The Delhi High Court has issued notices to the Union government, the GST Council and the Central Board of Excise and Customs (CBEC) over the issue of double taxation on imported goods sold from one Customs-bonded warehouse to another.

The matter would come up for hearing on March 8.

Abhishek Rastogi of Khatian & Co said the issue relates to a Customs circular that has raised fears of the government imposing integrated goods and services tax (GST) twice on these kinds of transaction.

The tussle between auto fuel dealers and the government over minimum wages for over one million petrol pump staff has intensified with the dealers getting stay orders from Ernakulam and Jammu high courts among others.

On August 4, the government made it mandatory for retail outlets to pay Central minimum wages to retail outlet attendants.

Telecom disrupter Reliance Jio updated its recharge plans once again with a Happy New Year plan that will give higher data benefits to users, it said.

“The MRP 199 plan provides free voice, unlimited data (1.2-GB high-speed 4G data a day), unlimited SMS and subscription to Premium Jio Apps for all Jio Prime Members for 28 days.

The first round of bidding under the central government's SHAKTI scheme for providing coal to private power units would see revival of 10,000 Mw of generation capacity, it is estimated.

Among the companies to benefit are Adani Power, Lalitpur (Bajaj Hindustan), KSK Mahanadi, GMR Energy and GVK. These stressed assets had a locked investment of at least Rs 40,000 crore.

Tata Consultancy Services (TCS) has bagged a $2.25-billion deal from television ratings company Nielsen — the largest ever outsourcing deals for the Indian IT sector.

The deal marks the renewal of TCS’ engagement with Nielsen, which was first awarded $1.2 billion, a 10-year contract to the Mumbai-based company in 2008. In 2013, the deal size was expanded to $2.5 billion.

The UIDAI has given conditional approval to Bharti Airtel for conducting Aadhaar-based e-KYC verification of mobile subscribers up to January 10 after the telecom operator made a payment of Rs 138 crore related to DBT subsidy. However, Bharti’s subsidiary Airtel Payments Bank has not been allowed to use e-KYC licence key that will remain deactivated until further notice, sources said. On December 16, the UIDAI suspended e-KYC licences of Bharti Airtel and Airtel Payments Bank following charges that the Aadhaar-eKYC based SIM verification process was used to open payments bank accounts of its subscribers without their consent.

Mukesh Ambani-led Reliance Jio may bid for Reliance Communications (RCom) India assets for Rs 18000 crore, while Bharti Airtel has placed an offer of Rs 7,600 crore for the debt-ridden company's global assets, according to a report.

RCom has received non-binding bids from Reliance Jio Infocomm and Bharti Airtel, said the Economic Times report quoting a source.

A Seoul court on Friday found Lotte Group Chairman Shin Dong-bin guilty of breach of trust and sentenced him to 20 months in prison, suspended for two years, leaving him free to try and revive the conglomerate after steep losses in China.

The Seoul Central District Court cleared the executive of some counts of breach of trust and also of embezzlement.

NEW DELHI: Banks lost a whopping Rs 16,789 crore on account of frauds in the last fiscal, the finance ministry said in the Lok Sabha on Friday.

The Reserve Bank has informed that as per the fraud monitoring reports submitted by the scheduled commercial banks and select financial institutions, "the amount lost on account of frauds during 2016-17 was Rs 16,789 crore", said Minister of State for Finance Shiv Pratap Shukla in a written reply.

S&P BSE Sensex was away 46 points from hitting 34,000 while NSE Nifty was just short off 8 points from kissing 10,500 level for the first time ever on Friday. India’s stock markets edged up higher in the mid-morning trade after opening almost flat in the early session today. Blue-chip shares of Infosys, Tata Consultancy Services, Bharti Airtel, State Bank of India, Wipro, Tata Motors, ICICI Bank and Reliance Industries inched up and were among the top gainers of Sensex.

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