Here are the India Business News Headlines 30th March 2018:
- Just ahead the end of the fiscal year, the Government has launched a crackdown on GST evaders and has already detected tax evasion of approx. Rs.440 crore, out of which Rs.100 Crore was detected in Chennai alone.
- IRCTC will launch its own payment gateway, which will get it additional revenue and also reduce its dependency on third-party payment services providers. The pilot is expected to start in the next 4-8 weeks. IRCTC currently sells around 1.2 million tickets per month.
- PNB fraud : PNB has objected to expedited sale of assets in US by firms linked to Nirav Modi on the basis that the sale will limit recovery of creditors and that the lack of clarity on the connection between debtors and Modi fraud, could also affect the bidding process.
- RBI has imposed a penalty of Rs.58.9 crore on ICICI Bank for violating rules of sale of securities from its HTM portfolio.
- Sebi has strengthened norms to enable stock exchanges to punish companies with heavier penalties if found non-compliant with listing and governance norms. Non-compliance on matters like financial results and voting results, timely dissemination of corporate governance compliance report, could result in suspension.
- Mid-stage venture capital fund Fundamentum Partnership has raised $20 million from Caisse de Dépôt et Placement du Québec, the Canadian pension fund. Fundamentum is looking to close the proposed $100-million fund very soon and may invest upto $15 million per project.
- Fynd, a fashion e-commerce platform, has raised an undisclosed amount of funding in its Series C round led by Google. Fynd lets offline retailers sell online. The company plans to use the funds to enhance customer experience. The deal value, however, is estimated to be around $10 million.
- Tata Trusts will exit from its group companies and sell its stake to Tata Sons. The move will allow trusts to raise more funds for investing in research firms as also build cancer hospitals.