Department Financial News

Muhammad Yunus has been appointed as the head of Bangladesh's interim government by President Mohammed Shahabuddin. The decision, made during a meeting on August 6 night between President Shahabuddin and the coordinators of the Anti-Discrimination Student Movement, aims to fill the leadership void created by the ouster of Prime Minister Sheikh Hasina. The heads of Bangladesh's three armed forces were also present at the meeting. Muhammad Yunus, known as the «banker to the poorest of the poor,» is stepping into this role years after a significant fallout with Hasina. Yunus was removed from his position as head of Grameen Bank in 2011 by Hasina's government, which led to widespread public outrage. Thousands of Bangladeshis protested his removal by forming a human chain. Now, the banker who had a tiff with Sheikh Hasina, is the one who will fulfill the duties of the ousted PM of Bangladesh as the head of the interim government.

Odisha since August 6 with over 100 mm of rainfall recorded in at least 25 places, the IMD said on Wednesday. According to a report of India Meteorological Department's (IMD) Bhubaneswar centre, Banki in Cuttack district and Bhapur in Nayagarh district witnessed heavy rainfall of 317 mm and 210 mm, respectively, during the last 24 hours till 8.30 am on Wednesday. Similarly, 17 places including Begunia and Bolagarh in Khurda district, Hindol in Dhenkanal, Binika and Birmaharajpur in Sonepur, Dabugaon and Tentulikhunti in Nabarangpur and Dharamgarh, Kesingha and Barla in Kalahandi district have recorded rainfall ranging from 121 to 196 mm during the period, the weather office said.

Mysuru (Karnataka): Questioning veteran BJP leader B S Yediyurappa's «moral right» to demand his resignation in connection with the Mysuru Urban Development Authority (MUDA) site allotment 'scam', Chief Minister Siddaramaiah on Wednesday urged that the former should retire from public life as he is an accused in a Protection of Children from Sexual Offences (POCSO) Act case. Yediyurappa had recently demanded that Siddaramaiah has to resign before the BJP-JD(S)' protest march from Bengaluru against the MUDA site allotment 'scam' reaches Mysuru. The week-long Bengaluru-Mysuru padayatre (foot march) has sought to highlight the alleged fraudulent allotment of sites to land losers by MUDA, including to Siddaramaiah's wife Parvathi. «Yediyurappa has been accused in a POCSO case, chargesheet has been filed. Because of the court's mercy he is outside and not in jail. One cannot get bail in such cases,» Siddaramaiah said. Addressing reporters here, he said, «What moral right does Yediyurappa have? At this age he is caught in a POCSO case...He should retire from public life. At 81 years of age he is accused of sexually assaulting a girl and is caught in a POCSO case… First let him retire from public life. There should be truth (in allegations against me) to seek my resignation.»

Amit Singh Negi has been appointed additional secretary in the PMO as part of a major top-level reshuffle effected by the Centre. A 1999-batch Indian Administrative Service (IAS) officer of the Uttarakhand cadre, Negi is currently joint secretary in the Department of Expenditure under the Union Ministry of Finance. He has been appointed as additional secretary in the Prime Minister's Office (PMO), according to an order issued by the personnel ministry. Samir Ashwin Vakil, a 1998-batch Indian Revenue Service (Income Tax) officer, has been appointed director in the Serious Fraud Investigation Office (SFIO) under the Union Ministry of Corporate Affairs for a tenure of five years, it said.

Central Board of Direct Taxes (CBDT) has issued a circular indicating that the higher rate of TDSITCS will not apply if the deductee or collectee is deceased before the PAN and Aadhaar are linked. CBDT issued a circular regarding this on August 5, 2024. This move came after the department received many complaints from taxpayers citing instances of the deductee or collectee passing away within the specified time frame i.e., on or before May 31, 2024), before the possibility of linking PAN and Aadhaar being exercised. Due to the deductor's or collector's inability to link the deceased person's PAN and Aadhaar, tax requests are pending in these situations.

With countries around the world trying to rein in Big Tech, the latest antitrust ruling in the US against Google marks a big victory for regulators—the last big one having come when the US Justice Department took Microsoft to court in 1998. On Monday, US District Judge Amit Mehta ruled that Google had violated antitrust laws through an illegal monopoly in the search engine market.

Visit Health has raised approximately Rs 250 crore in a combination of capital infusion and secondary purchase of shares from Docprime Technologies, a wholly owned subsidiary of PB Fintech, as well as other promoters and employees. The New Delhi-based company will use the funds to expand its business, including a new partnership with TatvaCare, a company specialising in the health and wellness space, Visit Health said in a statement on Tuesday, adding that the collaboration will leverage capabilities of both companies and maximise their reach in the healthcare sector. “The company’s primary capital requirement was not much because we have been Ebitda positive for the past few years. The remaining acquisition of shares can only happen through secondary transactions, involving existing entities such as Docprime, promoters, and we did a good chunk of Esop buyback as well,” said Vaibhav Singh, cofounder and managing director of Visit Health.

U.S. District Judge Amit Mehta in Washington, D.C., lambasted Google for allegedly failing to preserve internal chats and abusing protections for legal communications, but he declined to formally sanction the company. The U.S. Justice Department had asked Mehta to punish Google for what the government called its «systematic destruction» of employee messages and «flagrant misuse» of the attorney-client privilege that shields communications with lawyers.

Zika virus infection have been reported in Pune city in the last two months, civic officials said on Tuesday. Four of these patients died, but the cause in each case was not the Zika infection, a senior health official told PTI. Those infected also included 26 pregnant women but most of them are in good health, an official statement said. The first case of Zika virus infection in the city this year was reported on June 20 when a 46-year-old doctor in the Erandwane area tested positive. Subsequently, his 15-year-old daughter too tested positive for the infection. «The 66 cases include four deaths, but these deaths were not due to Zika but comorbidities the patients were suffering from....such as cardiac issues, liver ailments, old age. Their reports came positive for the virus from the NIV (National Institute of Virology) after death,» the health department official said. These four patients were aged between 68 and 78. The Pune Municipal Corporation's health department would, nonetheless, send their reports to the death audit committee of the Maharashtra government, the official added. «So far, no death due to Zika has been reported in the country,» he said.

revenue collection from BCCI during 2022-23 and 2023-24 fiscal years was Rs 2,038.55 crore, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary said BCCI, which is the apex body for the promotion of cricket in India, is an autonomous body registered under the Tamil Nadu Societies Registration Act, 1975. «Services by way of admission to sporting events like Indian Premier League attract GST @ 28 per cent. During Financial Years 2022-23 and 2023-24, Gross GST revenue collection from BCCI was Rs 2,038.55 crore,» Chaudhary said in a written reply in the Rajya Sabha. He said the Income Tax department has denied tax exemption to BCCI under Section 11 of the I-T Act, and the matter is now sub judice. Section 11 of the I-T Act deals with charitable institutions.

Nahid Islam, a student from Dhaka University's Sociology Department, has emerged as a pivotal figure in Bangladesh’s recent political upheaval. His leadership of the Students Against Discrimination movement has made him a central player in the protests that led to the resignation of Prime Minister Sheikh Hasina on August 5, 2024. Earlier, Nahid vowed to ensure the country of 170 million never returns to what he called «Fascist rule» and asked fellow students to protect its Hindu minority and their places of worship. We won't betray the blood shed by the martyrs for our cause. We will create a new democratic Bangladesh through our promise of security of life, social justice and a new political landscape." The Rise of Nahid Islam

Starting 1 October, 2024, high-risk individuals leaving India will need to obtain a tax clearance certificate under the Black Money Act before their departure.

The concept of a surcharge is simple – it’s an extra tax on your total tax liability if your income exceeds ₹50 lakh. Under the new tax regime, the surcharge is 10% for taxable income above ₹50 lakh up to ₹1 crore, 15% for taxable income above ₹1 crore up to ₹2 crore, and 25% on income above ₹2 crore. In practice, though, it’s anything but simple.

Federal prosecutors in Switzerland say they have found Glencore’s international unit “criminally liable” and ordered the commodities giant to pay over $150 million in fines and compensation after ending a probe of bribery involving Congo’s mining industry

Iran that escalation in the Middle East is not in their interest, a State Department spokesperson said on Monday, at what Secretary of State Antony Blinken called a «critical moment» for the region. Blinken said Washington was «engaged in intense diplomacy, pretty much around the clock» to help calm tensions amid fears Iran is preparing a retaliatory strike against Israel. «All parties must refrain from escalation,» Blinken said during a signing ceremony with his Australian counterpart in Washington.

A judge has ruled that Google’s ubiquitous search engine has been illegally exploiting its dominance to squash competition and stifle innovation

Cybersecurity software company CrowdStrike is firing back at Delta Air Lines

The Oakland Athletics has reached a tentative agreement to sell its half of the Coliseum to a private Black development group for $125 million

Antitrust tensions are heating up in the chipmaking industry

A Frontier Airlines flight that had been set to go from Houston to the Dallas area last week got canceled not because of weather, but because one of its pilots got arrested

The summer travel season is in full swing, often bringing more flight delays and cancellations.