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Biz EOD: ED charge sheet in PMC Bank scam; bad year for credit growth; new powers for taxmen

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twitter-logoBusinessToday.In | December 27, 2019 | Updated 23:40 IST
Biz EOD: ED charge sheet in PMC Bank scam; bad year for credit growth; new powers for taxmen
Top stories from the world of business and economy

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:

1. PMC Bank scam: EOW books HDIL promoters in 33,000-page charge sheet

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.

2. RBI may soon ask banks to cap stake in insurance firms at 30%

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.

3. Bank credit growth likely to fall to 58-year low in FY20

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.

4. Tax officials can attach property, freeze bank accounts over delay in GST returns

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.

5. Commercial real estate to continue its boom in 2020; residential sales may improve only in H2

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.

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