In a blow to government employees, the Employees Provident Fund Organisation (EPFO) on Wednesday decided to lower the interest rate on provident fund deposits to 8.55 per cent from the existing 8.65 per cent. The rate cut decision for the fiscal 2017-18 was taken at the meeting of the Central[Read More…]
Mumbai: Essar Oilfields Services India Ltd announced on Wednesday that it has won a contract worth Rs 28 crore from state-run gas utility GAIL India to drill three firms and two optional wells in the Cambay Basin in Gujarat. Drilling for the project is expected to commence in April-May 2018, Essar[Read More…]
New Delhi: The Income Tax Department on Tuesday said an “inquiry notice” was sent to Congress leader Abhishek Manu Singhvi’s wife Anita who had allegedly bought diamonds and jewellery worth Rs 6.5 crore from a store owned by fugitive Nirav Modi. “An inquiry notice has been served to Anita Singhvi[Read More…]
Hyderabad: The National Association of Software and Services Companies (Nasscom) on Monday launched a platform to upskill two million IT employees and skill two million youth in eight emerging technologies starting with Artificial Intelligence (AI). Prime Minister Narendra Modi launched the FutureSkills platform while formally inaugurating the World Congress on[Read More…]
New Delhi: The arrested deputy manager of Punjab National Bank (PNB) has told investigators that he had unauthorisedly obtained Level-5 password to the SWIFT system to authorise issuance of money through Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs). Shetty made the startling revelations when sleuths of Central[Read More…]
New Delhi: The Enforcement Directorate (ED) on Monday conducted searches at over 40 more locations in several cities across India in connection with the multi-crore Punjab National Bank (PNB) scam, an official said. The agency raided 10 places in Mumbai, six each in Ahmedabad and Bengaluru, four in Chennai, three[Read More…]
Mumbai: Following the unravelling of the $1.8 billion Punjab National Bank (PNB) fraud, two senior officials of Gitanjali Gems — Chandrakant Karkare and Pankhuri Warange — resigned from the company, according to a regulatory filing with the stock exchanges on Monday. Industry chambers condemn $1.8 bn fraud, rap functioning of[Read More…]
New Delhi: The Central Bureau of Investigation (CBI) has arrested Punjab National Bank’s retired Deputy Manager, Gokulnath Shetty and two others in a multi-crore bank fraud case, officials said on Saturday. “CBI has Shetty, Single Window Operator Manoj Kharat and authorised signatory of the Nirav Modi Group of Firms, Hemant[Read More…]
New Delhi, Feb 16: The CBI on Friday registered an FIR against the Gitanjali Group of companies based on a complaint registered by the Punjab National Bank in a multi-crore fraud case, sources said. The PNB had filed the complaint on February 13 in the Rs 11,515 crore ($1.8 billion)[Read More…]
New Delhi: Two days after the $1.8 billion fraud in Punjab National Bank (PNB) was disclose, industry chambers on Friday condemned the incident criticising the functioning of public sector banks. “Alleged fraudulent transactions worth Rs 11,300 crore from a single branch of the Punjab National Bank with the connivance of the[Read More…]
New Delhi: The potential for digital consumer spending in India is expected to more than double from the current $40 billion to $100 billion by 2020, a report said on Thursday. According to the Boston Consulting Group (BCG)-Google India report, the growth will be led by sectors like e-commerce — which[Read More…]
Shillong: Defence Minister Nirmala Sitharaman on Thursday blamed the UPA government for the Rs 11,500 crore fraud in the Punjab National Bank blamed on diamond merchant Nirav Modi and said action will be taken against those responsible. “This happened in UPA’s time and has been kept suppressed. It is their gift.[Read More…]
New Delhi: The Congress on Thursday lashed out at Prime Minister Narendra Modi on the Rs 11,500 crore fraud in the PNB and asked him to come clean on the government’s “failure” to prevent the scam and identify those who helped the alleged kingpin, billionaire jeweller Nirav Modi, to flee the[Read More…]
Kolkata: West Bengal Chief Minister Mamata Banerjee on Thursday demanded a thorough investigation into the fraudulent transactions worth $1.8 billion in Punjab National Bank and said she would not let the Central government off the hook until the people’s money is secured. Banerjee said she has written to the Finance[Read More…]
A day after a massive $1.8 billion fraud was unearthed in a PNB branch here, the Enforcement Directorate on Thursday launched a nationwide raid on the offices, showrooms and workshops of billionaire diamond trader Nirav Modi. ED teams carried out simultaneous raids on Modi’s offices, showrooms and diamond workshops in[Read More…]
New Delhi: The central government on Wednesday said that “all existing protections” have been retained while consolidating the Public Provident Fund (PPF) Act under the proposed Government Savings Promotion Act. The development comes a day after the central government proposed to merger separate acts on small savings, PPF and government savings[Read More…]
New York: IT services and outsourcing provider Wipro Limited and Tata Steel Ltd are the two Indian firms that have been selected among 135 world’s most ethical companies for 2018 by the US-based think tank Ethisphere Institute. The 135 companies dedicated to “defining and advancing the standards of ethical business practices”[Read More…]
New Delhi: India’s retail inflation for January has eased down to 5.07 per cent compared to 5.21 per cent in December 2017, according to data released by the Central Statistics Office on Monday. On a year-on-year (YoY) basis, the CPI inflation last month was 3.17 per cent in January 2017. [Read More…]
Mumbai: A public interest litigation — probably holding the key to the historic demonetisation of November 8, 2016 — filed by RTI activist Manoranjan Roy will finally come up for hearing at Bombay High Court here on February 12. The PIL was filed in 2015, on the basis of RTI replies[Read More…]
New Delhi: Union Minister for Women and Child Development Maneka Gandhi on Wednesday said that 12 per cent Goods and Services Tax (GST) imposed on sanitary napkins is acceptable. “It has come down from 18 per cent… At the moment, the market is dominated by multinational companies. So, what has[Read More…]
Mumbai: The key Indian equity indices provisionally closed Tuesday’s trade in the negative territory, paring some losses to recover from their day’s lows. A massive downturn in the global stock markets unleashed a selling frenzy on the domestic bourses during the day’s trade. The barometer 30-scrip Sensitive Index (Sensex) of the[Read More…]
A massive downturn in the US and East Asian stock markets unleashed a selling frenzy in the Indian equity markets during the morning trade session on Tuesday. The two main indices of the Indian equity market — S&P BSE Sensex and NSE Nifty50 — corrected by around 3.30 per cent[Read More…]
New Delhi, Feb 5 (IANS) Global cues rather than the imposition of Long Term Capital Gains Tax (LTCG) on shares has led to a plunge in the equity markets. According to Finance and Revenue Secretary Hasmukh Adhia, equity investments still remain attractive as only a 10 per cent LTCG tax has[Read More…]
New Delhi: The proposed 10 per cent tax to be levied on long-term capital gains (LTCG) alone will be able to fund both the National Health Protection Scheme (NHPS) and increased minimum support prices (MSPs) for farmers, Finance Minister Arun Jaitley said here on Friday. At India TV Budget Conclave, Jaitley[Read More…]
New Delhi: JD-U supremo and Bihar Chief Minister Nitish Kumar on Thursday welcomed the Union Budget proposal of increasing the Minimum Support Price (MSP) of crops to 1.5 times of the input cost. He also congratulated Finance Minister Arun Jaitley for announcing the “grand initiative” of National Health Protection Scheme under[Read More…]
