The Reserve Bank on Wednesday imposed business restrictions on Edelweiss Group's lending and asset reconstruction arms on concerns over evergreening of loans. The central bank has asked ECL Finance Ltd (ECL) to cease and desist from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/or closure of accounts, an official statement said.
The blast at The Rameshwaram Caf has caused distress and concern among the startup and information technology (IT) community, raising questions related to safety and security. Approximately 10 people were reportedly injured in a low-intensity bomb blast at The Rameshwaram Caf, a popular restaurant in Bengaluru's Brookfield. The surrounding area is a major hub for the Indian technology (tech) industry, housing many startups and top IT companies such as IBM, SAP, Accenture, International Tech Park Bangalore, and Prestige Technostar.
Customs officials are busy at ports and airports, scanning passengers to ensure that COVID-19 virus-affected people are traced. So, officials are not able to focus much on baggage checking. This could lead to more gold getting smuggled into the country as luggage check at airports is now random unlike earlier where every bag was checked thoroughly.
The Directorate of Enforcement (ED) has launched a preliminary investigation or a pre-open inquiry into alleged violations related to the Foreign Exchange Management Act (Fema) in the Paytm Payments Bank case, according to sources in the know. The probe follows serious concerns raised by the Reserve Bank of India on multiple violations by the Paytm bank, which is a joint venture between One97 Communications, which is the parent company of Paytm, and the group's founder Vijay Shekhar Sharma.
'Our missions do not have any reliable data on the number of Indians staying or working illegally in foreign countries,' the MEA says.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Domestic customers will get access to high-quality Swiss products such as watches, chocolates, biscuits, and clocks at lower prices as India will phase out customs duties under its trade pact with the EFTA bloc on these goods over a period of time. India and the four-European nation bloc EFTA signed a trade and economic partnership agreement (TEPA) on Sunday to boost trade and investments between the two regions. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland.
Adani Group's market capitalisation on Wednesday regained $200 billion-mark (Rs 16.9 lakh crore) after its listed firms gained Rs 11,300 crore as investors reposed faith on the company denying any wrongdoing in supply of coal to Tamil Nadu power company. With Rs 11,300 crore gain on Wednesday, the apples-to-airport conglomerate gained Rs 56,250 crore in market capitalisation in the last two trading sessions, stock exchange data showed.
India's services sector growth eased slightly in April but growth of new business and output remained sharp and among the fastest in 14 years amid favourable economic conditions and strong demand, a monthly survey said on Monday. The seasonally adjusted HSBC India Services Business Activity Index fell from 61.2 in March to 60.8 in April, highlighting one of the strongest growth rates seen in just under 14 years. Survey members attributed the latest upturn in output to favourable economic conditions, demand strength and rising intakes of new work.
Even as the government's move to hike import duties on 45 items is seen as a sign of protectionism, the prime minister was himself involved in the process.
On the back of robust tax collection, the ratio of direct taxes to gross domestic product (GDP) this financial year is likely to be the highest in this century so far. This, along with strong goods and services tax (GST) collection, may drive up receipts from central taxes as a proportion of GDP to the highest level or close to the highest since 2008-09 despite subdued excise and customs duty receipts. This will be due also to lower nominal GDP projected in the first advance estimates for 2023-24.
Apple's new MacBook Pro laptops and iMac with M3 chipsets will be available across 27 countries, including India, from November 7 onwards, according to an official statement. The company announced the launch of three M3 chipset models with built-in next-generation GPU architecture and a faster CPU with an eye on artificial intelligence use cases, gaming, entertainment professionals and other segments that need high-resolution image processing. The company has launched two variants of MacBook Pro laptops with 14 and 16-inch displays at a starting price of Rs 1.69 lakh and Rs 2.49 lakh, respectively.
Telecom services providers have urged the Ministry of Finance to suspend the universal service obligation (USOF) till the existing corpus is exhausted. In their Budget recommendations, they have also pressed for an exemption from the service tax on "assignment of right to use natural resources" and the slashing of Customs duty on telecom equipment to zero. The Cellular Operators Association of India (Coai), which represents private sector telecom operators Reliance Jio, Bharti Airtel, and Vodafone Idea, called for abolishment of USOF levy.
The threshold for a heat wave is met when the maximum temperature of a weather station reaches at least 40 degrees Celsius in the plains, 37 degrees in coastal areas, and 30 degrees in hilly regions, and the departure from normal is at least 4.5 notches.
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
The syndicate used "stooge" bank accounts and shell companies to transfer the largest amount linked to a single case recorded in the city, the Customs and Excise Department of Hong Kong said.
French authorities launched a judicial investigation into the conditions and purpose of the trip, with a unit specialising in organised crime investigating suspected human trafficking.
The average ticket size of retail health insurance in India has increased by nearly 48 per cent over 6 years due to elevated medical inflation and increased demand for higher coverage policies among policyholders. According to data by online insurance broker PolicyBazaar, the average ticket size of retail health insurance in India has increased to Rs 26,533 so far in FY24, up 48.22 per cent from Rs 17,900 in FY19.
The car, a Porsche, allegedly driven by the 17-year-old, who the police claim was drunk at the time, fatally knocked down two motorbike-borne software engineers at Kalyani Nagar in Pune city in the early hours of Sunday.
A low intensity bomb blast at a popular eatery in Bengaluru on Friday left 10 people injured, leading the police to invoke the stringent UAPA provisions in the case. Subsequently, the police were looking into all angles related to the incident.
The Appellate Authority for Advance Rulings (AAAR) of Gujarat has held that papad fryums would not attract any goods and services tax (GST) as they are similar to traditional round papads in all respects. In this connection, the appellate authority modified the ruling of the authority for advance rulings (AAR), which had ruled that Fryums would attract 18 per cent GST. The AAAR held that Fryums is a brand and not a generic name of the product, Harpreet Singh, partner, indirect taxes at KPMG in India said while explaining the order.
The incident took place in an apartment at Manikonda on Sunday when the delivery executive, aged 30, went there to deliver a mattress and the dog started barking at the customer's door, which was reportedly partly open, they said.
The government on Saturday imposed a minimum export price (MEP) of $800 per tonne on onion exports till December 31 this year with a view to increase availability of the vegetable in the domestic market and contain prices. The decision will come into effect from October 29. Besides, the government has also announced the procurement of additional 2 lakh tonnes of onion for the buffer, over and above the 5 lakh tonnes already procured.
The government has sacked these officers ranging from the ranks of principal commissioner to assistant commissioner, some of whom were already under suspension.
According to officials, this year there has been a three-fold increase in the total seizure, which was Rs 322 crore in 2021, Rs 347 crore in 2022 and Rs 1,021 crore so far in 2023.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
Loan rates will change at the next reset, while deposit rates will continue till maturity.
The Enforcement Directorate made these claims in an official statement issued by the federal agency following its raids in this case at Chennai, Madurai and Tiruchirapalli on April 9.
Net direct tax collection in the eight months of the current fiscal touched 58.34 per cent of Budget Estimates (BE) at Rs 10.64 lakh crore. The net tax collection for April-November stood at Rs 10.64 lakh crore, which is 23.4 per cent higher than the corresponding period of last year, the ministry of finance said.
While the current headcount reduction has more to do with slowing demand, the rise of artificial intelligence will impact jobs in the future.
Companies like public sector New India Assurance, one of the largest general insurers, and private Cholamandalam M S General Insurance, part of the Murugappa group, have already launched their mobile apps that enable customers to renew their policies or buy new ones.
CBI had filed two FIRs in May 2022 against seven people in two cases related to alleged fixing of matches in IPL 2019.
Every defaulter is not a wilful defaulter who has the capability of paying back and is yet not servicing the bank loan, observes Tamal Bandyopadhyay.
The unnamed 24-year-old suspect worked at Terminal 5 at Heathrow Airport and is said to have charged customers GBP 25,000 per trip to abuse a loophole and fly them across the British Airways network without crucial visa documents.
'There is one way to defeat the intention behind this directive: To patronise Muslim establishments that have been forced to identify themselves.' 'This is one opportunity for the Congress to show that the 'mohabbat ki dukaan' its leader talks about does exist.' 'Can Akhilesh Yadav, who has asked the court to take note of this directive, order his party members to do this?' asks Jyoti Punwani.
A confident and well-adjusted India would look to capitalise on an unpredictable Pakistan during Sunday's T20 World Cup match.
The police have booked Hratesh Sanghvi, Jigar Sanghvi and Abhijeet Manka, who run '1 Above' pub in Mumbai's Kamala Mills, for culpable homicide not amounting to murder.
The ministry of external affairs and the embassy of India in Berlin have been persistently advocating for the return of Ariha Shah to India.
