India may soon have a database for international transactions, particularly those routed through nations with which New Delhi has tax avoidance pacts, to check non-payment of taxes, if a proposal by a government panel has its way.
The Reserve Bank of India also banned with immediate effect issuance of letters of comfort which, like LoUs, are used by importers to fund their overseas purchases.
In two months, as many as 25 complaints have been sent to Enforcement Directorate, Competition Commission of India, Reserve Bank of India and income tax department, beside various state agencies, to thwart the deal.
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
The Enforcement Directorate has begun a "preliminary enquiry" into the financial transactions that took place in connection with the Antrix-Devas deal.
$100-million Walmart investment of 2010 into Cedar, a group company of Bharti, is being investigated by ED.
According to officials, seven employees of the Yojna Bhawan having access to the basement have been detained for questioning.
The Supreme Court on Wednesday issued notices to the Centre and the Reserve Bank of India on a petition seeking probe into the alleged money laundering by the trustees of Mumbai's Lilawati Hospital.
The RBI has also referred alleged violation of the Foreign Exchange Management Act to the Directorate of Enforcement for investigation in regard to both Bharti Wal-Mart and e-commerce venture Flipkart Online Services.
Delhi faces a severe financial crunch and the deficit is largely due to numerous welfare schemes without adequate revenue flowing in. The success of welfare schemes and electoral promises will need careful financial planning and out of the box thinking to whip up additional revenue, notes Ramesh Menon.
'The prime minister's comment on 'revdi culture' was welcome. But I am disappointed he did not follow up on that.' 'All political parties, including the BJP, have been guilty of this.' 'Now, Modi's guarantees, the Congress's 'nyay' path and both ruling and Opposition parties are vying with each other for freebies in my home state Andhra Pradesh.'
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
18 MNCs have been issued show cause notices by the Enforcement Directorate for paying salaries abroad to their foreign national employees working in India without the RBI's permission.
According to RBI's circular, cases of frauds involving more than Rs 25 crore and up to Rs 50 crore should be given to the CBI's Banking Security and Fraud Cell
Amid concerns over minorities being targeted in India, former Reserve Bank governor Raghuram Rajan on Thursday cautioned that an 'anti-minority' image for the country can lead to loss of market for Indian products and may also result in foreign governments perceiving the nation as an unreliable partner. India enters the perception battle from a position of strength, the professor at Chicago's Booth School of Business said, alluding to credentials like democracy and secularism, but warned that this battle is "ours to lose". The comments came a day after bulldozers tore down several concrete and temporary structures close to a mosque in Jahangirpuri as part of an anti-encroachment drive, days after the northwest Delhi neighbourhood was rocked by communal violence.
Police FIR reveals the bank had replaced 44 loan accounts of HDIL with 21,049 fictitious loan accounts. These 21,049 were actually not created in the core banking solution of the bank, but were mere entities in the advances master indent submitted to RBI for conducting its inspection for the year ended March 2018.
'As long as the government owns the banks, bankers will follow signals from politicians as to how to lend.' 'State-owned banks will remain State-owned banks as long as the current dispensation is in power -- and certainly there will be no change if the other chaps get in,' says Mihir S Sharma.
After assuming office, the Narendra Modi government on Monday constituted a Special Investigative Team to unearth black money.
Between April and August, it issued request seeking LoC against 147 individuals to prevent them from leaving the country, the bank said in response to a Right to Information query filed by Pune-based activist Vihar Durve.
The quizzing of the 48-year-old daughter-in-law of superstar Amitabh Bachchan and Samajwadi Party MP Jaya Bachchan comes weeks after her husband Abhishek Bachchan was questioned by the agency in another case emerging from the same set of papers linked to the offshore leaks case, they said.
Over 4 mn bank accounts could be dormant, suspects tax department.
Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
About 281 cases have been taken up for investigation by the Directorate of Enforcement regarding suspected violations of foreign direct investment (FDI) norms all over the country during April 2019 to March this year, Parliament was informed on Wednesday. Necessary action as per provisions of Foreign Exchange Management Act, 1999 (FEMA) has been taken, which includes issuance of show cause notices, adjudication and imposition of penalty, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha. In these cases, following the due process of adjudication, penalties of more than Rs 2,600 crore have been imposed under the FEMA, he said, adding the Reserve Bank of India (RBI) has done compounding of contraventions of FDI related FEMA provisions in total of 1,421 cases across the country during the last three years.
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
The lawyer of Videocon Group promoter Venugopal Dhoot on Friday argued before the Bombay high court that the industrialist's arrest in the ICICI Bank loan fraud case was unwarranted as he was cooperating with the probe. The Central Bureau of Investigation (CBI), on the other hand, claimed that he was trying to avoid probe. Dhoot, arrested by the CBI on December 26, 2022, and presently in judicial custody, has moved the high court seeking to quash the First Information Report, and has also sought interim bail.
The crisis at the bank is attributed to loans made to realty player Housing Development Infrastructure Ltd, which were allegedly hidden from regulators' scrutiny, turning non-performing assets.
Singh brothers might be stopped by 'fit & proper' hurdle due to US drug norm violations; firm says confident of qualifying.
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
26 chartered accountants associated with such shell companies have also been identified
The ED said that the investigation further revealed that there are 78 companies owned by the accused and his family members and it needed to probe whether the money went into these companies.
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
Bankers have decided to fight back against 'arbitrary arrests' and 'harassment' by probe agencies.
'There is no scope for any doubt. This was a scheme designed to enrich the ruling party.'
The foreign agency has claimed four accounts held by the Jindals.
India and the United States vowed on Thursday to step up joint efforts to halt illicit money flows.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
The notice, under provisions of the Foreign Exchange Management Act, has been issued by the Mumbai office of the agency after its probe found that the group has 'contravened' the law as it failed to comply with Reserve Bank of India norms by not declaring funds generated by some wholly owned subsidiaries the group had raised overseas few years back, according to ED sources.
The first high-level meeting of the Special Investigation Team on the issue of black money and special probe into cases of unaccounted funds stashed away abroad by Indians has been advanced and will now be held on June 2.
It has been a year since the Reserve Bank of India (RBI) initiated prompt corrective action (PCA), an exercise that puts weak banks under central bank scrutiny, against the 94-year-old Lakshmi Vilas Bank (LVB). But recently, this low-profile Chennai-headquartered bank found itself attracting some unwonted publicity when 60 per cent of its shareholders voted against a proposal to re-appoint seven directors, including one of the promoters, K R Pradeep (who holds around 2 per cent), and the company's managing director & chief executive officer S Sundar.
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