Business

  • Religare Fraud: Rs 1,260 cr diverted, EOW told court
    New Delhi, October 12 (IANS): Rs 1,260 crore has been diverted to Malvinder Singh's firm RHC Holdings Pvt Ltd in order to square off liabilities, the Economic Offences Wing (EOW) probing the Religare Fraud Case told a Delhi Court.   "The forensic audit conducted by SEBI revealed that Rs 1,260 crore have been diverted to RHC Holdings Pvt Ltd...and has been further paid to square off the liabilities of the mutual funds," the EOW said in its application seeking remand of the fi
  • Visa, Mastercard, EBay quit Facebook's Libra project
    San Francisco, October 12 (IANS): In a major jolt to Facebook, several top-notch companies like Visa, Mastercard and EBay have pulled out of the Libra cryptocurrency project ahead of their first meeting in Geneva on October 14.   PayPal was the first to announce its withdrawal from the Libra Association -- the 28-member non-profit organisation formed by the social networking giant for the global roll out of its digital currency Libra next year.   "Over the course
  • Crorepati taxpayers grew 20% in AY 2018-19: Tax data
    New Delhi, October 11 (IANS): In what suggests growing inequality in the society with the rich getting richer, the total number of individual taxpayers filing more than Rs 1 crore income grew by 20 per cent in assessment year (AY) 2018-19 to 97,689. The total number of individual taxpayers filing returns with taxable income of more than Rs 1 crore was 81,344 in assessment year 2017-18, as per the time-series data released by Income Tax (I-T) department. In AY 2018-19
  • India's September passenger vehicle sales dive 24% as slowdown persists
    Cars are seen parked at Maruti Suzuki's plant at Manesar, in Haryana on August 11, 2019. (REUTERS File Photo)     NEW DELHI/BENGALURU, October 11 (Reuters): India’s passenger vehicle sales slumped 23.7% in September, the eleventh straight month of declines, prompting an industry body to flag more job cuts if sales failed to pick up soon.   Passenger vehicle sales dropped to 223,317 units in September, the Society of Indian Automobile Manufacturers (
  • Nokia 6.2 with triple rear cameras launched in India
    New Delhi, October 11 (IANS): HMD Global, the home of Nokia phones, on Friday launched Nokia 6.2, the first 6 series smartphone to premiere a triple camera and PureDisplay technology.   The Nokia 6.2 comes in ceramic black and ice, and will be available starting October 11 2019 at Rs 15,999 for the 4GB/64GB variant.   "With the promise of an experience that just keeps getting better, I'm sure consumers will love this smartphone. I'll encourage consumers to go chec
  • Ex-Ranbaxy promoters Malvinder, Shivinder Singh arrested
    New Delhi, October 11 (IANS): Former promoters of pharmaceutical giant Ranbaxy, Shivinder Singh and his elder brother Malvinder Singh, have been arrested in a Rs 740 crore fraud case, sources said.   According to sources, Shivinder was arrested on Thursday evening while Malvinder was arrested late at night, after a lookout notice was issued against him.   The brothers have been accused by Religare Finvest of fraud and misappropriation involving around Rs 740 crore
  • Panel set up to boost GST revenue after sharp collection dip
    New Delhi, October 10 (IANS): The GST Council on Thursday constituted a committee of officers to improve revenue after the September Goods and Services Tax (GST) collection dropped sharply to a 19-month low of Rs 91,916 crore, reflecting weak consumer demand.   The second straight month of decline in the GST collections came amid a massive slowdown in the economy, visible in six year low GDP growth numbers for the April-June quarter.   "The committee shall submit
  • UNICEF now accepting bitcoin and ether donations
    San Francisco, October 10 (IANS): The UN Children's Fund (UNICEF) has now started accepting donations in cryptocurrencies ether and bitcoin through its newly-established UNICEF Cryptocurrency Fund.   The first contributions to the UNICEF Cryptocurrency Fund will be received from the Ethereum Foundation and will benefit three grantees of its Innovation Fund and a project coordinated by the GIGA initiative to connect schools across the world to the Internet.   "This
  • 1 in 3 Indian firms facing high financial loss from hacking
    Bengaluru, October 10 (IANS): Nearly one in three Indian organisations are facing longer downtimes and higher financial costs from security breaches and 24 per cent of firms felt a financial impact of $1 million or more in the past year in the country, a report said on Thursday.   Nearly 37 per cent of companies in India experienced a downtime of over 9 hours after their most severe breach in the past year, compared to just 30 per cent globally, according to Cisco's "2019 As
  • India badly needs modern laws to tax digital giants: Experts
    New Delhi, October 10 (IANS): With the Organisation of Economic Co-operation and Development (OECD) proposing an overhaul in the taxation system for digital companies, cyber experts on Thursday urged the Indian government to speed up necessary changes in domestic laws on internet taxation so that tech giants like Google, Facebook and Amazon can be asked to shell out taxes they have been evading for years.   The OECD on Wednesday published a proposal to advance international
  • Will make amendments if they help in better regulation: FM
    Mumbai, October 10 (IANS): Facing flak from several quarters on the PMC Bank fraud case, Finance Minister Nirmala Sitharaman on Thursday said that if amendments help in better regulation, the Centre would go ahead with the required legislative procedure.   Speaking to reporters at the BJP office here, Sitharaman said that she would meet the Reserve Bank of India (RBI) Governor this evening and convey the issues and urgency displayed by the PMC Bank customers.   Th
  • Railways made Rs 35,073 cr in 10 years by just selling scrap
    Bhopal, October 10 (IANS): The Indian Railways, which does not exactly hold the reputation for being a profit-making entity has managed to swell its coffers by Rs 35,000 crore, which is more than the annual budget of three northeastern states put together.   The Railways managed to make Rs 35,073 crore in 10 years by selling off scrap, including coaches, wagons and rail tracks.   A data collected by social activist and senior journalist Jitendra Surana, seeking Ri
  • Johnson & Johnson must pay $8 bn over drug side effect: jury
     A Johnson & Johnson building is shown in Irvine, California, US on January 24, 2017. (REUTERS File Photo)     NEW YORK, October 9  (Reuters): Johnson & Johnson must pay $8 billion in punitive damages to a man who previously won $680,000 over his claims that it failed to warn that young men using its antipsychotic drug Risperdal could grow breasts, a Philadelphia jury said on Tuesday.   The Philadelphia Court of Common Pleas jury’s
  • Maruti Suzuki cuts production for eighth straight month in September
    Workers assemble a car at a Maruti Suzuki plant in Manesar in Haryana on, March 23, 2010. (REUTERS File Photo)     Mumbai, October 9 (DNA): Maruti Suzuki India (MSI), the country's largest carmaker, reduced its production for the eighth straight month, as the automobile sector continued to reel under a slowdown. The company cut its production by 17.48% in September.   The company produced a total of 1,32,199 units in September as against 1,60,219 units dur
  • SBI cuts interest rates on savings deposits
    A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata on February 9, 2018. (REUTERS File Photo)     New Delhi, October 9 (IANS): The State Bank of India (SBI) on Wednesday cut interest rate on savings deposits, with a balance of upto Rs 1 lakh, by 25 bps to 3.25 per cent from November 1, and slashed retail & bulk term deposit interest rates by 10 and 30 bps respectively for 1 year to less than 2-year tenor from October 10. &
  • Govt extends Aadhaar seeding date for PM-Kisan scheme
    New Delhi, October 9 (IANS): The Central government on Wednesday extended till November 30 the mandatory requirement of Aadhaar seeding to avail the income support of Rs 6,000 per year under the Pradhan Mantri Kisan Samman Nidhi Scheme. The move has been made to help the farmers in the rabi crop season.   The decision was taken in a Cabinet meeting chaired by Prime Minister Narendra Modi.   "The Cabinet has decided to relax till November 30, the mandatory requirem
  • Nokia leads Google-certified Android phones for enterprises
    Gurugram, October 9 (IANS): When it comes to Android Enterprise Recommended (AER) smartphones validated by Google, Nokia leads the race among organizations as security become paramount, a new report said on Wednesday.   In India, there are only 40 smartphones which comply to AER norms, which makes it simple for businesses to confidently select, deploy and manage Android devices and services that meet elevated enterprise requirements validated by Google.   Nokia le
  • IMF warns of economic slowdown in 90 per cent of world
    Washington, October 9 (IANS): The new managing director of the International Monetary Fund (IMF) Kristalina Georgieva warned of an economic slowdown in 2019 in 90 per cent of the world during her first speech at the helm of the multilateral organization.   "In 2019, we expect slower growth in nearly 90 per cent of the world. The global economy is now in a synchronized slowdown," Georgieva said at the IMF headquarters here on Tuesday, Efe news reported.   "This wid
  • Next MPC meet may take call on lower repo rate: RBI chief
    Mumbai, October 8 (IANS): RBI Governor Shaktikanta Das has said till the growth is revived, the RBI will continue to remain in an accommodative mode and therefore a conclusion on what is the minimum repo rate where the central bank will take a pause cannot be concluded at this stage and will again depend on the next deliberations of the MPC.   The next MPC meeting will take a call on the lower bound of repo rate when they deliberate on it, he said.   The Governor
  • Near-term outlook of Indian economy fraught with risks: RBI
    New Delhi, October 8 (IANS): The Indian economy which has largely been subdued in the past few quarters and signs of a slowdown have cropped up, is likely to face several more risks in the near term, according to the Reserve Bank of India (RBI).   The RBI in its Monetary Policy Report, October 2019, has also said that a combination of domestic and global headwinds has depressed economic activity in the country.   "A combination of domestic and global headwinds has