Business

DAINIK NATION BUREAU The deadline for mandatory linking of Aadhaar to avail various services and welfare schemes run by the government may be further extended beyond March 31, the Centre indicated in the Supreme Court today. The Centre said that since some more time would be needed to conclude the prolonged hearing in the Aadhaar case, the government may extend ...

DAINIK NATION BUREAU In a bid to prevent the borrowers, who prefer to leave country in case of defaulter, bank may seek certified passport details of the borrowers in coming days. The finance ministry may ask state-run lenders to seek the certified passport details of borrowers with an exposure of Rs 50 crore. This comes as the government is expected ...

DAINIK NATION BUREAU Fearing trouble from global tax authorities, MNCs are apprehensive about sharing details, which has been sought by Indian taxmen under the country by country (CbC) reporting norms. While no one is saying it aloud, some multinationals are looking to either sidestep some of the questions or submit convoluted answers, because they fear that their tax structures once ...

The Serious Fraud Investigation Office (SFIO) has approached other lenders which have exposure to the firms promoted by scam-tainted Nirav Modi and Mehul Choksi to help in the agency’s probe into the over Rs 12,000-crore PNB scam. The SFIO is said to have asked senior executives from the 31 banks who have done business dealings with the firms promoted by ...

DAINIK NATION BUREAU The income tax department has unearthed a Rs 3,200 crore scam where 447 companies deducted tax from its employees but did not deposit with the government and diverted to further their business interests. The TDS wing of the I-T has initiated prosecution against these firms and in some cases, warrants have been issued, sources said. Under the ...

DAINIK NATION BUREAU The Union Cabinet has approved the Fugitive Economic Offenders Bill, 2018 in Parliament. The Bill would help in laying down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts. The cases where the total value involved in such offences is Rs.100 crore or more, will come ...

The country’s sixth largest telecom operator Aircel along with its units – Aircel Cellular and Dishnet Wireless – on Wednesday filed for bankruptcy in the National Companies Law Tribunal (NCLT) in Mumbai due to fierce competition and high levels of debt. This is the fourth telecom firm to wind up after billionaire Mukesh Ambani-led Reliance Jio debuted in September 2016, ...

India’s biggest bank fraud accused Nirav Modi’s international jewellery business has filed for bankruptcy in the US. Firestar Diamond, Inc filed the Chapter 11 voluntary petition in the New York Southern Bankruptcy Court yesterday, according to the court filing. The case has been assigned to Judge Sean H. Lane and an “order for relief entered”. Firestar Diamond, which on its ...

The rupee took another beating after a brief solace and plunged by a staggering 28 paise to end at a new three-month low of 65.04 against the US dollar even as importers rushed to cover unhedged positions amid fears over an imminent Fed rate hike. This is the lowest closing of the Indian currency since November 20 last year. Forex ...

DAINIK NATION BUREAU After four days questioning the CBI on Thursday arrested Rotomac pen company owner Vikram Kothari and his son Rahul on charges of cheating a consortium of banks of Rs 3,695 crore (including interest) by siphoning off loans sanctioned to his company for procurement of wheat and other goods for export.  Earlier CBI had confiscated his and his ...