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ITD conducted searches in about 2534 groups of persons led to admission of undisclosed income of about Rs. 45,622 crore
Mar 24,2017

As part of enforcement measures and based upon credible evidence of tax evasion and other serious violations of provisions of the Income-tax Act, 1961 (the Act), Income Tax Department (ITD) conducts searches in cases of various persons including companies and individuals. During the last three Financial Years (2013-14, 2014-15 and 2015-16) and the current Financial Year [2016-17 (up to January, 2017)], the ITD conducted searches in about 2534 groups of persons which led to admission of undisclosed income of about Rs. 45,622 crore apart from seizure of undisclosed assets (cash, jewellery etc) worth about Rs. 3,625 crore.

Based upon material recovered during searches, investigation is conducted by the investigating officers and findings of such investigations are shared with the Assessing Officers concerned. Such Assessing Officers initiate and complete assessment proceedings (a quasi-judicial proceeding) as per provisions of the Act with a view to assess the total income (including undisclosed income) and take other actions such as raising of tax demand, levy of applicable penalties, recovery of such demands, filing of prosecution complaints, (wherever applicable) etc. This is an on-going process.

The Government has taken various effective measures to tackle breach of law and tax evasion. These steps include focused enforcement actions and putting in place appropriate legislative & administrative frame works & processes. Due attention has been given to capacity building and integration of information and its mining through enhanced use of information technology. Serious violations of provisions of the Act by persons including individuals, companies etc lead to civil as well as criminal consequences. The civil consequences include levy of taxes (including interest) and penalties and criminal consequences include prosecutions before criminal courts for offences under the Act. Besides levy of taxes on the total income of those persons whose assessments were completed during last three years and current Financial Year (up to Jan, 2017), the ITD filed prosecution complaints in 2432 cases. During the same period, 4264 compounding applications were also received from persons who had committed offences under the Act, as offences committed under the Act are compoundable. Out of the cases disposed of by the criminal courts during this period, 116 persons were convicted of the offences committed under the Act. Besides, in 3218 cases offences were compounded by the competent Income-tax authorities. Person-wise details are not maintained centrally. Further, disclosure of information in respect of specific assessees is prohibited except as provided under section 138 of the Act.

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Punjab National Bank raises Rs 500 crore
Mar 24,2017

Punjab National Bank has raised Rs. 500 Crore on 24 March 2017 through Unsecured, Subordinated, fully paid-up, non-convertible, Basel III compliant, perpetual debt instruments (series IX) in the nature of debentures for inclusion in additional tier I capital of face value of Rs. 10.00 lakhs each (bonds) at a coupon rate of @ 9.21% payable annually.

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Chambal Fertilisers & Chemicals resumes operations at Gadepan plant
Mar 24,2017

Chambal Fertilisers & Chemicals announced that its plant in Gadepan, District Kota, Rajasthan has resumed its operation on 24 March 2017 and commenced production of Urea.

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Virat Crane Industries announces demise of director
Mar 24,2017

Virat Crane Industries announced the demise of Grandhi Subba Rao founding promoter and Director of the company.

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Jayshree Chemicals appoints director
Mar 24,2017

Jayshree Chemicals announced that the Board of Directors at its meeting held on 24 March 2017 has appointed Sindhubala Choudhury (DIN 00848070) as an Additional Director of the Company, who has duly consented for the same under the provisions of Companies Act, 2013.

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Blue Star to hold board meeting
Mar 24,2017

Blue Star will hold a meeting of the Board of Directors of the Company on 9 May 2017 Dividend

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Reliance Communications to hold EGM
Mar 24,2017

Reliance Communications announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 24 April 2017 .

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IDFC Bank to hold board meeting
Mar 24,2017

IDFC Bank will hold a meeting of the Board of Directors of the Company on 25 April 2017, to discuss and approve, among other items, the following: a.Audited Annual Financial Statements for the year ended Mar 31, 2017 ,Recommendation of dividend, if any, for FY 2016-17 c.Fund raising through issue of non-convertible debt securities on private placement basis.

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Emerald Leasing Finance & Invtt. Co. to hold EGM
Mar 24,2017

Emerald Leasing Finance & Invtt. Co. announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 21 April 2017 .

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Centre approves construction of 10 Million MT capacity Silos by the end of year 2019-20
Mar 24,2017

Food Corporation of India (FCI) has awarded contracts for creation of 1.6 Million MT silos and State Governments have completed/awarded contracts for 2.15 Million MT silos. Thus, contracts for silos of 3.75 Million MT have been awarded.

Government has approved an action plan of FCI for construction of steel silos of capacity 10 Million MT by FCI as well as State Governments in Public Private Partnership (PPP) mode in a phase-wise manner (3 phases) by the end of year 2019-20. FCI handles about 60 Million MT of wheat and rice annually.

The Silos are being constructed through Private Sector participation in Public Private Partnership (PPP) mode. FCI will be benefited as it will not incur any capital investment for any of the projects. The responsibility of designing, building, financing and operating the silos will be of private parties. Further, there will be benefits from creation of silos as it is a safer and modern means of storage. Foodgrains can be stored for a longer period, with reduced losses and less handling and labour costs.

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Government has divested a part of its stake in ITC to Life Insurance Corporation of India
Mar 24,2017

Government through Specified Undertaking of the Unit Trust of India (SUUTI) has divested 2% shares of the total shares of ITC to LIC through block trade on 7th March, 2017. Government has received an amount of Rs. 6,682 crore from this transaction.

Disinvestment of Government of India equity is under taken as per the Disinvestment policy of the GoI keeping in view the resource requirement of the Government and the prevailing market condition.

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FPIs on a buying spree
Mar 24,2017

Foreign portfolio investors (FPIs) bought stocks worth a net Rs 1096.76 crore from the secondary equity markets yesterday, 23 March 2017, compared with net inflow of Rs 216.28 crore on 22 March 2017. On that day, the Sensex rose 164.48 points or 0.56% to settle at 29,332.16, its highest closing level since 21 March 2017.

The net inflow of Rs 1096.76 crore on 23 March 2017 was a result of gross purchases of Rs 5973.90 crore and gross sales of Rs 4877.14 crore.

There was a net inflow of Rs 0.11 crore from the category primary market & others on 23 March 2017, which was a result of gross purchases of Rs 3.05 crore and gross sales of Rs 2.94 crore.

FPIs bought stocks worth a net Rs 21474.29 crore in March 2017 so far (till 23 March 2017). They had purchased stocks worth a net Rs 8322.23 crore in February 2017. FPIs have purchased shares worth a net Rs 28481.39 crore from the secondary equity markets in calendar year 2017 so far (till 23 March 2017). They had purchased shares worth a net Rs 12094.42 crore from the secondary equity markets in calendar year 2016.

There was a net inflow of Rs 793.76 crore from FPIs into the category primary market & others in March 2017 so far (till 23 March 2017). FPIs bought stocks worth a net Rs 1579.95 crore from the category primary market & others in February 2017. FPIs have purchased shares worth a net Rs 2512.24 crore from the category primary markets & others in calendar year 2017 so far (till 23 March 2017). The net inflow from FPIs in the category primary markets & others had totaled Rs 8471.76 crore in calendar year 2016.

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Reliance Capital transfers its commercial finance division into wholly owned subsidiary
Mar 24,2017

Reliance Capital announced completion of transfer of its commercial finance division - Reliance Commercial Finance (RCFL) - into a separate wholly owned subsidiary. The transfer is effective 01 April 2017.

RCFL is amongst the leading SME lenders in the Indian non-banking finance space with a focus on asset backed lending and productive asset creation. The Commercial Finance division has an aggregate asset under management (including securitized portfolio) portfolio of Rs 16,191 crore (US$ 2.4 billion) as of 31 December 2016.

Reliance Capital would be applying to the RBI for registering itself as a Core Investment Company (CIC) and expects to become a CIC soon, subject to necessary approvals

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Board of Muthoot Finance recommends dividend
Mar 24,2017

Muthoot Finance announced that the Board of Directors of the Company at its meeting held on 23 March 2017, inter alia, have recommended the dividend of Rs 6 per equity Share (i.e. 60%) , subject to the approval of the shareholders.

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Hexaware Technologies to hold AGM
Mar 24,2017

Hexaware Technologies announced that the 24th Annual General Meeting(AGM) of the company on 24 April 2017.

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