ECONOMY & NATION


Enforcement Directorate (ED) raids were underway on Tuesday in more than six places in Jharkhand and Bihar in connection with the MGNREGA funds scam case involving suspended IAS Pooja Singhal.   Singhal, the Mining Secretary in Jharkhand, was dismissed from her post soon after her...

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Intensity of spending in information technology (IT) by BFS (Banking and Financial Services) firms continues to be strong going into 2022, following a good year in 2021, said brokerage house Kotak Securities.   "For example, Citi in its investor day in March announced a 10 per cent...

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India's central bank is mulling further rate hikes, said its governor Shaktikanta Das.   He also said the Reserve Bank of India (RBI) will not allow the rupee to depreciate and prevent volatility in the currency market.   In an interview to the CNBC TV18 channel, Mr Das also...

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High climatic temperatures affecting northwest India curbing wheat production and possible extended power outages exacerbating already high inflation and hurting growth is credit negative, said Moody's Investors Service on Monday.   The credit rating agency in a report said: "Over the...

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Parsa Venkateshwar Rao Jr (The Leaflet) 23 May 2022
The Supreme Court’s judgment last week in Union of India versus Mohit Minerals Pvt Ltd Through Director underscores the gap between the GST Council’s purely consultative mandate and the reality in which the states have willingly abdicated their right to tax in favour of an artificial cabal,...

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HSBC has reportedly suspended a senior executive who accused central bankers and other officials of exaggerating the financial risks of climate change.   Last week, Stuart Kirk, a leader in the Bank's responsible investing team, said: "There's always some nut job telling me about the...

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After healthtech platform mFine laid off over 50 per cent of its total workforce (more than 500 employees), Prime Venture Partners which is one of its existing investors said on Monday that this restructuring will give the platform an opportunity to pull through and continue to provide access...

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The World Health Organization (WHO) has honoured India's more than one million Accredited Social Health Activists (ASHA) for connecting people with healthcare services.   ASHA, which means "hope" in Hindi, are among the six recipients of Global Health Leaders Award at the ongoing 75th...

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Moneylife Digital Team 21 May 2022
Paying heed to anger among common people over increased fuel prices, the Union government on Saturday decided to reduce excise duty on petrol by Rs8 per litre and on diesel by Rs6 per litre. Further the government will also give Rs200 per cylinder subsidy for Ujjwala Yojana beneficiaries for...

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The CBI on Saturday launched a search operation on brokers at over ten locations in connection with the National Stock Exchange (NSE) co-location scam involving the financial institution's former MD and CEO Chitra Ramkrishna and the ex-Group Operating Officer Anand...

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The Delhi High Court on Friday sought the response of the Central Bureau of Investigation (CBI) on the bail application of National Stock Exchange's (NSE) former chief Chitra Ramkrishna, who was arrested in connection with the NSE co-location (Colo) scam case.   Seeking the response...

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The enforcement directorate (ED) on Friday said that it has attached properties worth several crores of rupees belonging to some companies in connection with a money laundering case against PACL India Ltd.   While the attached immovable assets are in the form of land ad-measuring...

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Against the backdrop of more than 33 lakh cheque bounce cases which burdens the judicial docket, the Supreme Court on Thursday gave green signal to a pilot study to set up special courts headed by retired judicial officers exclusively to deal with these cases.   A bench of Justices L....

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The Supreme Court on Thursday dismissed review petitions filed on behalf of Cyrus Investments Pvt Ltd and Sterling Investments Pvt Ltd seeking review of the apex court's March 2021 judgement upholding Tata group's decision to remove Cyrus Mistry as executive chairman of Tata Sons.   A...

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The Supreme Court on Thursday ruled that GST council's recommendations are not binding on the Centre and state governments.   A bench headed by justice DY Chandrachud said GST council recommendations only have a persuasive value as India is a cooperative federalism, and the Centre and...

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Bank employees are again on the warpath with several major unions of different banks threatening to go on a one- or two-day strike in May-end, activists said here on Thursday.   For starters, Central Bank of India staffers shall strike work on 30-31 May to protest against large-scale...

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Moneylife Digital Team 19 May 2022
Expecting the retail inflation to average at a nine-year high of 6.9% in FY22-23, India Ratings and Research (Ind-Ra) says the Reserve Bank of India (RBI) will increase the policy rate by 75bps (basis points) at least in the rest of FY22-23.   According to the rating agency, the hike...

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Edtech platform Vedantu has laid off 424 more employees, nearly 7 per cent of its workforce, as the online education space shrinks in the country.   "There is no easy way to say this but I am truly sorry. Out of 5900 Vedans (employees), 424 of our fellow teammates i.e about 7 per cent...

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The Supreme Court on Tuesday disapproved of the Centre's practice to conduct additional verification of members chosen for the income-tax appellate tribunal (ITAT), despite recommendation for the appointment by the search and selection committee (SCSC).   A bench of justice DY...

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National Stock Exchange's (NSE) former head Chitra Ramkrishna on Wednesday approached the Delhi High Court (HC) for bail, following the denial of her plea by the trial court.   However, the bench of justice Talwant Singh recused himself from hearing her plea.   On 12th May,...

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