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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
The verdict, upholding Centre's November 15, 2019, notification bringing personal guarantors of corporate debtors under the net of the IBC, assumes significance in view of the fact that various high-profile industrialists may now face insolvency proceedings along with their debt-ridden firms under the IBC.
'Mr Badal wanted to talk to a member of the Gandhi family to bring about some sort of rapprochement between the Akalis and the Congress which were the two major parties at that time.'
Making a scathing attack against the Left government, he said the practice of giving pension benefits to the personal staff of ministers just after completing two years a few months ago was a 'gross violation and abuse of authority.'
Congress leader and ex-finance minister P Chidambaram on Tuesday said the Union Budget was the "most capitalist" with nothing for the poor and farmers while sops were being provided to big industrialists turning India into a very "unequal country". At a press conference after Union Finance Minister Nirmala Sitharaman unveiled a Rs 39.45 lakh crore Budget, he said because of the ruling party's "brute majority" the Lok Sabha pass the Budget but people will reject it. He claimed the Bharatiya Janata Party was going to elections, scheduled in five states, not with their performance or with the promises and assurances to the people, but solely "with the agenda of dividing the country and bringing Hindutva back to power".
In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.
'The decision to supply free food grains is not an economically sound decision because the government will find it very difficult in future to charge anything for food grains.'
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
The state police have been looking for the Shiromani Akali Dal leader to arrest him.
A few days back, Finance Minister Nirmala Sitharaman urged the start-up community and public to deal in cryptocurrency with caution because everything that was floating around was not currency. In the first week of August, the country's top nine crypto exchange platforms were summoned by the Directorate of Enforcement (ED) in Hyderabad. The exchanges were questioned for money laundering, especially over a number of Indian non-banking financial companies and their fintech partners for predatory lending practices in violation of the Reserve Bank of India (RBI) guidelines and by using tele-callers who misuse personal data and use abusive language to extort high interest rates from the loan takers.
Kirti Azad, a known detractor of Jaitley, egged on the Congress to seek a time-bound SIT probe.
Chinese phone maker Xiaomi's India unit has been slapped with a Rs 653 crore notice for alleged evasion of import duty, as per an official statement. A show-cause notice has been slapped on Xiaomi India following recovery of documents during searches on its premises that indicated remittance of royalty and licence fee to US and Chinese firms under contractual obligations, the union finance ministry said on Wednesday. Replying to an email query, a Xiaomi spokesperson said, "At Xiaomi India, we give utmost importance to ensuring we comply with all Indian laws.
It added that following this, the Department of Ex-Servicemen Welfare of Ministry of Defence vide communication dated November 7, 2015, conveyed the policy of OROP for the defence force personnel.
An area of worry relates to simplification of the refund procedure where the inverted duty structure prevails
Bank licencing has been a "once in a decade" affair and so it could well be that we don't face this process anytime soon.
The Congress on Thursday accused Bharatiya Janata Party MPs of subjecting Sonia Gandhi to "brutal heckling, verbal assault and physical intimidation", and demanded an apology from Prime Minister Narendra Modi.
Over 100 workers of the MSRTC had staged the protest outside 'Silver Oak', Pawar's bungalow on Pedder Road in south Mumbai on Friday afternoon, catching the police unawares.
'NSE has thousands of employees. It is their institution. So it's a dear family.' 'One should not hurt the morale of these people.'
Moitra brought two birthday caps in the House to press her argument that the businessman being most talked about had "topi-pehnau-ed" the government.
When an NRI returns to India, he should be aware of his tax residency status.
Acting on a specific input, the Raipur police apprehended the seer from a rented room near Bageshwar Dham, located around 25 km from Khajuraho town in MP, Raipur Superintendent of Police Prashant Agrawal said.
Chief Justice of India (CJI) D Y Chandrachud's first 100 days in office saw the Supreme Court take a giant leap towards reforms, especially making courts more technology-friendly, and ensuring relatively fast judicial appointments including those of eight judges to the apex court.
The guild, in a statement, said it has no dispute with the ministry that journalists should behave with restraint and responsibility while enjoying their access to the finance ministry, but a blanket order is not the answer.
In a first of its kind move, the Indian Railways Catering and Tourism Corporation (IRCTC), the ticket booking arm of the Indian Railways, is looking to monetise its bank of passenger data while conducting business with private and government companies. IRCTC has a large bank of data related to every online railway ticket ever generated as it is the country's only railway ticketing platform, an IRCTC official told Business Standard. The public sector undertaking, which has sought the services of a consultant to assist with the monetisation process, plans to raise Rs 1,000 crore through this exercise.
There are lessons for the Congress to learn from the Karnataka elections of how burying the hatchet among top leaders and not washing dirty linen in public can help, says Ramesh Menon.
The affidavit was filed in response to a petition seeking a direction to declare the PM CARES Fund a 'State' under the Constitution to ensure transparency in its functioning.
'She violated NSE procedures and rules, corporate governance norms; Chitra acted maybe within her capacity as MD and CEO, but not in the right spirit.'
Prime Minister Narendra Modi has lauded the people for contributing wholeheartedly to the PM CARES Fund as he chaired its meeting which was also attended by newly-nominated trustees Justice K T Thomas, former deputy Lok Sabha speaker Kariya Munda and Ratan Tata, the PMO said on Wednesday.
The Enforcement Directorate (ED) on Monday conducted raids at over a dozen locations in Chhattisgarh including at premises linked to state Congress leaders as part of an ongoing probe into the alleged coal levy scam, officials said.
'In North India, brother kills brother for a small piece of land. So if the perception goes that the government has come to snatch away land, then the issue can go to any extent.'
All we want from the government is to give us visa and they can't even deliver that, says Inder Singh, chairman of Global Organisation of People of Indian Origin International
This is a challenge India's political establishment will have to face unitedly, without looking for electoral benefit, warns Vir Sanghvi.
Espousing an aggressive pro-backward and Dalit stance synchronising with the Maurya controversy, the SP has thrown down the gauntlet with Akhilesh upping the ante on the burning topic, reports Virendra Singh Rawat.
Sisodia was arrested after nearly eight hours of questioning on various aspects of the excise policy for 2021-22, which the probe agency says suffered from irregularities both in its formulation and implementation, allegedly intended to benefit people with links to the AAP.
The court of judicial magistrate first class Rahul Garg also imposed a fine of Rs 5,000 each on Prithi Singh a resident of Baghapurana and Amardeep Singh and Mithu Singh, both residents of Malke village.
The move will boost the government's revenue at a time when Delhi's economy is struggling in view of the Covid-induced lockdown that has been in place since April 19.
The forthcoming budget is an excellent opportunity for the Government to fulfill its promise of high economic growth.
'Rahul Bhai was well known for speaking the truth.' 'He did not accept anything he considered wrong.'
Chhattisgarh Police arrested Hindu religious leader Kalicharan Maharaj from neighbouring Madhya Pradesh on Thursday over his alleged derogatory remarks against Mahatma Gandhi, following which a court here sent him to police remand for two days, an official said.
