As rupee dips, I-T steps up vigil on shady outflows
In multiple cases, individuals have used dozens of fake permanent account numbers (PANs) with the same name but different addresses and dates of birth to transfer money under RBI’s liberalised remittance scheme (LRS) which bars a resident from spending and investing more than $250,000 a year abroad.
BoB looks to sell Rs 2,700 crore of NPAs; taps ARCs, NBFCs
Bank of Baroda is selling a ₹2,776 crore portfolio of 41 stressed loans, including nine declared fraud accounts like Ushdev International and Nirmal Lifestyle. The sale, conducted on a cash basis with assets transferred “as is where is, without recourse,” aims to clean the bank’s books.
AI reset erases nearly half of IT majors’ value
India’s top software exporters are projected to lose $200 billion in market value from their peaks due to disruptive AI technology. The aggregate market cap has already fallen by 45% since December 2024, with TCS and Wipro experiencing over 50% declines. This erosion, while significant in absolute terms, is not unprecedented for the sector.
D-St surges 1% on reports govt to cut tax on foreign bond bets
Indian stock markets surged on Thursday. The Nifty and Sensex saw significant gains. This rise was driven by reports of a potential tax cut on foreign investments in Indian bonds. The rupee also strengthened. This news eased investor concerns. Pharma, Metal, and Financial Services sectors performed well. Foreign and domestic institutions were net buyers of […]