India’s central bank rejected an application by Tata Sons, the holding company of the country’s largest business conglomerate, to surrender its licence to operate as a shadow bank, effectively paving the way for a public listing for the owner of marquee globe-spanning assets and brands such as Tata Consultancy Services, Jaguar Land Rover and Titan.
The Iranian rial has fallen to a new low as Washington has launched its toughest sanctions yet to cripple Tehran’s economy. As of today, $1 costs more than 2 million rials on the free market. And at a dollar rate of around ₹95, that means ₹100 is worth roughly 2.1 million Iranian rials. Iran’s economy…
The pension benefit of as many as 23 lakh beneficiaries have been withheld in Karnataka following a verification exercise that identified ineligible recipients under various government schemes, the state’s deputy chief minister G Parameshwara was quoted as saying by Deccan Herald. Speaking to reporters on Friday, he said that the beneficiaries included taxpayers, people who…
Employees who resign without another job offer often turn to their Employees’ Provident Fund (EPF) balance as a temporary financial cushion. Under the old EPF Scheme, 1952, a member who remained unemployed for two months after leaving service could withdraw the entire provident fund balance, and lakhs of employees used the provision that way between…
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the Income Tax Department cannot make additions for alleged undisclosed income merely on the basis of a loose sheet recovered during a search on another person unless it has independent evidence proving that the transaction actually took place. The ruling came in…
The rupee depreciated 27 paise to 95.79 against the US dollar in early trade on Friday driven by elevated crude oil prices and foreign portfolio outflows. Forex traders said while record foreign exchange reserves, active Reserve Bank intervention, and robust domestic growth provide crucial support, rising global yields and crude trading above USD 108 continue…
The gold jewellery industry entered FY27 facing a four-pronged challenge. Soaring oil prices, rising inflation concerns and renewed expectations of higher interest rates amid the West Asia crisis coincided with the once-in-three-years Adhik Maas period, which typically dampens wedding-related jewellery demand. At the same time, Prime Minister Narendra Modi urged citizens to curb gold purchases…