Gavel, law

The Jharkhand High Court has set a deadline of 45 days for the state government to form a high-level committee to ensure the return of funds invested by people in various chit-fund companies.
A division bench of Chief Justice Sanjaya Kumar Mishra and Justice Ananda Sen while hearing a petition filed by the Non-Banking Abhiraksha Suraksha Samiti ordered the government to issue a notification informing formation of a high-level committee within the deadline set by it.
The bench also specified that the high-level committee will be headed by a former chief justice of the high court.
Other members of the committee will be the secretary of the Board of Revenue and a DIG ranked officer of the CBI, the court said in its order on Monday.
The Committee will work and start planning on how to ensure the return of money to investors who were duped by various chit-fund companies which are being investigated by the CBI.
The court will hear the matter again on November 8.
Earlier, the court had 

TMS Ep416: Apple’s India plans, real MVPs of IPL, markets, chit funds

Can Apple replicate its China success in India? Are small-town players the real MVPs of IPL? As heat wave intensifies, is it time to buy consumer appliance stocks? What are chit funds? Answers here

Chit fund, money launderers, launderers

Of late, Andhra Pradesh's Margadarsi Chit Fund has brought back the discussion around these funds. Here's what chit funds are

The Margadarsi Chit Funds Pvt Ltd (MCFPL) has never violated any provisions of the AP Chit Fund Act & Rules, the company said on Monday amid a CID probe into the alleged violations of the law by it.
In a statement, the company alleged that the Andhra Pradesh government was using its machinery to make baseless allegations, scare monger among chit subscribers and abuse power in its six-month long persecution on Margadarsi.
Inspite of it, not even one subscriber has raised any query or doubt, all this while MCFPL has moved the High Courts of Telangana state and AP, said the statement, adding AP government is disregarding even judicial orders.  According to Margadarsi, Eenadu, one of Ramoji Group's flagship companies and AP's largest circulated Telugu daily has always been at the forefront of upholding people's issues and public interest' for five decades which is not taken in the right way by some governments, especially the YSRC government.

money, funds

Taking exception to the press note issued by the Andhra Pradesh Crime Investigation Department (CID) on alleged irregularities by Margadarsi Chit Fund Private Ltd, the All India Association of Chit Funds on Thursday claimed that there were no complaints against the firm.
The body in a press release said the CID is comparing registered chit companies with Ponzi and multilevel marketing companies like Sahara, Sharadha, or Satyam Computers whose failure was on account of the misuse and misappropriation of public funds.
The association also said what chit funds accept from their subscribers are not deposits at all and with the kind of assets they have, it is impossible for Margadarsi kind of the company to run away with public funds.
Even assuming that there was/is any violation on the part of a financial intermediary, the solution lies in getting it corrected, as is the practice even with RBI, and not by any coercive steps, and publicity, as is being seen now. Creating a scare among th

investment, spending, growth, economy, market

Launch of online collection process, mobile applications and e-auctions has brought with this hitherto under-regulated industry greater governmental scrutiny

Chhattisgarh Chief Minister Bhupesh Bhagel

Chhattisgarh Chief Minister Bhupesh Baghel has directed the officials to take prompt action to get back the deposits of investors from chit fund companies.

Last week the Lok Sabha passed the Chit Funds (Amendment) Bill, 2019, amending the Chit Funds Act, 1982

The MP from Andhra Pradesh's Narsapuram constituency said the word "chit" was being pronounced "cheat", which was reducing the importance of such schemes for people with no banking facilities

Maligned chit funds mull a new name

The government had earlier in 2018 introduced a bill to regulate the chit fund industry but it lapsed

Indian Rupee

The Banning of Unregulated Deposit Schemes will replace the Banning of Unregulated Deposit Schemes Ordinance, 2019.

Supreme Court

The court was hearing CBI's application in which the agency, which was asked by the apex court to investigate the case

Chit funds can't be treated as fund management, says SC against CBEC's plea

In a relief to the chit fund industry in the country, the Supreme Court of India has said that the government cannot impose service tax on the chit fund buisiness, observing that it cannot be treated as fund management as it is understood at present. The industry has been challenging the government's order seeking them to pay the service tax on the business, said industry representatives.The Central Board of Excise and Customs (CBEC), Ministry of Finance has issued a circular in August, 2007, asking the chit funds to pay the service tax on the running of chit funds as according to the Revenue, as it was a service provided by these companies and convered under 'banking and other financial services'.The industry approached the High Court of Andhra Pradesh against this and an order was passed on July, 2008 and the High Court accepted the plea of the companies that the Chit Fund business does not amount to any service covered by the definition of 'banking and other financial services' as .

Chit funds resurface in Bengal in agricultural schemes avatar

The consumer affairs department has started a campaign against chit funds  operating on a small scale in various parts of Bengal

Overseas institutions are also a better bet for Adani. Tapping Indian banks, especially state-run lenders, would be a tad cheaper, but might invite greater political scrutiny ahead of general election

Adani, Adani Group

454 members voted in favour of the Bill, while two voted against it.

Lok Sabha

Closing Bell on Thursday, September 21: The broad-based selling was led by public sector banks with the Nifty PSU Bank index sliding 2.3 per cent

bear market, sensex, nifty, loss, growth, investment

Tensions have been high since Canadian PM Trudeau on Monday alleged that the Indian government was behind the fatal shooting of Hardeep Singh Nijjar

visa, Canada

As they did in June, Fed policymakers at the median still see the central bank's benchmark overnight interest rate peaking this year in the 5.50%-5.75% range

US Federal Reserve

Amazon is India's most visited e-commerce application, and one of the most liked selling platforms for sellers. Here's your guide to sell your product on Amazon India

Amazon

The euro was up 0.1% against the dollar at $1.0667. the yen was up a similar amount at 147.69 to the dollar, with traders out for a Japanese public holiday

US Dollar, dollar

In the midst of these economic challenges, a crisis of confidence is emerging, with growing doubt about the Chinese economy's future

China economy

Has Dholera failed to fulfil its promise? Have smartphones reached the end of their evolution? Will the US Fed derail the rally in Indian equity markets? What is the France-iPhone fiasco? Answers here

TMS Ep522: Dholera, smartphone innovation, France-iPhone fiasco and more

Currently, all carbonated drinks carry a 28 per cent tax rate coupled with a 12 per cent sin tax, totaling 40 per cent

The United States played a pivotal role in helping to create the WHO in 1948. Just over 70 years later, President Trump is withdrawing the country from the agency amid the COVID-19 pandemic. Martial Trezzini/EPA

The fiscal burden of states will increase over time

pensions, funds, retirement, investments, investors, savings

The government introduced the Women's Reservation Bill in the Parliament almost three decades after it was first drafted

Parliament

Former RBI Governor Bimal Jalan said it is better if the person's expertise is considered than whether he/she is a bureaucrat or a private sector executive

TRAI

MEA's statement comes after Canada expelled an Indian diplomat on Monday as it investigates credible allegations that India's government may have had links to the assassination in Canada

Canadian Prime Minister Justin Trudeau arrives for his daily press conference on COVID-19, in front of his residence at Rideau Cottage in Ottawa. Photo: PTI

Justin Trudeau

The government on Monday extended the due date for filing income tax returns by companies by one month till November 30.
Also, the due date for furnishing audit reports by companies who need to get their accounts audited has been extended by one month till October 31.
"The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023, the finance ministry said in a statement.

taxes, tax, taxing, audit

The Indian company is also talking to other battery players including China's CATL and Japan's Panasonic and Toshiba as it looks to build a local supply chain for EVs

The regulator proposed that non-banking finance companies (NBFCs) should also be allowed to tag accounts using the same parameters

RBI, SHAKTIKANTA DAS, RESERVE BANK OF INDIA

investments, mutual funds

Customers can save big and get up to 50-90% off across top brands and categories with an extra discount up to 10% off on using ICICI credit and debit card

Midnight drills in war rooms ahead of big fat sale

India have been drawn to play Pakistan in the World Group I Play-offs and the Pakistan Tennis Federation (PTF) on Thursday made it clear that it won't agree to shift their home tie to a neutral venue this time.
India had drawn Pakistan in 2019 also but due to "security concerns" the Asia/Oceania Group I tie was shifted to Kazakhstan, a neutral venue.
As a mark of protest, Pakistan's top players Aisam-ul-haq Qureshi and Aqeel Khan had opted not to play the tie in which rookies Mohammed Shoaib, Huzaifa Abdul Rehman and Yousaf Khalil competed for them.
India had expectedly thrashed a weak Pakistan line-up 4-0. In a lop-sided contest, Pakistan won only seven games in the entire tie.
The ITF had agreed to shift the tie to a neutral venue in 2019 but it will be very tough for AITA to convince the world governing body if the national federation pushes for a neutral venue.
Pakistan's veteran player Aqeel Khan told PTI that they are hoping for the Indian team to travel to their nation.
"I

Heatmap

Chit funds

HC sets deadline for forming panel to ensure return of funds by chit-funds

TMS Ep416: Apple's India plans, real MVPs of IPL, markets, chit funds

Chit funds: What they are, how they operate and what are the risks

Never violated AP Chit Fund Act rules, says Margadarsi Chit Funds Pvt Ltd

All India chit fund body backs Margadarsi, says no complaint against firm

Chit funds move up the value chain, face testing times like never before

Speed up process of getting back deposits from chit fund cos: C'garh CM

Chit fund sector gets tech-savvy with gold mine of big data at stake

Chit or 'cheat' fund? Andhra MP for a name change to 'fraternity fund'

Cabinet okays bill to ease compliance for chit funds, protect subscribers

Bill to fix 'menace' of illegal deposit schemes gets Cabinet nod: Minister

Bring proof in chit fund case if you want to grill Rajeev Kumar: SC to CBI

Chit funds can't be treated as fund management, says SC against CBEC's plea

Chit funds resurface in Bengal in agricultural schemes avatar