Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
A new schedule has been added to report income from cryptocurrencies and other Virtual Digital Assets.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
I stumbled upon shares worth around Rs 300,000 in my late father's name, which are currently with the Investor Education & Protection Fund, points out Harsh Roongta.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
On October five a court had issued a arrest warrant against Taslimuddin on a complaint filed by a dealer of an automobile company.
Some ex-MLAs from Punjab, too, had received similar threats from these numbers. The callers spoke to them in Mumbai accent and in Punjabi, the IGP said.
The court noted that despite repeated orders, Mallya did not appear in the court and it was inevitable for the state machinery to intervene and ensure his presence.
Here are five things that fraudsters are likely to say or do that should set the alarm bells ringing in your head.
Consumer loans or personal continue to record the highest fraud incidence.
The Supreme Court on Wednesday directed former India skipper Mohammed Azharuddin, who is the president of the Hyderabad Cricket Association, and its secretary to 'jointly' sign cheques to ensure that the day-to-day functioning of HCA is not hampered for the time being.
Aam Aadmi Party's breakaway group AAP Volunteer Action Manch on Tuesday asked the Arvind Kejriwal-led party to disclose names of the companies which donated Rs 2 crore to it and threatened to launch an agitation if it fails to do so in 48 hours.
BJP spokesperson G V L Narasimhra Rao noted that Priyanka's husband Robert Vadra is accused of using "shady methods to make windfall profits from dubious real estate transactions" and said the report of her receiving Rs 2 crore from Kapoor for a painting which was not her own shows that the powerful couple have leveraged their political power to make "private gains".
While one NBW was issued in a 2012 cheque bounce case following Mallya's non-appearance, another was in a case of allegedly evading summons in a FERA violation matter.
The US president had in past expressed dismay with the $2.3 trillion package that Congress passed Monday, which includes $900 billion in coronavirus relief and $1.4 trillion to fund the government until October, conflating the two bills and saying the spending goals were misguided.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
Crores of new currency notes continue to tumble out of lockers and hidden locations as authorities conduct raids and searches across the country.
Goa Cricket Association has filed an FIR against its former office-bearers including president, in connection with an alleged fraud of Rs 28 lakh in 2008-09.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
The PMLA court in Mumbai has sought their appearance on September 25 (Nirav Modi) and 26 (Mehul Choksi) respectively under the fugitive economic offender law.
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
Mallya is understood to be in the UK after he left India on March 2.
The vigilance department of the Insurance Regulatory and Development Authority is looking into such complaints in Rajiv Gandhi Shilpi Swasthya Bima Yojana, Weather Insurance Scheme, Shetkari Apghati Durghatana Bima Yojana and Panjikrut Kishan Durghatana Bima Yojana, according to a letter written by IRDA to Finance Ministry on its ongoing probe.
It is understood that Vijay Mallya left the country for UK on March 2 using a diplomatic passport issued to him by virtue of him being a sitting Rajya Sabha Member of Parliament.
and three times when you should actually use them
The minister asked jewellers not to recover transaction charges for use of debit or credit cards from customers.
If Mallya does not appear before the court, he risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
A SFIO probe into Saradha scam and 'chit fund' operations of 62 other entities has found serious financial mismanagement and siphoning off the funds by their promoters, who took advantage of regulatory gaps.
In the case of Air India, even competition could not compete with the government.
As per the existing process of law under the PMLA, the ED could confiscate the assets only after the trial in a case finishes which usually takes many years.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
The alleged chit fund scam in West Bengal involving the Saradha Group revolves around a total sum of Rs 2,460 crore with 80 per cent of the depositors' monies still remaining unpaid, a latest investigation report has revealed.
Want a stress free vacation? Amar Pandit tells you what you need to keep in mind.
The airline has failed to address fliers' fears and has been opaque about the allegations of tax and financial fraud, giving rise to apprehension that Jet Airways may be headed the Kingfisher way.
Digitisation is changing the banking business. This shift has resulted in a change in banking job profiles.
Enforcement Directorate is seeking to invoke the India-United Kingdom Mutual Legal Assistance Treaty to extradite Mallya from Britain
'We have already sanctioned loans worth over Rs 3,000 crore to around 120,000 customers.'
'It can't be a coincidence that he and his family, uncles and all, vanished from India only days before the scam was discovered.'
The Congress, desperate to make a comeback in Gujarat, which has been ruled by the Bharatiya Janata Party for over 20 years, has tried to reach out to various sections of society in its blueprint unveiled.
