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The Enforcement Directorate on Saturday said the RBI had issued a compounding order for Genpact India, against a one-time payment, resulting in termination of a FEMA against the technology major.
The agency had filed a complaint against the company in October 2018 for alleged contravention of the Foreign Exchange Management Act (FEMA) to the tune of about Rs 26 crore.
It issued a show cause notice to the firm and its directors in the same month ( and initiated adjudication proceedings.
Genpact subsequently filed an application before the Reserve Bank of India (RBI) for compounding of the said FEMA "contraventions".
On reference from the RBI, the ED issued "no objection" for such compounding in line with the true spirit of the Act (FEMA), and the banking regulator compounded the offence through an order issued on October 17 with a one-time payment of Rs 4.72 lakh to be made by the company, the ED said in a statement.
A compounding order in the regulatory context means a formal deci

The agency had filed a complaint against the company in October 2018 for alleged contravention of the Foreign Exchange Management Act (FEMA) to the tune of about Rs 26 crore

Press Trust of India

The Enforcement Directorate on Saturday questioned Jai Anmol Ambani, son of industrialist Anil Ambani, for the second consecutive day in a money laundering case linked to an alleged bank loan fraud, officials said.
The statements of 34-year-old Anmol Ambai were recorded under the Prevention of Money Laundering Act (PMLA) for the first time on Friday, and the session is continuing on Saturday, they said.
The Reliance Anil Dhirubhai Ambani Group did not respond to the development. The ED probe is related to Yes Bank, which, according to the officials, had an exposure of about Rs 6,000 crore in the Reliance Anil Dhirubhai Ambani Group as of March 31, 2017, which doubled to Rs 13,000 crore within a year.
The companies involved included Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL).
A large portion of these investments turned into non-performing investments (NPIs) and the bank, subsequently, suffered a loss of Rs 3,300 crore from these dealings, the

The companies involved included Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL)

Artificial intelligence is a force multiplier in the education sector but unethical use of AI tools for cheating, data and privacy breach is a matter of concern, according to educationist Shishir Jaipuria.
Jaipuria, Chairman of the Seth Anandram Jaipuria Group of Educational Institutions, said the purpose of education is to nurture knowledgeable, skilled, conscientious and emotionally strong individuals who go on to make a positive impact on society, but the rat race defeats it and pushes students to take extreme steps.
The advent and prevalence of artificial intelligence has been a watershed moment in the history of human progress. AI is not just transforming industries, but also reshaping the jobs of the future. Its integration and application in the education sector will have far-reaching implications," Jaipuria told PTI.
AI platforms allow schools to map each child's learning style, identify the learning gaps, and recognise the strengths and weaknesses to optimise learning ...

The educationist also highlighted that teacher training and professional development have to be directed towards creating digital competencies to enable educators to leverage the full potential of AI

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Business Standard

The Supreme Court Bar Association on Saturday issued a letter expressing its "strongest condemnation" of the recent incident where Bihar Chief Minister Nitish Kumar pulled down the naqab of a woman doctor during a public ceremony in Patna.
The letter said it was shocking that a person holding such a high office should attempt to demean the dignity and autonomy of the woman by trying to pull down her headscarf.
The incident, a video clip of which has been circulated widely and sparked a major political row, took place on December 15 at the chief minister's secretariat in Patna when Ayush doctors had gathered to receive their letters of appointment. When the woman came up for her letter, Kumar saw her naqab, said "what is this?", and then removed the veil.
The Supreme Court Bar Association (SCBA) letter said, "Besides infringing on her autonomy, agency and religious freedom, it is a reflection of the depraving attitude against women in general."
It also condemned "the vile comments m

The letter said it was shocking that a person holding such a high office should attempt to demean the dignity and autonomy of the woman by trying to pull down her headscarf

Congress leader Salman Khurshid on Saturday said the party is hurt by the government's move to pass the VB-G RAM G Bill in Parliament, replacing the MGNREGA and thereby "removing" Mahatma Gandhi's name, but stressed that he lives in the hearts of the people.
Addressing a press conference as part of the Congress' nationwide campaign on MGNREGA and the latest development in the National Herald case, he said, "MGNREGA has two aspects. One is the emotional aspect for us, for our country."
"MGNREGA was associated with Mahatma Gandhi's personality, with his greatness, with his name. They have removed it. A question arises about what benefit anyone will get by it and what purpose it will serve," Khurshid said.
Gandhiji continues to live in the hearts of the people of India, and his name cannot be erased, he said. "We are hurt, but no one can diminish it, no one can erase it. The public will give the answer to this."
The former external affairs minister said Gandhiji's name was not just ..

The former external affairs minister said Gandhiji's name was not just emotionally associated with the scheme, but was also associated with the movement

The Union Budget has been presented on February 1 since 2017, and 2026 will be the first occasion since then that it falls on a Sunday

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