The business wrap: Rs 60 crore found in 20 fake accounts at Axis Bank, and six other top stories
In other headlines: US Federal Reserve increased its key interest rates by 25 basic points and the Sensex declined following developments in the United States.
A look at the headlines in this sector right now:
- I-T raid finds Rs 60 crore in 20 fake accounts at an Axis Bank branch in Noida: The accounts, which were opened in the names of low-income workers and labourers, were reportedly being used by companies to cover up black money.
- US Federal Reserve hikes key interest rates by 25 basis points: The increase and the strengthening of the dollar against the rupee may spell problems for India.
- Sensex closes 84 points lower, Nifty by 29 as markets respond to US Federal Reserve’s rate hike: The strong buying of IT stocks saw the BSE recover from an intra-day low of 200 points.
- Niti Aayog announces awards of up to Rs 1 crore to promote cashless transaction: The National Payments Corporation of India will also give away Rs 1,000 each to 15,000 winners for the next 100 days, and 7,000 weekly awards for merchants.
- Court fines Ramdev’s Patanjali Ayurved Rs 11 lakh for misleading advertisements: The company sold certain products with its label although those were manufactured somewhere else.
- India is prepared to deal with increased US Federal Reserve interest rates, says chief economic adviser: Arvind Subramanian said the development will lead to volatile and uncertain in capital flows in emerging market economies.
- I-T department warns against making drastic changes on revised tax returns: The agency fears a few taxpayers may misuse this amendment to legalise their black money.