Income tax raids on Usha group offices
New Delhi: The income tax department on Wednesday conducted large-scale raids on the premises of the over Rs 4,000-crore Usha India Group in New Delhi and other parts of the country for alleged tax evasions.

Simultaneous searches were conducted at the group's other premises in Haryana, Rajasthan, Himachal Pradesh and parts of Uttar Pradesh, as also some tourist resorts run by the business house near Nainital and Mussourie. The IT department was also carrying out ``surveys'' on the premises of the group's offices in Mumbai and Kolkata. The offices of the group's auditors in New Delhi was also searched during the operation

The Usha International Group, which has companies in the steel, telecom, information technology and other sectors, in a official statement said it ``has nothing to hide and is giving and will give full co-operation to the income tax officers.''
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Thomas Cook to face MRTPC probe
Mumbai: The Monopolies and Restrictive Trade Practices Commission (MRTPC) has issued a notice to Thomas Cook for unfair trade practices and directed Thomas Cook to immediately stop advertising misleading claims in respect of its own tours, while disparaging the tours of SOTC.

The notice has been issued by MRTPC to protect the interests of the consumers, who generally approach the tour operators or travel agents for package tours abroad, since it is booking season for the summer tours abroad. The commission has also directed Thomas Cook not to carry on the impunged advertisement or similar advertisements making false and misleading claims in respect of its own tours.

The commission has directed Thomas Cook to file a reply to its notice within four weeks.
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RBI urges for one-time settlement of NPAs
Mumbai: The Reserve Bank of India (RBI) has today directed banks to actively push through a one-time settlement scheme to recover bad debts, even at the expense of foregoing some interest.

At a meeting between the RBI deputy governor, S P Talwar and chiefs of various banks, the RBI has urged the banks to adopt a more pro-active stance on the one-time settlement scheme, set to close on March 31 this year.

According to the RBI guidelines, banks can go for in a one-time settlement of all assets not exceeding Rs 5 crore. However, the proposed scheme has so far not met with much success, though bankers were optimistic that with the financial year drawing to a close, the scheme may finally evoke better response.
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