#SEBI

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

Digital Rupee will be backed by RBI, other cryptocurrencies will never be legal tenders: Finance Secretary

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After Finance Minister Nirmala Sitharaman announced that RBI will launch a digital Rupee in her budget speech yesterday, Finance Secretary TV Somanathan has confirmed that India’s digital currency will be backed by the Reserve Bank of India which will be the only legal digital currency in the country. In a post-budget briefing in Delhi on Wednesday, the North Block … Read more

CBI books shipbuilding company ABG Shipyard and its directors in Rs 22,842 crore bank fraud case

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In one of the biggest bank fraud case registered by the Central Bureau of Investigation (CBI), the agency has charged ABG Shipyard Ltd, its then Chairman and Managing Director Rishi Kamlesh Agarwal, and others with defrauding a consortium of banks led by ICICI bank of over Rs 22,842 crore. CBI also named the former Executive Director Santhanam Muthaswamy, Directors … Read more

CBI is an independent body, not under the control of Union of India: Central govt tells SC opposing WB govt’s plea against CBI probes

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The Central government on Thursday told the Supreme Court that the Central Bureau of Investigation (CBI) is an independent body and is not under the control of the Union of India and opposed West Bengal’s suit against the Centre over the CBI probes in the State. Solicitor General Tushar Mehta, appearing for Centre, raised preliminary … Read more

India dodges global economic slowdown, exports grew by 19.7% in Jan-April over the same period last year

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After India banned the export of wheat and broken rice, and in light of the ongoing Russia-Ukraine war that has impacted global trade, there is a perception that there is a decline in exports from India which will have a negative effect on the Indian economy. There were concerns about the reduced growth rates in exports to Europe and USA, … Read more

IMF hails India’s digital cash transfer scheme as a ‘logistical marvel’

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On Wednesday, the International Monetary Fund (IMF) said that India’s digital cash transfer scheme and several other social welfare programs are a ‘logistical marvel’. While addressing a Fiscal Monitor press conference, Paolo Mauro, Deputy Director of the Fiscal Affairs of India, asserted that there is a lot to learn from India. “From India, there is … Read more

World Bank raises India’s GDP growth prediction for 2024-25 to 6.9%, up from 6.5% predicted earlier

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The World Bank increased its estimate of India’s GDP growth to 6.9 percent for 2022-23, up from the 6.5 percent predicted previously. The World Bank has raised India’s GDP growth prediction for the current financial year due to the country’s strong economic performance. According to the World Bank’s latest India Development Update, retail inflation is expected to … Read more

Mamaearth co-founder Ghazal Alagh refutes charges that the company’s IPO is overvalued, says DRHP doesn’t mention valuation

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On Wednesday 4th January 2024, personal care brand Mamaearth’s co-founder took to Twitter to respond to rumours that the company’s proposed IPO is highly overvalued. After Mamaearth owner Honasa Consumer filed the Draft Red Herring Prospectus (DRHP) to the market regulator Securities and Exchange Board of India (SEBI) for raising capital through an IPO, it is … Read more

Adani Group canceled its 20,000 crore FPO, but what is an FPO: Here are the details

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Recently, Adani Group announced the withdrawal of its fully subscribed FPO. Calling it a morally correct step, Gautam Adani said in a statement that the board took the decision considering the volatility of the market. The money that got locked in the subscribers’ accounts will be released soon via escrow. In the statement, there were several technical terms that … Read more

Not the first time an FPO has been taken back, won’t affect perception of India: Finance Minister Nirmala Sitharaman

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Union Finance Minister Nirmala Sitharaman on Saturday said that regulators independent of the government will do their jobs and that a pullout of FPO pullout will not have any impact on the perception of India. “Regulators are independent of the government and they are left to themselves to do what is appropriate so the market … Read more