced multitude of problems including closed down machines and long queues, after the RBI placed the bank under a moratorium, capping maximum withdrawals at Rs 50,000 per account for a month. Aggravating the problems of depositors were difficulties accessing the internet banking channel, which ensured that they can't transfer the funds online as well.
The Income Tax Department detected bogus expenditure claims and alleged transfer of share capitals worth crores of rupees through shell companies after it recently raided some entities in Karnataka and Uttar Pradesh, including people linked to the Samajwadi Party.
Modi said the country needs to increase domestic output of energy.
Disappointed over the Egyptian military's deadly crackdown on protesters, the United States has temporarily frozen some of its military aid to Egypt, including deliveries of tanks, F-16 aircraft and missiles as well as $260 million in cash.
Rajan said expecting the government to provide all solutions wasn't right.
Since trading in virtual currencies is not illegal, they traded in cash or through barter in some instances.
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