ECONOMY & NATION


Delhi's Rouse Avenue Court on Friday sent former National Stock Exchanges (NSE) CEO and MD, Chitra Ramkrishna to fourteen days judicial custody in connection with a Prevention of Money Laundering case pertaining to phone tapping of NSE employees between 2009 and 2017.   She was...

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The total number of vehicles recalled in the country due to defects recorded a massive jump in 2021-22 at 864,000 two-wheelers (2W) and 467,000 four-wheelers (4W) against 1,286 2W and 338,000 4W in 2020-21.   Section 110A of the Motor Vehicles Act, 1988 is related to recall of motor...

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V Venkatesan (The Leaflet) 21 July 2022
On Wednesday, counsel articulated two rival contentions before the bench: While the Udhav Thackeray faction described Eknath Shinde faction’s majority in the assembly as ‘contrived’, the Shinde faction claimed that the Tenth Schedule cannot be applied to disputes involving inner-party...

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In the wake of the shocking Uber Files revelations, the UK's App Drivers and Couriers Union (ADCU) staged a 24-hour strike till Wednesday midnight, demanding that the ride-hailing platform be held accountable for breaking laws, secretly lobbying governments and exploiting driver safety to...

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Tesla has sold 75 per cent of its Bitcoins, adding $936 million in cash to its balance sheet in the second quarter (Q2) this year, as it deals with economic meltdown amid cryptocurrencies falling off the cliff.   Last year, Tesla made a $1.5 billion investment in Bitcoin and announced...

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The Supreme Court on Wednesday granted interim bail to Alt News co-founder Mohammed Zubair in the six FIRs registered against him by the Uttar Pradesh Police.   A bench headed by Justice D.Y. Chandrachud said: "There is no reason for deprivation of liberty of the petitioner...to be...

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A court here on Wednesday sent former Mumbai Police Commissioner Sanjay Pandey to nine days' ED custody in connection with a money laundering case pertaining to the phone tapping of the employees of National Stock Exchange (NSE) between 2009 and 2017 allegedly on the instructions of NSE's...

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The Income Tax department on Wednesday conducted search operations at around 40 premises belonging to Madhusudan Ghee in Mumbai and other places in Maharashtra in connection with alleged tax evasion, sources said.   According to information, the firm recently invested in the power and...

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Moneylife Digital Team 20 July 2022
The Enforcement Directorate (ED) on Tuesday arrested former Mumbai Police Commissioner Sanjay Pandey in connection with a money laundering case pertaining to the phone tapping of the employees of National Stock Exchange (NSE) between 2009 and 2017 allegedly on the instructions of NSE's former...

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Moneylife Digital Team 19 July 2022
The Indian government holds just a 57.6% stake in the country's largest lender State Bank of India (SBI), and the highest 98.25% stake in Punjab & Sind Bank as of March 2022, the Rajya Sabha was informed. Ten years ago, the government's stake in SBI was 61.58%, which has come down to 57.59%...

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Following the uproar in Parliament over goods and services tax (GST) on food items, Union finance minister (FM) Nirmala Sitharaman on Tuesday defended the imposition of 5% GST on food articles such as cereals, rice, flour and curd, which are pre-packaged and labelled, saying that it was a...

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The occurrence of technical snags in Indian civil aircraft refuse to cease. In two separate cases on Tuesday, GoAir flights, also known as Go First, were diverted to Delhi and Srinagar due to technical glitches in the engines.   GoAir A320 aircraft VT-WGA flight G8-386 from Mumbai to...

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In a bizarre incident, OPPO India saw its YouTube channel being terminated on Monday during the live-stream of its much-anticipated flagship smartphones Reno 8 Pro and Reno 8, OPPO Pad Air tablet, and TWS earbuds.   YouTube pulled down the livestream in the middle of the launch event,...

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With curd, paneer, unbranded pre-packaged food items like wheat flour and others coming under the goods and services tax (GST) net from Monday onwards, retailers and manufacturers are discussing how to account for the old stock.   "The GST falls at the time of sale. The problem now...

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With the global economic growth slowing, Morgan Stanley in its research report has revised India's gross domestic product (GDP) growth estimates to 7.2% in FY22-23 from 7.6% and 6.4% for FY23-24 from 6.7%.   According to the report, the consumer price index (CPI) to average 6.5%,...

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A special court on Monday extended by four days the remand of Chitra Ramkrishna, former CEO (chief executive officer) and MD (managing director) of National Stock Exchange (NSE) in connection with the prevention of money laundering case related to the phone tapping of NSE's employees between...

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Moneylife Digital Team 18 July 2022
The ministry of corporate affairs (MCA) has identified and struck off over 112,000 shell companies from FY18-19 till 12 July 2022.    In a written reply to the Lok Sabha, minister of state for finance and corporate affairs, Rao Inderjit Singh reiterated that there is no definition of...

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Pre-owned e-commerce platform CARS24 on Monday saw some high-profile exits, including its global CTO Jitendra Agrawal and business head Kingshuk Sanyal who have left the company to pursue other things.   In a LinkedIn post, Agrawal who joined the company in July 2021, said he will be...

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Moneylife Digital Team 16 July 2022
The central bureau of direct taxes (CBDT) has accused Micro Labs Ltd, the makers of the famous Dolo-650 medicine tablet, of indulging in 'unethical practices' and distributing freebies of about Rs1,000 crore to doctors and medical professionals in exchange for promoting its products. Dolo650,...

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On 7th July, a front-page story in The Economic Times pointed out that almost US$268bn (billion) worth of external debt is due for repayment in the next nine months and contextualised this number as about 44% of India's foreign exchange reserves. The article opined that the rupee was clearly...

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