The recovery notice issued by the Directorate of Information and Publicity (DIP) also includes the interest on the amount and makes it mandatory for the ruling party in Delhi to pay the whole amount within 10 days, the sources said.
The top court said that the proceedings initiated in December 2019 were contrary to the law laid down by the Supreme Court and cannot be sustained.
The sky outside was a perfect blue with fair winds on that hot day in July, but inside the Jaguar an emergency was unraveling with every passing second. Wing Commander Vernon Desmond Keane had two options: Eject and see his beloved aircraft crash -- which would come at a great cost to the nation and cause harm to civilian life and property on the ground. Or try the limits of his training; push the aircraft and his flying skills to the edge of technical and human endurance and save them both.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Union Home Minister Amit Shah has reviewed the security situation in Manipur for the second consecutive day, directing officials to focus on restoring peace and order in the state. The situation has been volatile following protests and violence after the recovery of bodies of women and children. Shah also ordered the deployment of 5,000 paramilitary troops to assist the state government in handling the situation.
Union Home Minister Amit Shah has cancelled his election rallies in Maharashtra and is returning to Delhi due to the volatile situation in Manipur. The home minister is likely to hold a meeting to review the situation in the northeastern state, where irate mobs have set fire to the residences of several BJP and Congress legislators. The incidents follow a series of killings and abductions by militants in the state.
Bank credit growth is expected to moderate this financial year after a robust 16 per cent estimated for last financial year, driven by strong economic activity and retail credit demand. There are three reasons for this: a statistical high-base effect given the strong growth seen last financial year, revision in risk weights by the Reserve Bank of India (RBI), and relatively slower economic activity.
Streedhan refers to gifts, money or property that a woman receives before her marriage, at the time of her marriage, during childbirth or widowhood, primarily from her parents, relatives or in-laws.
The global recovery is expected to be asynchronous and divergent between advanced and emerging market economies, the IMF said on Tuesday, noting that policymakers should take early action and tighten selected macroprudential policy tools while avoiding a broad tightening of financial conditions. "Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks," the International Monetary Fund (IMF) said in its Global Financial Stability report released ahead of the Spring meeting of the global lender and the World Bank. However, actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities, it said.
Global cryptocurrency giant Binance has asserted that it never owned or controlled WazirX before or after the embattled Indian exchange was hacked in July that led to a security breach of more than $230 million. Binance added that there was no legal basis for the firm to be liable for claims made against the embattled crypto exchange. It refuted WazirX's claims that the global exchange owns the company, adding that it does not operate the platform.
Global brokerage firm CLSA has reversed its early tactical shift from Indian equities to Chinese stocks, and has decided to raise India allocation while cutting exposure to China. In its report titled 'Pouncing Tiger, Prevaricating Dragon', CLSA cited challenges facing Chinese markets in the aftermath of Donald Trump's victory in the US elections as the reason for the move. "Misfortune can happen in threes. So it has played out for Chinese equities over the past week.
The Supreme Court said on Thursday that the purpose of criminal proceedings is to bring a wrongdoer to justice and not to seek revenge or pursue vendetta.
Capital markets regulator Sebi on Thursday sent a notice to NSE's former chief Ravi Narain, asking him to pay Rs 2.06 crore in a case related to governance lapses at the stock exchange, and warned of arrest and attachment of assets and bank accounts if he fails to make the payment within 15 days. The notice came after Narain failed to pay the fine imposed on him by SEBI (Securities and Exchange Board of India). The regulator, through an order passed on February 11, levied a fine of Rs 2 crore on Narain in the matter of governance issues over the appointment of the chief strategic officer at the stock exchange in 2013.
Gandhi alleged the increase in railway accidents in the last 10 years is a "direct result of the mismanagement and negligence of the Modi government, which has resulted in loss of lives and property of passengers on a daily basis".
Housing Development Finance Corp (HDFC) chairman Deepak Parekh on Tuesday said that while the country's macroeconomic fundamentals remain strong and the recovery is in progress, the unpredictability of coronavirus will remain a key challenge. Owing to the second wave, the Indian economy is likely to mirror a similar trend seen in FY21, where the first half of the financial year is weaker and the second half is significantly stronger, he said. "I remain confident that India's macroeconomic fundamentals are strong. Recovery is underway," Parekh said while addressing the 44th annual general meeting of HDFC Ltd. He said, the country's forex reserves and foreign direct investment inflows have scaled record highs, the capital markets are also buoyant and agriculture growth is expected to remain strong with food grain production estimated at over 305 million tonnes.
A husband has no control over his wife's 'stridhan' (woman's property) and while he may use it during the time of his distress, he has a moral obligation to return it to his wife, the Supreme Court has reiterated while directing a man to pay Rs 25 lakh to a woman in return for her lost gold.
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
Ram Rahim, lodged in Rohtak's Sunaria Jail, is serving a 20-year sentence handed out to him in 2017 for allegedly raping two of his disciples.
Hospitality players want the government to accord infrastructure status to hotels to make investments on new properties more attractive rather than categorising them as luxury or even 'sin goods' in the upcoming Union Budget considering the sector's potential to play a key role in India's growth. They also want the government to consider incentives in the form of tax breaks or subsidies for adopting sustainable and eco-friendly practices, while asserting that the upcoming budget must accelerate the tourism agenda saying it is an opportunity to make Indian hospitality the emerging engine for GDP growth and employment generation.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
The COVID-19 pandemic affected the residential property market during the April-June period last year but sales have improved in affordable homes segment since July onwards, reflecting economic recovery in the real estate sector, according to the Economic Survey. The National Housing Bank's (NHB) Housing Price Indices (HPIs) are a broad measure of movement of residential property prices observed within a geographic boundary. The NHB-RESIDEX captures two housing price indices -- HPI@ Assessment Prices and HPI@ Market Prices - Under Construction Properties based on the data available for 50 cities with quarterly updation.
'This year's detection of frauds and probable recovery will be mainly driven by several compliance measures put in place, and amendments made to the GST regime to plug revenue leakages particularly in new-edge sectors.'
'If the Indian government actually delivers on the infrastructure plans, the hospitality sector would double itself by 2025.'
The Dubai property market is showing good signs of a recovery, with many neighbourhoods reporting the first increases in value since 2008, a new industry report has revealed.
High loan-to-value and high-yield buckets have reported higher delinquencies
A commando contingent of the Manipur police has been airlifted to Jiribam on Saturday morning from Imphal to assist in the security operations against the militants, police said.
Prices of residential property in Mumbai, NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata and Ahmedabad witnessed a sharp fall in H1-2020 with Kolkata witnessing the steepest drop of 7.5% to Rs 33,433 per square meter. Demand for office space fell the most in Pune and NCR markets at 47% and 45% respectively.
Amid demands from a section of right-wing organisations for 'bulldozer'-kind of action to those involved in the Hubballi violence, Karnataka Chief Minister Basavaraj Bommai on Tuesday said those involved in the incident will be tried as per the existing laws.
The airline was considering selling two properties worth Rs 120 crore for partial loan repayment.
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
The curfew was imposed and the administration issued shoot-at-sight orders after stone-pelting incidents, torching of vehicles and a mob surrounded the local police station following the anti-encroachment drive.
Chief executive officers (CEOs) across sectors have expressed intentions to expand capacities, expecting the government's target to invest a record Rs 11.11 trillion on infrastructure development will act as a catalyst for a jump in consumer demand. "With the government planning a capex of Rs 11.11 trillion, private sector investment will come in a big way. Companies will be preparing for it right from today," H M Bangur, chairman of Shree Cement, told Business Standard. For the past few years, the investment scene in India has been dominated by government capital expenditures; private investments in the manufacturing sector have remained muted.
Taj Hotel on Friday said rescue and recovery operations by security forces are continuing at its landmark property in Mumbai.
Rescue operations were underway on Friday to trace over 45 people missing following flash floods triggered by cloudbursts in three districts of Himachal Pradesh, officials said on Friday.
In a recent note, the global brokerage firm said India now commands a weight of 19 per cent in the above-mentioned portfolio as compared to 18.2 per cent in September 2023. India, it said, is a large liquid market and remains a counter-weight to North Asia if a slowdown in the West occurs and China's recovery disappoints.
The documents also alleged that Ibrahim's right-hand man Muhammed Iqbal 'Mirchi' Memon amassed huge properties in the UK.
Telgi, the main accused in the multi-crore fake stamp-paper racket, has disputed it and claims he owes only Rs 2.36 crore in dues.
The high court, however, directed the trial court concerned to conclude its trial in the case by taking up hearing at least twice a week, noting that the accused have been behind bars since 2008.
According to a government reply in Lok Sabha, as on June 30, 2017, there were about 109,598 cases pending across debts recovery tribunals, with recovery dues of Rs 635,500 crore.
The Reserve Bank on Monday barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. A leading financial services provider, IIFL Finance offers a range of loans and mortgages. The latest directions from the Reserve Bank of India (RBI) pertain to only the gold loan business.
