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 syndicate used "stooge" bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said.
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
In 2016, the Centre has been able to get only seven IAS officers from all states so far.
November 8 marks 6 years after demonetisation. A K Bhattacharya reveals how the prime minister and the RBI worked together for months before Modi's 8 pm speech. A riveting excerpt from The Rise Of Goliath: Twelve Disruptions That Changed India.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
There is a view that heavyweight portfolios like home, finance, defence and external affairs besides education and culture, two ministries with strong ideological hues, will be kept by the BJP, while its allies can get anywhere between five to eight cabinet berths.
The preliminary processing of tax returns is already undertaken with the help of technology. There is now greater scope of using more technology to reduce the human interface even further, notes A K Bhattacharya.
OSAT majors have concerns about India's ability to provide a stable, predictable, and lasting policy environment for years to come, which is key for making a decision in a capital-intensive business.
Kumar, a 1992-batch Indian Administrative Service officer of Tamil Nadu cadre, is currently an additional secretary in the ministry of electronics and Information Technology.
Vodafone Idea's (Vi's) search for a lifeline has turned longer and tougher even as it continues to lose customers and delay vendor payments. Vi's much-needed Rs 1,600-crore fundraising plan got stuck due to the government's silence on picking up a proposed 33 per cent equity in the financially stressed telco. The development spells further trouble for the company, which has an overall debt pile of Rs 2.2 trillion, including hefty dues to the government.
India Post may be keen to apply for payment bank licence.
Following the Supreme Court verdict which clipped the powers of the LG, the bone of contention between the Delhi government and his office continues to be control over the services department.
India's finance ministry on Wednesday ordered small-bore austerity measures including a ban on holding meetings at five star hotels and creation of new posts in federal departments, at a time when government revenue growth has slowed down.
The DoP has moved a Cabinet note for the government to provide Rs 500 crore (Rs 5 billion) as initial capital to India Post towards starting a bank.
Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift from earlier such arrangements, like the one with sanction-hit Iran, which involved banks facilitating settlement of international trade that did not have business in the sanctioned nation.
The department of post is planning to offer banking services by starting a full-fledged bank, to be named Post Bank of India.
He was permanently absorbed into the ED cadre in 2014 and has headed some high-profile investigations into the 2G spectrum allocation case, the 2010 Commonwealth Games, the money laundering cases against former Union finance minister P Chidambaram and his son Karti Chidambaram, Andhra Pradesh chief minister Y S Jagan Mohan Reddy and former Jharkhand chief minister Madhu Koda, the Aircel Maxis and VVIP choppers case.
Confirming a meeting with the top management of the Adani Group, Life Insurance Corporation Chairman M R Kumar said on Sunday that the interaction had gone well. "There's nothing I can state as of now on the outcome of that meeting. "But yeah, we've had the meeting....we are quite happy about this meeting," Kumar said on the sidelines of the 22nd Global Conference of Actuaries in New Delhi.
Two key depts in ministry cold to rationale for one; postal dept says it's more eligible than IDFC or Bandhan, feels 'strong lobby' scuttling its plans.
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
Rajiv Kumar is a retired IAS officer of 1984 batch of Jharkhand cadre.
'The first duty of the government is to learn lessons from a bad experience and course correct. It's a pity that the government is making policy without looking at evidence and differentiating between immediate and urgent.'
The government on Wednesday announced the appointment of veteran banker K V Kamath as chairperson of the newly set up Rs 20,000 crore development finance institution NaBFID to catalyse investment in the funds-starved infrastructure sector. Parliament had in March cleared the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 to support the development of long-term non-recourse infrastructure financing in India, including the development of the bonds and derivatives markets necessary for infrastructure financing.
Finance Minister Arun Jaitley revealed that the government wanted to give Hasmukh Adhia a post-retirement role, but Dr Adhia said he would not work for a single day after November 30.
The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit to make it more relevant, an official said on Friday. Currently, shares held for more than one year attract a 10 per cent tax on long-term capital gains. Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax.
The Income Tax Department needs to immediately add 30,000 more employees to carry out its existing operations, a senior Finance Ministry official said.
He was previously Prasar Bharti CEO.
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
Amarinder would hold the portfolios of General Administration, Personnel, Home Affairs and Justice, Vigilance and other departments not assigned to any other minister.
He will be the first bureaucrat to head the central bank in almost five years.
PNB took the delivery of these high-end luxury cars worth approximately Rs 1.34 crore last month, unmindful of the coronavirus outbreak, subsequent nation-wide lockdown and its crippling effect on the financial sector as well as the economy. The annual depreciation on this purchase will be around about Rs 20 lakh.
'The finance minister said, the MSME is the backbone of the economy. My question is, what have you done for the sector?'
Education finance is a complex and dynamic sector. There are too many variables -- the course, the calibre of students, the universities, and the job prospects once the course is over, notes Tamal Bandyopadhyay.
Sources said while the Janata Dal-Secular will have nine new ministers, the Congress will have nearly 12 of its legislators inducted into the cabinet. Lone Bahujan Samaj Party MLA N Mahesh will also be a part of the cabinet expansion and will be given a key portfolio.
Abu Dhabi-based Etihad Airlines has agreed to halve the number of directors on the Jet Airways Board to two posts under the Rs 2,058 crore deal, giving the Indian promoters 'effective control' of the carrier.
Ban on purchase of vehicles, except for defence, continues.
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