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Fresh raids in Mumbai in PMC Bank scam

IANS New Delhi Enforcement Directorate said on Monday it is carrying out raids at two places in Mumbai of Housing Development and Infrastructure Limited (HDIL) Chairman Rakesh Wadhawan and his son Sarang Wadhawan following fresh revelations in the Punjab & Maharashtra Cooperative (PMC) Bank fraud case, as the ED found another jet and a yatch registered in the names of the …

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Samsung heir in India, likely to meet Modi, Mukesh Ambani

IANS Mumbai Samsung Electronics Vice Chairman Lee Jae-yong is currently in India, provoking speculation that the South Korean tech giant may make further investments to expand its presence in the country, industry sources said on Monday. Lee is likely to meet Prime Minister Narendra Modi and Reliance Industries Chairman Mukesh Ambani this week, reports Yonhap news agency. Lee arrived in India on Sunday and …

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India’s deposit insurance coverage among the lowest: SBI

IANS Mumbai A state-run State Bank of India (SBI) report on Monday said that the deposit insurance coverage in India is one of the lowest in the world. A deposit insurance coverage ensures that the depositor gets a certain amount, before the bank pays other parties at the time of liquidation. In India, deposits are insured up to Rs 1 lakh, while …

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SpiceJet allowed to self-handle cargo, private firms fume

IANS New Delhi The Civil Aviation Ministry has allowed Ajay Singh-led SpiceJet to carry out self-handing of cargo from “off-airport facilities”, causing heartburn among private airport operators. The order has been issued in accordance with ground-handling regulations (GHA), 2018 but has left some of the private airport operators miffed as this means loss of revenue for them. The private airport …

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Smartphone makers celebrate Diwali in advance amid bumper sales

IANS New Delhi Amid economic slowdown fears, smartphone makers in India are busy celebrating Diwali in advance, raking in millions on both online and offline platforms during the festive sales as Indians make a beeline to make most of the exciting offers and discounts. In the smartphone category, there has been 15 times growth this year, led by brands like …

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RBI rate cuts benefit only home, car buyers, not us: MSMEs

New Delhi:  The Reserve Bank of India (RBI) has delivered steady rate cuts but micro, small and medium enterprises (MSMEs) still complain of banks not passing on the benefits of lower lending rates. “There is still no change on the ground. The prime lending rates (PLRs) which the banks are charging are the same at around 10 per cent,” said Animesh Saxena, …

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GST workshop by CII-Goa addresses tax payers concerns

PANAJI: In a bid to resolve difficulties faced by local industry in payment of the Goods and Service Tax (GST), CII-Goa, roped in officials from Goods and Service Tax Network (GSTN) to conduct a workshop on GST- Compliances and Challenges. The day long workshop addressed queries of unit owners and took participants through the process of filing annual returns and …

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Amazon.in gets orders from 99.4% pin codes, eyes record sale

Bengaluru: Aiming to gain a bigger pie of the $5 billion opportunity this festive season, Amazon.in, on Friday, said it received orders from 99.4 per cent of pincodes in India as over 65,000 sellers from more than 500 cities received orders in just five days of the first edition of its ‘Great Indian Festival’ sale. Nearly 15,000 sellers more than …

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IHCL ventures into home stay segment, opens two villas in Candolim

PANAJI: Indian Hotels Company Limited (IHCL), South Asia’s largest hospitality company on Friday, forayed into the home stay segment with the addition of eight bungalows to its property portfolio. The company signed a management contract with Ama Stays & Trails for six bungalows and also opened two villas in Candolim. The management contract with Ama Stays was signed on September …

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With 70bn views, Flipkart logs 50% growth in new customers

Bengaluru : Aiming to bring the next 200 million consumers to the e-commerce fold, Flipkart, on Friday, said that “The Big Billion Days” sale witnessed almost 50 per cent growth in the number of new customers compared to last year, with 70 billion views in six days of the sale that began on September 29. Clocking record sales powered by …

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