Top Headlines: Threshold for Benami deals, green bond investors, and more

The Centre may introduce a value threshold for “Ben­ami deals”, beyond which such transactions shall be invalidated and assets involved confiscated. On the other hand, the government is working out means to convince investors in green bonds that the money they put in will not be used for anything else. Read more on these in our top headlines.

Centre likely to set threshold for Benami deals in Budget session

The Centre may introduce a value threshold for “Ben­ami deals”, beyond which such transactions shall be invalidated and assets involved confiscated. The current legislation does not provide for any such cap. “Some provisions of the Benami Transaction (Prohibition) Amend­ment Act of 2016 are being examined and might be reworked to streamline to crack down on benami properties,” said a senior government official. Read more

Govt draws up plans to address concerns of green bond investors

The government is working out means to convince investors in green bonds that the money they put in will not be used for anything else. “The decision is difficult and it is a work in progress,” said a top official in the Reserve Bank of India (RBI). While the government runs committed funds like those from cess on taxes and the non-lapsable pool for the Northeastern states, there is no precedent for this as regards borrowing. Read more

Equity investors in for tougher time as markets face sharp downside risk

Recent developments in the global equity and bond markets hint at a significant downside risk to the equity market. The US’ equity benchmark Dow Jones Industrial Average is close to giving up all its post-Covid gains and the financial incentive for foreign investors to own Indian equity assets is at the lowest since the 2008 global financial crisis. The US equity benchmark closed on Friday at 29,592.85, just 41.43 points higher than its pre-Covid closing high of 29,551.42 made on February 12, 2020. Read more

Gehlot loyalists plunge Rajasthan Cong in crisis, give resignation letters

The Congress in Rajasthan plunged into a crisis Sunday as several MLAs loyal to Ashok Gehlot submitted resignation letters over a possible move to appoint Sachin Pilot as the next CM, their rebellion erupting just ahead of a Congress Legislature Party meeting. The loyalists headed to Speaker C P Joshi's home after a long meeting in the evening at minister Shanti Dhariwal's residence, saying they were resigning as MLAs. Read more

Gameskraft Technology faces Rs 21,000-crore tax notice for 'GST evasion'

The Director General of Goods and Services Tax Intelligence (DGGI) has slapped its heftiest tax notice of Rs 21,000 crore on Bengaluru-based Gameskraft Technology (GTPL) for allegedly evading GST on the betting amount. Gameskraft has dubbed the notice a “departure from the well-established law of the land”. The company is accused of promoting online betting through card, casual and fantasy games like Rummy Culture, Gamezy and Rummy Time. Read more