Thieves stole $30 million in cash: This Los Angeles heist sounds like it came from a thriller novel
The operators of the business did not discover the massive theft until they opened the vault. Thieves got away with $30 million in cash from a money storage... Key Points
The Tribune IndiaNew UPI feature: Soon, you can deposit cash through UPI at ATMs, announces RBI
While announcing the decisions of the Monetary Policy Committee on April 5, 2024, RBI Governor Shaktikanta Das mentioned, Deposit of cash through cash deposit machines (CDMs) is primarily being done through the use of debit cards. Given the experience gained from cardless cash withdrawal using UPI at the ATMs, it is now proposed to facilitate deposit of cash in CDMs using UPI. Customers can soon deposit cash at cash deposit machines (CDMs) at ATMs through UPI app. Key Points
Economic TimesRBI MPC meet: Now you can deposit cash via UPIs at ATMs. Here's how to do it
CDMs or cash deposit machines lets you deposit cash directly into the bank account using the debit card, saving you the hassle of visiting your bank. With RBI letting UPI do the task, it brings in a whole new ease for your banking. Key Points
Business TodayRetail frenzy creates Rs 17,500-crore confusion for smallcap fund managers
Even as retail investors continue to loosen purses for smallcap mutual funds, AMCs are sitting on a cash pile of Rs 17,500 crore. Fund managers have chosen to keep about 7.6% of the total assets under management (AUM) in cash, shows data collected by ET Mutual Funds. Key Points
Economic TimesThe $8.8 Trillion cash Pile That Has Stock-Market Bulls Salivating
Wall Street hopes trillions in money-market funds will flow into stocks and bonds. Investors have varying plans. Key Points
mint
Consider giving refunds to exporters in cash for tax remission schemes: GTRI to govt
The government is considering giving cash refunds to exporters instead of scrips for tax remission schemes, according to economic think tank GTRI. This move would improve cash flow for exporters, especially those facing a weak export outlook for 2024. Currently, refunds under the RoDTEP and RoSCTL schemes are issued as scrips, which can be sold to other importers. However, small exporters often receive less than the announced incentive due to discounted scrip sales. Key Points
Economic Timescash transfers might not be the best way to meet India’s welfare aims
They’re easy to implement and yield political rewards but divert resources from other deliverables. Recent state elections suggest a trend has set in that may make it harder to achieve what we must. Key Points
mintOdisha cash haul: I-T department winds off raids after ten days; sends report to CBDT
The Income-tax department concluded raids on Boudh Distillery Pvt. Ltd. (BDPL), an Odisha-based distillery firm owned by Congress MP Dhiraj Prasad Sahu's family and linked entities. The ten-day search, ending on December 15, resulted in a record cash haul of Rs 351 crore. Searches included the family house of the Congress MP in Ranchi and various entities. Key Points
Economic TimesI-T raid on Dhiraj Sahu: Here's what will happen to Rs 351 cr seized from Congress MP
After five days of counting against Odisha-based Boudh Distillery Private Limited, the seized amount was calculated at Rs 351 crore. This is the 'highest-ever' haul in a single action by any probe agency in the country. Key Points
Business TodayIncome tax raids yield Rs 290 crore cash recovery across three states
Income tax raids in three Indian states unveil a record ₹290 crore in cash, with more anticipated. Odisha-based distillery offices and affiliated sites were targeted, revealing cash concealed in furniture. Prime Minister Modi pledges the return of looted funds. BJP demands a CBI inquiry, implicating local leaders and the ruling BJD. Congress MP's properties in Jharkhand also yielded substantial amounts. Questions arise about the state's departments' involvement in the alleged tax evasion. Key Points
Economic Times
100 officers at Congress MP's premises; raid recovery to touch Rs 300 crore
With the cash seized during the Income Tax Department raids in Odisha is expected to reach Rs 300 crore, official sources said. It will be the "highest-ever" black money haul by any agency in a single operation. Key Points
India TodayOdisha cash haul set to be India's ‘highest-ever’ as I-T raids intensified
The raids on Boudh Distillery Private Limited began in Odisha, Jharkhand and West Bengal on Wednesday. The company is linked to Congress MP Dheeraj Sahu. | Latest News India Key Points
Hindustan TimesTax raids linked to Congress MP continues, 19 more bags worth Rs 20 crore seized
Tax raids on Dheeraj Sahu's premises in Odisha and Jharkhand have yielded over Rs 200 crore in unaccounted cash so far. Additionally, nearly 19 bags of money from the house of Bunty Sahu. Key Points
India TodayOver Rs 100 crore in cash and counting: Congress MP raided in Jharkhand, Odisha
Tax raids on several locations linked to Jharkhand Congress leader and Rajya Sabha MP Dheeraj Sahu's premises in Odisha led to the recovery of cash worth more than Rs 100 crore on Friday. The BJP has demanded an Enforcement Directorate probe into the matter. Key Points
India Todaycash may still be king despite pick up in digital transactions
The precautionary behaviour in cash usage is also evident from the excess financial savings of households, which rose to 15.5 per cent of the Gross National Disposable Income (GNDI) in 2020-21 from 11.7 per cent a year ago. The analysis also suggests that for transaction purposes cash is being increasingly substituted by digital means. Key Points
Economic Times
Moody’s revises up SoftBank outlook to stable after Arm IPO
SoftBank, which floated a little less than 10% of Arm shares in the IPO, had ¥6.7 trillion ($45 billion) in cash and cash equivalents as of end-September. That cash piles prompted a flurry of new investments by SoftBanks billionaire founder Masayoshi Son, as well as talks with OpenAIs ousted co-founder Sam Altman about helping to fund a possible chip startup. Key Points
Economic TimesNational Australia Bank's second-half cash profit falls as inflation persists
National Australia Bank (NAB.AX) on Thursday reported a rise in annual cash profit as it benefited from higher interest rates, but cautioned elevated competition and inflationary pressures that crimped second-half earnings by 10% would persist. Key Points
Reuterscash component in realty deals rising, reveals demonetisation anniversary eve survey
All cheque payments are more an exception as citizens surveyed revealed that only select builders selling flats and villas in large developments demand all cheque payments for the transaction. ... the norm in property transactions is use of cash and all cheque payments are more an exception, it said. Key Points
Economic TimesEV startups burn through more cash as demand falters
U.S. electric vehicle startups are expected to show the impact of Tesla's price war when they report quarterly results over the next few days, with investors awaiting details on how the companies are managing cash amid a funding drought. Key Points
ReutersTelangana PG medical seats-blocking ‘scam’: ED seizes cash transaction receipts worth crores
The federal probe agency said it has also frozen bank deposits of Rs 2.89 crore and seized "unaccounted" cash amounting to Rs 1.4 crore. Key Points
Financialexpress
Realtors see no rush as cash at play is a small amount now
The cash circulation is significantly lower and may not see the rush like 2016. There have been queries for residential assets and land-related transactions, but builders are also cautious, as most have had ED and IT raids recently, said the CEO of a Bangalore-based broking firm. In a bid to get rid of cash, some developers themselves are offering to pay in cash to brokers to settle dues. Key Points
Economic TimesView: India is once again making money a plaything
In November 2016, Prime Minister Narendra Modi shocked the world by outlawing the 500 ($6) and 1,000 rupee bills in which the country held 86% of its cash. This time, the coup de grâce has fallen on the 2,000 rupee banknote. Since it accounts for only 11% of the currency in circulation, and people have until Sept. 30 to change them into other denominations, its not as big a problem as the draconian ban back then. Key Points
Economic TimesPAN is mandatory to deposit Rs 2000 notes above this amount in bank account
The income tax rules have made quoting of PAN number mandatory. These include opening of bank account, demat account, FD deposit, depositing cash above the specified threshold. Key Points
Economic TimesHow much gold can you buy in cash without and with PAN, Aadhaar proof?
Many people are inquiring from jewellers about buying gold from the withdrawn Rs 2000 banknote. However, not many people are aware of how much gold can be bought in cash. Further, when does KYC rules for buying gold jewellery kick-in under the PMLA Act. Read on to know more about it. Key Points
Economic TimesRush to change Rs 2,000 notes spills on to many routes
People reacted differently on Saturday following the announcement of Rs 2,000 note withdrwal. Some hoarders tried to buy gold at a premium, others tried target forex and donations but most avoided bank deposits. Key Points
Economic Times
cash and jewellery worth crores seized during I-T raids on a politically active person in north Bengal
Along with searches at Mr. Kalyani’s house at Raiganj in Uttar Dinajpur district, raids were held at premises linked to his business partner in Malda district. Key Points
The HinduIndia funding costs surge to one-month high on cash squeeze
The weighted average call rate, an overnight funding cost rate that the central bank monitors, have climbed almost 30 basis points since the start of the year. At 6.78% on Wednesday, its just hovering above the upper band of the Reserve Bank of Indias interest-rate corridor of 6.75%. Key Points
Economic TimesOyo tells employees it turned cash flow positive in Q4 2023
Sources said the positive cash flow trajectory is expected to continue into the first quarter of FY2024. The companys cash corpus on the balance sheet is Rs 2,700 crore. Key Points
Economic Timescash is king now! Mutual funds hoarding Rs 63,000 crore, Buffett $130 billion
After hitting a record high on December 1 last year, Sensex and Nifty have been on a losing streak. The sell-off which started with concerns over valuations and FII outflows amid rate hikes and China re-opening, got extended due to a crisis in Adani stocks and banking turmoil in the US. Key Points
Economic TimesHow to withdraw cash from any ATM without debit card using your mobile phone
Now you don't have to carry your debit cards to withdraw your cash from an Automated teller machine (ATM). According to the Reserve Bank of India (RBI) last year's notice, cardholders are allowed to have interoperable cardless cash withdrawals across all bank ATMs in the country. Key Points
Economic Times
Rs 2,000 currency notes: Folding or unfolding?
The interplay of the kosher and forbidden, the official and unofficial cash, will influence macroeconomics in the short term, test the efficacy of New Delhis crusade against black money, and reflect the state of the underbelly of the money market. Normal households, corner shops and cafés have long stopped dealing in the unwieldy currency note. The bulk of the bills, as is widely believed, are with corrupt bureaucrats, politicians, builders, their handlers and other serious characters. Key Points
The Economic TimesWhen Will Polygon Recover? Polygon (MATIC) vs Bitcoin cash (BCH) vs VC Spectra (SPCT)
Polygon (MATIC) and Bitcoin cash (BCH) dropped in the recent crypto market crash. VC Spectra (SPCT) is predicted as a good investment option. Key Points
mintDilip Bhat looks at pharma to find the next multibagger
From midcaps, some of the stocks that we like have really run up quite a bit, but within this space, Radiant cash Management looks pretty interesting. It is in a CMS business. They have just reported results. What really stands out is that the opportunity is huge though the perception about the cash as a business is nothing really great, that the way the UPI is happening, they feel that the cash business may not be all that good but Radiant cash Management can clock 18% to 20% growth for the next couple of years. Key Points
Economic TimesWhen will the US run out of cash? The answer is complicated.
The Treasury Department has warned that the United States will run out of cash by June 1, and Secretary Janet Yellen has said that the exact date is nearly impossible to predict. Yellen has said that if Congress passes legislation to raise the debt ceiling, the government may be able to avoid defaulting on its debt. Key Points
Economic Times7 of 10 intra-day equity traders lost money in FY 2022-23: Sebi study
A study by market regulator Sebi showed that 7 out of 10 individual intraday traders in the equity cash segment made losses in the financial year 2022-23.... Key Points
The Tribune India
TCNS acquisition completes apparel portfolio for Aditya Birla Fashion: Ashish Dikshit
Aditya Birla Fashion and Retail has acquired ethnic wear retailer TCNS Clothing in a cash and share swap deal for a total cash consideration of ₹1,650 crore. TCNS will be merged into ABFRL in a share swap deal, with shareholders of TCNS receiving 11 shares of ABFRL for every six shares held. The acquisition gives ABFRL entry into the women’s premium ethnic wear segment and supplements its own ethnic women’s wear collection, providing access to premium brands such as W, Aurelia, Wishful and Eleven. TCNS reported a revenue of ₹896 crore for the year ending March 31, 2022. Key Points
The HinduOver Rs 2 crore in 'unclaimed' cash, 1kg gold found in basement of govt office in Jaipur
Cash worth Rs 2.31 crore and 1 kg gold bar were found by Jaipur police from the Department of Information and Technology office of Yojana Bhawan. The police have detained 7-8 persons in this connection. Key Points
India TodayAmit Shah attacks INDIA bloc on cash haul from Cong MP: ‘Why JDU, RJD silent?’
Attacking the parties, Shah said, “I understand Congress is silent as corruption is in their nature but JDU, RJD, DMK, and SP all are sitting silently..." | Latest News India Key Points
Hindustan TimesJefferies reshuffles portfolio to use spare cash, sells 3 stocks and buys 6
We add Coal India, Honasa, Eicher, NTPC, HDFC Bank and ICICI Pru Life at the cost of cash, Marico, Maruti, Power Grid, Mahesh Nandurkar of Jefferies said, adding that cash is being redeployed as key macro concerns of higher US yields, rising oil prices and near-term state election results have subsided. Maruti was replaced with Eicher because two-wheeler demand is expected to grow at a faster pace than passenger vehicles over the next 2 years. Key Points
Economic TimesVedanta's demerger plan may overshoot timeline
Experts have warned that Vedanta Ltd's plan to demerge its businesses may face delays due to lender scrutiny and the complexities involved in the proposed value-unlocking plan. The distribution of debt across the new entities will be a focus, as it could reduce cash flow fungibility. Approvals from the National Company Law Tribunal and the Indian government are also required, which could be challenging given the upcoming federal elections. Key Points
Economic Times
SBI launches fully revamped YONO app; to have UPI features like scan & pay
The State Bank of India (SBI) has launched its digital banking application called 'YONO for Every Indian' which provides access to UPI features such as Scan and Pay, Pay by contacts, and Request money. SBI also introduced Interoperable Cardless cash Withdrawal (ICCW) facilities, allowing customers to withdraw cash seamlessly using UPI QR cash functionality, eliminating the need for PIN entry or physical debit cards. Key Points
Economic TimesBudget 2024: Taxing tax rules must go
Perhaps no one knows more than the government that certain popular announcements involving little sacrifice of revenue can be a great gesture. More so because this is an election year. Key Points
The Economic TimesOver Rs 4.5 cr unaccounted cash seized in poll-bound Karnataka
Unaccounted cash to the tune of over Rs 4.5 crore was seized from a villa in Bangarpet Taluk here in poll-bound Karnataka, police said. Acting on a tip-off, the police raided a car belonging to a realtor, in which cash was found in gunny bags. Key Points
Economic TimesWhy cash will become a commoner; and other top tech & startup stories this week
To be sure, cash will continue to play a big part in the Indian economy. But over the next five years, cash will no longer be king. It will have to take its place among commoners. Key Points
Economic TimesCommercial Taxes dept detects use of multiple QR codes by hoteliers to evade tax
The vigilance wing of the Commercial Taxes department in Bengaluru has uncovered hoteliers using 30 QR codes to evade taxes and suppress actual turnovers. The search operation also discovered Rs 1.47 crore cash at the residence of one of the proprietors. The hoteliers were engaged in the supply of biriyani and non-vegetarian items, and they were receiving payments through multiple UPI accounts to hide their actual turnovers and avoid issuing tax invoices. Income Tax officials have initiated proceedings regarding the cash found. Key Points
Economic Times
Ludhiana’s ‘biggest heist’: Rs 8.49 cr robbed from cash management company’s office, states FIR
On February 12, 1987, a group of pro-Khalistan terrorists, dressed as cops, had looted Rs 5.7 crore from a branch of Punjab National Bank (PNB) in Ludhiana. Key Points
The Indian Express