In a swift and coordinated action on Friday, 2nd August 2019, the Investigation Wing of Income Tax Department. NER carried out searches on certain businessmen in Meghalaya, found to be involved in running a web of petrol pumps managed and controlled as benami properties.
The Income Tax Department conducted a search and seizure operation on 06.08.2019 in the case of one of the major producers of beer and IMFL in Tamil Nadu. The search action was launched in the early hours of Tuesday at 55 premises in various places in Tamil Nadu including Chennai, Coimbatore, Thanjavur, etc and also in Kerala, Andhra Pradesh and Goa. The premises included residences of the promoters, key employees and some of the suppliers of materials.
Reserve Bank Of India Date : Aug 07, 2019 Third Bi-monthly Monetary Policy Statement, 2019-20 Resolution of the Monetary Policy Committee (MPC) On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today decided to: reduce the policy repo rate under the liquidity adjustment facility […]
Reserve Bank of India Date : Aug 07, 2019 Statement on Developmental and Regulatory Policies This Statement sets out various developmental and regulatory policy measures in the areas of Financial Markets; Payment and Settlement Systems; Banking Regulation, Financial Inclusion and Credit flow to NBFCs. I. Financial Markets 1. Introduction of stripping/reconstitution facility for State Development […]
The Government has allowed the Task Force to submit its report by 16th of August, 2019, in light of the fact that the new Members of the Task Force requested for more time to provide further inputs.
Income Tax Department conducted search action on 24th July, 2019, on a Hyderabad based group engaged in the business of conducting seismic data analysis. The assesse group indulged in large scale over-invoicing of imports through a Dubai based operator who is an accused in a VVIP Chopper scam. The surplus funds thus generated amounting to USD 6 million were parked in Dubai based accounts of the said operator.
A note said to be written by Shri. V G Siddhartha (VGS) of CCD is doing the rounds. Among others it was mentioned in the note about the attachment of Coffee day shares by the Income Tax department. The authenticity of the note is not known and the signature does not tally with Shri VGS’s signature as available in his annual reports
GST rate on all Electric Vehicles reduced from 12% to 5% and of charger or charging stations for EVs from 18% to 5%. Hiring of electric buses by local authorities exempted from GST.Changes in GST rates shall be effective from 1st August, 2019
SEBI Special Court convicted four directors of the Roofers Realty Limited for not complying with the summons issued by the investigating authority of the Securities and Exchange Board of India (SEBI). SEBI had launched investigation into alleged illegal mobilization of funds from the public by Roofers Realty Limited.
The IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
