Newsmakers: IITs to raise UG courses fee, Rajan on exchange rate and more

Key business news events for the day

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Cairn Energy faces Rs 10,247-crore fine British oil explorer Cairn Energy Plc faces up to Rs 10,247-crore penalty over and above the Rs 29,000 crore in tax and interest demand slapped on it by the I-T Department using a retrospective legislation. In a circular to shareholders, the company said it had on February 4 received "a final assessment order from the Indian Income Tax Department in amount of Rs 10,247 crore plus interest back dated to 2007 totalling Rs 18,800 crore.

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Sleepless nights ahead for illegal Panama A/C holders: FM The multi-agency group, set up to probe offshore accounts disclosed in Panama Papers, is analysing each and every account and those having illegal holdings will not "get sleep at night", Finance Minister Arun Jaitley said. Panama Papers this week disclosed a list of nearly 500 Indians including celebrities and industrialists who allegedly stashed money in offshore entities in Panama, considered to be a tax haven.

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IITs to raise UG courses fee to Rs 2 lakhThe cost of studying at the prestigious Indian Institute of Technology has more than doubled, officials from the ministry of human resource development said on Thursday. The annual fee for undergraduate courses now stands at Rs 2,00,000 against Rs 90,000 earlier.

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Move towards 4% inflation to contain rupee volatility: RajanSeeking to guard investor returns from excessive exchange rate movements, RBI Governor Raghuram Rajan today said a move towards an inflation target of 4 per cent will help contain the currency market volatility. "Our aim in the macro stabilisation is to make the exchange rate less and less an issue that investors have to worry about," Rajan said.

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SC asks Vijay Mallya to disclose assets by April 21 The Supreme Court on Thursday directed liquor baron Vijay Mallya to disclose to it all his assets-movable and immovable and tangible and intangible-and other interests in India and abroad by April 21. An apex court bench comprising Justice Kurien Joseph and Justice Rohinton Fali Nariman asked Mallya to disclose all the assets held by his wife and children and also indicate the date when he could appear before it in person.