INDIA INC LIKELY TO FACE MORE FRAUDS IN 2 YRS: DELOITTE SURVEY

A majority of the India Inc feelscorporate fraud will rise in next two years, and have identified diminishing ethical values as the most common cause for such incidences, says a survey.As per Deloitte's India Fraud Survey, about 70 per cent top executives representing large corporates,  54 per cent belonging to small and medium enterprises and 65 per cent of working professionals indicated fraud would rise in coming two years. 

The survey covers a total of 309 top executives from large (domestic and multinational) companies, SMEs, besides working professionals. Diminishing ethical values was identified as the top reason for frauds by 38 per cent respondents from large firms, 68 per cent surveyed in SMEs and 42 per cent professionals. 

"Respondents continue to identify known frauds such as bribery and corruption, diversion/theft of funds and vendor favouritism (only large organisations) and conflict of interest (only SMEs) as top fraud schemes that their organisations had experienced in the last two years," Deloitte said Interestingly, while concerns around fraud appear similar, the methods employed to deal with fraud revealed vast differences in approach within firms, indicating that fraud is complex and companies have a long way to go in mitigating it. 

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CURRENCY WORTH RS 5.92 LAKH CRORE ISSUED SINCE DEMONETISATION

The Reserve Bank on Wednesday said banks have issued currency worth over Rs 5.92 lakh crore to the public since the demonetisation of old high value notes last month. The central bank also said that it has issued 2.2 billion (220 crore) pieces of notes of new Rs 500 and Rs 2,000 during the period -- November 10 to December 19.

The currency infused into the system, however, is much less than what has been deposited in the form of defunctnotes. The old Rs 500 and Rs 1000 notes returned to RBI and Currency Chests amounted to Rs 12.44 lakh crore as on December10. 

Consequent to the announcement of withdrawal of Legal Tender status of banknotes of Rs 500 and Rs 1000 denominations from the midnight of November 8, 2016, the RBI said, it madearrangements for supply of "adequate quantity" of banknotes in various denominations to the public through the banks.

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ASHWIN, JADEJA OCCUPY TOP TWO SPOTS IN ICC TEST BOWLING CHART

Ravichandran Ashwin and Ravindra Jadeja made it a rare instance of two India bowlers topping  the ICC Test rankings after the left-arm spinner's maiden 10-wicket match haul against England in the Chennai Test propelled him to the second position. 

Jadeja's performance has earned him 66 points and brought him within eight points of star off-spinner Ashwin, who has already been occupying the number one position.This is just the second time the top two spots in the bowlers chart is occupied by India players, with the pair emulating left-arm spinner Bishan Singh Bedi and leg-spinner Bhagwath Chandrasekhar, who were ranked one and two in 1974.

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OVER RS 3,185 CRORE OF UN-DISCLOSED INCOME HAS BEEN DETECTED

Over Rs 3,185 crore of un-disclosed income has been detected while Rs 86 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetization of two high value currencies by the government.

Official sources said the taxman carried out a total of 677 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8, even as the department has issued over 3,100 notices to various entities on charges of tax evasion and hawala-like dealings.

The department, they said, has seized cash and jewellery worth over Rs 428 crore during the same period even as the new currency seized (majorly Rs 2000 notes) is valued at about Rs 86 crore.

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ANALJIT SINGH RESIGNS FROM "TGB " BOARD

A day after Cyrus Mistry quit from six Tata group firms, Independent Director Analjit Singh, who was supporting the ousted Chairman, resigned from the board of Tata Global Beverages Ltd. 

Max India Chairman Analjit Singh was one of the two directors on the board who had opposed a resolution moved by the promoter Tata Sons seeking removal of Mistry as the company's Chairman.

"Analjit Singh, Non - Executive Independent Director of Tata Global Beverages Ltd has resigned from the Board of the company with immediate effect," the company said in a BSE filing.

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FRESH CURBS ON DEPOSITS OF OLD NOTES

Deposits of demonetised Rs 500 and Rs 1,000 notes worth more than Rs 5,000 into bank accounts can be made only once till December 30. The Reserve Bank of India (RBI) has announced fresh restrictions on deposits to check laundering of unaccounted cash using bank accounts.

RBI sources said large deposits cannot be made multiple times in bank accounts and people can deposit up to Rs 5,000 on which there is no restriction. These restrictions aimed at tightening checks for fake currency will not apply to deposits into the Pradhan Mantri Garib Kalyan Yojana.

Meanwhile, seeking to check the use of blackmoney and money laundering in politics, the Election Commission has recommended that the government amend laws to allow exemption from tax only to parties that win seats in elections and ban anonymous contributions of Rs 2,000 and above to parties.

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AIR FORCE MEN CAN'T SPORT BEARD: SUPREME COURT

The Supreme Court on Thursday (December 15) held that personnel working in the Indian Air Force (IAF) cannot sport a beard based on religious grounds. A bench headed by Chief Justice T S Thakur said that the Centre's decision to prohibit personnel of a particular community from sporting beard does not infringe upon the fundamental rights.

The bench also comprising Justices D Y Chandrachud and L Nageswara Rao dismissed the pleas filed by two Muslim personnel of IAF who had challenged the dismissal of their pleas by the Delhi High Court.

The apex court verdict came on two petitions filed separately by two personnel, Mohammed Zubair and Ansari Aaftab Ahmed, challenging the IAF authorities' 'confidential' order dated February 24, 2003, prohibiting Muslim personnel from sporting a beard.

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I HAVE DETAILED INFO ABOUT ‘PERSONAL CORRUPTION’ BY PRIME MINISTER MODI: ALLEGES RAHUL GANDHI

After claiming that there will be an “earthquake” if he speaks, Rahul Gandhi on Wednesday (14) alleged that he has detailed information about “personal corruption” by prime minister Narendra Modi which he wants to present in Lok Sabha but is not being allowed to do so by Modi.

Parliamentary affairs minister Ananth Kumar rejected Gandhi’s allegation as “false and baseless” and “very unfortunate”. “The allegation was made out of desperation and he (Gandhi) should apologise to the nation,” Kumar told reporters.

As the parliament remained deadlocked over the issue of demonetisation, Gandhi said the prime minister is personally terrified of him being allowed to speak inside Lok Sabha.

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TATA OUSTS MISTRY FROM IT BUSINESS BOARD AS PURGE IS STEPPED UP

India’s Tata has ousted Cyrus Mistry as a director of its cash cow IT business Tata Consultancy Services as the Indian conglomerate steps up its purge of its former chairman.

TCS said in a statement late on Tuesday (13) that shareholders had voted overwhelmingly at an extraordinary general meeting in India’s commercial Mumbai to dump Mistry from its board.

In the statement to the National Stock Exchange of India it said that Mistry is “hereby removed from the office of Director of the Company with effect from the date of this meeting”.

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PAKISTAN AIRLINE CHAIRMAN RESIGNS AFTER FATAL PLANE CRASH

The chairman of Pakistan’s embattled national carrier has resigned following a fatal plane crash that killed 47 people last week, one of the country’s deadliest air disasters.

Muhammad Azam Saigol tendered his resignation on Monday (12) due to personal reasons, according to PIA spokesman Danyal Gilani. Saigol’s resignation came after a Pakistan International Airlines plane crashed into a mountain on the way to Islamabad from the city of Chitral after one of the aircraft’s two turboprop engines failed, killing everyone on board.

On Monday (12) PIA grounded its 10 remaining ATR turboprop planes for thorough testing in the wake of the crash and another incident in which a plane was recalled to its parking bay after experiencing a fault just before take off at Multan airport.

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‘RAEES’ WORK OF FICTION, NOT BASED ON ANY PERSON: SHAH RUKH KHAN

Superstar Shah Rukh has debunked the reports claiming that his upcoming film “Raees” is based on underworld figure Abdul Latif’s life, saying the movie is “pure work of fiction”.

The 51-year-old actor along with the makers of the movie including Ritesh Sidhwani and Farhan Akhtar and director Rahul Dholakia has denied that the film has any resemblance to the life of Latif, who structured his empire around illicit liquor.

“In view of certain media reports that claim that the film ‘Raees’ is based on a real-life story and rumours to that effect being circulated, we take this opportunity to clarify that the Story of the film ‘Raees’ is a pure work of fiction, Not based on any person; living or dead.

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INZAMAM CRITICISES ANDERSON OVER COMMENTS ON KOHLI

Pakistan chief selector Inzamam-ul-Haq has criticised James Anderson for his uncharitable comments about Virat Kohli’s technique, saying that the England pacer should first take wickets in India before questioning the Indian skipper’s capabilities.

Anderson had recently said Kohli’s technical deficiencies were not at display during the ongoing Test series between India and England because the pitches in India are devoid of bounce and there is lack of movement.

“It is surprising to me that Anderson should question Kohli’s runs and ability because I haven’t seen him take too many wickets in India,” Inzamam said.

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2 MEN JAILED IN UK FOR GIVING CASH TO BRUSSELS TERROR SUSPECT

Two men, who were found guilty of giving £3,000 to a key suspect in the Paris and Brussels terror attacks during a meeting in a Birmingham park, have  been jailed by a UK court.

Mohammed Ali Ahmed, from Birmingham, who had pleaded guilty to engaging in conduct in preparation for acts of terrorism last month was sentenced to eight years on Monday (December 12).

Co-defendant Zakaria Boufassil, also from Birmingham, was found guilty at Kingston Crown Court of the same charge at the end of a trial last week and was sentenced to three years.

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PRIYANKA CHOPRA NAMED UNICEF GOODWILL AMBASSADOR

Indian actress Priyanka Chopra has been appointed as UNICEFs newest global Goodwill Ambassador. Footballer David Beckham and 12-year-old British actress Millie Bobby Brown announced Chopra's appointment at a star-studded celebration at the United Nations late on Monday (December 12) night to commemorate 70 years of the world body's children's agency.

'My wish for children is freedom. The freedom to think, the freedom to live,' Chopra said, addressing top UN diplomats, UNICEF Goodwill Ambassadors and children at the event. She urged people from across nations to become the 'collective voice' of oppressed children in the world and join forces to leave a better future for the coming generations.

Chopra said that while man has made unprecedented advancements in every sphere of life, children across the world remain unprotected from violence, abuse and exploitation. 'I, we ask you to join us today to become the collective voice of the oppressed children across the world in our fight against the injustices that they have to endure everyday,' she said.

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ASHWIN LEADS INDIA TO SERIES WIN OVER ENGLAND

Off-spinner Ravichandran Ashwin blew away England's lower order resistance to spin India to a crushing series-clinching victory on the final day of the fourth test at the Wankhede Stadium on Monday (12).

The touring side, who resumed the final day on 182 for six, were only able to add 13 runs to their total as Ashwin (6-55) took all four remaining wickets in a little more than half an hour and the hosts won by an innings and 36 runs.

The five-wicket haul was the 24th for the world's top-ranked test bowler and his seventh 10-wicket haul, after the 30-year-old also took six wickets in England's first innings, inspired India to an unassailable 3-0 lead.

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RAJAH SPICES LAUNCHES ITS DELICIOUS NEW RANGE OF HEAT & STIR DALS

A delicious dal is a cornerstone of Asian households and nothing quite comes close to tucking into a hot dal with rotis, chapatis or rice in these cold winter days. But after a long hard day at work, just thinking about coming home and cooking makes you tired…now thanks to Rajah Spices’ newly launched Heat & Stir range of dals, you can enjoy your favourite dal dishes without the stresses of cooking.

Rajah Spices have worked tirelessly to ensure that their delicious Dal Makhani and Tadka Dal are not only quick to make but also a healthy option by using 18 individual herbs, spices and ingredients, with no preservatives.

In a recent survey, 82% of women found the the Tadka Dal and Dal Makhani to be flavoursome and fresh and were surprised this was achieved with no artificial flavourings or preservatives.

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MODI GOVT TO PRINT PLASTIC CURRENCY NOTES

The Narendra Modi-led Indian Government on Friday (December 9) informed Parliament that a decision has been taken to print plastic currency notes and procurement of material has started.

'It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated,' Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha to a query whether RBI proposes to print plastic currency notes in place of paper ones.

The Reserve Bank for long has been planning to launch plastic currency note after field trials. In February 2014, the government had informed Parliament that one billion plastic notes of Rs 10 denomination would be introduced in a field trial in five cities selected for their geographical and climatic diversity. The selected cities were Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.

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NOTE BAN BIGGEST SCAM, SAYS RAHUL GANDHI

CONGRESS Vice President Rahul Gandhi on Friday (December 9) accused the Central government of not allowing him to speak in Parliament on demonetisation, which he dubbed as the 'biggest scam', and said he would reveal in the House what was behind the move to scrap high-denomination notes.

Speaking to reporters outside Parliament, Gandhi said that his party wants debate on demonetisation so that the truth can come to the fore, but the government is running away from it.

The Congress Vice President said that when he gets a chance to speak about demonetisation in the House, 'the Prime Minister will not be able to even sit there'.

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SYNDICATE EXCHANGING OLD NOTES UNEARTHED

Income Tax officials on Thursday said they have post-demonetisation uncovered several cases of fraud, including unearthing of a syndicate was exchanging old currency notes for 35 per cent commission and seizure of cartons packed with Rs 100 notes.

They also found a case in Nagpur where a large sum of money was deposited in a bank account without the knowledge of the account holder and seven accounts were being fraudulently operated by unknown persons to launder Rs 4.25 crore.

Central Board of Direct Taxes said some investigations at Mumbai found that a syndicate of ground level operators was converting banned currency notes into legal tenders for a commission.

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TRIPLE TALAQ IS CRUEL: ALLAHABAD HIGH COURT

Observing that the judicial conscience is 'disturbed', the Allahabad High Court has held that triple talaq is 'cruel' and raised a question whether the Muslim Personal law could be amended to alleviate the sufferings of Muslim women.

Coming down heavily on the practice, the court has held that this form of 'instant divorce' is 'most demeaning' which 'impedes and drags India from becoming a nation'.

'The question which disturbs the court is--should Muslim wives suffer this tyranny for all times? Should their personal law remain so cruel towards these unfortunate wives? Whether the personal law can be amended suitably to alleviate their sufferings? The judicial conscience is disturbed at this monstrosity', a single judge bench of Justice Suneet Kumar said in a judgement passed last month which was put online only now.

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TRUMP IS TIME'S PERSON OF THE YEAR

US President-elect Donald Trump was on Wednesday (December 7) named by TIME magazine as its Person of the Year 2016 for his stunning upset victory in the presidential election.

‘It's a great honour. It means a lot. I have grown up reading TIME magazine, it’s a very important magazine. It is a tremendous honor, I am lucky to be on the cover of TIME in the past," Trump told NBC's news program Today minutes after TIME announced the next US President was Person of the Year 2016.

TIME said after campaigning as an anti-establishment, populist candidate, 70-year-old Trump was elected the 45th President of the US a stunning end to a presidential bid that repeatedly broke with political precedent.

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NO SURVIVORS LIKELY IN CRASH OF PAKISTANI PLANE CARRYING AN ESTIMATED 40 PEOPLE

There are unlikely to be any survivors from a Pakistan International Airlines (PIA) plane carrying about 40 people that crashed on Wednesday (7) in a mountainous northern region, a government official at the crash site said.

PIA said its plane lost contact with the control tower en route to the capital, Islamabad, from the northern region of Chitral. The plane crashed in the Havelian area of Khyber Pakhtunkhwa province, about 125 km (77 miles) north of Islamabad.

“All of the bodies are burned beyond recognition. The debris is scattered,” said Taj Muhammad Khan, a government official based in Havelian.

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PAKISTANI COURT CHARGES BROTHER IN KILLING OF SOCIAL MEDIA STAR QANDEEL BALOCH

There are unlikely to be any survivors from a Pakistan International Airlines (PIA) plane carrying about 40 people that crashed on Wednesday (7) in a mountainous northern region, a government official at the crash site said.

PIA said its plane lost contact with the control tower en route to the capital, Islamabad, from the northern region of Chitral. The plane crashed in the Havelian area of Khyber Pakhtunkhwa province, about 125 km (77 miles) north of Islamabad.

“All of the bodies are burned beyond recognition. The debris is scattered,” said Taj Muhammad Khan, a government official based in Havelian.

Read more: https://goo.gl/30xiq9