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Finance


The Central Bureau of Investigation (CBI) has summoned former Kolkata police commissioner Rajeev Kumar on Monday for questioning in connection with the Saradha Ponzi scheme case, officials stated. A team of the CBI visited Kumar’s official residence in Kolkata on Sunday evening to serve the notice, officials stated. The 1989-batch IPS officer has been asked …

Multiple court rulings on payment of goods and services tax (GST) at dutyfree shops are making life confusing for those buying perfumes and chocolates from these stores. A recent Allahabad high court judgment may, however, provide some relief with the court ruling that there shall be no tax levied in case of purchases made at duty-free stores at …

The US has added India to its monitoring list for currency practices and macroeconomic policies, alleging undervaluation in its currency. Referring to higher purchases of foreign exchange by the Reserve Bank of India (RBI) over the first three quarters of 2017, the US said: “Given that Indian foreign exchange reserves are ample by common metrics, …

Officially, Ajit Singh died in a road accident 8km from his village in Haryana’s Rohtak district at 7 am on April 1, 2018. It’s what his wife, Satwanti, who claimed to be present on the spot, reported at the Hisar Sadar police station. His nephew, Sachin Dhull, explained the chain of events in his statement …

India has suggested the inter-governmental agreement with the US for exchange of country-by-country (CbC) reports on multinational companies regarding income allocation and taxes paid in order to help check cross-border tax evasion. The agreement, which was approved by Central Board of Direct Taxes Chairman P C Mody and US ambassador to India Kenneth Juster in …

Fixed deposits and tax-free bonds seem to be among the most favored financial investments for the political leaders fighting the 2019 Lok Sabha polls, while mutual funds and stocks also adorn the portfolios of many and some even have got shares of long-defunct firms like Kingfisher Airlines. Shares of Mukesh Ambani-led Reliance Industries Ltd (RIL), the …

Reserve Bank of India

Latching on to the recent Supreme Court judgment giving the Reserve Bank of India (RBI) a “last opportunity” to disclose the list of defaulters under the Right to Information Act (RTI), the Congress party on Sunday alleged that the government favors crony capitalists. At a press conference here, the Congress spokesperson Abhishek Manu Singhvi alleged connivance …

The problem of loan defaults has now begun to affect fixed maturity plans. ET Wealth delves into the issue in order to explain to investors what it means for them. What is the problem with FMPs? Some mutual fund companies which had lent to Zee (Essel) Group entities are holding back payments due to investors in their …

The officials of the election commission in Pune has seized a total of Rs 88 lakh in cash from the four parliamentary constituencies in the Pune district since the model code of conduct for the upcoming Loksabha elections came into effect on March 10. Jayashree Katare, resident deputy collector said, “We have seized Rs 88 …

Keeping the crackdown a highly secret mission, income-tax officers hired private vehicles from tour operators in Indore. The state machinery was completely in the dark when I-T officers hired dozens of vehicles from several tour operators and set off in the pre-dawn hours. A travel operator from Indore, who rented vehicles to the raiding team, …

Home loans, car loan, and personal loans are set to get tighter as the Reserve Bank of India on Thursday decided to cut its benchmark repo rate by 25 basis points (bps) to 6% to keep prices under check and to support growth. The rate cut, the second announced by the central bank in 2019, …

Tax offices, for both income tax and GST, will remain open on Saturday and Sunday as the department’s race against time to meet the revenue collection targets. “As per past practice, all field offices of CBIC(Central Board of Indirect Taxes and Customs) will remain open during the last weekend of the current financial year also March 30 and March 31, 2019, for assisting …