Correspondent

Banks have recovered approximately Rs 13k cr from asset sale of defaulters like Nirav Modi, Vijay Mallya: FM Nirmala Sitharaman

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Union Finance Minister Nirmala Sitharaman on Monday informed how banks have collected roughly Rs 13,109 crore from asset sales of defaulters such as fugitive diamantaire Nirav Modi, Mehul Choksi, and erstwhile liquor baron Vijay Mallya. The assets were seized by the Enforcement Directorate in accordance with the Anti-Money Laundering Act (PMLA). The Finance Minister further informed today … Read more

As India signs major 10-year pact with Iran over Chabahar port, read about the importance of the port and how maritime trade is the new Indian strategy

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The Bilateral ties between India and Iran are set to strengthen further as India’s shipping minister Sarbananda Sonowal is travelling to Iran on the 13th of May to ink a contract with Iran regarding the strategic Chabahar Port. Minister Sonowal will be signing the agreement under which India will manage the Chabahar Port for the next ten years. With the … Read more

Gesture of goodwill: Maldives thanks India for $50 Million budgetary support

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On Monday, May 13, Maldives’ government thanked the Indian government for providing budgetary support worth $50 million. The support was extended in the form of a rollover of a $50 million treasury bill for one more year which was done through the State Bank of India’s branch in the Maldivian capital of Male. The financial … Read more

Bombay High Court refuses to revoke MBBS admission taken in OBC quota with false information, says it will be a national loss

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The Bombay High Court refused to cancel the MBBS admission of a doctor, who gained her entry into a Mumbai medical college under the OBC-Non-Creamy Layer Certificate based on false information. The Court noted that the ratio of doctors to the population is very low in India, and hence revoking her admission now will be … Read more

Two district judges from Himachal Pradesh move Supreme Court to challenge decision by collegium, cite injustice in appointment process of Judges

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Two senior-most district judges from Himachal Pradesh have approached the Supreme Court to challenge the selection process of judges by the collegium of their state High Court. The judges have raised questions on the decision of the HC collegium and alleged that it ignored their merit and seniority during the selection process. They further alleged that the collegium overlooked the specific … Read more

Government directs telecom operators to block 28,200 mobile handsets and re-verification of associated 20 lakh mobile connections

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Telecom companies have been ordered by the government to disable 28,200 mobile phones that were used in cybercrimes. Furthermore, it has also asked telecom companies to re-verify 2 million mobile numbers associated with these handsets. The Ministry of Communications stated that these numbers would be disconnected if the second verification is unsuccessful, in a statement. The government is combating cybercrimes … Read more

“It is embarrassing”: Japanese economists and analysts in shock after IMF predicted that India will overtake Japan by 2025 to become 4th largest economy

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In late April 2024, the International Monetary Fund (IMF) estimates revealed that India’s Gross Domestic Product (GDP) in Nominal terms will reach $4.34 trillion in 2025 while Japan’s GDP will be at $4.31 trillion. With this, India will overtake Japan to become the World’s 4th largest economy by next year. Incidentally, New Delhi’s jump to fourth place … Read more

Reserve Bank of India steps in, says RBL Bank health status ‘stable’ after shares tank 25% following central bank’s action over weekend

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The Reserve Bank of India (RBI) has assured investors that the RBL Bank is well capitalised and the financial position of the bank remains satisfactory. The statement from the central bank came after the share price fell nearly 25% on Monday morning early trade following the weekend action by the central bank. At 11:33 am, the stock was trading … Read more

Government urges tech giant Apple to expand manufacturing in India to make products worth $50 billion in a year

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Moving ahead with the vision of the Make in India programme, the Modi government has urged tech giant Apple Inc to generate annual production output worth around $50 billion in India over the next 5-6 years. The move comes after a high-level meeting top government officials held with senior representatives from Apple. The govt of India has … Read more

Raids by DRI find that Indian subsidiary of Chinese phone maker Xiaomi evaded Rs 653 crore in customs duty, notices served for recovery

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The Finance Ministry on Wednesday issued three show-cause notices to Chinese phone maker Xiaomi’s India unit ‘Xiaomi Technology India’ for evading customs duty by way of undervaluation. With notices, the tax authorities are demanding Rs 653 crore in tax from the company. This is after a detailed investigation was initiated by the Directorate of Revenue Intelligence (DRI) … Read more