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Firstpost March 23, 2020 PTI The Income Tax department on Thursday raided at least 25 premises linked to Chhattisgarh government officials and others on charges of tax evasion, officials said. Those covered under the action include family members of a senior IAS officer in the state. About 25 premises are being raided as part of the action, they said. Sources said the premises linked to AK Tuteja, joint secretary in the state commerce and industry department, retired IAS officer and former chief secretary of the state Vivek Dhand and Raipur Mayor Ezaj Dhebar are being searched. Dhand is also the Chairman of Chhattisgarh Real Estate Regulatory Authority (RERA). Senior Congress MLA and party's state chief Mohan Markam said he came to know about the I-T raids at various locations, including his party mayor's premises and other officials, in Raipur through media. It is the survey of the I-T and details of it are being taken, he told reporters in the state a...

Dawn Mubarak Zeb Khan The Karachi-based Intelli­gence and Investigation department of the Federal Board of Revenue (FBR) has unearthed a scandal involving illegal transfer of over Rs20 billion to bank accounts and its withdrawal in Malakand division of Khyber Pakhtunkhwa without payment of taxes, it emerged on Thursday. The tax-evaded funds were transmitted into bank accounts in the areas of Swat, Buner and Batkhela in Malakand division, a tax-free area of KP between 2014 and 2018. The tax intelligence department has lodged a first investigation report (FIR) against the people allegedly involved in the scam. A well-placed source in the department told Dawn that the pattern of transactions showed that funds were routed in these accounts without any economic justification, and that the funds were many a time deposited and also withdrawn through cash. The initial investigations into the case show that the amount was transferred in three cases involving 10 to 15 people....

Indian Express Ocotber 09, 2019 By Inputs from PTI This is the first time that India has received details from Switzerland under the AEOI framework, which provides for exchange of information on financial accounts that currently active as well as those accounts that were closed during 2018. India has received the first tranche of details about financial accounts of its residents in Swiss banks under the automatic info exchange framework, the Switzerland government said Monday. The Indian Express had first reported in July this year that India was all set to receive the bank account details under the automatic exchange of information (AEOI) programme, which provides for exchange of information on financial accounts that are currently active as well as those accounts that were closed during 2018. The next exchange would take place in September 2020. The Federal Tax office had then stated that “several dispatches might be necessary” in the case of India, giving an i...

Hindustan Times Vijay Kumar Yadav Oct 01, 2019 Officials of PMC Bank allegedly allowed unlawful loans between 2008 and August 2019 and even when there were defaults on repayments for years, would not classify these loans as non-performing assets (NPAs). Mumbai Police’s Economic Offences Wing (EOW) on Monday registered a first information report (FIR) in the case of financial irregularities of over Rs 4,355 crore at Punjab and Maharashtra Co-operative (PMC) Bank on a complaint by the Reserve Bank of India (RBI). The FIR in this case was first filed with the Bhandup Police on the instruction of RBI-appointed administrator and branch manager at PMC Bank’s Bhandup (West) branch, Jasbir Singh Mattha. Later, the case was transferred to the EOW. “The accused bank officers, in connivance with [executives from] Housing Development and Infrastructure Limited (HDIL), intentionally concealed information from the RBI on non-performing assets (NPAs). The accused also created false s...

The Economic times April 17, 2019 Th IL&FS group has a total debt of Rs 94,216 crore. The appellate tribunal bench said it would pass its order on RBI’s plea on April 29.  Banks must reflect defaults of Infrastructure Leasing & Financial Services Group companies as non-performing assets in their accounts, the Reserve Bank of India said in a submission to the National Company Law Appellate Tribunal, seeking a modification of its previous order.  NCLAT had in February prohibited banks from recognising any IL&FS group accounts as non-performing assets without first seeking approval from the tribunal.  RBI counsel Gopal Jain on Tuesday said allowing banks to recognise NPAs in their accounts would not impede the resolution process for the IL&FS group. “There is a criteria by which after 90 days (of default) they have to reflect it (NPA) in their books of accounts,” Jain said. “This circular has been upheld in the Supreme Court.”  ...

Dailyhunt, June 24, 2018 A police inspector and five others were booked for allegedly cheating a builder of Rs 14 crore by luring him to invest in a cryptocurrency scheme, police said on Sunday. A senior official said that Surat-based builder Chetan Gangani lodged a complaint with Sarthana police station in Surat that he was lured into investing in a company, called NCR Coin LLP, that dealt with cryptocurrencies. Gangani, in his complaint, claimed that the company offered attracting schemes to invest in its cryptocurrency through websites like www.ncrcoin.com, www.ncrcoin.org, and www.ncrcoin.biz. He further told police that he, along with his family, invested Rs 14 crore in the cryptocurrency offered by the firm. The money he had invested, however, was not returned as per the provisions of the scheme told to him, police said quoting his complaint. Later, when Gangani complained about the issue to people connected with the firm, he was called to different citi...

Indian Express Written by  Sushant Singh   New Delhi  February 8, 2018 The MoD in a statement said that “the deal secured by the (present) Government is better in terms of capability, price, equipment, delivery, maintenance, training, etc.” than the one negotiated by the UPA government for 126 Rafale fighter aircraft. The Opposition had raised questions on the deal for 36 Rafale fighters. The ministry said misleading remarks caused serious damage. The Ministry of Defence Wednesday called the Opposition’s charges on the deal for 36 Rafale fighters “unfounded” and said “serious damage (was) being caused by the misleading statements” on a “serious matter of national security”. The MoD in a statement said that “the deal secured by the (present) Government is better in terms of capability, price, equipment, delivery, maintenance, training, etc.” than the one negotiated by the UPA government for 126 Rafale fighter aircraft. The government’s statem...