Senior Congress leader Jairam Ramesh on Saturday said he does not see a 'middle path' to end the logjam in Parliament as the Opposition's demand for a Joint Parliamentary Committee (JPC) probe into the Adani issue was 'non-negotiable' and the question of an apology over Rahul Gandhi's remarks in the United Kingdom does not arise.
The Income-tax department has conducted searches at multiple premises of Chinese telecom company Huawei in the country as part of a tax evasion investigation, official sources said on Wednesday. The raids were launched at the company's premises in Delhi, Gurugram (Haryana) and Bengaluru in Karnataka on Tuesday. Sources said the officials looked at financial documents, account books and company records as part of a tax evasion investigation against the company, its Indian businesses and overseas transactions.
The Adani stock price saga will pass into public memory as one of those matters that simply escaped being nailed down, perhaps because too many vested interests were involved, notes Debashis Basu.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
As Germany took note of Rahul Gandhi's disqualification from Lok Sabha, the Bharatiya Janata Party on Thursday accused the Congress of 'inviting foreign powers' for interference in India's internal matters and the Opposition party hit back, alleging that its rival was attempting to divert attention from the Adani issue.
To help the country emerge as a true welfare State, political parties must put the country's interests first before strategising to win elections and short-term goals, argues Ramesh Menon.
Eshwarappa, a senior Bharatiya Janata Party leader from Shivamogga and who had been a long time associate of Yediyurappa, met Governor Vajubhai Vala and submitted a five-page letter on "serious lapses and authoritarian way of running the administration" by the chief minister.
Cleaning up India's grubby business climate is top of the agenda for both regulators and the government.
The Samyukt Kisan Morcha, which is spearheading the protest against the Centre's three new agri-marketing laws, told the MPs the 'Voters' Whip' overrides their party whips.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
Decoding four important provisions in the Finance Bill 2018.
The Central Bureau of Investigation (CBI) on Friday raided the home of Delhi Deputy Chief Minister Manish Sisodia and 30 other locations in connection with alleged corruption in the implementation of the Delhi Excise Policy.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
Embattled retailer Future Retail Ltd (FRL) on Tuesday moved the Supreme Court to avert insolvency proceedings over missing a loan repayment deadline, even as its independent directors rejected an Amazon-supported offer to sell the company businesses at less than a third of what Mukesh Ambani's Reliance is offering. India's second-largest retailer, which operates multi-brand retail chains such as Big Bazaar, Easyday and Heritage, failed to pay Rs 3,494.56 crore to lenders by the due date of December-end and sought a 30-day grace period to resolve the situation. Unable to find money, it moved the apex court seeking to restrain its lenders from declaring the company a defaulter, which can invite initiation of insolvency proceedings.
His disqualification to participate in future elections may follow, notes Rana Banerji, who headed the Pakistan desk at RA&W, India's external intelligence agency.
Stepping up their attack on Rahul Gandhi for his 'democracy under brutal attack' remark in the United Kingdom, Bharatiya Janata Party leaders, including Union ministers, on Thursday demanded an apology from the Congress leader insisting that he was 'not above Parliament'.
Former Lok Sabha Speaker Somnath Chatterjee on Monday took a swipe at the Aam Aadmi Party government, saying the country cannot run on 'Mohalla Sabhas' and a law cannot be decided on the streets.
If they will allow I will speak inside the parliament, the Wayanad MP said.
Members from parties, including National Democratic Alliance partner Telugu Desam Party, All India Anna Dravida Munnetra Kazhagam and Trinamool Congress, continued their protests on various issues.
Leveraging global capital markets to give muscle to an innate competitive advantage in rapid mass transaction systems will lead to India becoming a petri dish for global enterprises and new-age innovation that it yearns to be.
Reserve Bank of India (RBI) deputy governor M Rajeshwar Rao on Wednesday defended the central bank's decision of not allowing industrial houses to float banks, and said more deliberations are needed before RBI changes its stance on this issue agreed back in 2001. An internal working group (IWG) of the RBI had recommended allowing industrial groups into banking, but late last month the RBI said it kept on hold the two recommendations of allowing industrial houses and large non-banks to float banks. However, RBI had accepted 21 of the 33 recommendations of the group that submitted its report a year ago.
Basu said there are a couple of big ticket items on the agenda.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
Modi lashed out at the Siddaramaiah government over alleged corruption, saying there is not a single minister who is not facing allegations of financial wrongdoing.
Delhi Chief Minister-designate Arvind Kejriwal on Wednesday promised to bring Jan Lokpal Bill in 15 days and termed the rule as "wrong" which makes it mandatory for a state to seek the Centre's nod to pass a law.
Trump signed executive orders on August 6 that would prevent TikTok and WeChat from operating in the US as they threatened America's national security and economy.
Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
Soon after the obituary references and laying of papers, Minister of State for Parliamentary Affairs V Muraleedharan moved a motion for Shantanu Sen's suspension. The TMC member had snatched papers from Information Technology Minister Ashwini Vaishnaw and tore those in the House on Thursday. The motion was passed by a voice vote and Chairman M Venkaiah Naidu asked Sen to leave the House.
The Centre on Tuesday said it will not seek disclosure of flash sales from e-commerce players to regulate the fraudulent sale of goods and services but will take appropriate action as per the law on consumer complaints. Discount sales that benefit maximum to consumers will continue, but not fraudulent flash sales on the e-commerce platforms, the government said, adding that the e-tailers need not be "anxious" about the draft rules. Ban on fraudulent flash sales, mis-selling and appointment of chief compliance officer/grievance redressal officer -- are among key amendments proposed to the Consumer Protection (e-commerce) Rules, 2020, on which the government has sought public comments by July 6.
Land aggregators now want to sell to large corporations because their payment is guaranteed.
US private equity firm I Squared Capital is dropping out of the race to buy India's second-largest state oil firm, Bharat Petroleum Corporation Ltd (BPCL) owing to a complex deal structure and lack of financial backers for the transaction, sources said. I Squared Capital through its Indian arm, Think Gas was among the three suitors that had evinced interest in buying the government's near 53 per cent shareholding in BPCL. "The company has made a decision not to participate in the financial bidding," a source with direct knowledge of the development said.
Jharkhand mining secretary Pooja Singhal, earlier arrested and remanded to the custody of the ED in a suspected money laundering case, was suspended by the Jharkhand government on Thursday, an official said.
With days to go before the new tax regime around crypto assets kicks in, several investors are reportedly either booking profits, rejigging their portfolios or moving their crypto assets to their private wallets outside of India. Starting April, gains from trading in crypto and other virtual assets like non-fungible tokens (NFTs) will be taxed at a flat 30 per cent, as announced in the Union Budget. And, 1 per cent of tax will be deducted at source (TDS) on every transaction involving crypto and other virtual assets. The new tax regime also bars investors from offsetting losses from one crypto asset (such as Bitcoin) against gains from another (say, Ethereum).
Sisodia claimed that while the Assam government procured PPE kits for Rs 600 a piece from other companies, Sarma gave urgent supply orders to the firms of his wife and son's business partners for Rs 990 a piece "taking advantage of the COVID-19 emergency".
The Supreme Court on Friday refused to accept in a sealed cover the Centre's suggestion on a proposed panel of experts for strengthening regulatory measures for stock markets in the wake of the recent Adani group shares crash triggered by Hindenburg Research's fraud allegations.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
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