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It doesn’t pay to be greedy … especially when you are indulging in immoral activities – That is the moral of this story.In 2002, Devendra Doctor, an informant for the Income-tax department tipped off Mr. Ajay Kumar Singh, who was then the Additional Commissioner of Income-tax (Investigation), of a case of unaccounted income. Pursuant to this tip-off, raids were conducted and the department claimed to have made a seizure of Rs. 1 crore.
Reserve Bank of India has issued A. P. (DIR series) circular no. 26 dated October 22, 2008, to modify some aspects of the ECB policy as indicated below- Henceforth, ECB up to USD 500 million per borrower per financial year would be permitted for Rupee expenditure and / or foreign currency expenditure for permissible end – uses under the Automatic Route. Accordingly, the requirement of minimum average maturity period of seven years for ECB more than USD 100 million for Rupee capital expenditure by the borrowers in the infrastructure sector has been dispensed with.
