Latest news with #Rs41
Time of India
19-05-2025
- Business
- Time of India
Nagpur police probe multi-crore scam, tax evasion involving 175 companies
Nagpur: The crime branch is conducting raids and searches at different places in Nagpur in the Rs156 crore GST scam , bringing around 175 companies under its scanner. In the last 24 hours, nine teams of crime branch conducted 11 searches. Sources said that material worth more than Rs41 lakh, which included cash exceeding Rs24 lakh, has been seized from the five persons arrested so far in the case. The five arrested, Bunty Shahu, Jayesh Shahu, Anand Harde, Rushi Lakhani, and Brijkishor Maniyar, are now being interrogated in police custody. The cops are expected to seek an extension of their custody. "We have information the racketeers formed 70 companies on the basis of fake documents . The records, documents, invoices, and online transactions of these companies need to be recovered," said DCP Rahul Maknikar, who, along with ACP Abhijit Patil, started unearthing the scam, which likely cost the state exchequer crores of rupees in the form of various tax evasions. Apart from sales tax and GST evasion, the crime branch is now engaged in unearthing hawala transactions and involvement in online gaming by the businessmen named in the scam. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Добро пожаловать в Аравию SAUDI Забронировать Undo Sources said the nine businessmen and their aides misused SIM cards issued with fake documents in various illegal activities, including online gaming. The case was registered following the complaint of one Biswajit Roy, whose Aadhaar card, PAN card, SIM cards, and other signed documents were misused to create a firm in his name, only to use it to create fake transactions to the tune of around Rs96 crore last year. The nine businessmen issued fake receipts to around 117 companies, which are now under the crime branch radar. "Whether these 117 companies exist at all is a question," said Maknikar. In a similar way, the racketeers also used documents and credentials of one Mithun Rajpande to create a fake firm and issue bogus receipts to around 57 companies whose existence is being probed. "The crime branch will probe the transportation receipts and bills of the suspected companies. We will summon the transporters to furnish their records and bills issued to the businessmen who are in police custody now. A section of transporters are under the scanner, and their involvement cannot be ruled out," said a senior official part of the probe. Sources said that police are now engaging electronic gadget experts to recover evidence from the seized laptops and pen drives. The cops feel substantial evidence of fraud is likely to be gathered from the laptops and pen drives. "During the initial probe, it came to the fore that the firms engaged school dropouts as accountants to operate the transaction books," said a senior official.
Time of India
07-05-2025
- Business
- Time of India
Carry-forward stock likely to keep sugar price stable, says ISMA DG
Pune: Director general of Indian Sugar and Bio-energy Manufacturers Association (ISMA) Deepak Ballani said the sugar price might remain stable despite a decline in production because of surplus carry-forward stocks .The sugar millers' association anticipates the sugar production to drop to 264 lakh tonnes in the 2024-25 cycle (Oct to Sept). India's sugar output during the previous cycle was 299 lakh tonnes. Factoring in the diversion of sugar towards ethanol production, the decline in sugar production would be around 20 lakh tonnes, Ballani told lower sugar production could be attributed to damage to crops because of unseasonal rainfall in Maharashtra and red rot in Uttar Pradesh, he said. India was well placed with carry-forward stocks despite a drop in production, he said. This would support domestic consumption until the new production hits the market."Sugar production was enough to meet domestic consumption and exports in addition to ethanol production. This year, the govt has allowed 10 lakh tonnes of exports, of which Maharashtra's share is around 3.5 lakh tonnes," Ballani had 80-90 lakh tonnes of export quota for 2023-24. By September-end, stocks are expected to be 80 lakh tonnes. This led to higher carry-forward stocks to cater to domestic consumption for two months to address the gap between the new sugar coming in. Typically, 45-50 lakh tonnes were enough to meet consumers' demand for two months, Ballani expects the sugarcane production to pick up in the 2025-26 season in Maharashtra and said ISMA was lobbying with the govt to establish a linkage between Fair and Remunerative Price (FRP), and sugar and ethanol prices to make the sugar price more competitive."Every time the FRP is increased, there should be a corresponding revision in sugar and ethanol prices. The minimum selling price for sugar is Rs31 per kg. It has not been revised since 2019. The ex-mill price decreases to Rs30-33 in Maharashtra and Rs36 in Uttar Pradesh because of surplus stock at the start of the season. It is much below the production cost. The average cost of production is Rs41 per kg," Ballani said.
Times of Oman
06-02-2025
- Business
- Times of Oman
SBI reports 84% jump in net profit, strong credit growth and improved asset quality
New Delhi: The State Bank of India (SBI) has reported a significant 84.32 per cent year-on-year (YoY) growth in net profit, reaching Rs16,891 crore in Q3FY25. This strong performance was driven by higher operating profit and improved asset quality. According to SBI, the operating profit for the quarter stood at Rs23,551 crore, marking a 15.81 per cent YoY increase. Additionally, the Net Interest Income (NII) grew by 4.09 per cent YoY to Rs41,446 crore, while the Return on Assets (ROA) improved to 1.04 per cent, rising 42 basis points (bps) YoY. The bank's Net Interest Margin (NIM) for the domestic business stood at 3.15 per cent in Q3FY25. The bank also witnessed robust credit growth, with total advances crossing Rs40 lakh crore. Credit growth stood at 13.49 per cent YoY, with domestic advances growing by 14.06 per cent YoY, while foreign office advances increased by 10.35 per cent YoY. Segment-wise, SME lending surged by 18.71 per cent YoY, followed by agriculture loans at 15.31 per cent YoY. Corporate advances rose 14.86 per cent YoY, while retail personal advances registered a growth of 11.65 per cent YoY. On the deposit front, the total deposits grew by 9.81 per cent YoY, with the Current Account Savings Account (CASA) ratio at 39.20 per cent as of December 31, 2024. The bank has also demonstrated improved asset quality, with the Gross NPA ratio reducing to 2.07 per cent, an improvement of 35 bps YoY. The Net NPA ratio improved by 11 bps YoY to 0.53 per cent, indicating better risk management and recoveries. The Provision Coverage Ratio (PCR) rose to 74.66 per cent, marking an improvement of 49 bps YoY. Moreover, the slippage ratio for Q3FY25 improved by 19 bps YoY to 0.39 per cent, further strengthening the bank's financial stability. On the capital front, the Capital Adequacy Ratio (CAR) stood at 13.03 per cent at the end of Q3FY25, ensuring a strong capital position. The bank continues to expand its digital presence, with 64 per cent of new savings accounts opened digitally through YONO. Additionally, the share of transactions through alternate banking channels increased to 98.1 per cent in 9MFY25, compared to 97.7 per cent in 9MFY24. Overall, the bank's strong profitability, improved asset quality, and growing digital banking presence reflect its resilient growth trajectory.
