Tag: finance

China is at the centre of the discovery of what may be one of the biggest gold counterfeiting scandal in recent history. According to a report in Zero Hedge, not only does it involve China, but it emerges from a city that has become synonymous for all that is scandalous about China: Wuhan. The 83 tons of purportedly pure gold stored in creditors’ coffers by Kingold as of June, backing the 16 billion yuan of loans, would be equivalent to…

The sudden imposition and relaxation of the lockdown in many parts of urban India is making a smooth recovery in employment rate difficult, the Centre for Monitoring Indian Economy said. “Data of the first two weeks of July suggest that the recovery has stopped progressing beyond its level of the last two weeks of June,” it said in its weekly report. “It is possible that July may see very little gain in terms of jobs returning,” CMIE said, adding there…

Mumbai: The Central Board of Direct Taxes on Monday lifted an embargo on e-communication with taxpayers under the faceless scheme, issuing a circular asking its officers to reach out to assessees and start proceedings in all pending cases. The CBDT has set a target of completing 5,000 assessments a week, according to the circular that ET has seen. Read more…

The income tax department has offered a one-time relaxation for verification of returns filed electronically in the last five years that have been pending for want of valid ITR-V forms. The Central Board of Direct Taxes (CBDT) has allowed for returns of all years from AY 2015-16 till AY 2019-20, to be signed and sent to CPC, Bengaluru either physically or electronically, by September 30. Read more…

The Reserve Bank of India on Tuesday permitted foreign portfolio investors or FPIs to invest in treasury bills issued by the Central government. However, the investors will have to ensure that their exposure in government securities as well as corporate bonds of less than one year maturity shall not exceed 20 per cent of total investment. Read More…

PNB Housing Finance, a subsidiary of Punjab National Bank, is mulling a proposal to raise up to Rs 8,000 crore in one or more tranches by issuing debt securities. The decision will be taken at the company’s board meeting scheduled on Thursday. “Board meeting to consider the proposal of fund raising by way of debt issue,” the company said in a regulatory filing. The board will consider issuance of “secured and unsecured non-convertible debentures aggregating up to an amount of…

Disclosing details of the mega healthcare scheme announced in the Budget, the government on Friday said this will be jointly executed by the Centre and states and will incur a total cost of up to Rs 10,000 crore in the first year. Read more …

“A right cause never fails “ said Mahatma Gandhi and Finance Minister Arun Jaitley quoted this in his February 2016 Budget speech. As experts study this year’s Budget, rural wealth creation is the single most stand out item. The rural economy’s crying need to be integrated into overall economy, its importance in poverty alleviation and wealth creation are well understood by the government. I’m greatly enthused by the holding up of the case for rural economy in this Budget. Read…

Relaxation in the provisions relating to levy of Minimum Alternate Tax (MAT) in case of companies against whom an application for corporate insolvency resolution process has been admitted under the Insolvency and Bankruptcy Code, 2016. Read More…

Taxpayers for goods and services are set to scale the one-crore mark, marking a 25% jump in the number of taxpayers who were registered for payment of excise duty, VAT and service tax. “We will have one crore taxpayers in a day or two,” said a government official. Read More…