The Swiss National Bank, the country's central banking authority, has estimated the funds currently held by Indians in Swiss banks at a mere $1.98 billion. Fear of disclosure due to greater scrutiny of this illicit wealth has played the main role in the flight of capital.
ONGC, Hindustan Petroleum, Bharat Petroleum, Indian Oil and Oil India listed the spending as part of their mandatory CSR commitment, but CAG noted that the Sardar Patel statue did not qualify for CSR funding.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
The Enforcement Directorate had asked for financial details from both public and private sector banks and a part of these details were submitted last week
Not all NPAs are treated as wilful defaulters.
'We are all in a tizzy about NBFCs in the aftermath of the IL&FS default.' 'We tend to jump to the notion that an NBFC is like a bank. But banks make a promise that deposits are liquid and have an assured return.' 'NBFCs make no such promises,' points out Ajay Shah.
The report added that Anbang, which has close ties to the Chinese state, has seen its aggressive efforts to buy hotels in the US slowed amid concerns raised by Obama administration officials who review foreign investments for national security risk.
The apex court also put forth questions why loans were given to Mallya when he was a defaulter.
5 things to look at when companies go for mergers and acquisitions.
As for structural reform, there are signs if one looks hard enough.
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Enforcement agencies will be empowered to confiscate assets
ICDS is silent on the prudence aspect of accounting standards.
Mirach said it has remitted $2.625 million to the Sebi-Sahara Fund.
Banks cannot shirk their responsibility in cases of frauds.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
Cases across the country against defaulters who owe over Rs 1 crore each, reveal CIBIL data.
There cannot be a 'blanket ban' on media reporting on cases of rape and sexual abuse, it said.
This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits
Financial numbers can sometimes paint a rosy picture because of changes in the accounting policy or a one-time income.
The bank will have around 501 branches.
The Debt Recovery Tribunal (DRT) on Tuesday directed Diageo Plc not to disburse $40 million of the $75 million sweetheart deal to him.
The Income Tax Return Form-1 (Sahaj) will replace the 7-page form, removing a plethora of columns on deductions from income claimed.
Is Minister of Women and Child Development Maneka Gandhi opening another minefield with the introduction of mandatory pre-nuptial agreement before marriage or will this proposed legislation help streamline the dissolution process of a marriage given the spiralling divorce rates in our country? Rashme Sehgal speaks to lawyers on the issue.
Banks are seeking an order that Mallya should appear in person before the court.
'If the RBI had done the right things, these mistakes would not have happened in banks, public or private,' says Ajay Shah.
India has historically not had a strong compliance mechanism around insider trading. This is in stark contrast to developed countries.
Bandhan Financial Services, which is to start banking operations soon, has received a combined equity commitment of Rs 1,600 crore (Rs 16 billion) from International Finance Corp (IFC) and GIC, Singapore's sovereign wealth fund.
The question we must ask is how do politicians get that wealth disclosed in the affidavits, says Mahesh Vijapurkar.
Fatca aims to track all US residents with non-US accounts and US citizens, too.
'Pakistan's trump card is that it is the only credible guarantor on the horizon who can reasonably assure the Western world that Afghanistan will not again become the revolving door for international terrorism.' 'Trust Pakistan to play this card optimally,' explains Ambassador M K Bhadrakumar.
As corporate India prepares to put its house in order, the transition raises concerns
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
The new ITR forms have shifted the entire onus on the taxpayers to prove their claim for deductions, expenses or exemptions.
In the atmosphere created by the reaction to the PNB fraud and RBI's resolution framework, "don't lend, don't resolve" is bound to become the bankers' new mantra, says T T Ram Mohan.
The reason for the windfall: the soaring value of their stock awards.
As much as 73% of total income of national political parties is unaccounted for, says Association for Democratic Rights.
In the first of a two-part series, Tamal Bandyopadhyay explains why the ICICI Bank's board first rushed to deny all allegations against Kochhar and then took the extreme steps against her.
The RBI should provide readily accessible summary information on its website about all corporate debt defaulters and the amounts involved.
The Sahara group has accused Mirach of 'cheating and forgery'.
PNB is fully committed to its clean banking policy. That is why we are the first one to detect and report this to the various law enforcement agencies," PNB's CMD Sunil Mehta said on Thursday.
