A look at the headlines in this sector right now:

  1. I-T raid finds Rs 60 crore in 20 fake accounts at an Axis Bank branch in Noida: The accounts, which were opened in the names of low-income workers and labourers, were reportedly being used by companies to cover up black money.
  2. US Federal Reserve hikes key interest rates by 25 basis points: The increase and the strengthening of the dollar against the rupee may spell problems for India.  
  3. Sensex closes 84 points lower, Nifty by 29 as markets respond to US Federal Reserve’s rate hike: The strong buying of IT stocks saw the BSE recover from an intra-day low of 200 points.
  4. Niti Aayog announces awards of up to Rs 1 crore to promote cashless transaction: The National Payments Corporation of India will also give away Rs 1,000 each to 15,000 winners for the next 100 days, and 7,000 weekly awards for merchants. 
  5. Court fines Ramdev’s Patanjali Ayurved Rs 11 lakh for misleading advertisements: The company sold certain products with its label although those were manufactured somewhere else.
  6. India is prepared to deal with increased US Federal Reserve interest rates, says chief economic adviser: Arvind Subramanian said the development will lead to volatile and uncertain in capital flows in emerging market economies.
  7. I-T department warns against making drastic changes on revised tax returns: The agency fears a few taxpayers may misuse this amendment to legalise their black money.