As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
Security and intelligence agencies will soon be provided with a new platform which is technologically advanced, secure and helpful in dealing with new age criminals and anti-social elements, officials said on Wednesday.
Financial Intelligence Unit India receives, processes as well as disseminates information related to suspect financial transactions.
In almost every hawala deal, 10 per cent of the amount goes towards terror funding, reports Vicky Nanjappa
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.
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.
'Domestic investors are opening up to the idea of high-growth Internet companies as a pool of value creation.' 'They like the execution that they see with Zepto, and for us, that is the most important factor.'
'Investors with foreign currency-denominated goals, such as foreign education or foreign travel, should go for US equity funds.'
In a bid to check money laundering, the government on Thursday allowed Financial Intelligence Unit
The company paid over Rs 231 crore over three years to a web of 135 fake firms.
The move is under consideration as the cash transaction reports just from commercial banks have shot up from 2.2 million to nearly 6 million for FY08. The number could go up further since data for the full financial year is still being compiled. Similarly, last year, the agency received more than 2,500 suspicious transaction reports from various entities in the financial sector, as compared with 817 in FY07.
After a prolonged winter, the Indian edtech sector seems to be witnessing some signs of a thaw. The sector has received $608.8 million of funding across 68 deals in 2024 so far - 153 per cent more than the $240.9 million across 106 deals during the same period last year - according to data from market intelligence platform Tracxn.
With the Financial Intelligence Unit deciding to probe three major banks for alleged money laundering, it is interesting to note that the same agency also conducted a probe in the HSBC money laundering case.
The growing decline of MTech applicants in Indian colleges is due to multiple factors, including outdated curricula, poor return on investment and lucrative non-engineering alternatives, say experts.
The Financial Intelligence Unit last month marked 200 transactions in India -- running into Rs 2000 crore -- as terror-financed. Now, it has commenced its probe to trace the origin of the funds.
Condolences have poured in from across the globe, including from the United States, Canada and Sri Lanka following the demise of former Prime Minister Manmohan Singh.
Market watchdog Sebi has asked various banks to provide it all account details of the Sahara group as well as their promoters and directors, and is also seeking help from RBI, ED and Financial Intelligence Unit as part of a multi-pronged probe into the entity.
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
"Had corona (COVID-19) not been there, the prime minister would have dedicated NATGRID to the country. I am hopeful that the prime minister will dedicate NATGRID to the country in some time," Union home minister Amit Shah said during the 51st Foundation Day event of the Bureau of Police Research and Development (BPRD) here on September 4.
Has Vijay Shekhar Sharma given up on the bank? For now, he seems to be on a save-OCL mission. The bank will face its logical end, observes Tamal Bandopadhyay.
European countries are being used as hot destinations by terror group Al Qaeda to route money to India, according to a report by Peruvian Financial Intelligence Unit (FIU).
About Rs 2,280 crore (Rs 22.80 billion) unaccounted income being allegedly routed through Private Placement Programme (PPP) has been detected by economic intelligence sleuths.
In a year bookended by intractable conflicts and geopolitical fragmentation, India focused on ramping up military prowess by broadly firming up defence procurement worth Rs 4.22 lakh crore even as Indian and Chinese militaries completed pulling back their troops from border face-off points in eastern Ladakh.
According to estimates of KPMG Advisory Services, around $1 trillion is laundered globally, of which $23 billion is remitted to India. The firm's Executive Director Arpinder Singh said that 40 per cent of this amount is routed through the parallel banking system.
This could fundamentally transform the industry that had been a major source of employment in countries like India and the Philippines.
Trading of diamonds especially with a gulf country has come under the lens of intelligence agencies here for suspected terror financing and money laundering.
Patanjali Foods has been served a show cause notice by the GST intelligence department, asking the company to explain why input tax credit worth Rs 27.46 crore should not be recovered from it. The yoga guru Ramdev-led Patanjali Ayurved Group firm, which is mainly into the edible oil business, has received the notice from the Directorate General of GST Intelligence, Chandigarh Zonal Unit, according to a regulatory filing made by the company on April 26.
With an expected earnings growth of 15 per cent, benchmark index Nifty 50 may hit 24,500 level by December 2024 and move further to surpass the level of 26,500 by December 2025, Emkay Investment Managers said on Tuesday. The 50-share Nifty settled at 22,888.15 on Tuesday. In the previous day, it hit a new lifetime peak of 23,110.80.
Significantly, for the first time, the FATF put Myanmar in the "high risk jurisdictions subject to a call for action", often referred to as the watchdog's black list.
'If you want to have fair elections you should have an officer, who is appointed as per the rules laid down for such appointments, which is based on seniority.'
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
The Central Economic Intelligence Bureau, lead agency under Finance Ministry to gather and disseminate intelligence related to financial crimes, has traced illegal flow of money through Private Placement Programme, which involves offering of securities to select individuals or groups, upto 50 in numbers, official sources said.
Irani said the show of strength by the Congress is aimed at putting pressure on the probe agency, and asserted that nobody is above the law "even Rahul Gandhi".
Coal-to-airports conglomerate Adani group is set to make a splash in the tech world. The group is considering the creation of customised artificial intelligence (AI) models for commercial prospects and consolidating digital services on a super app, according to people in the know. The Adani One app, part of its consumer-facing businesses, is reportedly in talks to expand into e-commerce and digital payments, according to a Financial Times report.
'While on the one hand, terrorism continues to be a serious threat to global peace and security, on the other hand, areas such as cyber, maritime and space, are emerging as new theatres of conflict'
India SME Forum, an organisation for small and medium businesses, has called for creating a dedicated fund of Rs 5000 crore for the export capacity development, promotion, and marketing of Micro, Small & Medium Enterprises (MSMEs) in its Budget recommendation. The forum for MSMEs with over 98,000 members said that to enhance India's global competitiveness and increase its market share in global exports, it was "crucial to increase the number of active exporters and enable at least 3-4 lakh first-time micro, small, and medium exporters while supporting them in promoting Indian products globally."
The Directorate of Revenue Intelligence, the lead agency to check customs frauds and smuggling, has decided to post officers at India's Mission in New York (US), Singapore, Brussels (Belgium) and in Nepal's Birgunj.
'It came out of China and it could have been stopped and I wish they had stopped it and so does the whole world wish they had stopped it'
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