Majority of the members of the Monetary Policy Committee (MPC) reiterated their  caution about a pick up in the retail inflation in the near-term, showed the minutes of the August 8-10 monetary policy meeting that was released on Thursday.

The RBI Governor Shaktikanta Das cautioned that headline inflation is expected to harden significantly in July-August, driven by the spike in tomato and other vegetable prices, the minutes showed.

Similalry, another member Rajiv Ranjan noted that the forecast of continuation of uneven monsoon in the next two months together with an El Nino event, amid volatile global food prices, makes the food price outlook uncertain.

The Enforcement Directorate (ED) has arrested Nitin Bhatnagar, one of the key accused in connection with the Moser Baer case.

Bhatnagar, a former relationship manager of the Bank of Singapore, was taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA) on Tuesday.

He was produced before a local court by the agency that sent him to ED custody till August 31.

In a recent development in the Eros fund diversion case, the Securities Appellate Tribunal (SAT) rejected Eros International Media Ltd.’s appeal challenging Sebi’s order restraining the company from the capital market. 

The SAT on Tuesday denied the appeals of Eros, it’s managing director Sunil Arjan Lulla and it’s CEO Pradeep Kumar Dwivedi which posed a challenge to the order of the market regulator in the fund diversion case, reported PTI. 

The National Financial Reporting Authority (NFRA) has imposed hefty penalty on the auditors of Tanglin Developments Ltd. (TDL), a group company of Coffee Day Enterprises Ltd. for alleged lapses in the audit of FY20 as part of a series of investigations into alleged financial irregularities in the group, showed an official order.

NFRA imposed a monetary penalty of ₹one crore on audit firm Sundaresha & Associates and debarred it for four years from being appointed as an auditor or internal auditor of any company, showed the order posted on the regulator's website.

Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary as the income tax department has revised norms for valuing such perquisites. The Central Board of Direct Taxes (CBDT) on August 18 notified amendments to the Income Tax Rules for valuing perquisites of rent-free or concessional accommodation by employers to employees. The rules will come into effect from September 1.

The Finance Act, 2023, had brought in an amendment for the purposes of calculation of 'perquisite' with regard to the value of rent-free or concessional accommodation provided to an employee, by his employer. The rules for calculating perquisites have been notified now. "The categorisation and the limits of cities and population have now been based on the 2011 census as against the 2001 census earlier," the income tax department said in a statement on Saturday.