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If media reports are to be believed, yet another scam of Rs 800 crore came to light on Sunday. Rotomac Pens has been accused this time of fleeing with the loan amount of more than Rs 800 crore from five government banks - Allahabad Bank, Bank of India, Bank of Baroda, Indian Overseas Bank and Union Bank of India. Vikram Kothari, who has been accused in this case is reportedly being untraceable since last week and his office in Khanpur has been sealed.

BY AISHWARYA | FEB 18, 2018 1:47 PM #ROTOMACPENS #BUSINESS NEWS

Private sector City Union Bank reportedly said on Saturday that it suffered three fraudulent remittances of about Rs 12.8 crore. In the ledgers of the City Union Bank, no remittances were made and the transfers were reportedly made through the SWIFT platform.

BY AISHWARYA | FEB 18, 2018 10:08 AM #CITYUNIONBANK #BUSINESS NEWS

As more documents are being seized by the investigating agencies from the premises of Nirav Modi’s properties, a scam of Rs 3,000 crore more has reportedly been unearthed. Having found that the designer diamond merchant's alleged involvement in frauding Punjab National Bank to the tune of Rs 11,00, the latest finding comes as a shocker as the total amount adds up to Rs 14,000 crore. The banks involved in this case are, Central Bank of India (Rs 194 crore), Dena Bank (Rs 153.25 crore), Vijaya Bank (Rs 150.15 crore), Bank of India (Rs 127 crore), Syndicate Bank (Rs 125 crore), Oriental Bank of Commerce (Rs 120 crore), Union Bank of India (Rs 110 crore), IDBI Bank and Allahabad Bank (Rs 100 crore each) and Punjab National Bank (Rs 11 crore).

BY AISHWARYA | FEB 16, 2018 8:57 AM #NIRAVMODI #BUSINESS NEWS

The Reserve Bank of India reportedly said that the demonetised denominations - Rs 500 and Rs 1000 have still not been processed. The central bank reportedly said, “The notes are being processed for their arithmetical accuracy and genuineness in an expedited manner”.

BY AISHWARYA | FEB 11, 2018 4:03 PM #RBI #DEMONETISATION #BUSINESS NEWS

For the borrowers whose housing loans were taken before 2016, there seems to be a relief as the RBI has reportedly directed banks to change the older home loan rates to current market-linked benchmark. This will ensure that the borrowers’ loan rates will be revised and they will be paying less interest amount.

BY AISHWARYA | FEB 8, 2018 1:34 PM #HOUSINGLOAN #BUSINESS NEWS

According to reports, as many as 1 lakh people have received notice from the IT department for investing in bitcoin. People who have invested in the virtual money even after the central government’s warning have faced the backlash. The central government had earlier warned the public saying that bitcoin has not been recognised.

BY AISHWARYA | FEB 7, 2018 11:38 AM #INCOMETAX #BITCOIN #BUSINESS NEWS

Cab aggregator Ola is reportedly planning to run river taxi services in Guhawati and has recently signed an MoU with the Assam government for the same. The News Minute reports that the river taxis, which will be a machine-operated boat, will help bring down the commute time to 2-5 minutes from 45 minutes by road.

BY AISHWARYA | FEB 5, 2018 5:03 PM #OLA #BUSINESS NEWS

While announcing the budget plans for the financial year of 2018, Finance Minister Arun Jaitley announced that the income tax slab has not been changed. The tax slab for those who have an annual income between Rs 0 - Rs 2.5 lakhs is 0%, Rs 2.5 lakhs to Rs 5 lakhs is 5%, Rs 5 lakhs to Rs 10 lakhs is 20% and for those who have annual income more than Rs 30 lakhs, the tax is 10%.

BY AISHWARYA | FEB 1, 2018 1:23 PM #INCOME TAX #UNION BUDGET 2018 #UNIONBUDGET2018 #BUSINESS NEWS

The import duty on mobile phones has been increased from 15% to 20%. This has been passed during the first day of the union budget session by the Finance Minister Arun Jaitley. Finance Minister said that this move is an attempt to increase the production of mobile phones in India.

BY AISHWARYA | FEB 1, 2018 1:01 PM #MOBILE PHONE #UNIONBUDGET2018 #BUSINESS NEWS

A 25% exemption in tax has been awarded to the corporates that show a minimum turnover of Rs 250 crore. This was announced during the 2018’s union budget session on the day - 1.

BY AISHWARYA | FEB 1, 2018 12:53 PM #UNION BUDGET 2018 #UNIONBUDGET2018 #BUSINESS NEWS

The gold monetisation scheme will reportedly be revamped to make it easier for people to deposit gold accounts without hassle. This was discussed by the Finance Minister Arun Jaitley during the union budget 2018.

BY AISHWARYA | FEB 1, 2018 12:48 PM #UNION BUDGET 2018 #UNIONBUDGET2018 #BUSINESS NEWS

During the union budget 2018, the Finance Minister has announced a hike in the salary for the President, vice-president and the Governors. The President will be getting Rs 5 lakhs, the vice-president will be getting Rs 4 lakhs and the Governors will be getting Rs 3.5 lakhs per month. However, this year’s budget is aimed at the betterment of farmers’ income.

BY AISHWARYA | FEB 1, 2018 12:30 PM #UNION BUDGET 2018 #UNIONBUDGET2018 #BUSINESS NEWS

Union budget 2018 will be started at 11:00 am on Thursday. While last year’s union budget was a disappointment for Tamil Nadu as there were no major allocations for the state, this year Tamil Nadu is looking forward for the sanction of Phase - II of metro and a location to start the construction of AIIMS during the union budget 2018. Since this is the first budget after GST implementation, Tamil Nadu will also check for the fund allocation post-GST.

BY AISHWARYA | FEB 1, 2018 8:55 AM #UNION BUDGET 2018 #UNIONBUDGET2018 #BUSINESS NEWS

According to reports, the Indian Oil Corporation has mentioned that there will be no change in the current system of changing the prices of petrol, diesel every day. The IOC also said that the pricing for the fuels will become uniform throughout the nation after the implementation of GST in petrol and diesel.

BY AISHWARYA | JAN 26, 2018 9:03 PM #INDIAN OIL #PETROL #DIESEL #BUSINESS NEWS

Indian multinational IT firm Tata Consultancy Services (TCS) on Tuesday bagged a $690-million deal with the UK and European savings and investments business of Prudential plc, M&G Prudential. Under the 10-year contract, TCS will support over four million customer policies. This big contract is the third large outsourcing contract won by TCS in less than a month.

BY LOKESH RV | JAN 17, 2018 11:16 AM #TCS #BUSINESS NEWS

Baba Ramdev’s Ayurvedic products company ‘Patanjali Ayurved’ reportedly said that the company is aiming to reach a Rs 1,000 crore mark this year and to achieve that the company has reportedly announced its entry into the online market. Having tied up with eight e-commerce platforms, the company said that its entire range of products will be made available online.

BY AISHWARYA | JAN 16, 2018 9:45 PM #PATANJALI #BUSINESS NEWS

In a shocking incident, Rs 22 lakh was taken from two SBI accounts in Kasargod branch. Two cooperative banks were found to be the owners of the accounts. The amount was reportedly used to buy bitcoin and the cyber cell officers are investigating the case.

BY AISHWARYA | JAN 14, 2018 10:25 PM #SBI #BUSINESS NEWS

An ad published by Baba Ramdev’s Patanjali in the Deccan Chronicle on December 17 states that dark complexion is a skin ailment. The ‘Beauty Cream’ ad reads, “Possesses the benefits of wheat germ oil, turmeric, aloe-vera, and basil etc. which are extremely beneficial for skin ailments like dry skin, dark complexion and wrinkles.” It further goes on to say that the cream gives people the confidence of 100% natural beauty.

BY VIKRAMAN MANIRAJ | JAN 9, 2018 9:29 AM #PATANJALI #DARKCOMPLEXION #BABARAMDEV #BUSINESS NEWS

As a compensation for the state government for GST, the Centre has reportedly allocated Rs 632 crore for the period of July to October 2017. As the compensation for the first two months (July, August - Rs 530 crore) after GST implementation was higher than the subsequent two months (September, October - Rs 102 Crore), it means that the state was able to get higher profit from GST.

BY AISHWARYA | JAN 7, 2018 8:57 AM #GST #BUSINESS NEWS

The Hyderabad Police have reportedly filed a criminal case against Verizon Data Services India for using bouncers and forcefully extracting resignations from employees. The company on December 12 and 13 asked over 500 people to leave in Chennai and over 200 in Hyderabad, say reports. An employee alleged that the bouncers pushed him back into his chair and held him by his shoulders till he signed the document, reports added.

BY VIKRAMAN MANIRAJ | JAN 5, 2018 10:36 PM #FIRING #LAYOFF #VDSI #VERIZON #BOUNCERS #BUSINESS NEWS

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