The Enforcement Directorate has filed its 32,959-page charge sheet in the Rs 6,600-crore PMC Bank scam. Banks' credit growth in financal year 2019-20 may turn out to be the worst in 58 years. A new set of norms grant tax officials authority to attach property and freeze bank accounts if taxpayers do not file GST returns on time. Read for more top news from the world of business and economy:
The charge sheet has named PMC Bank's erstwhile chairman Waryam Singh, former MD Joy Thomas, former director Surjit Singh Arora, along with HDIL promoters Rakesh Wadhawan and Sarang Wadhawan.
The proposed RBI rule will have severe impact on banks, such as State Bank of India, ICICI Bank and Kotak Mahindra Bank, as they derive a huge chunk of income from their insurance units.
Incremental bank credit has increased by just Rs 80,000 crore during FY20 till December 6, in contrast to the rise of Rs 5.4 lakh crore and Rs 1.7 lakh crore in FY19 and FY18 (till December), respectively.
With around one crore GST-registered businesses failing to file their returns in due time, the new set of norms will allow authorities to take action, if they do not file their tax returns despite repeated reminders.
Unlike residential real estate, the office market is characterised by transparency, and on-time delivery. Rent could inch up in the segment because there is limited ready-to-move-in supply in major markets.