Pakistan's newly-elected President Asif Ali Zardari on Tuesday announced that he would not draw any salary during his tenure as part of his bid to help the cash-strapped country face the challenging economic hardship.
In August 2021, Nick Read, chief executive of Vodafone Plc at the time, did not mince his words while speaking about the India business in an earnings call. Replying to an analyst's question on Vodafone Idea, a venture with the Aditya Birla Group that had piled on huge debts and worrisome losses, Read described it as a highly stressed situation that "they (Vodafone Idea) are trying to navigate... "We, as a group, try to provide them as much practical support as we can, but I want to make it very clear, we are not putting any additional equity into India.''
Whether it was the MGNREGS or the NFSA or the Aadhaar-based DBT scheme for cash transfer, the Modi government has built on the basic architecture created by the Singh government. Policy makers in the Modi government, instead of discarding them as products of the previous political regime, worked on them, expanded their scope and reach, and used new tools to improve their performance, explains A K Bhattacharya.
'What happens in the real estate market is that once the prices go up it goes on to stay at that level.' 'It might not increase and at the same time the prices will not come down too.'
Re-rating of Axis Bank's stock may continue in the near-future, believe analysts, as the risk-reward on the stock remains favourable amid healthy financials. The bullish stance comes after the Mumbai-based lender delivered a strong outperformance in the March quarter of fiscal year 2023-24 (Q4FY24) on core pre-provision profit and net profit, with improving asset quality. Axis Bank's net interest margin (NIM) expanded, against expectations, even in a tough market.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
Short-term government bonds fell behind longer-dated securities in demand this month so far due to a liquidity crunch in the banking system and expectations of a delay in a rate cut, said market participants. Investors have favoured longer-tenure government bonds, or g-secs, with insurance companies and pension funds leading the charge by stocking up on those with maturities of 30 years and more. Preference for longer-term securities was strengthened by the conclusion of the borrowing programme, which compelled institutional investors to fulfil their requirements in the secondary market.
A bench of justices Sanjiv Khanna and Dipankar Datta told Additional Solicitor General SV Raju, appearing for the Enforcement Directorate, that the hearing on Kejriwal's plea against arrest is likely to take time and therefore, the court was considering hearing the probe agency on interim bail to him.
Even under the RTI response, all public sectors banks have washed their hands of any responsibility.
Don't solely focus on tax-saving alone.
In August, the Reserve Bank of India Governor Shaktikanta Das held a meeting with chief executive officers/ managing directors (CEOs/ MDs) of large non-banking financial corporations (NBFCs). The discussions included diversifying borrowing sources for NBFCs and housing finance companies (HFCs) to contain increasing reliance on bank borrowing, risks associated with high credit growth in retail segment in unsecured loans, prioritising IT upgrades and cyber-security, improving provisioning, monitoring of stressed exposures and slippages, ensuring robust liquidity and asset-liability management, ensuring transparency in pricing, creating robust grievance redress mechanisms.
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e of them requires MPs to follow the norms including the Code of Ethics, which mandates them not to take gifts that may interfere with honest and impartial discharge of their official duties.
The finance ministry on Thursday sought to clarify that there was no distress in household savings and the data indicated that changing consumer preference for different financial products was the real reason for the change in the pattern of household savings. The clarification comes in the backdrop of Reserve Bank of India data showing that household net financial savings rate is at its lowest in decades, at 5.1 per cent of GDP in FY23 compared to 7.2 per cent of GDP in FY22. The divergence in the data for household gross financial assets and liabilities is not a cause for concern for the government, as the loans have largely been taken to buy real assets or automobiles, the finance ministry said.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
After introducing the controversial nuclear liability bill in the Lok Sabha amid opposition protests, the government on Friday said it hopes to bring it for consideration in the Monsoon session of Parliament.
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Former Atomic Energy Commission Chairman P K Iyengar on Wednesday raised a red flag over certain provisions of the nuclear liability bill, including keeping civil courts off limits in case of a nuclear accident.
As part of government's efforts to reach out to the Bharatiya Janata Party over the nuclear liability bill, National Security Adviser Shivshankar Menon met senior leaders of the main opposition party on Wednesday, to allay their apprehensions but failed to convince them.
Kishore said the Congress and its supporters are bigger than any individual and Gandhi should not be stubborn that it must be him who will deliver for the party despite repeated failures.
Byju's founder Byju Raveendran on Saturday said the edtech company will not be able to pay salaries to employees as the recent funds raised through a rights issue are inaccessible due to a legal dispute with certain investors. In a letter to staff, Raveendran said the rights issue, launched a month ago, has been successfully closed. "This was supposed to be a happy correspondence.
Sources in the Prime Minister's Office (PMO) told Business Standard that National Security Advisor (NSA) Shiv Shankar Menon will meet top leaders of the BJP and the CPI(M) to explain the salient features of the Bill.
The much-debated Nuclear Liability Bill, crucial for operationalising the India-US civil nuclear deal, would be tabled in the Rajya Sabha on March 15, Minister of State for Atomic Energy Prithviraj Chavan has said.
'I can feel the master's pain, because he must be sitting there and cursing and saying, 'Why was I born?''
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The Income Tax department has informed the Delhi High Court that Nokia India and Nokia Corporation owe it Rs 21,153 crore (Rs 211.53 billion) as total tax liability (existing and anticipated), including penalty during a seven-year period from 2006-2013.
Top golfer Gaganjeet Bhullar lodged a complaint against Emirates Airlines for delaying his bags, which he said affected his game. Jehangir Gai tells us what happened next.
Base metals major Hindalco's overseas subsidiary, Novelis, has submitted a draft registration with the US Securities and Exchange Commission (SEC) for the proposed public offering of promoters' shares. Novelis' sole shareholder, AV Minerals (Netherlands) NV, is a 100 per cent subsidiary of Hindalco. Novelis would not receive any proceeds from the sale. Assuming SEC clearance could go through in about 6 months.
'The approach towards Mallya is not right because his unit could have been turned around earlier with additional funds from his side and the bank's side.'
Non-compliance can also result in legal complications and disputes with the tax authorities.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
The law officer said the money trail showed that Rs 45 crore "kickback" used in the Goa assembly elections came from four hawala routes.
Accusing the Congress of creating obstacles in the path of growth and economy, he declared that the government would try to get the bill passed with the help of parties
The Delhi high court on Thursday refused to grant Chief Minister Arvind Kejriwal any protection from coercive action in an excise policy-linked money laundering case.
The Delhi high court on Wednesday refused to grant interim relief to Chief Minister Arvind Kejriwal, arrested by the Enforcement Directorate (ED) in a money laundering case linked to the excise policy 'scam', saying the matter raises important issues that cannot be 'summarily' decided without seeking the agency's stand.
Additional Solicitor General SV Raju, representing the two probe agencies, told a bench of Justices Sanjiv Khanna and SVN Bhatti he has instructions to state that the agencies are considering making AAP an accused, invoking legal provisions on "vicarious liability" under the anti-corruption law and section 70 of the Prevention of Money Laundering Act.
