Department Financial News

Agents for the U.S. Transportation Security Administration on Sunday screened 3 million airline passengers in a single day for the first time ever

Toronto-Dominion Bank has tapped Erin Morrow as its new chief compliance officer, a key role as the bank faces ongoing U.S. investigations into its anti-money laundering controls.

Vodafone Idea has reached out to the Department of Telecom to seek waiver on a financial bank guarantee worth Rs 24,747 crore for spectrum payment due in September 2025, according to sources. Vodafone Idea (VIL) needs to securitize the annual instalment one year before the due date of the payment. «Vodafone Idea has reached out to DoT seeking waiver for financial bank guarantee (FBG) worth Rs 24,747 crore which it has to pay in September 2025. The FBG needs to be deposited one year before the due date as per spectrum auction rules,» a source, who did not wish to be identified, told PTI. An email query sent to Vodafone Idea elicited no response.

Enforcement Directorate (ED) Tuesday carried out searches at various premises situated in Haryana and Punjab in connection with an alleged VAT scam of ₹10,618 crore. According to the agency, various entities were incorporated by a syndicate of persons namely Amit Bansal, Harish Biyani, Kamal Bansal, Monil Bansal, Mahesh Bansal, Padam Bansal and Rishi Gupta for allegedly claiming false interstate sale of taxable commodities without any movement of goods. Thus, the sale was claimed at concessional rate of tax against «C» forms, resulting in claim of false input tax credit and ultimately getting fraudulent refunds causing loss to the public exchequer, people in the know said.

A lawsuit challenging a Biden administration rule permitting socially conscious investing by employee retirement plans will test the courts’ approach to federal regulations following a pivotal Supreme Court decision.

The federal government announced a $241.5 million settlement with Marathon Oil on Thursday for alleged air quality violations at the company’s oil and gas operations on the Fort Berthold Indian Reservation in North Dakota

Arbitration has been struggling to take off in India since the first Arbitration and Conciliation Act, 1996. This is worrisome. From PM to vice-president, many have argued for a sound institutional arbitration process. Law minister Arjun Ram Meghwal recently even wondered why India can't become the hub for arbitration in the Asia-Pacific region. As efforts are made to ensure its take- off, a recent finance ministry notification has the potential to nix the Act. It prohibits automatic arbitration clauses in any procurement and requires that even if one is incorporated, it be for less than ₹10 cr. The primary reason behind this is GoI's unsatisfactory experience in arbitration. The alternative prescribed is mediation or the courts, whose track record in timely disposal is poor. Most contracts come with an arbitration clause because it is quick, and the awards are final. It is the choice for businesses not only in India but all over the world.

South Korean prosecutors have charged an employee of the bank Woori with embezzlement-related offenses after he admitted stealing company money to spend on crypto.

Zerodha chief executive officer Nithin Kamath has sought tax exemptions for startup investments, which he believes will eventually help address the unemployment issue plaguing the country. Taking to microblogging site 'X' (formerlyTwitter) days before the presentation of the Union Budget for FY25, he said that encouraging entrepreneurship is one of the ways to tackle unemployment.

The U.S. Interior Department has approved the proposed Atlantic Shores offshore wind farm in New Jersey

American Petroleum Institute CEO Mike Sommers discusses the country's energy independence and lawsuits against Biden's EV mandates.

As the tax filing deadline of 31 July looms, individuals and small business entities rush to navigate the income tax website to choose the right ITR form.

upgrades to improve living conditions for inmates, including the installation of modern color television sets and industrial-grade washing machines. Enhancing Entertainment and Access The initiative, aimed at over 40,000 prisoners housed across a diverse range of facilities, addresses longstanding issues related to inmate entertainment and hygiene. The decision to replace non-functional black and white TVs, many of which were repaired by inmates due to repair limitations, underscores the proactive approach of prison authorities.

The U.S. Justice Department plans to propose that Boeing plead guilty to criminal fraud in connection with two deadly plane crashes involving its 737 Max jetliners

Banks are in a fix over the latest regulation from the Telecom Regulatory Authority of India (Trai) that mandates digital consent for sending commercial communication. Lenders have reached out to the government, seeking clarity on whether consent is needed even for sharing transaction details, a practice currently followed as per Reserve Bank of India (RBI) guidelines, people familiar with the development told ET.

Som Distilleries at Sehatganj village in Raisen, Madhya Pradesh. He calls his work “pauwa jamana”— setting the bottles upright so that alcohol falls into them. He did that for nine hours a day. Wearing jeans and tee shirt, Vineet sits with a slight stoop at his home. He says he dropped out of school. Instead of going to class, the thin boy would reach the distillery at 8 am and work till 5 pm. After a long day of strenuous, hazardous work, he would go home with Rs 350. He saw the hands of his friends had turned white, the skin had peeled. “It could have been the chemicals,” he says. He worked there only for a fortnight. Before he had to spend more days in that reeking plant, before his hands too got scalded, he was rescued. On June 15, a team of officials of the National Commission for Protection of Child Rights (NCPCR) and Bachpan Bachao Andolan (BBA), a nonprofit founded by Kailash Satyarthi, rescued 59 children—39 boys and 20 girls—from the distillery, in the biggest busting of child labour racket in the liquor industry in the past several years. About 40 other children “escaped” during the raid, according to officials at the rescue operation.

healthcare startup Cloudphysician said it has appointed Mandar Vaidya as its India chief executive officer from June. Bengaluru-based Cloudphysician is a full-stack tech and operations company that partners with hospitals to manage patients in their intensive care unit and emergency departments.

India is likely to see above-average rainfall in July, the Indian Meteorological Department said on Monday. The monsoon will cover entire country ahead of normal schedule, IMD said. There is 80 per cent probability of normal to above-normal rainfall in July. Delhi is expected to get heavy to extremely heavy rainfall in the ongoing month, as per the Indian weather office. A favourable monsoon forecast spells would bring bucketloads of relief for India, many parts of which reeled from extreme heat even in June. This was the warmest June in Northwest India since 1901.

Global software giant Microsoft Corp. will pay $14.4 million in California to settle allegations that it discriminated against employees who took protected leave from work

cyclonic circulation is currently situated over the Westcentral Bay of Bengal off the south Andhra Pradesh coast, extending into the middle tropospheric levels, according to India Meteorological Department. Concurrently, an off-shore trough at mean sea level stretches along the south Gujarat-Kerala coasts. These weather systems are expected to cause widespread rains in many southern and western states. Fairly widespread to widespread light to moderate rainfall, accompanied by thunderstorms and lightning, is likely over Kerala & Mahe, Lakshadweep, Coastal Karnataka, Konkan & Goa, and the Gujarat region, IMD said. Scattered to fairly widespread light to moderate rainfall is expected over Madhya Maharashtra, Marathwada, Saurashtra & Kutch, Coastal Andhra Pradesh & Yanam, Telangana, and Interior Karnataka. Isolated to scattered light to moderate rainfall is forecasted over Tamil Nadu, Puducherry & Karaikal, and Rayalaseema.