18.10.18 Economic News
👉Troubled IL& FS’ former top boss has blamed LIC and the prevailing macro-economic environment for the lender’s woes and has denied all charges of corruption and wrong doing.
👉After a string of big business bosses like Vijay Mallya, Nirav Modi, Mehul Choksi and the Sandesara brothers indicted of financial crimes slipped out of the country, law enforcing agencies want a robust system in place where they are alerted in advance about economic offenders. `
👉In a major victory for Indian government against fugitive economic offenders’, a CBI team recently flew to Bahrain and brought a fraudster, Mohammad Yahya. back to India 9 years after he fled from here.
👉Sections of dealers in Bengaluru have reversed their input tax credit (ITC) claims worth Rs 17.45 crore after realising that they made their claims based on fake GST invoices, The sustained drive by the Commercial Taxes department against fake ITC claims and a spate of recent arrests have created fear in errant businessmen
👉SEBI is planning to relax rules for listing of startups in India, which include giving promoters the flexibility to categorise themselves as ordinary shareholders and exempting them from the mandatory three-year lock-in period. These measures, if implemented, are expected to benefit the global private equity-backed startups such as Ola, Flipkart and Paytm, inducing them to consider the possibility of listing in the country.
👉RBI refused to grant more time to Yes Bank’s Long serving CEO and MD Rana Kapoor and asked the private sector lender to appoint his successor latest by February 1, 2019.
👉A research report by India's largest bank SBI states the rupee depreciation has neither helped in improving exports nor in slowing imports, leading to an incremental trade deficit of USD 4 billion in the first half of the current fiscal.
