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offshore assets. Till now many bought time and tried to dodge the tax office by denying ownership or links with any overseas assets with false submissions, often made in letterheads of their chartered accountants and lawyers. Later, if tax officials called their bluff, such plain submissions gave them the leeway to escape harsh consequences. That ploy would no longer work.

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Madhya Pradesh chief minister Shivraj Singh Chouhan is all set to expand his cabinet on Thursday, just three months ahead of the assembly election in the state, in a bid to contain dissent within the party, said people aware of the matter. Three new ministers are likely to be inducted in the state cabinet, they said. Madhya Pradesh has 30 ministers at present and there are four vacant slots. MP Backward Commission chairman Gauri Shankar Bisen and Riwa MLA Rajendra Shukla are expected to be among the new ministers, said people in the know. The new ministers will get to work for only a month and half before the dates of the election are announced and the model code of conduct kicks in. Although the state government has seen demands for a cabinet expansion many times in the past, it did not pay heed to the demands, said people aware of the matter.

NEW DELHI : India will supply 14,000 tonnes of non-basmati rice this year to Mauritius and 79,000 tonnes to Bhutan under humanitarian operations, making an exception for two key diplomatic partners. The decision has been taken after India received requests from both the nations to exempt the export prohibition on non-basmati rice, two government officials aware of the matter said. Mint on 20 August reported that after the UN World Food Programme, and three nations—Singapore, Indonesia and the Philippines—had appealed to New Delhi to resume rice exports to their nations following India’s decision to suspend non-basmati white rice shipments to check prices effective from 20 July.

By Chris Warner

RBI's prudential norms does not absolve borrowers from the obligation to show the interest liability on their financial statements, audit regulator National Financial Reporting Authority (NFRA) said in an order. NFRA said that defaulters do not get free from the obligation to recognise interest liability as banks are required to maintain a record of accrued interest on bad loans and do not release the borrower from the contractual liability to pay interest.

New Delhi: The National Health Authority (NHA) announced that Aizawl, the capital city of Mizoram, has become the first state in India to operationalize Ayushman Bharat Digital Mission’s (ABDM) microsite project. Last month, NHA announced 100 microsites project for accelerated adoption of digital health mission scheme across the country. The microsites are defined geographical regions where focused outreach efforts would be made to onboard small and medium scale private healthcare providers.

Reliance Retail Ventures Ltd, the retail business of Mukesh Ambani’s Reliance Industries Ltd, is looking to raise Rs3,048 crore through an infrastructure investment trust (InvIT) of its warehousing and logistics infrastructure assets, shows a draft document filed with Sebi. ET first reported on 12 April that Reliance was planning to monetise the warehousing and logistics assets of its retail business through an InvIT and that the group had set up a trust under the name of Intelligent Supply Chain Infrastructure Trust for this purpose. Reliance Retail will hold a minimum of 25% units of the trust and balance will be sold to incoming investors. Of the total issue proceeds of Rs3,048 crore, around Rs100 crore will be used for acquiring equity shares of a special purpose vehicle (SPV) created to hold the warehousing assets, while a sum of Rs2,928 crore will be used to provide a loan to the SPV for acquisition of the warehousing and related logistics assets. The initial proposal is to acquire warehouse space of 12.77 million square feet and related logistics infrastructure for a consideration of Rs4,261 crore. Additionally, the trust has also entered into a lending agreement with Sikka Ports and Terminals Ltd, a Reliance group entity, to avail a rupee term loan of Rs2,122 crore, which will also be utilised towards acquisition of the warehousing assets. The portfolio of assets will comprise 64 warehouses spread across 34 cities across India including key warehousing markets such as Delhi NCR, Mumbai, Bengaluru, Chennai, Kolkata, Ahmedabad, Pune and Hyderabad.

Also read: Chandrayaan 3: What is India's mission to moon? Why is it important? Ansari emphasised the importance of not only focusing on education but also promoting scientific advancement. He stated that it is important that students and teachers in Madrasas are made aware of India's unforgettable achievement. The Madrasas in Uttar Pradesh are making significant strides in development under the guidance of the Chief Minister.

public health threat that can cause severe illness, including bloodstream, wound and respiratory infections. In a small group of patients in the United States, its mortality rate was estimated at 30% to 60%, according to the CDC, and many of those patients had other underlying conditions. Candida auris is a particular risk in healthcare settings for people already with serious medical problems.

NCR) during the G20 summit on September 9-10 for seamless movement of 30 leaders, including invitees and their entourages, according to people aware of the matter. The movement of residents of Delhi-NCR could be restricted for three days, from September 8-10, they said, as most of the invitees will arrive in Delhi on September 8 and depart either on September 10 evening or September 11, the people said. While September 9-10 is a weekend, September 8 might be declared a holiday in New Delhi owing to the security arrangements for the event, according to those in the know. Special arrangements are being made for movement of the media covering the G20 summit, they said. More than 20 hotels in the capital have been booked for the visiting leaders — Saudi Arabia, US and China are expected to send big delegations to the event.

Air India Express has chalked out an aggressive expansion drive deploying 50 Boeing 737 Max planes by the end of 2024. The airline is aiming to corner a firm second place, behind market leader IndiGo, in the cut-throat Indian domestic market, people aware of the development said. Air India Express, which currently has 25 aircraft, is in the process of being merged with AirAsia India, which has 28 Airbus A320neo planes.

MUMBAI : Omnichannel pharmacy chain PharmEasy will raise ₹3,500 crore through a rights issue next week, multiple people aware of the development said, helping it repay a big chunk of its loans to Goldman Sachs. Temasek Holdings, TPG, Prosus, CDPQ, Eight Roads, LGT, Abu Dhabi sovereign wealth fund ADQ, Amansa, OrbiMed and Sunil Kant Munjal’s family office have already committed to invest as much as ₹2,000 crore, one of the people cited above said. Manipal Health Enterprises founder Ranjan Pai’s family office may invest ₹1,200 crore.

NEW DELHI : India may extend duty restrictions to exports of non-basmati parboiled rice and impose a minimum export price (MEP) for the basmati variety depending on the situation, following the ban on white rice exports in response to escalating prices of the staple. The government is exploring to impose a 20% duty on non-basmati parboiled rice exports, while an MEP of around $1,250 per tonne could be levied on basmati rice, two officials aware of the plan said on condition of anonymity. However, the decision will depend on several factors, including domestic rice prices, they added.

Ola Electric has applied for certification to claim incentives under the government's production-linked incentive (PLI) scheme, becoming the third auto company eligible for subsidies after Tata Motors and Mahindra & Mahindra, a senior industry executive aware of the development said. All three are eligible to claim subsidies under the ₹25,938 crore-PLI scheme for auto and auto parts makers floated by the ministry of heavy industries (MHI) to promote local manufacturing. «It (certification for Ola Electric) is in process. Three Indian companies have so far applied for certification (to Automotive Research Association of India or ARAI) under PLI Auto.

NEW DELHI : India and Iran have agreed not to seek commercial foreign arbitration for disputes between users and operators at Chabahar Port, paving the way for the two sides to sign a long-term deal for the development of the strategic port, two persons aware of the development said. They said a team from the ministry of port and shipping is expected to visit Iran in September to try and reach an agreement over the rules of engagement and mode of arbitration. This would be followed up with the two countries reaching a formal agreement for long-term operation of the port located in South-east Iran, with an unhindered sea route to India’s West coast.

Life insurance. The company has allocated a capital basis of Rs. 10 billion for each of the enterprises, according to media reports.

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pilots plan to form an association to challenge flying duty regulations they say cause fatigue and jeopardise safety after an IndiGo pilot collapsed and died before his flight. Former pilots have taken to social media and newspaper columns to publicly raise concerns that airlines, though operating within regulatory frameworks, are stretching them to the brink as air travel booms in India. The sudden death last week of an IndiGo pilot heightened those worries although India's biggest airline says he had a 27-hour break before duty and was in good health.Captain Shakti Lumba, a retired vice president at IndiGo, has garnered the support of hundreds of pilots who plan to come together with an existing group of 600 to raise awareness and lodge concerns over fatigue with authorities and airlines. «The main focus of the group will be compliance with international standards and recommended practices, flight safety and pilot fatigue — which is a clear and present danger to (the) safety of aircraft operations in India,» said Lumba, who was involved in setting up IndiGo's operations from 2005. India's aviation watchdog did not respond to a Reuters request for comment. In the United States, regulators allow flights manned by two pilots to serve maximum duty time of 14 hours during the day and 9-10 hours for late-night flights.