The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
Jain did not want to financially burden the bank with his own, personal decision to quit
How many hours of work does it take to buy a half a litre of beer at a retail outlet?
The film lacks execution and tires too hard to impress the audience.
Preservation of wealth has become the mantra as private bankers are broadening their relationships with exporter communities and family-owned firms.
Eminent Indian-American attorney Preet Bharara has made it to the cover of the prestigious Time magazine for his crusade against Wall Street corruption and irregularities, including insider trading. With the caption This man is busting Wall Street, Bharar's picture appeared in the latest edition of Time on Thursday, the day on which he announced to have taken action against one of the oldest Swiss banks for having evaded American taxes and helping in the flight of US money.
The most important lesson is that you have to build your political proposition, and sell it yourself. You can't leave it to the courts, media, NGOs and civil society and expect them to play the role of the Opposition. That's precisely what Mr Modi's challengers have been doing and we know the results, notes Shekhar Gupta.
Staff submissions show clients may have disowned initially authorised transactions after losses.
Stepping up his attack on the ruling United Progressive Alliance coalition, Bharatiya Janata Party leader L K Advani said the "corrupt" government has brought "disgrace" to democracy.
The court also granted four-day custody of Khan to the Enforcement Directorate.
Sundaram Multi Pap, a Mumbai-based paper stationery manufacturer, on Monday disowned exotic hedging contracts entered into with ICICI Bank, saying the bank had misled the company into taking derivatives positions much beyond their underlying export risks.
Rejecting the contention of the Directorate that it has been exempted from making disclosures under the Right to Information Act, the Commission has held all such matters now investigated by the Enforcement Directorate come within the definition of allegations of corruption and, hence, should be disclosed.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
Low cost airline SpiceJet and Swiss firm Credit Suisse AG on Thursday told the Supreme Court they have resolved their financial dispute. The apex court then permitted SpiceJet to withdraw its appeal against a Madras high court verdict ordering that the airline be wound up on account of alleged non-payment of dues to Credit Suisse AG. "There is a settlement which has taken place on May 23, 2022 as per the consent terms.
UBS Securities, broking arm of the largest Swiss bank, and Australia's Macquarie Equities Research are the most bearish.
Bharatiya Janata Party patriarch Lal Krishna Advani's letter apologising Congress President Sonia Gandhi for naming her family in the party task force's report on illegal Swiss bank accounts has set tongues wagging in the political circles. So what did Sonia say to Advani that he made him regret his remarks? This is the text of the letter the Congress President wrote to Advani dated February 15.
Kweku Adoboli, a 31-year-old trader at UBS based in London makes Nick Leeson, once-legendary rogue trader at Barings Securities look like an amateur.
Finance Minister Pranab Mukherjee will announce the measures the United Progressive Alliance government intends to take to bring back the unaccounted money into the country and tighten the regulatory and tax framework to prevent further illegal outflows.
The German government will buy stolen data of about 1,500 German tax offenders holding secret bank accounts in Switzerland offered by an informer for Euro 2.5 million on lines of a similar deal two years back for account information from Liechtenstein.
Sources close to the developments said the company would announce the deal any day. Morgan Stanley is advising Standard Chartered on the deal.
The violations relate to transactions Credit Suisse illegally conducted on behalf of customers from Iran, Sudan, Myanmar and other countries, violating the International Emergency Economic Powers Act and New York state law.
'Modigate is snowballing into a huge thing with the electorate. The BJP is in for huge punishment by the electorate.'
Smaller enterprises who are already fighting a losing battle on various fronts will see credit tightening.
Tata Consultancy Services' proposed acquisition of Switzerland based TKS-Teknosoft is likely to expand the domestic IT major's banking software portfolio, but would not have any major impact on its earnings, analysts believe.
There are some cities in the world where earnings are really high.
N Chandrababu Naidu and his Telugu Desam party face a dilemma of how to woo both sides of the Andhra Pradesh divide, reports Rediff.com's Vicky Nanjappa
The Enforcement Directorate, which is investigating possible violations of the Foreign Exchange Management Act by some former UBS employees, has written to the UK's Financial Services Authority, seeking details of the alleged misuse of accounts of Anil Dhirubhai Ambani Group-controlled Reliance Energy and Reliance Natural Resources.
Veteran political leader Subramanian Swamy on Saturday expressed surprise over Bharatiya Janata Party leader L K Advani's decision to apologise to Congress president Sonia Gandhi over the black money issue
Embattled businessman Vijay Mallya on Tuesday lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. The 18/19 Cornwall Terrace luxury apartment overlooking Regent's Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds", is currently being occupied by Mallya's 95-year-old mother Lalitha. Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there were no grounds for him to grant further time for the Mallya family to repay a 20.4-million loan to UBS - the claimant in the case.
Innocent anchors in the media, especially electronic, are guilty of raising expectations of a gullible nation without realizing how these accounts operate.
If rising prices of food and fuel are hurting the common man, the richie-rich club has its own inflation-related worries -- that is in prices of Chanel bags and Rolex watches, among other high-end lifestyle products.
Marking the end of strict banking secrecy practices, Switzerland earlier this month agreed to automatic exchange of information and mutual administrative assistance in tax matters with overseas authorities.
The need to raise policy rates one more time still exists.
This year, India bought 27.7% of the gold exported by Switzerland; in Jan, this was only 15%.
Arthur J Pais meets Scottish businesswoman Sunita Poddar who gifted an island to yoga guru Baba Ramdev.
Indian stocks are becoming "less interesting" as their valuation vis--vis other markets in the Asian region have declined considerably, Swiss banking major Credit Suisse said in a report.
State Bank of India was the biggest loser in the Sensex pack, shedding 1.69 per cent, followed by Asian Paints, Kotak Mahindra Bank, HCL Technologies, Reliance Industries, Wipro, IndusInd Bank, Infosys, Power Grid and HDFC twins. In contrast, Nestle, Maruti, Bharti Airtel, Tata Motors, ITC and Hindustan Unilever were among the gainers.
What did LK Advani tell Sonia Gandhi in his letter that has the BJP so worked up?
Tax department has launched 60 prosecutions.
India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.
