Banking Awareness 28th December 2016 | Financial Affairs 28th December 2016

Black money holders to bear taxes

Penalties amounting to over 137% post raids

Black money holders will have to bear taxes and penalties amounting to over 137 per cent if they do not admit to or fail to explain the source of undisclosed income after being raided.

Taxation Laws (Second Amendment) Act, 2016

It has amended the penalty provisions in respect of search and seizure cases.

Indian startup introduces innovative smart shoes

To improve running, fitness levels.

Seeking to revolutionize the fitness wearable space in the US, an Indian company has introduced smart shoes which claims to scientifically improve running and fitness levels by giving real-time feedback to the user.

Arnav Kishore

CEO and founder of Boltt, a Delhi/NCR-based startup.

US sold $40 billion in weapons in 2015

Topping global market

The United States again ranked first in global weapons sales last year, signing deals for about $40 billion, or half of all agreements in the worldwide arms bazaar, and far ahead of France, the No. 2 weapons dealer with $15 billion in sales.

Major Global suppliers.

Sweden, Italy, Germany, Turkey, Britain and Israel.

ICICI Bank launches mobile app

Eazypay for instant cashless payments

Private sector lender ICICI Bank Tuesday said it has launched mobile app ‘Eazypay’ that enables merchants, retailers and professionals to accept instant cashless payments on mobile phones from their customers through multiple digital modes.

Eazypay

Use to transfer money collected directly to the current account of the merchants and professionals.

Wadia lodges criminal defamation case against Tata Sons, Ratan Tata

Criminal defamation suit against Tata Sons

A day after his removal as an independent director of Tata Steels, eminent industrialist Nusli Wadia Friday filed a criminal defamation suit against Tata Sons, Ratan Tata and its directors.

Bloodline

His maternal grandfather is Muhammad Ali Jinnah.

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