The Enforcement Directorate on Thursday said it has frozen assets worth Rs 143 crore of prominent Kerala-based NBFC Manappuram Finance Ltd's MD and CEO V P Nandakumar after it conducted raids as part of a money laundering investigation. A total of six premises in Thrissur, where the company is headquartered, were covered during the searches that were launched on Wednesday. The case pertains to allegations of money laundering through "illegal" collection of deposits from the public, the agency said in a statement.
The decision is aimed at discouraging hoarding of valid currency notes
Vatsal Ramaiya draws wisdom from the Bhagvad Gita and correlates it to how you can build a decent corpus to achieve a peaceful retirement.
Rediff readers share their Cash Crisis experiences.
Ahead of the Union Budget, the banking sector, through the Indian Banks' Association (IBA), has made recommendations to the Union finance ministry on direct tax, including removing Section 194N of the Income Tax Act. According to Section 194N, tax deduction at source (TDS) has to be done if a sum or sums withdrawn in cash by a person in a fiscal year exceed Rs 20 lakh if no income-tax return (ITR) has been filed for the three previous assessment years, and Rs 1 crore if ITRs have been filed in all the three previous assessment years.
The IAS officer was later taken into custody under the provisions of the Prevention of Money Laundering Act and is expected to be produced before a magistrate seeking his remand, the sources said.
Businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash, the finance ministry said as it moved to curb evasion by fake invoicing. The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in Goods and Services Tax (GST) rules which restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent. "... The registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99 per cent of tax liability, in cases where the value of taxable supply ... in a month exceeds Rs 50 lakh," the CBIC said.
PVR-Inox is in an inherently fickle business. If there is a string of flops, the box office collections will be weak. Conversely, Q2FY24, which witnessed several hits, has brought about an upside in revenues. However, the merger has led to market share gains and synergies that helped bring breakeven down to approximately 20 per cent occupancy.
RBI data on Dec 2014 showed 1.05 million PoS machines in the country.
Sunrisers Hyderabad will look to unleash their brute batting power on struggling Royal Challengers Bengaluru when the two teams face off in their return-leg fixture of the IPL in Hyderabad on Thursday.
The theft came to light on Tuesday as four of the more than 200 wooden boxes stuffed with the cash was found ripped open when the train arrived in Chennai.
Equity mutual fund (MF) schemes have raked in Rs 46,200 crore in net lump-sum inflows in the past six months (ended February 2024), almost thrice the inflow in the previous six-month period.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
A buoyant equity market, coupled with an improved performance of mutual funds (MFs) on the returns chart, has heightened retail investors' appetite for equities. In the past few months, equity MF schemes have seen a surge in fresh investments through both lump sum (one-time investments) and systematic investment plan (SIP) routes. During the August-September 2023 period, equity MF schemes recorded net lump sum investments of Rs 35,270 crore, compared to just Rs 5,550 crore in the previous three months, according to data from the Association of Mutual Funds in India (Amfi).
Jaitley said note ban has compelled people to deposit money into bank accounts.
Former Pakistan captain Misbah-ul-Haq believes his country will find it difficult to edge past India when the two sides clash in next month's T20 World Cup as there seems to be a "mental block" when it comes to playing the arch-rivals in ICC events.
In order to reduce government litigations, the Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council has fixed a monetary limit for filing appeals by the tax department before the various appellate authorities. It has recommended a monetary limit of Rs 20 lakh for GST Appellate Tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court for filing of appeals by the department before these legal forums, she said after the 53rd GST Council meeting held in New Delhi.
The new restriction will be challenging for businesses, as they will have to do regular follow-ups with their suppliers.
There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country, RBI said.
The Enforcement Directorate (ED) has filed its first chargesheet in connection with a money-laundering probe linked to alleged irregularities in the Delhi Jal Board (DJB), official sources said on Saturday.
This has affected all political activity of the party, Maken said at a press conference.
IMAGES from the Group 2 Super 8 match, played between South Africa and USA, in North Sound, Antigua, on Wednesday.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
'Banks make money because they take the right credit calls. So they need to focus on risk mitigation rather than risk avoidance.'
Taxpayers are filing their income tax returns (ITRs) early for the Assessment Year 2024-25 (FY25). By April 29, over 592,000 returns were filed, with over 538,000 verified and 367,000 processed. Early filing allows revisions without penalties.
About 10 premises in the national capital are being covered as part of the raids.
The federal agency had arrested 46-year-old Kavitha, the daughter of former Telangana chief minister K Chandrashekar Rao, from her Banjara hills residence in Hyderabad on March 15.
US warplanes have reportedly destroyed a large ISIS bank in Iraq's Mosul city housing an estimated Rs 305 crore.
Mutual funds' average cash holdings in equity schemes topped 6 per cent in February as fund managers went slow on deployment of new inflows on expectations of better buying opportunities amid uncertainties in the market.
Ramesh alleged that through the "electoral bonds scam", the Bharatiya Janata Party has collected Rs 8,200 crore and used the route of "pre-paid, post-paid, post-raid bribes and shell companies".
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
The party's steady flow of money from industrialists has all but dried up, leaving a cash crunch so serious that it's been forced to crowd-fund for a candidate.
'Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden'
The ED said its investigation also revealed that from 2019 to 2022, the sale of 'unaccounted illicit' liquor was almost 30-40 per cent of the total liquor sale in the state.
IT service company Wipro on Friday reported 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains "uncertain". The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new chief executive officer, has given an IT Services revenue growth guidance in the (-)1.5 per cent to +0.5 per cent band for June quarter on a constant currency basis.
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
P2P platforms do not have the safety net. Instead of playing the role of an intermediary, if they run their own balance sheets for safety and growth, it's a recipe for disaster, warns Tamal Bandyopadhyay.
'The policy focus of the government should have been on creating more good quality jobs but that was not their focus.'
'The fact that you did not receive the rent through a bank will not take away the taxability of the rent in your hands.'
