The federal agency filed its prosecution complaint against Ayyub before a special Prevention of Money Laundering Act (PMLA) court in Ghaziabad (Uttar Pradesh) on October 12.
In a circular, the ministry said all NGOs registered under the Foreign Contribution Regulation Act should receive foreign donations in a single designated bank account.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
'There will be 200 ITIs developed as hubs, while 800 will be developed as spoke, connected with five National Skill Training Institutes.'
The Parliamentary Standing Committee on Finance's meeting comes against the backdrop of CBI probing the Saradha scam in which thousands of crores or rupees of gullible investors were allegedly swindled.
Sebi on Tuesday restrained two Brightcom Group officials, M Suresh Kumar Reddy and Narayan Raju, from holding any managerial position in the company or its subsidiaries until further orders. Reddy is the promoter-cum-chairman and MD of Brightcom Group Ltd (BGL) while Raju is the chief financial officer. Besides, the regulator also banned Reddy from the securities market until further orders.
The comments come about a week after PSU bank employee unions went to a four-day relay strike to press for early revision of wages.
One incident should not be used to generalise the health of all cooperative banks, says RBI governor Shaktikanta Das.
The RBI wants to include shares and options within the variable salary of the CEOs, proposed to be capped at 200 per cent of their fixed salary; the floor for it is 50 per cent.
Delivering a public speech hours after the RBI launched a rescue act for Yes Bank on March 6, Governor Shaktikanta Das reiterated the RBI's affirmation to do whatever was needed to combat the coronavirus impact. On that day, India had only one confirmed COVID-19 infection, the World Health Organisation was five days off from declaring it as a pandemic and the financially debilitating lockdowns were not even on the horizon. Das' promise on efforts to mitigate COVID-19 impact appeared as a footnote in news reports from the event.
The Delhi high court on Friday declined to stay the proceedings with regard to confirming the provisional attachment of bank accounts of NGO Amnesty International, but said that any final order passed in the matter would not be implemented without leave of the court.
Move to increase 90-day window to 120 days to give more time to borrowers to service loans.
The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
In a tough action, the Government on Thursday barred Greenpeace India from receiving foreign funds with immediate effect by suspending its licence for six months and froze all its accounts, alleging it has "prejudicially" affected the country's public and economic interests.
'Clients deemed higher-risk are required to update their KYC more frequently.'
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
Rajan said RBI should pay as much dividend as possible to the government, which over the past two years has run into billions of dollars
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
If the gift is received from a relative, there is no tax implication. But if the gift is received from a non-relative and exceeds Rs 50,000 in value during a financial year, the entire value of the gift is taxable.
DRs have shares as an underlying asset and are typically issued by a bank, known as the depository bank, on behalf of a company.
Say 30 days not enough to resolve stress; want higher provision norms deferred till economy picks up
Ask your HR department for details about the fund, trustees and returns
RBI's draft guidelines prescribe that banks with a strong capital base and NPAs below 3% can become brokers.
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.
The Reserve Bank of India (RBI) has updated Know Your Customer (KYC) norms for politically exposed persons (PEPs) who transact with regulated entities (REs), seeking to comply with the recommendations of intergovernmental organisation Financial Action Task Force (FATF). PEPs are individuals entrusted with prominent public functions by a foreign country, including the heads of states/governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials, said the RBI. This change is expected to provide more clarity to undertake Customer Due Diligence (CDD), said the RBI in a communication to REs.
The framework also envisages amendments to the Prevention of Corruption Act to exempt commercial decisions by PSBs from scrutiny by investigating agencies. Both the amendments are likely in the monsoon session of Parliament.
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.
North Block is concerned that when India is trying to attract more investment, putting up restrictions on audit firms could create an avoidable bad advertisement.
Dismissing the petitions, a bench headed by Chief Justice Satish Chandra Sharma said Google Pay is "mere third-party app provider" which requires no authorisation from RBI under the Payments and Settlement Systems Act.
Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.
In a notification, the home ministry also said if the amount exceeds, the individuals will now have 90 days to inform the government instead of 30 days earlier.
For the near term, Gill will have to improve relations with the Reserve Bank of India, which have been strained in recent times. He will also need to strengthen the bank's asset quality and improve governance standards and internal processes.
Tamal Bandyopadhyay, columnist and author of several books like From Lehman to Demonetisation: A Decade of Disruptions and Sahara: The Untold Story, tells Rediff.com why Yes Bank depositors should not panic and the current crisis at India's fifth largest private lender does not pose any systemic risk.
This after most of the Opposition including the Congress, Left parties, the Trinamool Congress, the Samajwadi Party and the Nationalist Congress Party decided to boycott House proceedings in protest against the suspension of eight MPs for the remainder of the session for unruly behaviour.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
A bench comprising Justices Sanjiv Khanna and Dipankar Datta took note of the submissions of lawyer Prashant Bhushan, appearing for NGOs 'Common Cause' and the Centre for Public Interest Litigation, that the plea needed to be listed for hearing at the earliest.
The Supreme Court on Tuesday said it will consider whether the pleas challenging the validity of the electoral bond scheme for political funding of parties can be referred to a Constitution bench for an "authoritative pronouncement".
However, organisations such as the Missionaries of Charity will not be eligible for the extension benefits as their applications for a renewal of the FCRA registration have already been rejected, according to a notice issued by the ministry of home affairs.
'All those who participated in the agitation were branded as anti-nationals.'
