The East India Company, revived by Indian businessman Sanjiv Mehta in 2010, has ceased operations and entered liquidation, marking the end of its modern incarnation.
A joint team of the Enforcement Directorate and the CBI will travel to the tax haven nation of British Virgin Islands in connection with its probe against various entities in the 2G spectrum allocation case.
What has surprised the industry is that the Bill has been tabled without any consultation. Critics warn the ban on real-money gaming could fuel black markets, endanger 200,000 jobs and billions in tax revenue.
Here is the complete list of tariffs imposed by US President Donald Trump on Wednesday.
The Enforcement Directorate has questioned Niranjan Hiranandani, the promoter of prominent Mumbai-based realty company Hiranandani Group, in a foreign exchange violation case, official sources said Monday. Niranjan Hiranandani and his son Darshan Hiranandani were asked to join the investigation by the central agency at its office here as part of a probe being conducted under the Foreign Exchange Management Act (FEMA).
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
Competition Commission of India on Wednesday said it has approved the merger of the media assets of Reliance Industries and Walt Disney Co to create the country's largest media empire. The deal, announced six months ago, has been cleared by the CCI with certain modifications proposed by the two parties.
Tina Ambani, wife of Reliance ADA Group chairman Anil Ambani, on Tuesday appeared before the Enforcement Directorate (ED) in Mumbai for questioning and recording her statement in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Anil Ambani had recorded his statement in the case on Monday under sections of the Foreign Exchange Management Act (FEMA) and he is expected to appear before the central agency again later this week for completion of the exercise.
Amid intense scrutiny from short-sellers and regulators, Adani group stocks have seen a significant shift in their shareholder base: Relatively opaque foreign portfolio investors (FPIs) have given way to more recognisable investors and broad-based funds. The list of large public shareholders - those directly holding at least 1 per cent - is now dominated by entities, such as the state-owned Life Insurance Corporation (LIC), US-based GQG Partners, Abu Dhabi-based International Holding Company, and Qatar Investment Authority's INQ Holding.
This is the first big move in the investigation of the British Virgin Islands list where the I-T department has found a significant amount of tax evasion.
Jamaican sprint queen Elaine Thompson-Herah romped to victory in the 200 metres and Uganda's Jacob Kiplimo held on to win the men's 5,000m to complete contrasting Commonwealth Games golden doubles at Alexander Stadium on Saturday.
American Rai Benjamin got the track programme off to a roaring start as he stunned world record-holder Karsten Warholm in the 400 metres hurdles.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
The Enforcement Directorate on Monday seized three offices in a prime location in Mumbai, valued more than Rs 41 crore, as part of a foreign exchange violation probe against a businessman whose name figured in the Panama Papers.
Olympic champion Mutaz Barshim of Qatar cleared 2.35 metres to win the men's high jump to earn a bit of redemption after his disappointing bronze in Budapest.
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
India has signed a pact with the British Virgin Islands to check tax evasion and money laundering.
Raninder Singh has been asked to depose at the central probe agency's office in Jalandhar on October 27, they said.
14-year-old squash player Anahat Singh was too good for Jada Ross of St Vincent and the Grenadines in an 11-5, 11-2, 11-0 victory in the Round of 64 women's singles competition in Birmingham on Friday.
The Securities and Exchange Board of India's (Sebi's) investigation into the Hindenburg allegations is making slow progress when it comes to obtaining information from overseas regulators, particularly around ultimate beneficial ownerships of certain foreign portfolio investors (FPIs), said people in the know. "Establishing ultimate beneficial ownerships for FPIs is a very complex exercise. "Several jurisdictions allow omnibus structures where the end beneficiaries are not required to be captured or are based in some other geographies.
A whirlwind trip of the dark underbelly of global finance, covering everything from tax law changes to aiding criminals to decamp with money from bank accounts.
While UBS acted as master client for offshore firms, Sharecorp was a nominee of Indian beneficiaries.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
Karnataka HC seeks probe into fund diversion by United Spirits.
The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
The United States has forfeited properties worth US$ 2.1 million which were allegedly purchased with the proceeds of bribes paid to the family of former Taiwanese president, Chen Shui-bian.
Marileidy Paulino of the Dominican Republic won World Championship gold in the women's 400m on Wednesday.
India, in particular, has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein, British Virgin islands etc.
The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
The Central Bureau of Investigation will file its final chargesheet on Rs 14,000-crore (Rs 140 billion) Satyam fraud after receiving responses to the Letters of Rogatory (LoR) seeking information in this regard from six countries, Parliament was informed on Thursday.
India signed a Tax Information Exchange Agreement with Bermuda on Thursday, the first in a series of such pacts.
Upaid claimed it had served requests for production of documents related to the 'now scuttled Maytas transfers on Satyam' on Friday, but now had to submit this motion to the court 'because Satyam had repeatedly resisted its efforts to depose Raju and Vadlamani in the case.' The current motion is in reply to a disparagement case that Satyam had filed against Upaid wherein the former had claimed that the payment services firm has been disparaging them in the public domain.
Most investments by Indian corporate houses in the overseas market is through countries that have either low tax rates or allow tax-free remittance of income. Much of the outward foreign direct investment (FDI) by India Inc done between April and December 2007 was directed to Singapore, the Netherlands and British Virgin Islands (BVI), according to the latest Reserve Bank of India data. RBI said the actual outward FDI in April-December 2007 grew 13 per cent at $10.11 billion.
Switzerland and Caribbean islands? Sure. But Alaska and Nevada are getting in on the game.
Britain has become the biggest foreign investor in India with an investment of 560 million, according to a report on investment flows by the Commonwealth Business Council (CBC).
Becoming the first casualty of the Panama Papers scandale, Iceland's Prime Minister Sigmundur David Gunnlaugsson resigned on Tuesday.
The quizzing of the 48-year-old daughter-in-law of superstar Amitabh Bachchan and Samajwadi Party MP Jaya Bachchan comes weeks after her husband Abhishek Bachchan was questioned by the agency in another case emerging from the same set of papers linked to the offshore leaks case, they said.
The company will also make a $500 million (Rs 2,000 crore) investment through the acquired company in the next 2-3 years to build and acquire WiMax networks across 50 countries. Worldwide interoperability for microwave access or WiMax is a telecommunications technology that provides wireless data over long distances through various mediums. This is the third acquisition by the company as it had acquired US-based ethernet services provider Yipes Holdings for $300 million.
Congress general secretary (communications) Jairam Ramesh said they will pose three questions a day to Prime Minister Narendra Modi over the issue.
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