City Mumbai Financial News

₹263 crore income tax refund fraud and money laundering case. The accused, Purshottam Chavan, was arrested on May 20 following a raid on his premises in Mumbai.

NDTV quoted police officials as saying.This suggests that the foreseeable disaster could have been prevented if prompt action was taken on time. This incident has alerted authorities in various cities across India, including Mumbai, Noida and Chennai to crackdown other outsized and illegal hoardings.The absconding director of the advertising firm that had installed the billboard was arrested from Udaipur in Rajasthan after being on the run for 72 hours.

Kaamya Karthikeyan successfully summited Mt. Everest, becoming the youngest Indian mountaineer to scale the world's highest peak from the Nepal side, the Indian Navy said on Thursday. The daughter of a naval officer, Kaamya is a class 12 student at Navy Children School, Mumbai. Kaamya and her father Cdr S Karthikeyan successfully summited Mt. Everest (8,849 m) on May 20, according to a statement issued by a Navy spokesperson. «After this feat, she has become the second youngest girl in the world, and the youngest Indian mountaineer to summit the world's highest peak from the Nepal side,» the statement said.

Enforcement Directorate has made its fifth arrest in a Rs 263 crore income tax refund fraud linked money laundering case investigation, the central agency said. Purshottam Chavan was arrested on May 20, a day after the agency raided his premises in Mumbai. Chavan has been sent to ED custody till May 27, the agency said in a statement issued on Wednesday. The investigation pertains to alleged fraudulent generation and issuance of TDS (tax deducted at source) refunds from the Income-tax department to the tune of Rs 263.95 crore.

Mint takes a closer look at the rules in the UK and the US. One cannot access pension funds before the retirement age. It has to be either transferred to Qualified Recognised Overseas Pension Scheme (QROPS) in India or one can continue holding it till retirement in the UK.

Also Read: Union Budget and the path forward for Indian RailwaysThe platform maintenance work will last nearly a fortnight and will result in the cancellation of many trains operating between Pune and Mumbai.Also Read: Buddha Purnima 2024: From banks to offices, what's open and what's closedAccording to an HT report, the Pune-Mumbai-Pune Pragati Express will stand cancelled from May 28 to June 2. Meanwhile, Pune Mumbai Intercity Express will be cancelled from May 31 to June 2.

Top Events on May 23: Prime Minister Narendra Modi will start the Lok Sabha election campaign for the Bharatiya Janata Party (BJP) in Punjab on Thursday. Cyclone Remal forming in the Bay of Bengal is expected to impact Odisha today.

MUMBAI: Promoter Krishna Prasad Chigurupati has liquidated some of his shares in Granules India on Wednesday in a block deal on NSE.

Finvolve, a joint venture of India Accelerator and Finolutions, has closed its two maiden funds at a total corpus of Rs 100 crore, founder Apoorva Vora told ET. The Mumbai-based angel investment firm takes a unique approach and curates a deal flow of startups to wealth managers only, for them to be able to make returns for their clients.

Reserve Bank of India (RBI) on Wednesday said it would pay a record dividend of `2.1 lakh crore for FY24 — more than double the amount the Centre had budgeted for — as Mint Road made windfall interest gains from its overseas investments. The benchmark bond yield retreated below 7% on expectations that New Delhi would now need to borrow less this fiscal year. “The higher dividend is welcome, of course,” finance secretary TV Somanathan told ET. “It exceeds our estimate by 0.2-0.3% of GDP.”

Narendra Modi held a roadshow in Puri after offering prayers at the Lord Jagannath temple. Later in the day, BJP candidate Sambit Patra in a media interview said Lord Jagannath is a devotee of PM Modi. This was enough for Odisha's ruling Biju Janata Dal to pick it up and make it a poll issue. Patra later apologised for his «slip of tongue» and announced to hold a fast for three days as atonement for the sin he committed. On Wednesday, the party published a full-page ad in all leading newspapers of Bhubaneshwar and Puri with a written apology letter by Patra. Lord Jagannath is revered across the state and if it becomes an issue, then Patra will face the heat in Puri. However, an opponent like Arup Patnaik of the BJD is providing comfort to the BJP there. A former Mumbai police commissioner, Patnaik lost in 2019 from the Bhubaneswar Lok Sabha constituency and this time shifted to Puri.

Generations—The History of America’s Future, 1584 to 2069. Social analyst and demographer Mark McCrindle came up with the term Generation Alpha, after the first letter in the Greek alphabet, to indicate they were all born in the 21st century, from 2010 to 2024.) There has been a shift from “collectivism to individualism as society is going through major changes," said Kavil Ramachandran, senior advisor at the Thomas Schmidheiny Centre for Family Enterprise in the Indian School of Business (ISB), Hyderabad. “As an economy develops, business is no longer about survival and children have been insulated from their parents’ struggles.

Aam Aadmi Party (AAP) convener Arvind Kejriwal breaking silence on Swati Maliwal assault case on Wednesday said that the incident has two versions he expects a fair investigation into the matter. In an interview to PTI, Kejriwal said the matter is currently «sub-judice» and his comment might affect the proceedings. «But I expect there will be a fair investigation. Justice should be served. There are two versions of the event. Police should investigate both versions fairly and justice should be done,» the Delhi CM said.

passenger boarding process of 6E 6543 from Mumbai to Varanasi, wherein a standby passenger was allotted a seat reserved for a confirmed passenger. The error was noticed before the departure of the aircraft, and the standby passenger was deboarded. This led to a slight delay in the departure of the aircraft.

Mint. The Mumbai-based company has a strong foothold in the southern and western parts of the country, and is planning to bolster its presence in the northern and eastern regions. It's targeting Uttar Pradesh, Uttarakhand, Madhya Pradesh (MP), Assam, Telangana, and Andhra Pradesh (AP).

kaner or kanakambaram. The stringing technique in the South is very different from the North. So people are mixing techniques and flowers and even including fabrics, gota and ghungru," says Narain.

Balu Forge Industries Ltd (BFIL) has acquired three forging lines having a combined capacity of producing 72,000 tonnes of heavy forged products annually for an undisclosed amount. The units are located in Karnataka, Balu Forge Industries said in a statement on Wednesday. BFIL announces the acquisition of three forging lines in a combination of hammers and presses capable of producing 72,000 tonnes per annum of heavy forged products, it said. BFIL Executive Director Trimaan Chandock said, «The acquisition also provides level playing footing with all global majors in critical engineering product space & equally compete with them at global level in terms of precision, product and pricing. These newly acquired production lines complements the existing precision machining capacity of 32,000 tonne.»

₹2.11 lakh crore to the Government of India for the financial year 2023-24. It was announced in the 608th meeting of the Central Board of Directors of Reserve Bank of India, which was held today, May 22, in Mumbai under the Chairmanship of Shri Shaktikanta Das, Governor.

Modi has highlighted economic growth as one of his biggest achievements. He has «guaranteed» the voters that he would make India the third largest economy, two notches higher than its current position if he gets a third consecutive term. He has said that the development done in the last 10 years was just an appetizer and the main course would come in the third term Click here to participate in our Lok Sabha Elections Survey to gauge the mood of the nation Confident of a win even as many analysts too see him cruising to a third term, Modi has also set an ambitious 100-day agenda if he returns to power. Addressing an election rally in Mumbai about a week ago, he announced that the blueprint for the first 100 days of his third term is ready. He stated that his 100-day plan would begin promptly after June 4 to avoid any delays in decision-making.

Kapil Sharma. “I have just asked tough questions from her (Kangana Ranaut), but she always tries to hide behind an anti-woman stance. Her entertainment time is now completed in Himachal Pradesh," Singh told media persons today.

Cipla on Wednesday said it has received approval from the US health regulator to market a generic medication used to treat acromegaly and other conditions. The company has received the final approval from the US Food and Drug Administration (USFDA) to market Lanreotide injection in multiple strengths, the Mumbai-based drug maker said in a statement. The company's Lanreotide Injection is therapeutic equivalent generic version of Somatuline Depot Injection, it added. The drugmaker said its product is indicated for the treatment of patients with acromegaly and gastroenteropancreatic neuroendocrine tumours.