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Business Economy


IT Dept conducts searches on coaching institutes in Tamil Nadu

New Delhi, Oct 12 (UNI) The Income Tax Department conducted searches on a business group based in Namakkal, Tamil Nadu which was mainly into running of educational institutions, and coaching institutes for competitive exams including NEET among others.
The group comprises several partnership firms and a trust controlled by a closely knit group of individuals.
The searches on Friday covered 17 premises including residential premises of the group's promoters.
The premises are located in Namakkal, Perundurai, Karur and Chennai in Tamil Nadu and the search was undertaken on the basis of intelligence that the group was indulging in substantial tax evasion by suppression of fee receipts received from students.
The modus operandi was to receive part of the fees in cash and such cash receipts were invariably not entered in the regular books of accounts. Instead, such receipts were maintained in separate set of accounts. Incriminating evidence of such suppression of receipts has been found during the search in the form of accounts maintained in diaries, in electronic storage devices and also in the form of huge sums of unaccounted cash.
It was found that cash was kept in lockers in banks in the names of employees who acted as benami or name lenders.
Significant amount of cash was found in a safe inside an auditorium in the main school premises. Unaccounted cash of about Rs 30 crore has been found and seized. The unaccounted receipts are deployed for acquiring immovable properties as personal investments which are then leased for long term to the trust for expanding to other towns.
It was also found that highly priced faculty are hired and employed in the coaching institutes and they are paid outside the books. Based on preliminary findings, the undisclosed income of the group is estimated at more than Rs 150 crore.
The search is still in progress, according to a statement here on Saturday.
UNI RSA SHK1931
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Finance Secretary launches Baroda Startup Banking in 15 cities

26 Feb 2020 | 7:41 PM

New Delhi, Feb 26 (UNI) Baroda Startup Banking, a flagship initiative of Bank of Baroda, was inaugurated on Wednesday to make the bank a preferred banking partner for the startup community and establishing connect with at least 2000 start-ups over the next two years.

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GDP growth to stay flat at 4 5 pc in Quarter 3 of FY20: SBI economists

GDP growth to stay flat at 4 5 pc in Quarter 3 of FY20: SBI economists

26 Feb 2020 | 7:16 PM

New Delhi, Feb 26 (UNI) The GDP growth of India will stay flat at 4.5 per cent in the October-December 2019, economists at SBI said on Wednesday,
'Our composite leading indicator (index of 33 major leading indicators) suggests that GDP growth will remain flat at 4.5 per cent as in Q3 of FY20,' the Economic Research Department of State Bank of India said.

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Sitharaman stresses on use of local language in banking

26 Feb 2020 | 7:00 PM

New Delhi, Feb 26 (UNI) Finance Minister Nirmala Sitharaman on Wednesday appealed to the banks to reach out to the customers at the branch level and stated that every branch should have employees, who know the local language and all employees should know about the government schemes.

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India, US should tackle irritants for $500  bln trade

India, US should tackle irritants for $500 bln trade

26 Feb 2020 | 6:57 PM

New Delhi, Feb 26 (UNI) India and the US need to focus on tackling some of the irritants to unleash the full potential of their economic relationship and work out a trade deal that can open markets in both countries, says a report by the Confederation of Indian Industry in association with US India Business Council.

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Piramal Glass to invest Rs 300 cr for expansion of Jambusar plant in Gujarat

26 Feb 2020 | 6:49 PM

Bharuch, Feb 26 (UNI) Piramal Glass Ltd (PGL), a global specialist in design, production and decoration of niche glass packaging solutions for high-end cosmetics & perfumery, specialty food & beverage and pharmaceutical industries, on Wednesday announced an investment of Rs 300 crore, for the expansion of it's greenfield project in Jambusar at Bharuch district of Gujarat.

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