Fake e-way bills were generated for several vehicle numbers, bogus invoices were received by the accused from the operator of fake firms for availing fraudulent ITC. Payments were made to the operator of these bogus firms through bank and the same were received back in cash by the accused after deducting the commission, up to 50% of the tax value involved in the fake invoices

The Central Goods and Services Tax (GST) Delhi North Commissionerate Saturday arrested one person who received fake invoices valued at Rs 71.22 crore involving fraudulent Input Tax Credit (ITCNSE -3.35 %) of Rs 12.82 crore from 30 bogus firms. 

The finance ministry said in a statement that the modus operandi was to create various fake firms in the name of employees of the operator of fake firms and other

https://economictimes.indiatimes.com/news/economy/finance/one-arrested-in-connection-with-fake-gst-invoices-worth-rs-72-crore/articleshow/74530935.cms

Allows one-time condonation of delay in filing statutory documents

The Centre has decided to introduce a new scheme — LLP Settlement Scheme 2020 — to help non-compliant Limited Liability Partnership (LLP) firms turn compliant and enable ‘ease of doing business’ for such entities.

This scheme would provide a one-time relaxation in additional fee to the defaulting LLPs to make good their default by allowing filing of pending documents and help them serve as a compliant LLP in future.

The scheme will come into force on March 16, 2020 and remain in force up to June 13, 2020, an official release said. It would be applicable to a “defaulting LLP” for filing documents, which were due for filing till October 31, 2019, on payment of a nominal additional fee of ₹10 per day for the period of delay.

This government move comes in the wake of several LLPs defaulting in filing statutory documents and their inability to correct the situation owing to the financial burden arising from the inordinate delays in statutory compliance, the release added.

A large number of LLPs have remained non-compliant, mainly on account of their inability to pay late fees for the cumulative period of delay.


https://www.thehindubusinessline.com/economy/policy/centre-rolls-out-llp-settlement-scheme/article30980844.ece

http://www.mca.gov.in/Ministry/pdf/GeneralCircular06_04032020.pdf

The death toll in China rose to 3,070 on Saturday, while the total number of confirmed cases hit 80,651

BS Web Team  | New Delhi 

Last Updated at March 8, 2020 17:47 IST

state have tested positive for coronavirus, taking the total number of cases in India to 39.
Meanwhile, China reported 27 new deaths from coronavirus, the lowest number of fatalities in more than a month, taking the death toll to 3,097, while the COVID-19 infections for the first time fell below 50 since the disease surfaced in Hubei province in January.
More than 106,000 people have been infected by the coronavirus across the world and 3,600 have died from it, according to a Reuters tally of government announcements.

https://www.business-standard.com/article/health/coronavirus-live-death-toll-stock-market-coronavirus-delhi-coronavirus-india-coronavirus-latest-update-120030500166_1.html

1/5

On a wing and a prayer

RBI took control of the country’s fifth-largest private sector lender YES Bank on Thursday and imposed limits on withdrawals, spreading confusion and fear among account holders.

Shares of YES Bank, which traded at Rs 404 at its peak in August 2019, fell to a record low of 5.65 rupees on Friday, with the stock plunging nearly 85 per cent. The fall wiped out Rs 79.43 billion ($1.08 billion) from YES Bank’s market value.

Here’s a look at the events leading up to the Reserve Bank of India’s move.

2/5

Change in leadership (Sept 2018- Feb 2019)

Sept. 19, 2018 – RBI refuses to give Chief Executive Officer Rana Kapoor an extension to his term – Kapoor to step down by end of January 2019

Nov. 27 – Moody’s cuts bank’s foreign currency issuer rating; changes outlook to ‘negative’ from ‘stable’ citing concerns over corporate governance

Jan. 24, 2019 – YES Bank hires the head of Deutsche Bank India Ravneet Gill as its new CEO

Feb. 13 – YES Bank says RBI observed no divergences from central bank norms in the bank’s asset classification and provisioning

3/5

Downfall begins (April 2019- July 2019)

April 8 – Pressed for capital, YES Bank says it will consider raising funds by issuing shares and debt securities

April 26 – Rising levels of bad loans trigger YES Bank’s first-ever quarterly loss; Macquarie Research double-downgrades stock to ‘underperform’, stock tanks 30 per cent on next trading day

May 14 – RBI appoints ex-central bank Deputy Governor R. Gandhi as additional director to YES Bank’s board – a rare move signalling an increased level of scrutiny on the lender

July 17 – YES Bank reports 91 per cent drop in first-quarter profit, as provisions surge and asset quality deteriorates sharply; gross bad loan ratio stood at 5.01 per cent

4/5

Glimmer of hope (Sept 2019- Oct 2019)

Sept. 10 – YES Bank CEO Gill says lender is close to securing a deal to sell a minority stake to a global technology company to help boost its capital

Oct. 3 – CEO Gill says bank is in talks with private equity firms, strategic investors and family offices to raise additional capital

Oct. 31 – YES Bank gets binding investment offer of $1.2 billion from global investor, sends stock 39 per cent higher

5/5

Phantom pain & RBI’s entry (Nov 2019- Now)

YES Bank reports bigger-than-expected loss for the second quarter, as bad loan ratio deteriorates to 7.39 per cent and provisions swell to 13.36 billion rupees

Nov. 29 – YES Bank says it aims to raise up to $2 billion in a massive issue of new shares to institutional investors and family offices; says it is in talks to sell shares worth $1.2 billion to Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings, which he backs

Jan. 10, 2020 – YES Bank rejects Braich’s investment, says will launch a $1.4 billion share sale, after a board member’s resignation casts more doubt on the lender’s future

Feb. 12 – The lender says it will delay disclosing its October-December earnings by at least a month, and that it was in talks with potential investors for a cash infusion

Feb. 12 – Bank says it received non-binding expressions of interest from JC Flowers, Tilden Park Capital Management, OHA (UK) and Silver Point Capital.

March 5 – India places YES Bank under moratorium, with RBI taking over from its board for 30 days and imposing limits on withdrawals to protect depositors

https://economictimes.indiatimes.com/markets/stocks/news/yes-bank-timeline-recap-of-events-that-led-to-rbis-move/on-a-wing-and-a-prayer/slideshow/74535764.cms