Department Financial News

Hinduja Group came under an Income Tax survey on November 29, news agency PTI reported. The survey operation was carried out in the said entities located in Mumbai and some other cities, the report said citing official sources. The income tax survey operation is reportedly part of a tax evasion investigation. Under the income tax law for survey operations, only office premises were covered, reports said. An email sent by PTI to the Hinduja Group did not elicit an immediate response. According to sources cited by PTI, the income tax department action is also connected to provisions of the General Anti-Avoidance Rules (GAAR). Hinduja Group owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland). The group is currently diversifying and is readying plans to make forays into new tech, digital and fintech. According to the group, this is part of its new phase of growth.

Hinduja Global Solutions (HGS) in Mumbai, as per an ANI report. Besides this, a survey is also underway on Ashok Hinduja, Chairman of the Hinduja Group of companies. More details are awaited.

Samsung Galaxy A05 is priced at Rs. 9,999 for the 4GB RAM + 64GB storage variant and Rs. 12,499 for the 6GB RAM + 128GB storage model in India.

Karnataka government's health department has put its healthcare infrastructure across the state on alert mode following reports of a surge in respiratory illnesses among children in China. The action comes after the Centre issued an advisory to States and Union Territories urging them to immediately review public health and hospital preparedness measures.

The Mayo Clinic has announced a $5 billion expansion plan that includes new buildings designed so they can evolve and expand as patient needs change over the coming decades

The first transatlantic flight by a commercial jet powered solely by so-called sustainable aviation fuel has flown from London to New York

The U.S. Bureau of Land Management has halted the use of spring-loaded traps that disperse cyanide powder to kill coyotes and other livestock predators

Billionaire Changpeng Zhao stepped down as chairman of crypto exchange Binance.US a week after pleading guilty to United States Department of Justice charges and relinquishing his chief executive role at Binance’s global business.

NEW DELHI : European multinational companies facing hefty tax demands in India have filed a review petition urging the Supreme Court to follow the Vienna Convention in interpreting the most-favoured nation (MFN) clause in tax treaties, two people familiar with the matter said. Ruling on a batch of five petitions, a landmark 19 October Supreme Court verdict had backed the tax department in the matter, effectively doubling the withholding tax outgo of these companies, and potentially opening up more companies to similar tax demands. The aggrieved companies soon filed review petitions; among them, Steria India challenged a tax ruling pertaining to the India-France tax treaty.

Mint. The development assumes significance because retail milk prices have shot up year-on-year, as fodder, a key feed ingredient for livestock, has become more expensive. On Sunday, the all-India average retail milk price stood at ₹57.52 a litre against ₹54.9 during the corresponding period last year. Fodder makes 70% of the cost of livestock management, with the remaining 30% going on breeding and healthcare, this person said.

Mint explains the background and lists the options: Consumers in India use a whole variety of pulses, including tur (pigeon pea), masoor (lentils), chana (gram), urad (black gram), and moong (green gram) as a staple. The most recent data from the consumer affairs department shows that except for lentils, the year-on-year price rise in other varieties ranges from 19% for gram to 41% for tur. In some major cities the price rise is more pronounced.

Long delays to get a new U.S. passport have eased from earlier in 2023 but haven't yet returned to their pre-pandemic baseline.

Binance founder and former CEO, Changpeng “CZ” Zhao, has stepped down from the company’s board of directors following his guilty plea to several federal charges last week.

Nitin Gadkari on Tuesday said he is «relieved and happy» as all 41 trapped workers have been rescued from the collapsed Silkyara tunnel in Uttarakhand. «I am completely relieved and happy as 41 trapped laborers in the Silkyara Tunnel Collapse have been successfully rescued,» Road Transport and Highways Minister Nitin Gadkari said in a post on X.

Superstate, an innovative asset management firm, announced today the successful closure of its Series A financing round, raising $14 million. This funding will catalyze the firm's mission to offer cutting-edge investment solutions to institutional investors, while paving the way for democratizing investment opportunities through advanced blockchain tokenization.

Crypto Coinbase has challenged the decision of the United States Treasury Department to include Tornado Cash, a decentralized software project, on the list of Specially Designated Nationals and Blocked Persons (SDN). This action, which was brought up in the Western District of Texas, marks a serious clash between the rapidly expanding cryptocurrency industry and the federal regulatory authorities.

The Financial Services Committee (FSC) of the United States House of Representatives is gearing up for a critical hearing on November 15, 2023, diving deep into the shadowy corners of cryptocurrency. Entitled «Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets,» this session aims to unravel the complexity of illegal activities within the digital asset ecosystem.

Cybersecurity, customer protection, and cost-effectiveness are essential for sustaining the momentum towards digital payments pushed by the Covid pandemic, said Reserve Bank paper on Tuesday. The transactional use of cash has been on a decline and is increasingly getting substituted with digital modes of payments, even as the store-of-value role of cash remains intact, said the paper titled 'Cash versus Digital Payment Transactions in India: Decoding the Currency Demand Paradox'.

PTI. The sanctions will be imposed under the UAPA and a law against use of weapons of mass destruction.

Anand Mahindra wrote,"And after all the sophisticated drilling equipment, it’s the humble ‘rathole miners’ who make the vital breakthrough! It’s a heartwarming reminder that at the end of the day, heroism is most often a case of individual effort & sacrifice. Addressing a press briefing in New Delhi, NDMA Member Syed Ata Hasnain said, rat-hole mining experts, who were pressed into manually drilling through the last stretch, had reached the 58-metre point, and there were about two more metres to go. "We are near a breakthrough but not yet there.

Argentine President-elect Javier Milei is getting a meeting with a top Biden aide