GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
The Centre on Tuesday said it will not seek disclosure of flash sales from e-commerce players to regulate the fraudulent sale of goods and services but will take appropriate action as per the law on consumer complaints. Discount sales that benefit maximum to consumers will continue, but not fraudulent flash sales on the e-commerce platforms, the government said, adding that the e-tailers need not be "anxious" about the draft rules. Ban on fraudulent flash sales, mis-selling and appointment of chief compliance officer/grievance redressal officer -- are among key amendments proposed to the Consumer Protection (e-commerce) Rules, 2020, on which the government has sought public comments by July 6.
The Madhya Pradesh cabinet on Saturday approved the Religious Freedom Bill 2020, which provides for prison term of up to 10 years and fine of Rs 1 lakh for conversion through marriage or by any other fraudulent means, state Home Minister Narottam Mishra said.
Two pilgrims and a woman tourist from Delhi died of cardiac arrest enroute the holy cave shrine of Amarnath in South Kashmir, taking the death toll in the ongoing pilgrimage to five, even as nearly 80,000 pilgrims paid obeisance at the cave shrine since July 2.
The federal agency wants to question and record Parab's statement under the Prevention of Money Laundering Act, they said.
The Reserve Bank of India on Wednesday extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA), but reprimanded players that the non-compliance is a "serious concern". RBI had directed all banks including RRBs, NBFCs, and payment gateways to comply with AFA for automatic recurring payment by March 31, 2021, in order to make digital transaction safe and protect customers from fraudulent transactions. However, some of the players failed to meet the deadline and approached the RBI seeking extension of the deadline.
Karnataka, which implemented the e-stamping system in Bangalore on Friday to prevent fraudulent practices in stamp paper-based transactions and registrations, plans to extend it across the state in a phased manner. The system, launched in association with Stock Holding Corporation of India Ltd (SHCIL), has been designed to prevent paper and process-related fraudulent practices in registration.
The government on Monday extended till July 21 the deadline for public comments on proposed amendments to the Consumer Protection (e-commerce) Rules, 2020. Earlier, the last date for public comments on the draft e-commerce rules was July 6. "It has now been decided to extend the timeline for receipt of comments/ suggestions on the draft e-commerce rules. "Views/ comments/ suggestions on the proposed amendments may be sent by July 21, 2021," a government notice said.
Telecom regulator TRAI on Tuesday suspended the newly-implemented norms for commercial text messages for one week, following major disruptions in SMS and OTP deliveries for banking, payment, and other transactions.
The Enforcement Directorate on Thursday raided multiple locations in Maharashtra as part of a money laundering probe against state transport minister Anil Parab and others linked to alleged irregularities in a land deal in coastal Dapoli area of Ratnagiri district and other charges, officials said.
With the Reserve Bank of India's (RBI) extended deadline coming to an end, there will be no automatic recurring payment for various services including recharge and utility bill as the additional factor of authentication (AFA) will become mandatory from Friday. On December 4, RBI had directed all banks including RRBs, NBFCs, and payment gateways that the processing of recurring transactions (domestic or cross-border) using cards or Prepaid Payment Instruments (PPIs) or Unified Payments Interface (UPI) under arrangements/practices not compliant with AFA would not be continued beyond March 31, 2021. As part of risk mitigation measures, RBI announced this step to bolster safety and security of card transactions.
Amway maintains the action was related to a case in 2011 and it has been cooperating with the investigative agency.
The proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020, that are envisioned to protect consumer interests, may further compound the impact of multiplicity of regulations on the e-commerce sector, the Indo-American Chamber of Commerce (IACC) had told the ministry of consumer affairs. IACC, the apex bilateral chamber for Indo-US business, had told the government that the proposed amendments would increase compliance liabilities that risk severely impairing the growth of the sector.
The consequences will be stern in case SC/ST and minors are converted.
The United Kingdom's home department has cleared the extradition of fugitive diamantaire Nirav Modi, who is wanted in an over Rs 13,000-crore bank fraud case, officials said on Friday.
With the latest approvals, there are now 16 registered investment advisers in the country, according to the list published by Securities and Exchange Board of India.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
In a nationwide swoop, CBI on Thursday arrested six people possessing medical degrees from Russia and China and obtained recognition from Medical Council of India through allegedly fraudulent means.
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
With politicians boosting their social media presence in the poll season using fake online followers, Facebook has started cracking down on fraudulent accounts showing suspicious high number of 'likes'.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
India orders Greenpeace to shut down over fraud
The draft law also allows courts to send summonses and warrants to the accused through a specially designated website to be hosted by the Ministry of External Affairs.
Stockbroker Blue Chip Corporation Pvt Ltd (BCCPL), Nitin Rajaram Narke, Pravin B Darawade, Bhavana Chadha, Milestone Investment, Nitin Narke Investment, Blue Cheap Investment and Blue Chip Investment have been prohibited.
Sebi also allowed foreign investors to own up to 15 per cent stake in domestic stock and commodity exchanges
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.
Alleging that the order made by the Pennsylvania Supreme Court was unconstitutional, the attorney generals said the state overstepped its constitutional authority in accepting late ballots and violated the election clauses of the Constitution and that voting by mail creates voter fraud risks.
An inquiry had been launched with officials under fire for issuing CNICs without legitimate documentation.
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.
In his petition, Karti contended that the July 18 circular had been issued arbitrarily and without jurisdiction by the Foreigner Regional Registration Officer and The Bureau of Immigration under the Union home ministry at the behest of different agencies to prevent him from travelling abroad.
The UIDAI said that the claims lack substance and are baseless.
With auditing under the scanner and two of the Big Four firms stopping non-audit services for audit clients, auditors will now be subjected to a more stringent standard of reporting.
The famous "Afghan girl" immortalised in a 1985 National Geographic magazine cover is facing investigation in Pakistan after she was found living in the country on fraudulent identity papers.
The advisory follows several such 'trading leagues' coming to light, including one by a film star and her husband, wherein the general public is asked to guess returns for some particular stocks and get prizes for right bets, among others.
The central bank's move comes against the backdrop of the government efforts to crackdown on entities, that are illegally raising large amounts of money from the public.
Booked between 2007 and 2011, out of the total 32,700 residential units under various Jaypee Infratech (JIL) projects, at least 20,000 homes are yet to be delivered. Supreme Court documents show that, till last March, Jaypee had issued 7,997 offers of possession to homebuyers while executing only 6,530 sub-lease deeds. These deeds offer homebuyers possession rights but, unlike registration, does not guarantee absolute ownership.
The kidnapping of 40 Indian workers from Mosul town of strife-torn Iraq should be a lesson to those who rely on fraudulent agents to find them jobs in the Gulf countries, says Vicky Nanjappa
Promoters of world's cheapest smartphone refund customers' money, close fresh bookings
Interoperability with other insurance companies - apart from banks, medical centres, among others - would be the eventual goal
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