ED arrests CMD of BRD group for duping investors by promising 18% return
ED arrests CMD of BRD group for duping investors by promising 18% return
William Verghese is being probed by the ED on charges that he persuaded people to invest money in various companies of the BRD Group by promising them 18 per cent returns per annum.
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The Enforcement Directorate (ED) has arrested the Chief Managing Director of Kerala-based BRD Group, CC William Verghese from Trissur district. William Verghese was produced before a special court in Ernakulam which sent him to ED s custody for seven days.
Verghese is being investigated by the financial probe agency on charges that he persuaded people to invest money in various companies of the BRD Group by promising them 18 per cent returns per annum. These companies include BRD Finance Limited, BRD Securities Limited and BRD Motors Limited.
Department for Promotion of Industry and Internal Trade (DPIIT) Secretary, Ministry of Commerce and Industry, Guruprasad Mohapatra on Friday said that the measures envisaged in the Budget for 2021-22 will further boost the Start-ups in the country.
In a press briefing held here, Dr. Mahapatra said that measures such as Incentivizing incorporation of One Person Companies (OPCs) directly benefits Startups and Innovators in the country, according to an official release.
The budget incentivizes the incorporation of One Person Companies (OPCs) by amending the Companies (Incorporation) Rules to allow OPCs to grow without any restrictions on paid-up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non-Resident Indians (NRIs) to incorporate OPCs in India.
Department for Promotion of Industry and Internal Trade (DPIIT) Secretary, Ministry of Commerce and Industry, Guruprasad Mohapatra on Friday said that the measures envisaged in the Budget for 2021-22 will further boost the Start-ups in the country. In a press briefing held here, Dr. Mahapatra said that measures such as Incentivizing incorporation of One Person Companies (OPCs) directly benefits Startups and Innovators in the country, according to an official release. The budget incentivizes the incorporation of One Person Companies (OPCs) by amending the Companies (Incorporation) Rules to allow OPCs to grow without any restrictions on paid-up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non-Resident Indians (NRIs) to incorporate OPCs in India.
Synopsis
Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers.
In the Statement on Development and Regulatory policy issued today by the RBI Governor Shatikanta Das, it has been proposed to merge the three-separate ombudsman schemes for banks, NBFCs and non-bank prepaid instruments. As per the announcement, the Integrated Ombudsman Scheme will be rolled out in June, 2021.
Currently, there are separate ombudsmen for banks, non-banking finance companies and prepaid card issuers. The move is aimed at providing an efficient dispute resolution mechanism to the customers.
FinMin to clarify on residency status of NRIs, foreign nationals in India due to COVID-19
There were expectations that the government would clarify on the residency status of these individuals in the 2021-22 Budget, which was presented on February 1
PTI | February 5, 2021 | Updated 08:02 IST
The Finance ministry will issue a circular to provide clarity on the residency status of NRIs and foreign nationals stuck in India in the current fiscal due to the coronavirus pandemic. For the fiscal ended on March 31, 2020, the ministry, in May last year, clarified that the period of stay of Non-Resident Indians (NRIs) and foreign nationals in India during the lockdown period would not be counted for the purpose of determining their residency status for the purpose of taxation.