The government has allowed the Enforcement Directorate to share information about economic offenders with 15 more agencies, including SFIO, CCI and NIA, a move that will expedite nailing of law-breakers. The finance ministry notified changes to the Prevention of Money Laundering Act (PMLA), 2002, on November 22. Through the notification, the Enforcement Directorate (ED), which deals primarily with cases of money laundering and violations of foreign exchange laws, would be able to share data with a total of 25 agencies, including the 10 specified earlier.
'This is not a case of tax evasion but the result of long-standing ambiguities in GST rules and unawareness.'
We propose an expert group be set up to form a national strategy on digital fraud. This group would bring together skills in financial regulation, security economics, cyber defence, and public communications, and an understanding of the Indian financial and security systems. It should lay the foundations of a coordinated approach by the Indian State in fighting digital fraud, suggest Ajay Shah and Nandkumar Saravade.
India's micro, small and medium enterprises (MSMEs) - which contribute over 45 per cent to outbound shipments - are facing a major disruption following the United States (US) decision to impose 50 per cent additional tariffs on the country's exports. MSME industry bodies have raised an alarm over the deep impact, seeking immediate government intervention.
An ex-employee claimed that team members were routinely subjected to verbal abuse, even for basic clarifications or suggesting improvements.
The Financial Intelligence Unit-India (FIU-India), the national agency responsible for analysing suspicious financial transactions, has received requests from four more offshore crypto exchanges to operate in India again, said a senior government official familiar with the matter. In the beginning of 2024, India had banned nine crypto exchanges - Binance, Kucoin, Huobi, Kraken, Gate.io, Bitstamp, MEXC Global, Bittrex, and Bitfenix - for non-compliance with anti-laundering law in the country.
WazirX lost about 45 per cent of its crypto assets to the security breach. People privy to the discussions say North Korea has been mentioned.
India's brittle energy security is inextricably linked to two opposing paradigms - fossil fuels, and the transition to green energy. The first powers the present; the second paves the way for Viksit Bharat in 2047.
Mid-tier information-technology (IT) companies last financial year reported better growth numbers than their larger counterparts, highlighting their ability to navigate the uncertain macroeconomic environment. Most of these companies - such as Persistent Systems, Coforge, KPIT, and Mphasis - focus on niche businesses and industries that allow them to go deeper in terms of client mining and expanding wallet share from existing customers.
Generative AI is transforming workplaces but at a cost -- there are fewer jobs for young workers just entering the workforce, reveals a Goldman Sachs report.
Regularly monitor your account for any suspicious activity. Keep your devices updated with the latest security patches to prevent vulnerabilities. Ensure the physical wallet you use is stored securely to avoid loss or theft.
Only investors with knowledge of cryptocurrencies, long-term conviction, and a long horizon should invest in this asset class.
The foreign degree no longer sells itself, families are doing the math, and for many, the numbers just don't add up.
AI isn't a magic wand. It works best when combined with good systems, informed investors, and skilled advisors, says Amit Suri.
The 18 companies sanctioned include Marshall Islands-registered Changtai Shipping and Motionavigations Limited and UAE-based Indo Gulf Ship Management.
Donald Trump's tariffs, meant as political punishment, have avoided the predicted chaos, lifting US growth, weakening rivals, and letting him claim victory in a resilient global economy, observes T T Ram Mohan.
The raids were linked to a sophisticated organised investment fraud scheme targeting unsuspecting individuals through fake mobile apps and WhatsApp groups.
Information-technology (IT) services major Cognizant has kept its full-year guidance on revenue growth unchanged at 3.5-6 per cent in constant currency even as the industry is becoming cautious about macro conditions because of tariff wars.
The swindled amount is nearly half of WazirX's total assets.
As many as 76 per cent of respondents said they will be willing to sacrifice existing benefits for better ones.
While demand for sub Rs 50-lakh affordable housing prevails, market players cite increased land rates, escalated construction costs and low margins as key prohibiting factors.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
India carried out missile strikes on terror targets in Pakistan and Pakistan-Occupied Kashmir, including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba's base in Muridke, after the Pahalgam attack that killed 26 civilians. The Foreign Secretary said the actions were measured, non-escalatory, proportionate and responsible.
Airtel has informed the government and regulator Trai that it has approached Reliance Jio and Vodafone Idea with a proposal for a joint initiative to unite the industry against rising telecom fraud and scams.
Call centres, once the engine room of India's BPO exports, are evolving too. Depending on the complexity, 30 to 50 per cent of voice and chat volumes are now handled by conversational AI.
Security agencies in Manipur are investigating an arms smuggling racket originating from Myanmar, with potential nationwide implications. The probe follows the arrest of a senior leader from a Valley-based Insurgent Group (VBIG).
Reliance Industries (RIL), India's largest conglomerate, is set to pivot into a deeptech and advanced manufacturing enterprise, chairman and managing director (CMD) Mukesh Ambani said. "In artificial intelligence, our purpose is clear: to address complex societal challenges and create wealth for the nation and its people.
The cryptocurrency exchanges in India have got a fresh lease of life following the bull run in Bitcoin, which briefly hit a new all-time high of more than $69,000. Siddharth Sogani, managing director of CREBACO, expects the price to cross $1,00,000 by the end of the year. This will see a sharp reversal in the Indian market, which has largely been dormant since the new tax regime was implemented in 2023.
If the threat from the 'Maovadis' (Maoists) is fading, the danger now lies with the 'MoUvadis' -- those who might exploit the resource-rich Abujhmad region through corporate or State-backed projects.
The Central Bureau of Investigation has come across layered financial transactions undertaken by officials and politicians accused in the Uttar Pradesh National Rural Health Mission scam to cover tracks of illegal gratification and has involved Income Tax department and Financial Intelligence Unit to unearth the money trail.
'Unfortunately, India and Pakistan could learn a 'lesson' from this conflict that will make them more likely to use these weapons against each other in the future.' 'Rounds of missile and drone attacks could be more routine features of their hostility, just like artillery fire has become a familiar fact of life along the Line of Control.'
Financial Intelligence Unit India receives, processes as well as disseminates information related to suspect financial transactions.
The Prevention of Money Laundering Act, 2002, requires all financial institutions, banks and intermediaries like merchant bankers, FIIs and stock brokers to submit reports on suspicious transactions above Rs 1 million in Indian or foreign currency. According to FIU's annual report for 2007-8, while the agency received 2.2 million such cash transaction reports from banks, other financial intermediaries put together have submitted only 2,500 suspicious transaction reports.
In almost every hawala deal, 10 per cent of the amount goes towards terror funding, reports Vicky Nanjappa
Investigators probing the failed Times Square bombing suspect that a hawala racket was used to fund the terror plot. Hawala is the most common source of funds for terror operations and the global underground racket amounts to a whopping Rs 8000 crore. Sources in the Financial Intelligence Unit say that Indian hawala operations account for a massive Rs 2000 crore.Most hawala transactions that fund terror operations originate in Pakistan.
The regulatory gap between crypto firms registered with the Financial Intelligence Unit-India (FIU-India) and unregistered offshore entities is expected to narrow, industry players said, after global crypto players Binance and KuCoin received approvals to register with India's anti-money laundering unit.
The government has imposed anti-money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. In a gazette notification, the Finance Ministry said the anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services. After this, Indian crypto exchanges will have to report suspicious activity to the Financial Intelligence Unit India (FIU-IND).
'Every decision India makes along the LoC, it must also consider implications along the LAC.'
The current situation in Kerala politics is perhaps best described as a case of the state's traditional two front politics now seeing a third front (the BJP) muscling in with the potential outcome being either a messy three front affair or a renewed endorsement of the two front pattern but with one of the old fronts compromised or quashed, observes Shyam G Menon.
