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.
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.
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.
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.
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.
Goyal was questioned by the Serious Fraud Investigation Office on Thursday in Mumbai in connection with allegations of some financial irregularities.
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.
A bench comprising Chief Justice S A Bobe and justices B R Gavai and Surya Kant took note of the submissions of solicitor general Tushar Mehta that the high court order, to the extent of allowing their release from prison, needed to be stayed.
'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 Bombay high court on Thursday said the judiciary and agencies like the Reserve Bank of India, the Central Bureau of Investigation and the Enforcement Directorate should act independently, and asked 'what heavens are going to fall' if an interim protection from coercive action is granted for a few days to Nationalist Congress Party leader Eknath Khadse in an alleged land grab case of 2016.
Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday cautioned against extrapolating the issue of alleged graft charges in a public-sector bank to the entire public sector banking system.
The businessman was summoned at the ED's office and was asked questions about the purported links of the alleged main accused of the case Amit Bhardwaj with his businesses.
ED had served summons to several English columnists and writers who had contributed in the Saradha group newspapers and also gone to foreign junkets.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
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.
Going by the RBI directive and the overall narrative, Paytm may have lost the rigour of stress tests, audits and compliance.
A picture released by the federal agency showed bundles of seized Rs 500 currency notes along with a few in the denomination of Rs 2,000 and Rs 200 stacked together on a bed.
'We can't have the best of both worlds -- large, efficient, world class government-owned banks, doing social banking and making profits. 'Why not set them free from the shackles of such obligations and run them as business units?' says Tamal Bandyopadhyay.
RBI, Enforcement Directorate to see if money was sent to tax haven
The government must set up a Bank Investment Company to shrink its role in PSBs, if we are serious about tackling the two persistent issues - lax corporate governance practices and discretionary decision-making, says Shyamal Majumdar.
In a relief to liquor baron Vijay Mallya, the high court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover a loan of around 1.145 billion pounds from him. Justice Michael Briggs of the insolvency division of the high court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka high court be determined, allowing him time to repay his debts to the banks in full.
'There is no scope for any doubt. This was a scheme designed to enrich the ruling party.'
The ED had filed six cases in the Additional Chief Metropolitan Magistrate (Economic Offences Court-I) which had discharged the duo in two cases in 2015 and directed them to face the trial in other cases.
Officials say that such a list, to be updated on a real-time basis, will serve as a ready reckoner in identifying those committing multiple economic offences
ED orders Chanda Kochhar to appear with asset lists also provide income-tax returns in her individual capacity and of companies if she was a director or held any position.
The bank was worth over Rs 80,000 crore as recently as September 2017. The lender had grown at breakneck speed, helped perhaps by Rana Kapoor's reputation as a banker, willing to aggressively write checks.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
The Jalan panel has recommended to the RBI to keep shady entities out of banking licence race.
At a time when the asset quality of state-owned banks is deteriorating, the Reserve Bank of India is also planning harsher penalties for wealthy promoters of wilful defaulters.
Aiming to intensify government's drive on black money, the PMO has asked the revenue department to look for ways other than bilateral tax treaties to bring back funds stashed abroad.
This is not her first stint in North Block or in leading a major economic ministry. She started Prime Minister Narendra Modi's first term as minister of state for finance, was made the commerce minister, and then became the defence minister.
ED and Directorate of Revenue Intelligence have detected a significant increase in the outflow of Indian money, specifically into four countries --Thailand, Dubai, Singapore and Hong Kong.
According to the consumer affairs department, these chit funds are operating at a small level.
Advocate Abbad Ponda, his lawyer, said a person with low immunity is easily susceptible to catching coronavirus.
It is learnt that Pandove had applied for indemnity under Rule 34 of BCCI constitution where the organisation pays on behalf of the member if he is slapped with a penalty while discharging his function.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
'If she contests it, then these people will have to fight it in court.'
The case of alleged bribery of Syndicate Bank Chairman-cum-Managing Director S K Jain may come up for discussion in the meeting of Special Investigation Team on black money, as it is a "classic" case of how proceeds of corruption were transferred through hawala channels.
