ECONOMY & NATION


Moneylife Digital Team 24 June 2022
Audit regulator the National Financial Reporting Authority (NFRA) has found several deficiencies in the statutory audit conducted by SRBC & Co LLP, a member of EY (Ernst & Young), of Infrastructure Leasing & Financial Services (IL&FS) for FY17-18. According to the audit quality review report...

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Ashneer Grover, who was sacked along with his wife Madhuri Jain Grover by fintech platform BharatPe over alleged financial irregularities, has slammed the Reserve Bank of India (RBI) over its latest directive to non-bank prepaid payment instruments to stop loading credit lines onto their...

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Moneylife Digital Team 24 June 2022
The Reserve Bank of India (RBI) has warned of risks from cross-border outsourcing of information technology (IT) services and recommended that regulated entities closely monitor such operations. The RBI’s observations come at a time when it is considering a mandate for domestic processing...

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The enforcement directorate (ED) has attached movable and immovable assets worth Rs257 crore based in Gurugram, Goa, Chennai and other places in connection with the money laundering case against Unitech Limited.   With this, the total value of various domestic and overseas assets...

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As edtech platforms continue to lay off employees in India, US-based celebrity-driven learning provider MasterClass has announced it is reducing its workforce by 20 per cent.   MasterClass CEO David Rogier said the decision was taken to "adapt to the worsening macro environment and...

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Moneylife Digital Team 22 June 2022
The Central Bureau of Investigation (CBI) has booked Kapil and Dheeraj Wadhawan, former promoters of Dewan Housing Finance Ltd (DHFL), for allegedly defrauding 17 banks for Rs34,615 crore. The agency is also conducting searches at about 15 locations in Mumbai related to the DHFL...

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Moneylife Digital Team 22 June 2022
The steel industry could face US$518bn (billion) in stranded asset risk as countries work towards meeting their long-term carbon neutrality commitments, if the 345.3MTPA (million tonnes per annum) of emissions-heavy blast furnace basic oxygen furnace capacity (BF-BOF) proposed or under...

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On 10th June, US inflation was at 8.6% for May, which is a new 40-year high, causing markets in the US as well as India to crash. On 15th June, the US Federal Reserve (Fed) hiked interest by as much as 75 basis points (bps) at one go, but the hike did not generate the required confidence that...

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Moneylife Digital Team 20 June 2022
Even as Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telecom Nigam Ltd (MTNL) are struggling hard to survive the onslaught, private telcos are now snatching more and more landline subscribers from the State-run telecom companies. In fact, during fiscal 2022, both BSNL and MTNL lost 17%...

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The income-tax (I-T) department said on Monday that it carried out search and seizure operations on 15th June at the premises of a leading industrial group in Chennai engaged in the business of manufacturing of IMFL (Indian made foreign liquor), logistics, hospitality and entertainment, for...

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The Central Bureau of Investigation (CBI) is conducting raids at the office of the joint drug controller of the central drugs standard control organization (CDSCO) in connection with a bribery case.   CBI said the raids were going on in Delhi.   A source said that Eswara...

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Moneylife Digital Team 18 June 2022
While stating that the income tax appellate tribunal (ITAT) at Kolkata had committed a serious error in setting aside the orders of the commissioner of I-T for appeals [CIT(A)], the Calcutta High Court (HC) ruled in favour of the tax department. The case is related to bogus claims of...

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Moneylife Digital Team 18 June 2022
Edtech platform Unacademy has fired more that 150 employees in the second round of layoffs at the company, after it asked around 600 workers to go in April this year as the funding winter settled in.   Sources told IANS that the current layoffs have affected the team at...

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Moneylife Digital Team 16 June 2022
Luggage makers are set to wheel in year-on-year (y-o-y) revenue growth of 45%-50% this fiscal on the back of pent-up tourism demand, resumption of corporate travel, reopening of schools, colleges and offices, and limited restrictions on festivities and social events. That would be 5%-7% more...

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Moneylife Digital Team 15 June 2022
The Reserve Bank of India (RBI)-appointed administrator at Srei Equipment Finance Ltd has found fraudulent transactions worth more than Rs3,000 crore conducted over financial year (FY) 2019-20 and 2020-21. The fraudulent transactions were found by BDO India LLP, which acted as transaction...

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Moneylife Digital Team 15 June 2022
The Union Cabinet, on Wednesday, approved a proposal from the department of telecommunications (DoT) to conduct a spectrum auction by July end for providing fifth-generation (5G) services in India. A total of 72097.85MHz (megahertz) spectrum with a validity period of 20 years will be put to...

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Credit rating agency Fitch Ratings said it believes a sustained gross domestic product (GDP) growth, the government's thrust on infrastructure and affordable housing, and a revival in corporate capex (capital expenditure), will underpin growth of the cement sector.   The rating agency...

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Moneylife Digital Team 15 June 2022
The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) for financial year (FY) 2023 through a notification on 14 June 2022. The CII for FY23 relevant to assessment year (AY) 2023-24 is 331.    This notification will take effect on 1 April 2023 and will...

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The Allahabad high court (HC) has directed the authorities concerned that in cases of marital discord filed under Section 498A of the IPC (Indian Penal Code) in which the maximum sentence is less than 10 years, no arrest should be made before the expiry of two-month 'cooling...

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Leading virtual private network (VPN) service provider NordVPN on Tuesday announced it will remove servers from India over a recent cybersecurity directive from the Indian Computer Emergency Response Team (CERT-In).   Panama-based NordVPN joins Surfshark and ExpressVPN in removing its...

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