ECONOMY & NATION


A Dubai court has ordered Indian-origin hedge fund trader Sanjay Shah, convicted of tax fraud and money laundering, to pay Denmark's tax authority 4.6 billion dirhams ($1.25bn), thus rejecting a final appeal by him against a civil lawsuit, media reports said.   The Dubai Court of...

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Moneylife Digital Team 26 May 2023
The Krishna district consumer disputes redressal commission directed Andhra Bank (now Union Bank of India) to pay a compensation of Rs50,000 with 6% interest for failed electronic clearing service (ECS) and then levying cheque bounce and inward ECS charges from a customer.    In an...

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Moneylife Digital Team 26 May 2023
The Supreme Court on Friday granted interim bail on medical grounds to Aam Aadmi Party (AAP) leader Satyendar Jain. The former cabinet minister in Delhi government has been under custody since May 2022 as an undertrial in a money laundering case.    According to a report from LiveLaw,...

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Republic TV Editor-in-Chief Arnab Goswami has tendered his unconditional apology before the Delhi High Court in a contempt case filed by late environmentalist and former The Energy and Resources Institute (TERI) chief R.K. Pachauri.   Pachauri had filed a contempt of court petition in...

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Back in February 2021, I had written an article in this magazine titled “Flogging a Dead Horse” – about Kolkata’s tram company.   Actually, this company has just 2,000 people and Rs15 crore of annual loss. Hence, it is not quite horse-sized—maybe just a little pony.   What...

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The enforcement directorate (ED) on Wednesday said that they recently carried out search and seizure operations at 25 premises in a FEMA (Foreign Exchange Management Act) violation case lodged against foreign-registered online gaming companies and websites operating in India.   The...

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Moneylife Digital Team 25 May 2023
In the world of investing, maximising returns and minimising tax liabilities go hand in hand. As an investor, it is crucial to explore various opportunities offered by the Income-Tax (I-T) Act to maximise tax savings. By understanding the provisions and taking advantage of the available...

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The Supreme Court has said that state governments should not indulge in wholesale reservation, as it frustrates the very purpose of reservation and it has been held to be unconstitutional and violative of Article 14 of the Constitution.   A bench comprising justices Dinesh Maheshwari,...

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There are chances of India's gross domestic product (GDP) for FY22-23 crossing the estimated 7% growth going by the trends, Reserve Bank of India (RBI) governor Shaktikanta Das said on Wednesday.   Speaking at the annual conference of the Confederation of Indian Industry (CII) here Mr...

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Moneylife Digital Team 24 May 2023
While setting aside an order attaching a company's bank account by a commissioner under the central goods and services tax (CGST), the Delhi High Court (HC) ruled that mere suspicion that the taxpayer is a dummy company is not a valid reason for the provisional attachment of assets. "It is...

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SN Sahu (The Leaflet) 24 May 2023
The President of India occupies the number one position in the warrant of precedence, and the Prime Minister is third, after the Vice President of India. But no one cares about constitutional niceties and protocol in the new India conjured up after 2014 and invoked to justify all actions of...

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The Congress on Wednesday said that 19 like-minded parties have decided to boycott the inauguration of new Parliament house by prime minister Narendra Modi on 28th May.   A joint statement said: "When the soul of democracy has been sucked out from the Parliament, we find no value in a...

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The university grants commission (UGC) has taken a decision to check violations in the appointment of teachers and award of PhD degrees in higher educational institutions (HEIs).   Jagadesh Kumar, Chairman UGC told IANS on Wednesday about the Commission's decision taken at its 568th...

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Well-known industrialist and owner of Thiagaraja mills, Karumattu T. Kannan passed away at his residence in Madurai on Tuesday. He was 70.   He was associated with several industrial bodies of South India, including the Confederation of Indian Industry (CII) and the Southern Indian...

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Reliance Power has made a Rs1,200 crore one-time settlement (OTS) offer to the lenders of its subsidiary, Vidarbha Industries Power Ltd (VIPL), to settle the debt.   Reliance Power has offered to pay Rs1,200 crore in upfront cash to the lenders of VIPL which include Axis Bank, SBI,...

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The national company law appellate tribunal (NCLAT) on Monday upheld the NCLT's (national company law tribunal's) order granting moratorium to the Wadia group's Go Airlines (India) Ltd.     NCLAT decided on the petitions filed by some lessors who had leased aircraft to Go...

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As the process for exchange of Rs 2,000 currency notes began on Tuesday, long queues were observed at various bank branches in Delhi as customers eagerly exchanged the currency notes for smaller denominations.   However, at some places, people alleged that the banks were asking them...

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Of course, you know what OMG means, but "One World, One Sun, One Grid"?   It means powering the whole world with solar electricity through a unified electric grid.   You may already be aware that only a small fraction of the earth’s land surface is sufficient space for...

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El Nino is on the horizon, which can lead to severe heat waves and droughts in many countries, including India, and could take a US$3trn (trillion) toll on the global economy, new research published in the journal Science has warned.   El Nino, the band of warm ocean water that spans...

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As the insolvency issue of SpiceJet heats up, prior red-flagging to the company by the directorate general of civil aviation (DGCA) had pointed out long awaited trouble for the aviation giant.   Last year itself, DGCA had warned the airline after noticing various anomalies regarding...

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