Department Financial News

OpenAI, the creator of foundational artificial intelligence behind ChatGPT, announced on Friday that it has signed a deal with the Pentagon. It allows the US department of war (DoW), formerly the department of defense, to use the Sam Altman-led company's models in classified environments.That has raised eyebrows and questions over the use of the OpenAI technology stack in India, among the largest markets for AI and the fastest adopter of the technology worldwide.

AI summit.“For a creator like me who talks about AI and engineering, I found all the brands I could create content with under one roof. I earned in one week what I usually earn in a month from several of the collaborations with brands I had at the summit,” said Arsh Goyal, a tech and engineering content creator with 488,000 Instagram followers.“I also got to meet the leadership of global tech giants and created content with them out of goodwill to build on my authenticity and long-term relationships with the brands,” Goyal added.

Mint explains this breakthrough initiative for patients with severe facial disfigurement and who have exhausted conventional options to restore critical functions such as breathing, eating, and speaking, besides identity and social acceptance; along with accompanying legal and ethical issues.Face transplantation has transitioned from an experimental procedure to an established clinical practice. Successful procedures have been performed in France (the site of the first partial transplant), the US, China, and Turkey.

Earlier this month, IDFC First Bank reported it had been the victim of a fraud in which four of its current and former employees connived to siphon off ₹590 crore from the bank account of a Haryana government department. The theft was uncovered when the department tried to close its account with the bank and found a discrepancy between the account balance in its records and the actual balance.While the Haryana government subsequently said it had recovered all its money, the incident underscores the risks of banking fraud, especially as the number of digital transactions increase, enabling new methods of fraud.Indian banks reported 11,615 cases of fraud involving ₹3,497 crore in 2024-25. Both figures were lower in 2023-24.

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After reaching a framework for a trade deal with India that raised the hope of bilateral ties settling down, Washington has thrown a fresh curve ball. On Tuesday, the US commerce department announced varying import duties on solar panels from three Asian countries, including a whopping 126% on those from India. The other two, Indonesia and Laos, also face similarly high tariffs.

Mumbai: At 3:50 am on a quiet Kolkata morning, 35-year-old numerologist Vivek Baid woke up to a string of notifications that would upend his day. One message became two, then three. By 4 am, he had received eight transaction alerts for his forex card.

The new Income Tax rules have proposed a change for claiming house rent allowance (HRA) that may affect claims where the rent is paid to parents, siblings or any other relative. Effective 1 April, salaried employees may have to clearly state their relationship with their landlord while claiming HRA tax benefits.The aim is to prevent misuse of the exemption, especially in cases where rent is shown to be paid to family members to reduce tax liability, said Sandeepp Jhunjhunwala, partner at Nangia Global Advisors.

Subscribe to enjoy similar stories. In the 1990s, the Central Intelligence Agency dug into all it knew about the possibility of extraterrestrial visits, ultimately revealing what it found: Most of the supposed early UFO sightings were highly classified spy planes flying over the U.S.

India is preparing to merge its diverging tax and financial reporting frameworks into a unified system, two people aware of discussions said, in a move aimed at dismantling one of the most cumbersome hurdles for corporate India.The overhaul seeks to harmonize the Indian Accounting Standards (IndAS)—used for shareholder reporting—with the Income Computation and Disclosure Standards (ICDS) mandated by tax authorities. If successful, this would represent the most significant structural shift in the nation’s accounting landscape since IndAS was first adopted in 2016.The move is significant because tax accounting standards, called the ICDS, issued by the Income Tax department and the Indian Accounting Standards or IndAS, notified by the ministry of corporate affairs follow different accounting principles.IndAS aims to capture the economic position of a company at a given point in time using fair valuation of assets and liabilities, an approach useful for investors.

₹590 crore fraud at its Chandigarh branch were genuine or forged, two people familiar with the matter said, even as it has suspended four officials and prepares a forensic audit.The Warburg Pincus-backed lender on Sunday said the discrepancy was discovered when a Haryana government department requested that its account be closed and the funds transferred to another bank—the account balance was found to differ from what the account owner believed it should be. Similar discrepancies were noted when other Haryana government entities engaged with the bank on their accounts.IDFC First told the stock exchanges that it has informed the RBI, filed a complaint with the police and is also in the process of filing further complaints with appropriate law enforcement agencies and reporting to relevant authorities.

Subscribe to enjoy similar stories. When the Justice Department released its last trove of millions of files about Jeffrey Epstein, President Trump found himself in the same place he had spent a year trying to avoid—dealing with the fallout, again. The files showed his own commerce secretary, Howard Lutnick, had visited with Epstein long after Lutnick said they had cut ties.

Subscribe to enjoy similar stories. In what could prove to be a major relief for nearly every country in the world, the US Supreme Court has struck down a significant portion of US President Donald Trump’s sweeping global tariffs, opening the door for companies to seek refunds for over $100 billion in additional duties paid since the announcement of reciprocal tariffs on 2 April 2025.For India, this could mean that nearly 60% of the export basket, which was set to face 18% tariffs upon the conclusion of the interim trade deal with the US, reverts to the pre-Liberation Day rate of around 2.5%.

Subscribe to enjoy similar stories. LONDON—Prince Andrew, Duke of York, was preparing to board a flight to London in September 2010 when Jeffrey Epstein emailed asking to alter the pair’s plans for a quiet dinner in Buckingham Palace. The American financier, convicted in 2008 of soliciting a minor for prostitution, said he was accompanied by three women, including a Russian model.

Subscribe to enjoy similar stories. The Supreme Court on Friday dashed banks' hopes of recovering money lent to bankrupt telecom operators such as Reliance Communications (RCom) and Aircel by ruling that airwaves cannot be sold under an insolvency process. Therefore, the future of the two operators and how UV Asset Reconstruction Co Ltd (UVARCL), the asset reconstruction company that had won the bids for them, will monetize them without selling the precious spectrum is now a gnawing question.

Subscribe to enjoy similar stories. NEW DELHI: A Niti Aayog study on decarbonizing India's transport sector published earlier this week called for congestion pricing to disincentivize private vehicle ownership. Congestion pricing is a strategy to charge vehicle drivers a fee to enter high-traffic urban areas during peak hours.

Subscribe to enjoy similar stories. NEW DELHI: India plans to centralize testing and quality control of 42 essential veterinary vaccines at a single national laboratory, replacing a fragmented system that allows self-certification and state-level testing, according to two government officials and a document reviewed by Mint.

Subscribe to enjoy similar stories. Newly released Justice Department documents appear to show an effort to get Donald Trump to contribute to Jeffrey Epstein’s 50th birthday book and reveal that the Federal Bureau of Investigation seized material about the project during its investigation into the sex offender. A person whose name is redacted sent an email with the subject line “b-day book update" on Dec.

Subscribe to enjoy similar stories. Daily life in Cuba is grinding to a halt under a U.S. campaign to block the island’s oil imports, drawing international criticism that the Trump administration is pushing the island toward a humanitarian crisis with no clear endgame.

Subscribe to enjoy similar stories. The Trump administration is planning this week to repeal the Obama-era scientific finding that serves as the legal basis for federal greenhouse-gas regulation, according to U.S. officials, in the most far-reaching rollback of U.S.

Subscribe to enjoy similar stories. Michael Grimes, the longtime Morgan Stanley rainmaker, spent years laying the groundwork for his bank to land a role leading the initial public offering of Elon Musk’s rocket maker SpaceX. But by the time Musk finally decided to take SpaceX public, Grimes was working in the Commerce Department, having followed the billionaire to Washington, D.C.