The Supreme Court on Thursday directed Jalan-Kalrock consortium, the new owners of the cash-strapped Jet Airways, to deposit Rs 150 crore in SBI's escrow account by January 31, saying failure to do so will mean that the consortium is not in compliance with the terms of the resolution plan for reviving the airline. The top court, meanwhile, also refused to allow the separate plea of the Jet Aircraft Maintenance Engineers Welfare Association seeking payment of provident fund and gratuity dues, observing if additional money is awarded, the resolution plan will become "unworkable". The consortium, as per the lawyers for the workmen, has to pay over Rs 200 crore towards dues on account of PF and gratuity.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
In view of the economic shock caused by the COVID-19 pandemic, Reserve Bank of India (RBI) on Friday asked scheduled commercial banks and co-operative banks not to make any dividends for the financial year ended March 2020. In view of the ongoing stress and the heightened uncertainty on account of the pandemic, RBI said it is imperative that banks continue to conserve capital to support the economy and absorb losses, if any. The decision is based on review of the September quarter financial performance of banks.
Besides, two new entities-- IDFC and Bandhan -- have been given full-fledged banking licence.
The Reserve Bank of India will encourage banks to set up a payment corporation to streamline payment system.
NPCI has launched several consumer friendly systems including one that allows users to transfer money to people over mobile phones across India.
An article on 'State of the Economy' in the monthly Bulletin also said the improvement in the outlook for agriculture and the revival of rural spending have turned out to be the bright spots in the evolution of demand conditions. Consumer price inflation ticked up in June 2024 after three consecutive months of moderation as a broad flare-up in vegetable prices halted the overall disinflation that had been underway, it said.
Paytm has, since November 8, been on an overdrive, rolling out a series of features on its app including multi-language options for a no-holds barred access across the country. The company is now planning to make Paytm available on all types of mobile phones, going much beyond smartphones.
Gold imports more than doubled in August to a record high of $10.06 billion, mainly on account of a drastic cut in customs duty and ongoing festive demand, according to the Commerce Ministry data. Gold imports stood at $4.93 billion in August 2023. On record high imports, Commerce Secretary Sunil Barthwal said that the tariff rates on gold have been reduced drastically so that smuggling and other activities can come down.
Group term insurance is far more cost-effective than an individual cover.
The central bank had advised all system providers to ensure that within a period of six months, the entire data relating to payment systems operated by them is stored in a system only in India.
According to the Central Bureau of Investigation, Gutte is one of the directors of Gangakhed Sugar and Energy Limited.
The CBI has booked Kanpur-based Rotomac Global and its directors for Rs 750.54 crore for alleged fraud in Indian Overseas Bank, officials said. The company, which was in the business of writing instruments, has a total outstanding of Rs 2,919 crore against a consortium of seven banks led by Bank of India in which Indian Overseas Bank has an exposure of 23 per cent. The agency has booked the company and its Directors - Sadhna Kothari and Rahul Kothari - under IPC sections related to criminal conspiracy (120-B) and cheating (420), besides various provisions of the Prevention of Corruption Act.
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
A senior official with Muthoot Finance said the group would also want to apply for a universal licence.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
Twitter has replaced its recognisable bird logo with the letter 'X' as its new official mark marking the latest major shift since Elon Musk's takeover of the social media platform.
In the wake of Lodha Committee report, the Board of Control for Cricket in India's top brass on Wednesday said the Board is still 'confused' over the kind of payments that can be made from the two bank accounts which had come under the scanner of the Supreme Court-appointed panel.
Reserve Bank and the finance ministry on Wednesday asked top management of banks and representative of trade bodies to push exports and import transactions in rupee. It was stressed during a meeting that banks should connect with their foreign counterparts for opening special rupee vastro accounts to facilitate cross-border trade in Indian currency rather than popular mode dollar, sources said. Trade associations and their foreign trading partners should explore opportunities to make use of the framework, sources added.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
Edtech company Byju's, which was once India's most valuable start-up worth an estimated $22 billion, will face insolvency proceedings for failure to pay Rs 158.9 crore to cricket board BCCI. The Bengaluru bench of the National Company Law Tribunal (NCLT) on Tuesday allowed bankruptcy proceedings against the firm and appointed an interim resolution professional, suspending the company's board of directors and freezing its assets.
This is not for the first time that the customers of the bank have faced service outage. In fact, the bank has been penalised by the Reserve bank of India (RBI) for two major outages in the past. In December, the RBI temporarily barred HDFC Bank from launching new digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the lender over the last two years.
Bandhan Bank to fund SMEs, create jobs, says FM
Although such alerts are not compulsory for the banks, this may become the norm now if payments are missed even for a day.
...benefiting 350,000 persons. Also, Trai detected and blocked seven million mobile phone connections involved in cyber fraud and suspicious activities.
'Avoid rushing into any financial transactions or disclosing personal information.'
The unidentified hackers had executed money transfers on two separate occasions - August 11 and August 13 - which raises the question of why pro-active measures were not taken on the first night itself
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Property of Rs 3,500 crore belonging to the company was seized by the EOW, a police official said.
Electronic transactions are rising fast, so are cases of payment failure and delayed settlement. One needs to be proactive.
The Delhi high court on Wednesday allowed Chinese smartphone maker Vivo to operate its various bank accounts frozen by the Enforcement Directorate in connection with a money-laundering probe subject to furnishing of a bank guarantee of Rs 950 crore within a week with the agency. Justice Yashwant Varma also directed the company to give details to ED about its remittances and issued notice to the investigating agency on Vivo's plea seeking quashing of the order freezing its various bank accounts. ED contended that presently the proceeds of crime have been quantified to Rs 1200 crore.
'Clients deemed higher-risk are required to update their KYC more frequently.'
Barcelona have won the Champions League five times, most recently in 2015, and face a tough task to get back to the top table of European football after being forced to sell club legend Lionel Messi due to financial problems.
A new mobile banking 'Trojan' virus -- SOVA -- which can stealthily encrypt an Android phone for ransom and is hard to uninstall is targeting Indian customers, the country's federal cyber security agency said in its latest advisory.
Insolvency appellate tribunal NCLAT on Tuesday upheld the resolution plan of grounded carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium. The NCLAT bench has directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, it has also directed the lenders of Jet Airways to adjust the Rs 150 crore paid by the consortium as performance bank guarantee.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU T S Khurana answers readers' personal income tax queries
President Mohamed Muizzu, known for his pro-China stance, has thanked India for enabling the resumption of medical evacuation services with civilian aviation personnel from India.
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