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The blame must be shared by the investigating agencies, the government of the day and the nation at large, points out Colonel Anil A Athale (retd).
The summons come after an FIR was registered by the ACB on April 30 based on allegations of financial irregularities to the tune of Rs 2,000 crore in the construction of over 12,000 classrooms or semi-permanent structures in Delhi government schools.
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.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
'What the Americans want is to destabilise Iran. For destabilising Iran, you need access. 'One access is through Iraq. The other access is through Pakistan.'
Kant, a retired 1980-batch Indian Administrative Service (IAS) officer of Kerala cadre, was appointed as India's G20 Sherpa in July 2022, months before India assumed the G20 Presidency.
The International Monetary Fund (IMF) has said its executive board granted $1 billion in assistance to Pakistan this month after finding out that the country met all conditions and targets for it.
India's macroeconomic health is in a "relative goldilocks situation", and although the risk of higher landed oil prices, due to insurance cost surges and closure of choke points due to the brief Israel-Iran war, has receded, it is "too soon to sound the 'all clear' for the rest of the year", the Finance Ministry said on Friday.
Seasoned bureaucrat and a stickler for rules Finance Secretary Tuhin Kanta Pandey will be at the helm of capital market regulator, Securities and Exchange Board of India (SEBI), for three years. The 1987-batch Odisha-cadre Indian Administrative Service (IAS) officer, Pandey, would replace Madhabi Puri Buch, whose three-year term ends on Friday.
The latest annual report of the finance ministry has disclosed that the agency funded seven projects worth USD 750 million in 2023-24.
However, as of now, container availability has not been seen as an issue as adequate empties are available. The Red Sea strait is vital for 30 per cent of global container traffic and 12 per cent of global trade.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
Handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract 1 per cent Tax Collected at Source (TCS), as per a notification issued by the Income Tax department. TCS at 1 per cent rate is currently being levied on motor vehicles costing above Rs 10 lakh effective January 1, 2025.
In 2023-2024, 95 scheduled commercial banks received over 10 million complaints from their customers. The process of KYC at many banks has become 'HYC' -- harass your customer, points out Tamal Bandyopadhyay.
The Congress party in India has accused the government of "impropriety" in the sudden termination of KV Subramanian's position as India's executive director at the IMF, alleging it was linked to the Union Bank of India's purchase of two lakh copies of his book. The party also questioned the government's stance on Pakistan's request for a loan from the IMF.
Finance Minister Nirmala Sitharaman on Friday presented the Economic Survey 2024-25 in the Lok Sabha. The Economic Survey is an annual document presented by the government ahead of the Union Budget to review the state of the economy.
The Finance Ministry's annual report has revealed that the US Agency for International Development (USAID) funded seven projects worth USD 750 million in India during the 2023-24 fiscal year. The projects, implemented in partnership with the Indian government, cover areas like agriculture and food security, water and sanitation, renewable energy, disaster management, health, sustainable forests, and climate adaptation. This disclosure comes amidst controversy over USAID's alleged role in influencing Indian elections, with claims that the agency allocated USD 21 million to India for 'voter turnout'. However, the report clarifies that no funds were dedicated to enhancing voter turnout.
At a time when the finance ministry is focusing on addressing employee grievances, the number of employees in most public-sector banks (PSBs) has declined over the last three financial years.
Bank unions on Friday deferred their two-day nationwide strike beginning Monday after they received positive assurance from both the finance ministry and the IBA on their demands, including a five-day work week and adequate recruitment in all cadres. The strike call for March 24 and 25 was given by United Forum of Bank Unions (UFBU), an umbrella organisation of nine bank employees' association.
Senior leaders of the Biju Janata Dal (BJD) in India are calling for action against Rajya Sabha MP and national spokesperson Sasmit Patra for allegedly creating confusion among lawmakers regarding the Waqf (Amendment) Bill. The controversy arose after Patra, despite the party's announced opposition to the Bill, revealed he had voted in favor of it and stated that MPs could vote according to their conscience. The situation has led to accusations of a possible "deal" between the BJD and the Bharatiya Janata Party (BJP).
Government sources said amendments were being considered to the Atomic Energy Act to allow private sector participation and the Civil Liability for Nuclear Damage Act to limit the liability on suppliers of equipment to build atomic energy plants.
The bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
The new wing will be known as the corporate finance investigation department, which will be headed by one of Sebi's executive directors. This department will have information technology solutions experts, particularly to detect the menace of frauds.
Maharashtra Deputy Chief Minister Ajit Pawar has criticized his cabinet colleague, Nitesh Rane, for making "misleading" statements about Muslims not being part of Chhatrapati Shivaji Maharaj's army. Pawar, who heads the Nationalist Congress Party, called for restraint from political leaders and stressed the importance of maintaining communal harmony in the state. He emphasized that Shivaji Maharaj never discriminated based on caste or creed and highlighted the contributions of Muslims during his reign.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
The Trump administration has revoked Harvard University's eligibility to enrol foreign students, raising concerns over the legal status of thousands of students, including nearly 800 from India, currently enrolled at the varsity.
The Rs 1-trillion Research Development and Innovation (RDI) fund, which was announced in the July budget for FY25, of which Rs 20,000 crore has already been allocated, will be operationalised in the next two to three months, a top official said.
The interest rate on these schemes have remained unchanged for over a year now.
Led by Nationalist Congress Party-Sharadchandra Pawar MP Supriya Sule, Group 7 will engage with key countries in Africa -- Egypt, South Africa, Ethiopia -- and Qatar to present India's position on Operation Sindoor, launched in response to the April 22 Pahalgam terror attack.
The Central Administrative Tribunal (CAT) has overturned the transfer of Indian Revenue Service (IRS) officer Sameer Wankhede from Mumbai to Chennai, ruling that the revenue department violated its own guidelines. Wankhede, known for his role in the Cordelia cruise drug bust case involving Bollywood actor Shah Rukh Khan's son, had claimed his transfer was punitive and a consequence of his actions at the Narcotics Control Bureau (NCB). The CAT found procedural lapses and potential bias in the transfer decision, stating that transfer policies must be implemented fairly and transparently.
'There was no financing or even promise of finance involved in MoU, forget X or Y amount'
'The Chairman has made it clear that relocating the series would damage the image of the PCB, and Rawalpindi and Multan should be used as the venues for the three-match series.'
Payments banks have urged the Union finance ministry to increase their deposit limit for each account to Rs 5 lakh, according to a source who participated in a meeting, chaired by the Department of Financial Services Secretary M Nagaraju, in New Delhi. At present, they can accept deposits of up to Rs 2 lakh.
India's disaster relief assistance has increased substantially in recent years, from Rs 1.60 crore in FY23 to Rs 41.18 crore in FY24, and Rs 27.88 cr in FY25 (until January 2025).
'AI analyses body language, etiquette, and communication skills, providing an in-depth performance matrix and a ranking system to help employees identify areas of improvement.'
The government has set up an inter-ministerial group to monitor a possible surge in imports from countries like China, Vietnam and Thailand, fearing a surge in inbound shipments following the imposition of high reciprocal tariffs by the US on these countries, sources said. The product categories that may see an upsurge in diversion of imports from the US to India include consumer goods, electronics, chemicals and steel.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
The newly-formed Delhi Cabinet in its first meeting approved the implementation of the Ayushman Bharat health insurance scheme in the national capital. The cabinet also decided to present 14 pending CAG reports in the first session of the assembly. Delhi Chief Minister Rekha Gupta said that the previous AAP government did not allow the health scheme in the city, preventing the people from availing its benefits.
Transactions were allegedly not reported correctly in the tax returns for FY20.
