Income Tax raids uncover Rs 1,000 crore bogus expenditure in Karnataka’s cooperative banks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Income Tax department recently conducted raids on several cooperative banks in Karnataka, leading to the discovery of financial irregularities and bogus expenditure amounting to Rs 1,000 crore. 

On March 31, the IT department searched 16 premises of these banks due to suspicions that they were involved in routing funds of various business entities of their customers to evade tax liabilities. 

During the search, cash amounting to more than Rs 3.3 crore and jewellery worth Rs 2 crore were seized.

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According to the Central Board of Direct Taxes (CBDT), “the seized evidences revealed that these Cooperative Banks were involved in rampantly discounting bearer cheques issued by various business entities, in the name of various fictitious non-existing entities.”

“These business entities included contractors, real estate companies, etc,” it noted.

This was done without following KYC norms, and the amounts after discounting were credited to bank accounts of certain cooperative societies maintained by these banks. The cooperative societies then withdrew funds in cash and returned them to the business entities in question. 

“This was done to mask the source of the cash withdrawal and enable these business entities to book bogus expenses,” it said.

The department stated that these cooperative societies were used as a “conduit” in this modus operandi, and the beneficiary business entities could have booked bogus expenditure to the tune of around Rs 1,000 crore.

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The IT department also discovered that these banks allowed the opening of fixed deposit accounts using cash deposits without adequate due diligence and subsequently sanctioned loans using these deposits as collateral. 

The department seized evidence indicating that unaccounted cash loans amounting to over Rs 15 crore were given to certain persons/customers.

The CBDT claimed that the management of these cooperative banks generated unaccounted money through their real estate and other businesses, which was brought back into the books of account through multiple layering via these banks.

Furthermore, the bank funds were routed, without following due diligence, through various firms and entities owned by management persons for their personal use.

Karnataka is set to vote for its 224-member assembly on May 10, with vote counting scheduled for May 13.

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India rejects China’s objection to Amit Shah’s visit to Arunachal Pradesh

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India on Tuesday firmly rejected China’s objection to Home Minister Amit Shah’s visit to Arunachal Pradesh and asserted that the state “was, is and will” always remain an integral and inalienable part of India.

External Affairs Ministry spokesperson Arindam Bagchi said objecting to such visits does not stand to reason and will not change the reality.

“We completely reject the comments made by the Chinese official spokesperson. Indian leaders routinely travel to the state of Arunachal Pradesh as they do to any other state of India,” Bagchi said.

“Arunachal Pradesh was, is and will always remain an integral and inalienable part of India. Objecting to such visits does not stand to reason and will not change the above reality,” he said.

Bagchi was responding to media queries on the Chinese reaction.

In a clear message to China from the border village of Kibithoo in Arunachal Pradesh, Shah on Monday had said no one can dare cast an evil eye on India’s territorial integrity and encroach even an “inch of our land.” He said said the era when anyone could encroach the borderlands of India was over.

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IMF says global growth prospects over medium term now seem dimmer than in decades

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Global growth will bottom out at 2.8 percent this year before rising modestly to 3 percent next year on the back of tightening global financial conditions, the International Monetary Fund (IMF) said in a report.

Tentative signs in early 2023 that the world economy could achieve a soft landing—with inflation coming down and growth steady—have receded amid stubbornly high inflation and recent financial sector turmoil, the IMF said in its latest World Economic Outlook report published on Tuesday.

The baseline forecast, which assumes that the recent financial sector stresses are contained, is for growth to fall from 3.4 percent in 2022 to 2.8 percent in 2023, before rising slowly and settling at 3.0 percent five years out––the lowest medium-term forecast in decades, the report said.

Advanced economies are expected to see an especially pronounced growth slowdown, from 2.7 percent in 2022 to 1.3 percent in 2023. In a plausible alternative scenario with further financial sector stress, global growth declines to about 2.5 percent in 2023––the weakest growth since the global downturn, as per the IMF.

Also Read: World Bank warns of steep global slowdown, but there may be hope yet

IMF said the recent banking crises in the US with the Silicon Valley Bank, and in Europe’s Credit Suisse bank have roiled financial markets. “The unexpected failures of two specialised regional banks in the United States in mid-March 2023 and the collapse of confidence in Credit Suisse—a globally significant bank—have roiled financial markets, with bank depositors and investors re-evaluating the safety of their holdings and shifting away from institutions and investments perceived as vulnerable. The loss of confidence in Credit Suisse resulted in a brokered takeover. Broad equity indices across major markets have fallen below their levels prior to the turmoil, but bank equities have come under extreme pressure,” the report said.

A hard landing- particularly for advanced economies- has become a much larger risk. Policymakers may face difficult trade-offs to bring sticky inflation down and maintain growth while also preserving financial stability, the report said.

Inflation Slowly Converging to Target

“With the recent increase in financial market volatility and multiple indicators pointing in different directions, the fog around the world economic outlook has thickened. Uncertainty is high, and the balance of risks has shifted firmly to the downside so long as the financial sector remains unsettled. The major forces that affected the world in 2022—central banks’ tight monetary stances to allay inflation, limited fiscal buffers to absorb shocks amid historically high debt levels, commodity price spikes and geoeconomic fragmentation with Russia’s war in Ukraine, and China’s economic reopening—seem likely to continue into 2023,” said IMF.

IMF’s chief economist Pierre-Olivier Gourinchas said, “The global economy’s gradual recovery from both the pandemic and Russia’s invasion of Ukraine remains on track.

China’s reopened economy is rebounding strongly. Supply chain disruptions are unwinding, while dislocations to energy and food markets caused by the war are receding. Simultaneously, the massive and synchronized tightening of monetary policy by most central banks should start to bear fruit, with inflation moving back towards targets.”

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He added, “Recent banking instability reminds us, however, that the situation remains fragile. Once again, downside risks dominate and the fog around the world economic outlook has thickened.”

Inflation Still High, But Falling

Global headline inflation is set to fall from 8.7 percent in 2022 to 7.0 percent in 2023 on the back of lower commodity prices, but underlying (core) inflation is likely to decline more slowly, IMF warned. Global inflation is seen at 4.9 percent in 2024, the report added.

Inflation Turning Down or Plateauing?

Inflation’s return to target is unlikely before 2025 in most cases. Once inflation rates are back to targets, deeper structural drivers will likely reduce interest rates toward their pre-pandemic levels. More worrisome are the side effects that the sharp monetary policy tightening of the last year is starting to have on the financial sector, the report found.

“Should we worry about the risk of an uncontrolled wage-price spiral? At this point, I remain unconvinced. Nominal wage gains continue to lag price increases, implying a decline in real wages. Somewhat paradoxically, this is happening while labor demand is very strong, with firms posting many vacancies, and while labor supply remains weak— many workers have not fully rejoined the labor force after the pandemic.

This suggests real wages should increase, and I expect they will. But corporate margins have surged in recent years—this is the flip side of steeply higher prices but only modestly higher wages—and should be able to absorb much of the rising labor costs, on average. Provided inflation expectations remain well-anchored, that process should not spin out of control. It may well, however, take longer than anticipated, said Gourinchas.

A Challenging Outlook

The World Economic Outlook report warned that a return of the world economy to the pace of economic growth that prevailed before the bevy of shocks in 2022 and the recent financial sector turmoil is increasingly elusive.

“More than a year after Russia’s invasion of Ukraine and the outbreak of more contagious COVID-19 variants, many economies are still absorbing the shocks. The recent tightening in global financial conditions is also hampering the recovery. As a result, many economies are likely to experience slower growth in incomes in 2023, amid rising joblessness,” it said.

Moreover, even with central banks having driven up interest rates to reduce inflation, the road back to price stability could be long, IMF added. “Over the medium term, the prospects for growth now seem dimmer than in decades.”

Risks to Outlook

IMF noted that the risks to the outlook are heavily skewed to the downside, with the chances of a hard landing having risen sharply. Financial sector stress could amplify and contagion could take hold, weakening the real economy through a sharp deterioration in financing conditions and compelling central banks to reconsider their policy paths, it said.

Also Read: Indian economy remains resilient in hostile global environment, says RBI governor

Among other key risks, it pointed out that pockets of sovereign debt distress could, in the context of higher borrowing costs and lower growth, spread and become more systemic. The war in Ukraine could intensify and lead to more food and energy price spikes, pushing inflation up.

External Debt Vulnerabilities for Emerging Market and Developing Economies Are High

Core inflation could turn out more persistent than anticipated, requiring even more monetary tightening to tame. Fragmentation into geopolitical blocs has the scope to generate large output losses, including through its effects on foreign direct investment, it added.

India’s Growth Outlook Cut

India’s growth forecasts have also been cut sharply for both the current and next fiscal. As per IMF’s latest report, India’s real GDP growth rate for FY2024 is estimated at 5.9 percent, 20 basis points lower than IMF’s January forecast, and far lower than the Reserve Bank of India’s 6.5 percent estimate.

Thereafter, India’s GDP growth for FY25 is seen at 6.3 percent, a good 50 basis points lower than IMF’s January forecast. India’s consumer price inflation is seen at 4.9 percent in FY24 and 4.4 percent in FY25, as per the report.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IPL 2023, DC vs MI highlights: Cameron Green, Tim David hold nerves to steer Mumbai Indians home in a tense last-ball finish

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mumbai Indians (MI) will square off against the Delhi Capitals (DC) at the Arun Jaitley Stadium in New Delhi on Tuesday. Both teams are yet to secure their first victory of the season with Mumbai losing twice and Delhi failing to cross over the finishing line three games in a row now. The upcoming contest will finally allow both the sides to break the deadlock and open their points tally at the expense of the opposing side.

Delhi have looked very out of sorts so far with their batting failing to gather any steam in the absence of Rishabh Pant. David Warner has been amongst the runs but with only a strike rate of 117.03 so far. Prithvi Shaw has struggled to get going whereas the Capitals’ experiments with Sarfaraz Khan and Manish Pandey haven’t worked out so far.

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Their tendency to shield Caribbean big-hitter Rovman Powell pushes him down the order and Rilee Rossouw has not translated his success from other competitions in the Indian Premier League (IPL) so far. There are far too many under-performing stars in that Delhi unit and hence they need to overhaul their batting template rather than chop and change players in the XI.

On the other hand, Mumbai are facing a similar dilemma with their top-order comprising Rohit Sharma, Ishan Kishan and Cameron Green having been unable to score the big runs until now. Even Mumbai’s bowling is lacking bite without Jasprit Bumrah and Jofra Archer and they simply do not have quality spinners to exploit the slow turners that they will be offered in tracks like the Feroz Shah Kotla and other similar grounds.

Predicted Playing XI

Delhi Capitals: Prithvi Shaw, David Warner (c), Manish Pandey, Rilee Rossouw, Lalit Yadav, Axar Patel, Rovman Powell, Abhishek Porel (wk), Kuldeep Yadav, Mukesh Kumar, Anrich Nortje.

Impact Player: Khaleel Ahmed/Chetan Sakariya

Mumbai Indians: Rohit Sharma (c), Ishan Kishan (wk), Cameron Green, Suryakumar Yadav, Tilak Varma, Tim David, Hrithik Shokeen, Kumar Kartikeya, Riley Meredith, Piyush Chawla, Jason Berendorff.

Impact Player: Arshad Khan

Key Player To Watch

Prithvi Shaw (Delhi Capitals)

Delhi need an injection of power and charisma at the top of the order and Prithvi Shaw can provide exactly that if he can get in the groove. He has looked very out of sorts so far but a feeble Mumbai bowling unit could be the perfect opposition for him to regain some of his batting touch. Warner hasn’t been timing the ball that well yet and a possible blitzkrieg from Shaw at the top could provide the Australian opener just that little bit of cushion to get some positive momentum under his belt.

Rohit Sharma (Mumbai Indians)

The Mumbai skipper admitted after the game against Chennai that the senior players in the team need to step up, starting with him. Rohit showed some good intent in his brief stay on the crease at Wankhede on Sunday. He was undone by a peace of a delivery by Tushar Deshpande but the captain showed some good touch by charging down the track a couple of times. He should try and take that intent into the game against Delhi and possibly see if he can convert this knock into a big score.

Pitch Report

The average first innings batting score at the Arun Jaitley Stadium in 13 games is merely 139, which suggests that bowlers might dominate this contest on Tuesday.

Where to Watch?

The match will commence at 7:30 pm on Tuesday and television viewers can tune into action on the Star Sports network. Digital users can bounce to the JioCinema application to catch the game at the same time.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Karnataka Election 2023: Kumaraswamy says ‘Shakunis’ brainwashing his brother over Hassan seat

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The rift within former Prime Minister H D Deve Gowda’s family over the Hassan ticket for the May 10 Assembly polls widened on Tuesday, with JD(S) leader H D Kumaraswamy invoking the battle of ‘Kurukshetra’ in the epic Mahabharata to allege that some ‘Shakunis’ were trying to brainwash his brother H D Revanna.

Speaking to reporters, he said even his father and JD(S) patriarch H D Deve Gowda was unable to convince his elder brother Revanna, a former minister, and called it “bad fortune”.

The Hassan seat has become a major bone of contention, as Revanna’s wife Bhavani Revanna, who has thrown her hat in the ring, has not relented despite her brother-in-law Kumaraswamy repeatedly making it clear that she would not be fielded and instead a “loyal party worker” would be made to contest.

Bhavani Revanna is a former Hassan zilla panchayat member. She has the backing of her husband as well as their sons Prajwal, who is a member of the Lok Sabha from Hassan, and Suraj Revanna, an MLC.

Kumaraswamy reiterated that his clear stand was that a party worker should be given a ticket in Hassan and that there was no question of any compromise on this. “I had said one-and-half years ago itself that to defeat the BJP candidate in Hassan, a member of our family need not become a candidate. The party has the courage to fight the election by fielding an ordinary party worker from Hassan.”

Kumaraswamy said, “There are Shakunis (the character in the epic Mahabharata) in Hassan, to ruin the family…Shakunis disturb the mind. Why did the Kurukshetra war happen, it is because of Shakuni’s conduct. This is the history of this soil and such things have happened all along in this country.”

Shakunis were not in the family but were from other parties and they came in the form of those who claim to be “fans and wellwishers”, he clarified, and said, “The Shakunis from morning till evening have brainwashed (Revanna and family), I know what is going on.” In a message directed at his brother and family, the JD(S) legislature party leader said, “If you try to nurture those pretending to be well-wishers of the Deve Gowda family but in reality have an intention to finish it off, what can I do?”

Responding to a question about Deve Gowda trying to convince Revanna, he said, “He tried, but Deve Gowda too doesn’t have the strength to convince Revanna today. It is our bad fortune, what to do?” With signs of a rift in the family owing to the Hassan ticket issue, Gowda, who has not been actively involved in political activities for some time now due to age-related ailments, recently held discussions with his two sons and Bhavani together, which however failed to break the deadlock.

Both Kumaraswamy and Revanna have since been maintaining that Gowda’s word would be final on the Hassan ticket issue.

Stating that Revanna has not contacted him till now on the subject, Kumaraswamy said, Revanna “somewhere seems to be under a fear on this issue; he has to convince me regarding the grounds for (Bhavani’s) contest”.

“I have said what my stand is a number of times. The ticket should be given to a party worker. For about four-and-a-half months now I have been working for 17 hours a day to bring this party to power independently, without caring about my health. God has to give better sense to those attempting to cause hindrance in achieving the target,” he said.

Stating that there was no question of prestige or ego between him and Revanna, he said, “I am saying what I am saying based on the ground reality, with an intention that the party should win. If selfishness is more important than the party, I cannot do anything.” Hassan is the home district of Deve Gowda, and the party in 2018 Assembly polls had won in six out of seven segments other than the Hassan Assembly seat, which BJP’s Preetham Gowda clinched, making it the first ever win for the saffron party in the Vokkaliga dominated district.

Meanwhile, Revanna met Deve Gowda in Bengaluru last night.

Speaking to reporters in Hassan on Tuesday, he said, “I have said what I have to, to Deve Gowda. Whatever he decides is final, it is left to him. He knows this district’s politics for six decades.” Refraining from commenting on the ‘Shakuni’ remarks of his brother and about him not paying heed to their father’s advice on the issue, he said, “Deve Gowda is our supreme leader…I have always abided by him and his words in the past and will continue to do so in the future too…..Unnecessary things are going on in the media”.

He also said he wanted JDS to win all seven seats in Hassan district, and “Kumaranna” (Kumaraswamy) to become CM.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Macquarie said to weigh sale of $1.5 billion India road contract

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Macquarie Group is considering selling a portfolio of nine highway projects in India and may seek at least $1.5 billion, according people familiar with the situation.

The firm is in preliminary discussions with advisers about the potential deal, the people said, asked not to be identified discussing a private matter. Deliberations are at an early stage and Macquarie may decide to keep the assets, the people said.

A representative for Macquarie declined to comment.

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The Australian financial giant won a government-led bidding process in 2018 with an offer of 96.8 billion rupees ($1.2 billion) for a so-called toll-operate-transfer agreement, according to a press release. The projects consist of about 681 kilometers of roads in Andhra Pradesh and Gujarat.

India plans to spend 11 trillion rupees on highways within the decade, including monetising 400 billion rupees worth of highway projects through toll-operate-transfer, it said in 2021.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India likely to list Shipping Corporation of India Land and Assets by April end

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian government expects to list the state-owned Shipping Corporation of India Land and Assets Ltd (SCILAL) by the end of this month,
sources privy to the developments told CNBC-TV18.

After the listing of SCILAL, the government will invite financial bids for SCI, according to multiple sources. The government is selling 63.75 percent of SCI.

Last year, the board of Shipping Corporation of India (SCI) approved an updated demerger scheme for hiving off the non-core assets of SCI to SCILAL, including Shipping House, Mumbai, and MTI (Maritime Training Institute), Powai, to complete the process of demerging all the non-core assets to the new company SCILAL.

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As per the balance sheet of SCI, the value of non-core assets held for demerger as of March 31, 2022, stood at Rs 2,392 crore.

In March 2021, the government received multiple bids for privatisation of the SCI. However, the demerger process got delayed.

The Department of Investment and Public Asset Management (DIPAM) in December 2020, had invited expressions of interest (EoIs) for strategic disinvestment of its entire stake of 63.75 percent in SCI, along with the transfer of management.

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The Union Cabinet, in November 2020, had given in-principle approval for the strategic divestment of SCI.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Dell announces new Alienware and Inspiron laptops in India — check prices, specs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Dell Technologies on Tuesday, April 11, announced the launch of new gaming and consumer laptops in India for gamers, creators, and students. 

The latest gaming machines include Alienware m18 and x16 R1 laptops with 13th Gen Intel Core i5 and i7 processors with NVIDIA GeForce RTX 40 Series GPUs. The Alienware m18 houses up to 64GB of RAM and 9TB of storage capacity, and a QHD display with 165Hz refresh rate with NVIDIA Advanced Optimus and G-SYNC support.

The Alienware x16 has a 240Hz QHD+ display capable of a 3ms response time with a six-speaker setup, featuring 100 micro-LEDs on the rear stadium and enhanced with new AlienFX Scanner, Loop, and Rainbow lighting mods. It offers up to 32GB of RAM and up to 4TB of storage. It also features a Multi-touch AlienFX touchpad with integrated scrolling.

Both the Alienware laptops feature taller 16:10 displays with Dolby Atmos and Dolby Vision and a higher-resolution FHD webcam. Additionally, the laptops have a vapour chamber that covers the CPU and GPU, seven heat pipes, and four fans that, Dell says, make for 25 percent better airflow, along with CherryMX ultra-low-profile mechanical keyboards.

On the other hand, the Inspiron 16 and Inspiron 16 2-in-1 laptops come with 13th Gen Intel Core i5 and i7 processors, WiFi 6E, up to 16GB of LPDDR5 RAM with 512GB of storage, and ExpressCharge technology that, Dell claims, can reach up to 80 percent battery charge within an hour.

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The Inspiron 16 has an FHD+ display while the 2-in-1 variant comes with a 4K UHD display and a 360-degree hinge. For I/O, both devices have an HDMI port, 2 Thunderbolt 4 ports, 2 USB Type-A ports, an SD card reader, and a Universal Audio Jack.

Talking to CNBC-TV18, Atul Mehta, Senior Director and General Manager, India Consumer Channel, Dell Technologies, said despite the global slowdown that PC makers saw in the January-March period in 2023, the current projections in India seem “quite encouraging” with a “strong double-digit growth.” He also added that the new launches could help Dell meets its consumer needs.

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The new Alienware laptops will be available for sale starting April 12 across Dell.com, Dell Exclusive Stores (DES), and other outlets. The starting price for the Alienware m18 is 3,59,990 and the Alienware x16 is 3,79,990.

The Inspiron devices will be available for purchase starting April 14 at Dell Exclusive Stores (DES), and select multi-brand outlets. The Inspiron 16 will retail at a starting price of Rs 77,990 and the Inspiron 16 2-in-1 will start at Rs 96,990.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Meet VLCC’s newly appointed CEO Vikas Gupta

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The former chief of beauty products e-tailer Nykaa’s wholesale business arm Vikas Gupta has been appointed as the new CEO of the beauty and skincare giant VLCC on Tuesday. The announcement comes months after the global investment firm Carlyle announced a strategic collaboration with VLCC through the acquisition of a majority stake in December 2022.

The Carlyle Group-owned beauty and wellness firm has diverse businesses, including skincare, haircare, and weight management.

Vikas Gupta, who has over 20 years of experience in the FMCG sector, has held senior positions at Unilever, Flipkart, and Nykaa.

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In his most recent role, Vikas Gupta served as the CEO of Nykaa SuperStore, the B2B arm of the online retailer of fashion and beauty products. Gupta exited Nykaa last month.

He was previously the Executive Director, Home Care, and a Board Member, at Unilever Indonesia, where he led the end-to-end business for the Home Care division, delivering value creation and competitive top-line growth.

He has also held the position of Chief Customer and Marketing Officer at Flipkart. During his tenure at Unilever, Vikas served as the Global Vice President of Dirt is Good, Unilever’s largest single-category brand with a turnover of €4 billion. He was responsible for the brand’s global performance in terms of top and bottom-line growth, market shares, and brand equity.

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Vikas Gupta is an alumnus of the prestigious Indian Institute of Management, Lucknow, where he pursued his MBA in Marketing and Finance from 1996 to 1998. He also holds a Bachelor’s degree in Mechanical Engineering from Delhi College of Engineering, where he completed his BE in 1996.

Vandana Luthra founded VLCC in 1989, which is now spread across eleven nations in South Asia, the Middle East, and Africa including India, Sri Lanka, Bangladesh, Nepal, Singapore, Thailand, the UAE, Oman, Bahrain, Qatar, Kuwait, and Kenya. Additionally, it runs 100 skill development centres in India, offering professional training in the wellness and beauty segments.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow