Business Archives - Page 40 of 40

13 Feb

ED Freezes ₹170 Crore in Shell Company Accounts Linked to QFX Trade Ltd Forex Scam

Rajeev Sharma0 CommentsBusinessED raids, forex trading fraud, QFX Trade Ltd, YFX scam

New Delhi, February 13, 2025: The Enforcement Directorate (ED) has frozen movable properties worth ₹170 crore, including balances in over 30 bank accounts linked to shell companies, in connection with a massive forex trading scam operated by QFX Trade Ltd. The crackdown follows raids conducted on February 11 under the Prevention of Money Laundering Act (PMLA), 2002, in Delhi, Noida, Rohtak (Haryana), and Shamli (Uttar Pradesh). The scam, orchestrated through multi-level marketing (MLM) tactics, involved directors Raiender Sood, Vineet Kumar, Santosh Kumar, and Nawab Ali alias Lavish Chaudhary, who promised investors high returns on forex trading.The investigation revealed that QFX…

13 Feb

Manish Tewari Slams New Income Tax Bill, Calls It More Complex Than Existing Law

Rajeev Sharma0 CommentsBusiness, IndiaIncome Tax Bill 2025, Manish Tewari, Nirmala Sitharaman

New Delhi, February 13, 2025: Congress MP Manish Tewari on Thursday criticized the Income Tax Bill, 2025, arguing that despite Union Finance Minister Nirmala Sitharaman’s claims of simplification, the proposed legislation is more complex than the existing tax framework. He pointed out that while the current Income Tax Act, 1961, has 296 sections, the new bill expands to over 500 sections. Additionally, the previous law contained five schedules, whereas the new bill includes 14, further complicating the tax structure instead of streamlining it.The government has defended the bill, emphasizing that it is designed to reduce litigation, simplify language, and improve…

13 Feb

Nirmala Sitharaman to Introduce Income Tax Bill, 2025, in Parliament on February 13

Rajeev Sharma0 CommentsBusiness, IndiaIncome Tax Act 1961, Income Tax Bill 2025, Indian tax reforms, Nirmala Sitharaman

New Delhi, February 13, 2025: Union Finance Minister Nirmala Sitharaman will introduce the much-anticipated Income Tax Bill, 2025, in Parliament on February 13. The proposed legislation seeks to replace the outdated Income Tax Act, 1961, which has grown increasingly complex over the decades due to numerous amendments. If passed, the new law will come into effect from April 1, 2026, ushering in a streamlined and modernized tax system. The bill will be referred to the Parliamentary Standing Committee on Finance for further discussion and consultations.The need for a new income tax law stems from the fact that the current Income…

10 Feb

Stock Markets Tumble for Fourth Consecutive Day Amid US Tariff Concerns

nishuthapar10 CommentsBusinessIndian stock market crash, Nifty drop, Sensex decline, US tariff impact

Mumbai, February 10, 2025: Indian stock markets extended their losing streak for the fourth consecutive session on Monday, with the benchmark BSE Sensex plunging 548 points and the NSE Nifty dropping 178 points, as fresh US tariff threats rattled investor confidence. The Sensex fell by 548.39 points (0.70%) to close at 77,311.80, while the Nifty declined 178.35 points (0.76%) to settle at 23,381.60. During intra-day trading, the Sensex dropped as much as 753.3 points to hit 77,106.89, marking the lowest closing for both indices in a week.The sharp decline was triggered by US President Donald Trump’s announcement of plans to…

09 Feb

New Income Tax Bill to Be Introduced in Parliament on Tuesday: FM Nirmala Sitharaman

nishuthapar10 CommentsBusiness, IndiaIncome Tax reforms, Indian Parliament, New Income Tax Bill 2025, Nirmala Sitharaman, tax simplification

NEW DELHI, February 9, 2025: Finance Minister Nirmala Sitharaman is set to introduce the new Income Tax Bill in the Lok Sabha on Tuesday, marking a significant step towards overhauling India's tax framework. The bill, which aims to simplify and streamline existing tax laws, is expected to be referred to a parliamentary standing committee for detailed examination. “I hope to have it introduced in Lok Sabha in the coming week,” said Sitharaman after the RBI board meeting. Once introduced, the bill will undergo a multi-step legislative process, starting with its referral to the standing committee for recommendations. Following the committee’s…

07 Feb

RBI Cuts Repo Rate by 25 Basis Points to 6.25% Under New Governor Sanjay Malhotra

nishuthapar10 CommentsBusinessRBI, Repo Rate

In his inaugural Monetary Policy announcement on Friday, Reserve Bank of India (RBI) Governor Sanjay Malhotra revealed that the Monetary Policy Committee (MPC) has unanimously decided to lower the policy rate by 25 basis points, bringing it down from 6.5% to 6.25%. Malhotra addressed the challenges posed by the current global economic landscape, noting that while high-frequency indicators point to resilience and growth in trade, overall global growth remains below historical averages. "Progress on global disinflation is stalling, hindered by rising services prices," he stated. He also discussed the dynamics of global financial markets, indicating that expectations regarding the size…