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Banks have written off loans worth Rs 9.90 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2023-24, banks loan write off was at Rs 1.70 lakh crore, as against Rs 2.08 lakh crore in the previous fiscal, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Rajya Sabha. Write-off was highest at Rs 2.34 lakh crore during 2019-20, which came down to Rs 2.02 lakh crore in the following year and to Rs 1.74 lakh crore in 2021-22. As per the RBI guidelines and policy approved by banks' boards, NPAs, including those in respect of which full provisioning has been made on completion of four years, are removed from the balance-sheet of the bank concerned by way of write-off, he said.

Power Finance Corporation on Tuesday posted over 20 per cent rise in its consolidated net profit to Rs 7,182.06 crore in June 2024 quarter compared to a year ago, mainly due to higher revenues. The company reported a consolidated net profit of Rs 5,982.14 crore in the quarter ended on June 30, 2023, a regulatory filing showed. Total income rose to Rs 24,736.68 crore in the quarter from Rs 21,017.81 crore in the same period a year ago.

Armed Forces (Special Powers) Act, 1958, which gives sweeping powers to the armed forces operating in disturbed areas to search, arrest and open fire if they deem it necessary, has been removed from most parts of the northeast, except a few districts and some police station areas, Parliament was informed on Tuesday. In a written reply to a question in the Lok Sabha, Union Minister of State for Home Nityanand Rai said there has been a considerable reduction in the number of «disturbed areas» under the AFSPA and the law has been withdrawn completely from Tripura (from May 27, 2015) and Meghalaya (April 1, 2018). The AFSPA has also been withdrawn from all districts except four in Assam, he said. Rai said the AFSPA has been withdrawn gradually in Arunachal Pradesh and it is currently applicable only in three police station areas in Namsai district and three other districts — Tirap, Changlang and Longding.

₹two lakh each. “This practice is used to exploit students financially," the official 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.

MUMBAI : A profit of ₹1,878 turned into a penalty of ₹1 lakh. This harsh reality encapsulates the high-stakes world of insider trading. Sudhir Bapusaheb Devkar, an IT department employee at Mindtree, found himself on the wrong side of the law when a seemingly harmless trade in his employer’s stock spiralled into a financial nightmare.

Jalpaiguri: Secretary of the North Bengal Exporters Association, Brij Kishore Prasad, stated on Tuesday that the ongoing protests in Bangladesh have led to significant losses for Indian exporters. According to Prasad, the closure of the border has resulted in vehicles being stranded and shipments already dispatched being unable to be unloaded. He added that with a curfew in place and banks closed, payments for shipped goods are not being received.

Indian consumers prefer human customer service support when shopping online, according to an EY report. While 61% consumers find AI driven product recommendations extremely beneficial, data breaches are the primary cause for concern among Indian online shoppers. 84% consumers have made purchases based solely on the recommendations or promotions of influencers as per the recent EY Future Consumer Index (FCI), which included responses from 1,000 Indian participants within a worldwide poll.

The ongoing legal battle between Coinbase and the U.S. Securities and Exchange Commission (SEC) is heating up as the regulator pushes back at giving the crypto exchange access to the personal emails of SEC Chair Gary Gensler.

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Cambodia on Monday broke ground to build a controversial, China-funded canal to link the capital Phnom Penh to the sea despite environmental concerns and the risk of straining ties with neighboring Vietnam

OpenAI introduced SearchGPT last month, it was believed to challenge Google's dominance in the space. However, rival search startup Perplexity AI's founder Aravind Srinivas and some AI researchers were quick to call out the tool's inaccuracies when prompted for simple search queries. Whether GenAI-based search can ever dethrone incumbents like Google Chrome is still a far sight. But if it does, it could cause a tectonic shift in the way users consume AI in their daily lives. ET explains what the future of search could mean and what are the pressing concerns around it: What is Search GPT?

Antitrust tensions are heating up in the chipmaking industry

Donald Trump stated that Meta CEO Mark Zuckerberg called him to apologize for a photo that was incorrectly labeled on Facebook. The photo showed Trump raising his fist after a July 13 assassination attempt at a campaign rally in Butler, Pennsylvania. Facebook had initially marked this photo as misinformation, causing it to go viral with the incorrect label, as per the reports of Fox News. In an interview with Maria Bartiromo on FOX Business' «Mornings with Maria,» Trump mentioned that Zuckerberg called him twice. According to Trump, Zuckerberg expressed admiration for Trump's actions during the event, describing them as brave. Zuckerberg also allegedly said he could not support a Democrat because he respected Trump’s response to the incident. Additionally, Trump noted that Google did not reach out to him after their autocomplete function failed to show results for the assassination attempt.

UPI transactions in the first three months of the current fiscal have grown over 36% to Rs 60 lakh crore, Parliament was informed on Monday. As per the details of UPI transactions shared by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha, 4,122 crore UPI transactions worth Rs 60 lakh crore took place between April and June in 2024-25. In the April-June period, 2,762 crore UPI transactions took place, having a value of Rs 44 lakh crore. For the full fiscal 2023-24, 13,113 crore UPI transactions were made with a value of Rs 200 lakh crore.

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Read this | Where are India’s missing investment advisers? In a hospital, you trust that doctors are professionally qualified and experienced enough to prescribe medications or perform surgeries. Similarly, in legal matters, you know that your lawyer holds at least a Graduate degree with an LLB, the minimum qualification for practicing law. However, when it comes to financial advice, you often overlook the qualifications or certifications of the advisors you rely on.

₹25 lakh of your ₹50 lakh turnover as income to be taxed, whereas you have made investments worth ₹30 lakh. Logically, how can you invest more than your income?" Karan Batra, founder of Chartered Club, agreed. “Now AIS (annual information statement) shows your investments and big-ticket expenses, which makes it easier to tally," Batra said.

There is more than one way to skin a cat," goes an old English proverb, which means that there are many ways to accomplish the same task. In central bank-speak, the equivalent would perhaps be: “There is more than one way to effect a soft-landing," that holy grail of central banks the world over. For, going by their actions, especially in recent times, there is no single path to getting there.

Delhi High Court has designated a special CBI Court to expedite the trial of India's biggest bank fraud. The Central Bureau of Investigation (CBI) has charged Dheeraj Wadhawan, Kapil Wadhawan-promoters of embattled Dewan Housing Finance Ltd (DHFL)-and several others in the alleged loan fraud of Rs 34,614 crore. The orders of the Delhi High Court designating a special CBI Judge to exclusively deal with the DHFL case were received on August 1. It is pertinent to mention that considering the gravity of the case and the enormous amount of documents filed by the CBI, number of accused and hundreds of witnesses involved, a special CBI Court had written to the High Court. In April this year, a special CBI Court had shared the information of the case with the High Court with a request to designate «one special court for doing this matter only». Special CBI Judge Ashwani Kumar Sarpal, in a judicial order passed on April 27, had highlighted the fact that the documents filed by the CBI run into over 330,000 pages and are kept in 26 trunks.