INDIAN ACCOUNTING
Hedge fund’s secret Adani short revealed in blow-by-blow account
A short-seller's report targeting Adani Group led to a $153 bn market value drop. The investigation involved a hedge fund, regulator, and a big Indian bank. US regulators scrutinized hedge fund collaborations and short-selling's impact on market efficiency.
Hedge fund’s secret Adani short revealed in blow-by-blow account
The short-selling scandal involving Hindenburg Research, Adani Group, and Sebi triggered regulatory scrutiny and a US Justice Department probe. The scandal emphasized the importance of market efficiency amidst fraud allegations and regulatory actions.
Banks scanning proprietor A/Cs to spot 'money mules'
Banks intensify scrutiny on new accounts to combat mule activities, adapting to evolving fraud tactics like forming private companies. Vigilant measures include verification visits, latitude data, and washout logic analysis to deter money laundering and digital frauds in the financial system.
Increase in exports, improvement in CAD, mnfg to help boost Indian economy: Goyal
India's merchandise exports show growth despite a widened trade deficit, reflecting a positive economic outlook. The Commerce Minister's participation in the gem and jewellery industry program signifies confidence in the country's economic trajectory.
Confident of over $800 billion exports in goods, services this fiscal, says Piyush Goyal
India recorded a current account surplus of USD 5.7 billion or 0.6 per cent of GDP in the March quarter. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode. In the year-ago period, the current account deficit stood at USD 1.3 billion or 0.2 per cent of GDP, and the same was USD 8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023.
India's entry into JPMorgan Bond Index set to benefit real estate & manufacturing: Abhishek Banerjee
Analyzing India's economic shifts from surplus to GDP growth projections, Abhishek Banerjee says the focus lies on potential impacts on export sectors and bond markets, indicating promising growth opportunities in the economy. While India's increased production and exports are positive, the shift necessitates careful sector allocation in the near term to manage potential impacts on export-oriented industries.
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"Will look forward to results of inquiry": US on India's probe into alleged plot to kill Pannun
The US has expressed its anticipation for the outcome of India's investigation into the alleged plot to kill India-designated terrorist Gurpatwant Singh Pannun. US State Department spokesperson Matthew Miller stated this on Wednesday, during a press briefing. The US emphasized that it has communicated its expectations to the Indian government for a thorough investigation.
Hunt on for mule bank accounts; Tata Digital pause on funding
The government is working with the central bank to catch mule accounts in India’s banking system and prevent fraud. This and more in today’s ETtech Morning Dispatch.
Fact Check: IRCTC clears false claims about e-tickets bookings; All you need to know
The spokesperson said up to 12 tickets per month can be booked from an individual's account and if the account-holder is Aadhar-authenticated, he can book 24 tickets per month, provided at least one of the travellers on each ticket is also Aadhar-authenticated.
Punjab & Sind Bank signs pact with Indian Army for salary account
"PSB Gaurav Bachat SB Salary account is exclusively designed to cater to the distinct banking requirement of serving and retired personnels. The product is also strategically aimed to tap Agniveers enrolled in the Agnipath scheme, ensuring a comprehensive financial solution that aligns with distinctive needs of the segment," Punjab & Sind bank MD and CEO Swarup Kumar Saha told PTI.
CAD in surplus in March quarter after four years
India's current account turned into a surplus in the quarter ended March 2024, marking the first surplus in four years. This change was driven by a moderation in the trade deficit, higher services income, and increased remittances from overseas Indians.
RFC account for NRIs: What is it, eligibility, how to open and more
For non-resident Indians (NRIs) planning to return to India, managing foreign earnings and assets efficiently is crucial. One effective way to do this is by opening a Resident Foreign Currency (RFC) account.
Types of NPS accounts: 4 differences between NPS Tier 1 and Tier 2 accounts
The NPS, a government pension scheme, offers Tier I and Tier II accounts with different functions. Tier I is for retirement planning with withdrawal restrictions, while Tier II is a flexible savings account.
Sebi mandates direct transfer of securities by clearing corporations to Demat accounts
The proposed change seeks to streamline operations and mitigate risk by directly crediting securities payouts to clients' Demat accounts, bypassing the broker's pool account.
Adani Group suffers Rs 3 lakh crore shock as stocks crash up to 20%
Adani Group Stocks: Shares of all 10 Adani Group companies fell as PM Modi's election results showed unexpected outcome, leading to a 20% crash in Adani Ports stock.
What’s fueling the shift in Indian investor behaviour?
India added $1 trillion to the stock market in less than six months, reaching a $5 trillion market cap. Retail investors, with a surge in Demat accounts, play a key role in enhancing market stability and resilience.
Recordent announces 100+ meets connecting 10,000 Indian SMEs across India
These events aim to serve as valuable networking platforms, enabling participants to gain insights and build connections within the industry.
Navigating financial requirements: Essential steps for international students to study in Canada
Studying abroad offers students the opportunity to experience new cultures and gain valuable academic insights. However, financial logistics are crucial. To study in Canada, international students must demonstrate sufficient financial support for their studies and living expenses, including additional funds for any accompanying family members. From 2019 to 2021, 10% of student visa applications were rejected due to insufficient funds.
Work overnight for FPI tax papers: Sebi tells big four firms
At a meeting on Tuesday, the Indian capital market regulator has told the accounting biggies in no uncertain terms to generate the mandatory 'confirmation certificate' overnight so that offshore funds managers can repatriate the money from the sale of stocks here to other international markets the very next day.
Citi sees rupee a favorite in Asia as India joins key bond index
Citigroup Inc. remains positive on the Indian rupee's outperformance, citing strong fundamentals, a narrowing current account deficit, and growing expectations on inflows around India's inclusion in a global bond index.
Mumbai man loses Rs 1.07 crore in trading scam; Here's how Indians lost Rs 1,750 cr in just four months
A 48-year-old man from Navi Mumbai lost Rs 1.07 crore in a share trading scam, highlighting a broader surge in cybercrime in India. The Indian Cybercrime Coordination Centre (I4C) reported 20,043 trading scam cases amounting to Rs 14,204.83 crore between January and April 2024. Fraudsters often use call spoofing and impersonate officials to deceive victims. The government has responded by freezing bank accounts and blocking SIM cards to protect potential victims.
Capital Gains Account Scheme: Who can open an account, how to open
The taxpayer should have capital gains from the sale or transfer of assets specified in Sections 54 to 54GB. The CGAS scheme is applicable only to Indian residents. Here’s how one can open an account.
India needs a robust system to protect doctors from bogus lawsuits & ensure accountability for negligence
Indian Medical Association (IMA) praised GoI for criminal reforms absolving medical fraternity from liability under Section 304(a) of IPC, now Section 26 of Bharatiya Nyaya Sanhita. Supreme Court's 'Jacob Mathew vs State of Punjab' judgment balanced protecting doctors from frivolous prosecutions and accountability in negligence cases. Medical Council of India enforces ethical standards for doctors.
Govt looks to change base year for major economic gauges to FY23, revamp of key datasets also being planned
The base year provides a reference point for measuring changes in economic variables and comparing relative performances of indicators over time. For instance, real gross domestic product (GDP) growth is currently calculated with reference to FY12 prices.
Latest General Provident Fund rules: Will interest amount be paid if the GPF contribution exceeds Rs 5 lakh? Govt clarifies
General Provident Fund rules: All government employees can open a GPF account and pay a portion of their salaries to the GPF. When they retire, employees receive the entire money accrued in their GPF account over their service tenure.
US satisfied so far with India's probe on alleged plot to kill Pannun, but stresses 'red line'
Eric Garcetti was asked at a U.S. think tank event what effect the recent discovery of assassination plots against Sikh nationalists in Canada and the United States could have on Washington's relations with New Delhi.
Household savings dip over Rs 9 lakh cr in 3 years to Rs 14.16 lakh cr in 2022-23
The net household savings declined to Rs 17.12 lakh crore in 2021-22 and dipped further to a five-year low of Rs 14.16 lakh crore in 2022-23.
CDSL opens record 1.09 crore Demat accounts in Q4
On Friday, CDSL announced its March quarter earnings where it reported a 52% increase in annual profit after tax (PAT), and a 105% increase in quarterly PAT. The total standalone income reported by the company for FY24 stood at 743 crore, which was a 37% YoY jump. On the consolidated basis, the total revenue stood at Rs 907 crore which was 46% higher than what it reported in the yea
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