On October 18, the tax department had said searches had led to detection of undisclosed income of more than Rs 500 crore in addition to Rs 93 crore worth seizures, including gold jewellery and diamonds. A revised appraisal of such seizures now pegs its value at Rs 106 crore which includes cash (Rs 45 crore), gold jewellery and diamonds (Rs 41 crore) and foreign currency Rs 20 crore.
The defence ministry on Wednesday announced a fresh list of 351 sub-systems and components that will not be allowed to be imported under a staggered timeline beginning December next year.
The government has appointed 10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India to manage the mega initial public offering of country's largest insurer LIC. Other selected bankers include SBI Capital Market, JM Financial, Axis Capital, BofA Securities, JP Morgan India, ICICI Securities, and Kotak Mahindra Capital Co Ltd, a circular on the divestment department website said. "Government has finalised the book running lead managers and some other advisors for the IPO of LIC," DIPAM Secretary Tuhin Kanta Pandey tweeted. The divestment department had invited applications for the appointment of merchant bankers on July 15.
A BTech and PhD in police, human rights and social justice, Singh joined the federal anti-money laundering investigations agency in 2009 on deputation from Uttar Pradesh where he was serving as a state police service officer.
Finance Minister Jaswant Singh said on Saturday that he has approved the draft Cabinet note for amending Foreign Exchange Management Act.\n\n\n\n
The Enforcement Directorate (ED) on Wednesday conducted raids in three locations in and around Kolkata and again recovered large stacks of cash from a flat linked to Arpita Mukherjee, considered a close associate of arrested West Bengal Industry Minister Partha Chatterjee.
The ED has attached assets to the tune of Rs 9,003 crore and filed 173 charge sheets in the financial year 2014-15.
India is upset at a reference to Prime Minister Narendra Modi by a US state department official while defending the immunity it had extended to Saudi Arabian ruler Mohammad bin Sultan, who is facing allegations of killing journalist Jamal Khashoggi.
He was permanently absorbed into the ED cadre in 2014 and has headed some high-profile investigations into the 2G spectrum allocation case, the 2010 Commonwealth Games, the money laundering cases against former Union finance minister P Chidambaram and his son Karti Chidambaram, Andhra Pradesh chief minister Y S Jagan Mohan Reddy and former Jharkhand chief minister Madhu Koda, the Aircel Maxis and VVIP choppers case.
As the lower house took up the motion moved by Gogoi, there were heated exchanges between the opposition and treasury benches after Parliamentary Affairs Minister Pralhad Joshi wondered why Rahul Gandhi's name as lead speaker was withdrawn at the last minute.
'We hope this round of meeting, on the basis of previous meetings, can move forward, further enlarge consensus, narrow differences and work for a solution that is acceptable to both parties,' the spokesperson said in updated comments posted on the ministry's website.
President Donald Trump's executive order restricting entry of skilled foreign workers into the US, mainly on H-1B and L1 visas, has resulted in an estimated loss of $100 billion to companies in the US, a top American think-tank claimed. The executive order signed by Trump on June 22, that had temporarily banned issuing fresh H-1B and L-1 visas till December 31, caused a negative impact to the valuation of Fortune 500 firms equivalent to over $100 billion in losses, Brookings Institute said in a report released this week.
The jewellers and companies linked to Nirav Modi and Mehul Choksi had allegedly colluded with PNB officers to obtain fake bank guarantees to get loan from overseas branches of Indian banks including Allahabad Bank, Axis Bank and UCO Bank.
A panel led by the secretaries of the DEA and the DIPP would conduct a quarterly review on the pending proposals.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
Traders' body CAIT on Thursday urged the government to impose a ban on Amazon's e-commerce portal and its operations in India, accusing the global e-tailing giant of indulging in predatory pricing, deep discounting and inventory control. Addressing a press conference, CAIT secretary-general Praveen Khandelwal demanded an "immediate ban on Amazon's portal and its operations in India" and an investigation against the company in a time-bound manner. He also urged the government to probe the business practices of Amazon and Flipkart. However, responding to the allegations, both Amazon and Flipkart said they remain compliant with Indian laws.
The Reserve Bank of India (RBI) has liberalised the procedure for facilitating the import of rough diamonds (termed roughs in the trade).
The domestic currency has already dropped 44 paise, or 0.67 per cent, in the previous two sessions.
The Monetary policy committe comprising 6 members voted 6-0 in the favour of the rate cut.
India will have to show more willingness to import, and since Biden will not encourage sale of oil and gas to bridge the gap, it means there has to be more meaningful duty reduction in other areas even if Delhi baulks at a Free Trade Agreement so soon after walking out of RCEP.
Some radio taxi operators are avoiding service tax payments, forcing the revenue department to take necessary steps, including coercive measures, to recover the dues, Finance Minister Arun Jaitley said.
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group's stock rallies, and that Securities and Exchange Board of India (SEBI) has 'drawn a blank' in its probe into alleged violations in money flows from offshore entities into the conglomerate.
Prime Minister Narendra Modi said on Monday that the partnership between India and Germany could serve as an example of success in a complex world as the two sides inked several agreements focused on sustainable development under which India would receive USD 10.5 billion assistance by 2030 to boost the use of clean energy.
Clamping down on the delays in repatriating foreign exchange earnings, the Reserve Bank of India (RBI) has tightened norms for special economic zones (SEZs), asking them to realise and bring back full value of goods and services to India within a year from the date of export.
India has been in touch with all parties concerned as part of overall global efforts to bring down the tensions.
India and China on Tuesday agreed to hold the next round of the Senior Commanders meeting at an early date to achieve complete disengagement from all friction points in eastern Ladakh to create conditions for the restoration of normalcy in bilateral ties.
The department of economic affairs, in its Monthly Economic Review for September, said critical reforms undertaken by the government will put India to a strong and sustainable growth path in the long run.
DRs have shares as an underlying asset and are typically issued by a bank, known as the depository bank, on behalf of a company.
The Saifee Burhani Upliftment Trust bought Hotel Raunaq Afroz, Shabnam Guest House and six rooms in Damarwala building.
The apex court also expressed anguish over the Uttar Pradesh government failure to come out with a vision document to preserve and protect the Taj Mahal.
Interest on NRE accounts is tax-free, but the I-T department creates hurdles to tax these accounts.
The approvals would be handled independently by administrative ministries of different sectors.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
Banks and friendly neighbourhood jewellers can serve as good channels to provide liquidity for gold deposits with built-in incentives for them, suggests Harsh Roongta.
'If the RBI liability is extinguished and they no longer remain legal tender, then those Rs 500 and Rs 1,000 notes are worthless paper.' 'Then why should it be a criminal offence to keep that paper?'
Theoretically, Modi, who understood corporate finance, committed no crime by raising debt to fund a growing business. In fact, he did a tidy job of it, but his operation started to see the ground underneath it give way in January 2018. A fascinating excerpt from Pavan C Lall's Flawed: The Rise And Fall Of India's Diamond Mogul Nirav Modi.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
FinMin had, recently, notified changes in FDI rules that made prior approval of the government mandatory for foreign investments from countries that share a land border with India. Hong Kong was ranked 14th on the list of countries with FDI flows to India, contributing $4.2 billion between April 2000 and December 2019, the data from DPIIT shows. India received FDI worth $2.34 billion from China in the same period.
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