London court issues Arrest warrant against Nirav Modi

A court in London has issued an arrest warrant for Nirav Modi, who is charged with Rs. 14,300 crore loan fraud at state-run PNB. This arrest warrant has been issued as per India’s request to expel the fugitive diamond merchant. Nirav Modi will be produced before a court on 25th March. He is one of ..

Topics: Criminal law • Economy of India • Fugitive diamond merchant • Law enforcement • London court • Mehul Choksi • Nirav Modi • Punjab National Bank Scam • Warrant

CBDT forms Working Group to assess tax risks of High Net Worth Individuals migrating abroad

The Central Board of Direct Taxes (CBDT) has constituted 5-member working group (committee) to examine taxation aspects related to High Net Worth Individuals (HNWIs) who are migrating abroad to other jurisdictions. The Working Group will be headed by Pragya Sahay Saksena, a joint secretary with Foreign Tax & Tax Research Division of CBDT. Key Facts ..

Month: Current Affairs - April, 2018

Topics: CBDT • High Net Worth Individuals • National • Nirav Modi • Tax Evasion • Vijay Mallya • Working Group

PSBs begin to rationalise 35 overseas operations

The state-owned banks have started rationalising overseas operations by consolidating 35 operations and closing down non-viable branches as part of the clean and responsible banking initiative. The consolidation oncludes bank branches, remittance centres and representative offices. It will be without affecting international presence of PSBs in these countries. Moreover, 69 operations also have been identified ..

Month: Current Affairs - March, 2018

Topics: Banking • Nirav Modi • Overseas Operations • PNB • PSBs

Cabinet approves Fugitive Economic Offenders Bill, 2018

The Union Cabinet has approved introduction of Fugitive Economic Offenders Bill, 2018 in Parliament. The bill proposed by Finance Ministry aims to curb practice of evading criminal prosecution by economic offenders (wilful defaulters) who flee from country to evade clutches Indian law by remaining outside jurisdiction of Indian courts. Features of Bill It defines fugitive ..

Month: Current Affairs - March, 2018

Topics: Bills and Acts • Cabinet Decisions • CLAT • Economy Business • Fugitive Economic Offenders Bill • National • Nirav Modi • Vijay Mallya