'Those who come from outside are surprised at the relatively small strength of the RBI supervisory cadre, relative to the needs of the country and the needs of the financial sector.'
The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The source added that people should exercise caution in absence of a regulation to govern cryptocurrencies and so-called exchanges trading in them. "Caution is the word that should be in the minds of the people dealing with crypto. "In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
Members of Parliament, state legislatures, and local governments not eligible to be members of PSB boards
Expressing his satisfaction over the government's move to slash fiscal deficit target, Das said it will help improve investment by the private sector as crowding out impact will be less.
Spare the serious entrepreneurs but don't allow the rogues to use the shield of secrecy, writes Tamal Spare the serious entrepreneurs but don't allow the rogues to use the shield of secrecy, says Tamal Bandyopadhyay.
The attorney general told the apex court that the invasion of privacy was very minimal in Aadhaar and it may not even be considered as an invasion.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
Facebook-owned messaging platform WhatsApp has been granted permission to double its user base for the payments service to 40 million by the National Payments Corporation of India (NPCI). WhatsApp has a total user base of 400 million and the development will help the platform compete better with entrenched rivals like Google Pay and Phone Pe. The US-based company had been eyeing the payments opportunity for long, but data localisation requirements had initially led to a delay.
Barring stray references such as the 'dual control' of banks and shifting the goalposts during demonetisation, he is not in a fault-finding mode with the government, notes Tamal Bandyopadhyay.
The RBI cracked down on offshore foreign exchange trading by Indians through online trading websites.
The department had launched searches against the 48-year-old actor and the Lucknow-based group of industries involved in infrastructure on September 15 and the CBDT said the action was continuing.
For financial sector companies setting up shop in India, as of now the go-to regulators are obviously Sebi and the RBI with carve-outs for IRDAI or possibly PFRDA. But this could change soon with the International Financial Services Centres Authority, observes Subhomoy Bhattacharjee.
The government must send out a clear signal that leadership positions at regulatory bodies are not a preserve of retired government officials, argues A K Bhattacharya.
Sebi has pushed for better corporate governance of listed companies through measures such as the need for a succession policy
It will escalate costs, mandate regulator to check malpractices, set standards.
The government on Monday appointed former Sebi member Madhabi Puri Buch as chairperson of the Securities and Exchange Board of India.
Solicitor General Tushar Mehta, appearing for the Centre, told a five-judge Constitution bench headed by Chief Justice D Y Chandrachud, which is hearing a batch of pleas seeking legal validation of same-sex marriage, that the government is positive about the suggestion for exploring administrative steps in this regard.
To become a sponsor-free AMC, a MF must have positive liquid net worth and net profit of at least Rs 10 crore in all of the preceding five years.
A way out of the economic slump is to revisit the template of 15 years ago and follow its constituents, recommends Ajay Shah.
Shaktikanta Das is a master of the finest balancing act who listens to all but takes his own decisions, discovers Tamal Bandyopadhyay.
Of the 700-odd Indians having foreign bank accounts, not all can be deemed to be operating these illegally.
The latest whistle-blower revelations of multiple shenanigans at global ride-hailing app Uber, coming thick and fast after serial exposes of various dodgy practices at Facebook, Apple, Amazon, Netflix, Google in the recent past raises uncomfortable questions about India Inc. If the FAANGs, Twitter and Uber can be guilty of multiple and diverse transgressions what's happening in Indian corporations? It can be nobody's case that India's largely family-owned and - managed private sector is a beacon of transparency or best corporate governance practices, bolstered as it is by an informal omerta among employees, managements and even boards.
The MHA said all the "glossy statements" about humanitarian work and speaking truth to power are nothing but a "ploy to divert attention" from their activities which were in clear contravention of laid down Indian laws.
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
'The government will carefully regulate and monitor the Digital Rupee, and because the currency is supposed to be tied to INR or supported by reserves, we should expect little fluctuation in pricing.'
Union Finance Minister Nirmala Sitharaman on Tuesday announced that income from digital asset transfers will be taxed at a rate of 30 per cent. This move is seen as 'crypto tax'.
NRIs can repatriate the proceeds from the sale of a residential property in India, provided they meet a few conditions.
Paytm CEO Vijay Shekhar Sharma said on Wednesday that the company's share market performance has been in line with that of global peers in the sector over the past six months due to macroeconomic factors. "Macro factors like quantitative easing, free money due to US monetary policy and other parameters led to a spook in the market in terms of pricing the IPO. "Paytm's shares have received a similar response to that of global peers in the last six months...But that is not a complete reasoning.
The government has amended rules of the Foreign Exchange Management Act (FEMA), paving the way for up to 20 per cent foreign direct investment in the insurance behemoth LIC. The government is planning to dilute its stake in LIC through the the Initial Public Offering (IPO). LIC in February had filed the Draft Red Herring Prospectus (DRHP) before the markets regulator Sebi for the IPO.
Transport Minister Nitin Gadkari puts them out of the ambit of Motor Vehicles Act; experts say some regulation, licensing and driver training will be necessary
DEA officials to push for this at a meeting with FM Jaitley.
There is no reason for keeping an entire ministry with a total staff strength of 2,300, just for the oversight of a few aviation sector laws and regulatory bodies, notes A K Bhattacharya.
The auditor of ABG Shipyard, which is being probed by the Central Bureau of Investigation (CBI) for the Rs 23,000-crore default to banks, had settled an investigation by the Securities and Exchange Board of India (Sebi) by paying a small settlement fee in 2019. The regulator had initiated an investigation into the fund diversion from ABG Shipyard and had asked the auditor to explain why it failed to detect fund diversion in time. In his settlement application, auditor MN Ahmed, partner of Nisar & Kumar, a chartered accountant firm, said he ceased to be an Indian citizen and has retired from the profession.
According to the Centre's legislative business list for the upcoming session, three bills have also been listed to replace three ordinances.
Scams happen with high regularity because the price of getting caught is insignificant. Aggrieved investors run from the police to already clogged courts to find redress for issues for which financial regulators have been specifically set up. For over 3,750 years we have known what to do, but we don't do it, observes Debashis Basu.
The ED had filed six cases in the Additional Chief Metropolitan Magistrate (Economic Offences Court-I) which had discharged the duo in two cases in 2015 and directed them to face the trial in other cases.
The competent authority under the Foreign Exchange Management Act (FEMA) has approved an order of seizure of over Rs 5,551 crore worth of deposits of Chinese mobile phone manufacturer Xiaomi -- the highest amount frozen till date in India -- the ED said Friday. The agency charged the popular Chinese phone maker with remitting foreign currency equivalent to Rs 5,551.27 crore to three entities -- one Xiaomi Group company and two US-based unrelated entities -- in the guise of royalty. The Enforcement Directorate (ED) had first issued the order of seizure of these bank deposits on April 29 under the FEMA and later sent it for approval of the competent authority, as required under the law that regulates foreign exchange violations in the country.
The credit guarantee cover under the scheme would be both transaction-based (for single eligible borrowers) and umbrella-based (for a group of eligible borrowers).
