RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank

Das asserted that directors in UCBs, who are elected to their positions, must possess expertise in diverse banking functions, including risk management and information technology

Shaktikanta Das

In Feb 2018, the MoD established two defence industrial corridors to serve as engines of economic development and growth of defence industrial base in the country

An exhibit of Su 30 MK-I fighter aircraft at the Bharat Dynamics Limited (BDL) pavillion during the 12th edition of DefExpo, in Gandhinagar on Tuesday

Defence Expo 2022

Weak demand, global slowdown add to their woes

Crude oil

The stock price of GVK Power & Infrastructure was locked in the 5% upper circuit for the eight day, trading at its highest level since September 2018 on the BSE

Sensex, Nifty, stock brokers

'Bharat' is the present and future of the world, Solicitor General Tushar Mehta asserted Saturday, as he extolled India's growing economic power which is attracting foreign investment like never before.
Bharat, he said, is leading the world in terms of digital payment, and justice is being delivered to the litigants at their doorstep because of the government's initiative for digitisation.
Addressing the inaugural ceremony of the Bar Council of India's (BCI) two-day 'International Lawyers Conference 2023' here, Mehta said there are 21,000 district courts, 25 high courts and the Supreme Court in the country, and now every document of every court is available in digitised format that anybody can access.
"Bharat is the present and the future of the world. Even during the COVID period between 2019 and 2022, our country got the maximum foreign direct investment, and people are trusting our country even for legal adjudication," Mehta said.
He described the two-day event, the first in Ind

Solicitor General Tushar Mehta

This program represents India's maiden initiative to dispense green hydrogen at 350 bar for operating fuel cell buses

Hardeep Singh Puri

Two big semiconductor proposals are under process and expected to take shape in the coming few months, Union minister Ashwini Vaishnaw said on Saturday.
Without divulging specifics of the proposals, the minister said the projects will focus on a special area where India can emerge as a leader at the global level.
While speaking with PTI on the sidelines of the groundbreaking ceremony of Micron's semiconductor plant, Vaishnaw said that the global semiconductor company is noticing the progress made by India in the segment and Prime Minister Narendra Modi's capability to execute large and complex policy decisions.
"This has developed India as a major trusted geography in which global industry players want to come. We can see in the coming few months at least two more large semiconductor proposals taking shape," Vaishnaw said.
He said that there are some specific areas where India can take the lead and the focus of the semiconductor projects will be in areas that can help the country .

Union Railways minister Ashwini Vaishnaw

Indian men's and women's kabaddi teams would rest for nothing less than a gold after missing out on the 2018 Asian Games

Kabaddi league's rising fortunes transforming the Indian rural game

Deepak Hooda, Kabaddi

The federal government is heading toward a shutdown that will disrupt many services, squeeze workers and roil politics as Republicans in the House, fuelled by hard-right demands for deep cuts, force a confrontation over federal spending.
While some government entities will be exempt  Social Security checks, for example, will still go out  other functions will be severely curtailed. Federal agencies will stop all actions deemed non-essential, and millions of federal employees, including members of the military, won't receive paychecks.
Here's a look at what's ahead if the government shuts down on October 1.
WHAT IS A GOVERNMENT SHUTDOWN?
A shutdown happens when Congress fails to pass some type of funding legislation that is signed into law by the president.
Lawmakers are supposed to pass 12 different spending bills to fund agencies across the government, but the process is time-consuming. They often resort to passing a temporary extension, called a continuing resolution or CR, to a

economy, india economy

International credit agency Moody's Investors Service has made sweeping assertions against Aadhaar without citing any evidence, the Unique Identification Authority of India (UIDAI) said on Monday.
The UIDAI issued a strong rebuttal to Moody's Investors Service which claimed that the Aadhaar system often results in service denials and the reliability of biometric technologies, especially for manual labourers, in hot and humid climates is questionable.
"A certain investor service has, without citing any evidence or basis, made sweeping assertions against Aadhaar, the most trusted digital ID in the world. Over the last decade, over a billion Indians have expressed their trust in Aadhaar by using it to authenticate themselves over 100 billion times," the UIDAI said in a statement.
The unique id Aadhaar's custodian said that the report in question does not cite either primary or secondary data or research in support of the opinions presented in it.
"The investor service did not make any

Adhaar, UIDAI

The Nijjar murder is fast unfolding into treacherous scenarios that could have tragic consequences for both nations. No one stands to gain from the ongoing face-off

India Canada

India's rage is misplaced and hardly serves to endear the country to those appalled by the idea that it may have had a Canadian citizen killed

The leaders of both countries should encourage bilateral trade and people-to-people exchanges that can help build bridges

Canada has updated travel advisory for its citizens in India asking them to "stay vigilant and exercise caution" in the context of recent developments as there are calls for protests and some "negative sentiment" towards Canada on social media.
Tensions flared between India and Canada following Canadian Prime Minister Justin Trudeau's explosive allegations of a "potential" involvement of Indian agents in the killing of Khalistani extremist Hardeep Singh Nijjar, 45, on his country's soil on June 18 in British Columbia. India had designated Nijjar as a terrorist in 2020.
India angrily rejected the allegations as "absurd" and "motivated" and expelled a senior Canadian diplomat in a tit-for-tat move to Ottawa's expulsion of an Indian official over the case.
"In the context of recent developments in Canada and in India, there are calls for protests and some negative sentiment towards Canada on social media. Please remain vigilant and exercise caution," the Canadian government said in an

His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm

Reliance Industries chairman Mukseh Ambani and Nita Ambani's children, left to right, Akash, Isha and Anant Ambani. PTI: Photo

Isha, Akash and Anant Ambani

The income tax department has notified rules for valuation of investments by resident and non-resident investors in startups, thus paving way for implementation of the changes brought in 2023-24 Budget.
As per the changes in Rule 11UA of I-T rules, the Central Board of Direct Taxes (CBDT) provides that the valuation of compulsorily convertible preference shares (CCPS) and equity shares issued by unlisted startups can be based on the fair market value.
The amended rules also retain the five new valuation methods proposed in the draft rules for consideration received from the non-residents viz., (i) Comparable Company Multiple Method, (ii) Probability Weighted Expected Return Method, (iii) Option Pricing Method, (iv) Milestone Analysis Method, and (v) Replacement Cost Method.
The rules comes into effect from September 25.
Deloitte India Partner Sumit Singhania said from investors' standpoint, revised rules offer wider range of valuation methodologies to work with, and that ought to m

Dream11 has filed a lawsuit in the High Court in Mumbai challenging the notices, court papers showed. The case is likely to be heard in coming days

dream11, mobile app, game, gaming, smartphone, IPL

In the months since, the company has approved a process to start external financing for its international commerce arm and was also looking to list its cloud unit

Alibaba

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Ambani's children will get no salary, only fee for attending board meetings

Tax dept notifies 'Angel Tax' rules for valuing investments in startups

India demands $150 mn in taxes from Tiger Global-backed gaming firm Dream11

Alibaba starts restructuring with plan to list logistics arm in Hong Kon

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