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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

What happened to Kotak Mahindra Bank? RBI orders it to stop issuing credit cards and onboarding new online customers: Here is what it means

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In yet another strong regulatory action, the Reserve Bank of India (RBI) on Wednesday directed private sector bank Kotak Mahindra Bank to cease and desist from onboarding of new customers through its online and mobile banking channels with immediate effect. Additionally, the RBI also ordered the bank to stop issuing any fresh credit card. However, the RBI … Read more