'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
The EOW stated in its closure report that it did not see any criminality or wrongdoing in the matter, adding that the bank in question did not suffer any losses in the process of sanctioning loans or selling the Jarandeshwar Sugar Mill.
The case is linked to an alleged fraud of over Rs 512 crore in a Panvel-based cooperative bank.
The Reserve Bank of India (RBI) will meet top executives of asset reconstruction companies (ARCs) on Friday to take stock of the sector. During the meeting, ARCs will also seek clarity from the regulator on bank borrowing. While there is no regulatory ban in place, ARC sources said banks often refuse funding.
The Enforcement Directorate on Friday searched premises of Baramati Agro, a company owned by MLA Rohit Pawar, grand nephew of NCP supremo Sharad Pawar, and linked entities as part of a money laundering probe into the alleged Maharashtra State Cooperative Bank scam, official sources said.
In mid-March this year, the finance ministry asked state-run banks to review their gold loan portfolio for the two-year period between January 1, 2022, and January 31, 2024. This business had grown at a fast clip. Reserve Bank of India (RBI) data has it that it grew 15 per cent to Rs 1 trillion in FY24. Now, in recent times, any kind of exuberance in financial services has seen the authorities swoop down - be it pushing the lines on governance or unsecured credit.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
'The BJP is solely responsible for changing the image of the state, which is now known for political switch overs, and decline in its culture'
The decision by the Reserve Bank of India to introduce a unified regulatory framework on connected lending for all the regulated entities (RE) is expected to reduce the influence of business conglomerates in the Indian lending space, said bankers and experts. "Connected lending pertains to lending to related parties within the same business group. "While the RBI might appear more agreeable to allowing business conglomerates to own banking licenses, it deems it crucial to bolster regulations that would prevent conglomerate-owned banks from gaming the system," said Shivaji Thapliyal, head of research and lead analyst, YES Securities.
'Divine experience and a proud moment' is how the 15 couples who were the 'mukhya yajman' for the consecration ceremony at the Ram temple in Ayodhya described the grand event and said that the day will be forever etched in their memories.
The case pertains to an alleged scam in the Sahakari Sakhar Kharkhana (co-operative sugar factories) and Sahakari Soot Girnis.
Loan against gold as a product is catching on fast. Let's keep the momentum going, but aim for sustainable growth. A few bad apples should not ruin the brunch, argues Tamal Bandyopadhyay.
Days after cash and ornaments valued at over Rs 2.25 crore were found missing from an Axis Bank branch in Manipur's Churachandpur, criminals targeted another bank in Kangpokpi district and looted computers and other electronic items worth nearly Rs 1 crore, officials said on Friday.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
Here are the main factors that impact the November 23 elections in the state.
The party also promised reservation to minorities on basis of their population after the caste census.
The Reserve Bank on Friday superseded the board of the city-based Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender. In what can be seen as a step that should allay depositors' concerns, the central bank did not put any restrictions or moratorium on deposit withdrawals because of the comfort it gets on the bank's finances, according to people in the know. "(The) action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank.
The Reserve Bank on Monday said it has imposed penalties of about Rs 1 crore each on Kotak Mahindra Bank and IndusInd Bank for deficiencies in regulatory compliance. Besides, the RBI has also imposed penalties on four co-operative banks. A penalty of Rs 1.05 crore has been imposed on Kotak Mahindra Bank for contravention of certain norms related to 'The Depositor Education and Awareness Fund Scheme, 2014' and for non-compliance with the directions on 'Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions', and 'Loans and Advances - Statutory and Other Restrictions', the banking regulator said.
Pawar reminded PM Modi of his recent remarks about 'corruption' of NCP leaders, and asked him to act against those who are guilty.
Gehlot said he was welcoming Modi to Rajasthan through his tweet as he would not be able to do so through his speech.
An RBI-appointed panel on Monday recommended hosts of customer-centric initiatives for banks, including online settlement of claims by heirs of deceased account holders, flexibility for submission of life certificates by pensioners and a centralised KYC database. The report of the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) has also suggested that the operations of accounts should not be stopped pending periodic Know Your Customer (KYC) updates. It recommended that there should be a time limit for the return of property documents to borrowers after the closure of the loan account, failing which a penalty should be imposed on the lender.
Did the fear of central agencies probing scams involving NCP leaders that forced these politicians to jump ship?
Banks may become more cautious in extending loans, as more and more farmers may take loans, relying on the assurance that a debt relief commission will back them in the event of default.
Pawar, who was also the deputy CM in the previous Uddhav Thackeray-led Maha Vikas Aghadi (MVA) government, which was in power from November 2019 to June 2022, enjoys the image of a grassroot leader and an able administrator.
Many senior citizens fail to disclose certain incomes like interest, commissions, or dividends in their ITRs.
Asked if the investigation by the Enforcement Directorate prompted some NCP leaders to join the BJP-Shiv Sena government, Pawar said he didn't have any information regarding this.
The Uttarakhand government on Friday decided to waive for six months electricity and water bills of families and individuals affected in the subsidence-hit Joshimath.
The central government, in its typical sledgehammer style, has unleashed the might of its investigative agencies like the Enforcement Directorate against NCP and Shiv Sena leaders.
Land attachment and auction is being undertaken by banks that are controlled by the RBI, Gehlot said, urging the Centre to waive farmers' loans.
He also said a total of Rs 38.75 crore, deposited by people in the Karavannur Cooperative bank in this district, which is now facing charges, had already been returned.
the three investors that have submitted their final bids are not commercial banks. Among the three, one is a non-banking financial company. Another distinctive feature of the revival is that PMC may lose its cooperative bank characteristic after its reconstruction.
Paving the way for takeover of crisis-ridden Punjab and Maharashtra Cooperative Bank (PMC), the Reserve Bank of India on Friday granted in-principle approval to the Centrum Financial Services to set up a small finance bank. Centrum Financial Services was one of the applicants for takeover of the PMC Bank. "This 'in-principle' approval has been accorded in specific pursuance to the Centrum Financial Services Limited's offer dated February 1, 2021, in response to the expression of interest notification (November 3, 2020) published by the PMC Bank Ltd," the RBI said in a statement.
The Reserve Bank of India (RBI) on Wednesday announced to increase the policy repo rate by 50 basis points to 4.9 per cent, the second hike in five weeks aimed at quelling the inflation. The MPC vote was unanimous and has decided to keep stance withdrawal from accommodative, RBI Governor Shaktikanta Das said in a press conference on Wednesday. The decision was taken during a three-day meeting of the RBI's Monetary Policy Committee (MPC) to review the interest rates in the country. The MPC voted unanimously to increase the policy repo rate by 50 bps to 4.90 per cent," Das said.
The government on Tuesday announced Rs 900-crore allocation in the Budget for the newly set up Ministry of Cooperation for the 2022-23 fiscal, besides slashing Alternate Minimum Tax (AMT) on cooperative societies to 15 per cent and surcharge to 7 per cent, which nodal minister Amit Shah hailed saying it will boost the sector. Of the total allocation for the next fiscal, a significant amount of Rs 350 crore has been provided for digitisation of Primary Agriculture Cooperative Societies (PACs), while Rs 274 crore for an umbrella scheme 'Prosperity through Cooperatives' which would have a number of sub-components with the aim of all-round development of cooperatives in the country. For the first time, a separate budget of Rs 11 crore has been provided to Vaikunth Mehta National Institute of Cooperative Management (VAMNICON).
When a former police constable was appointed Gujarat unit chief, everyone was surprised. Now workers are laying bets on when he will be elevated to the Union Cabinet, notes Aditi Phadnis.
A key accused in the infamous PMC bank scam of Maharashtra was caught in Bihar while trying to sneak into Nepal, an immigration official said here on Thursday.
The Congress and JD-S have made much of Amit Shah's remarks about milk co-operatives. 'If the Opposition harps on the statement, it could add to the narrative that Gujarat was trying to take over Karnataka.'
The dismissal of the five --most of whom have cases registered against them for terror activities -- was ordered under Article 311 of the Indian Constitution.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
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