Top headlines: Russia still India's main arms supplier, SVB fallout

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I-T department selects 68,000 'high-value' cases for e-verification

The Income-Tax Department has selected 68,000 cases of “high-value” transactions that were allegedly not reported correctly in the tax returns for FY20 for e-verification, Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta said on Monday. Read more 

Silicon Valley Bank collapse: RBI weighs up impact on banks, NBFCs

Days after the collapse of Silicon Valley Bank (SVB), the Reserve Bank of India (RBI) has swung into action to take stock of its impact on Indian companies and banks. The regulator has started collecting information on banks and non-banks exposure to the failed Santa Clara-headquartered lender. Read more

SVB fallout: Present imperfect, future tense for Indian start-ups

Indian start-ups breathed a sigh of relief after the UK government facilitated the acquisition of the now-defunct Silicon Valley Bank’s (SVB’s) British arm by HSBC. In a bid to allay fears, the US Federal Deposit Insurance Corporation (FIDC) announced on Sunday that it had transferred all deposits of start-up-focused SVB to a newly created bridge bank and all depositors would have access to their money beginning Monday morning. President Joe Biden also sought to reassure jittery depositors that they can have confidence that the US banking system is “safe”. Read more

Firms that didn't sign Google contracts became extinct, says CCI

The Competition Commission of India (CCI) on Monday told the National Company Law Appellate Tribunal (NCLAT) that companies that did not sign Google’s contracts to use Android and developed their own version of the operating system (OS) became ‘extinct’. Read more
 

Russia remains India's main arms supplier but imports dip sharply

Russia remains India’s main source of weapons even as the nation has drastically trimmed purchases, highlighting the challenge for Prime Minister Narendra Modi of recalibrating New Delhi’s dependence on Moscow, while its borders with both China and Pakistan remain tense. Read more