In a bold move to curb black money and strengthen the formal economy, the Central Board of Direct Taxes (CBDT) has unveiled an aggressive action plan for the fiscal year 2025-26. According to sources, the board has set an ambitious target of unearthing Rs 2.4 lakh crore in undisclosed income-the first time such a massive […]
Commercial Taxes Inspector Arrested for Rs 20 Lakh Bribe in Paan Masala Smuggling
In a major crackdown on corruption, the Lokayukta police arrested a commercial taxes department inspector, Nijanandamurthy M.R., for allegedly accepting a ?20 lakh bribe to facilitate the illegal transportation of paan masala consignments into Bengaluru. The arrest took place near Nagarabhavi on Thursday, when Nijanandamurthy was allegedly caught red-handed while receiving cash from one Manoj […]
RBI Revises FEMA Compounding Rules: Penalty Capped at Rs 2 Lakh
The Reserve Bank of India (RBI) has introduced a key amendment to its compounding framework under the Foreign Exchange Management Act (FEMA), 1999. As per A.P. (DIR Series) Circular No. 04/2025-26, the central bank has decided to cap the maximum compounding amount at ?2,00,000 per regulation/rule for specific contraventions, under certain conditions. The amendment, effective […]