Page 13 - Banking Finance July 2025

ROUNDUP

The government intends to align the for the fraud syndicate. CBI officials overlooked under the broader MSME
new law with the current provision, seized digital devices and incriminating umbrella. A proposed financing scheme
which permits refunds for belated fil- documents revealing the syndicate's under the MSME Ministry will enable
ings. The new bill, introduced by Fi- infrastructure and laundering meth- medium units to access fast-track loans
nance Minister Nirmala Sitharaman on ods. through retail banks, with limits based
February 13, is now under review by a The agency emphasized that the op- on revenue and sector type.
31-member parliamentary committee
eration reflects its commitment to dis- The government recently revised clas-
formed to examine it in detail. mantling organized cybercrime net- sification norms, allowing medium en-
works and the digital infrastructure terprises to invest up to Rs. 125 crore
CBI Raids 10 Locations in enabling them. The crackdown signals and record turnovers up to Rs. 500
Pan-India Cyber Fraud growing vigilance by Indian authorities crore. MSME Secretary SCL Das em-
in addressing the surge in cyber-en- phasized that the new thresholds are
Crackdown abled financial scams. intended to encourage firms to scale
The Central Bureau of Investigation operations without regulatory hesita-
(CBI) has launched a sweeping opera- NITI Aayog Unveils Dedi- tion.
tion against cyber-enabled financial
fraud, conducting searches across ten cated Support Plan for FM Urges Tax Officials to
locations in Delhi, Hisar, Lucknow, Medium Enterprises
Mumbai, Pune, and Nashik under "Op- Simplify Processes and Ac-
NITI Aayog has outlined a focused
eration Chakra-V." roadmap to elevate medium-sized en- celerate Refunds
The probe targets a sophisticated in- terprises into globally competitive busi- Finance Minister Nirmala Sitharaman
vestment scam that lured individuals nesses through enhanced financial and has directed senior tax officials to
via fake mobile apps and WhatsApp capacity-building measures. In its re- streamline direct tax procedures and
groups promising discounted shares in port 'Designing a Policy for Medium ensure faster resolution of disputed tax
reputable companies. Victims were Enterprises', the think tank recom- demands. Emphasising transparency
duped into transferring funds through mended working capital loans of up to and taxpayer convenience, she called
deceptive platforms, only to discover Rs. 25 crore at concessional interest for a structured, process-driven com-
their money had been siphoned off. rates and pre-approved credit cards pliance approach during a meeting

A Mumbai resident was arrested for al- with limits of up to Rs. 5 crore. with principal chief commissioners.
legedly supplying pre-activated SIM These measures aim to address the A key priority outlined was enhancing
cards and mule accounts-key enablers unique needs of medium firms, often refund processing and grievance
redressal. Up to June 19 this fiscal, di-
rect tax refunds rose by 58%, with Rs.
India's Forex Reserves Climb to Nearly $699 Billion 23,376 crore issued due to "Order Giv-
India's foreign exchange reserves rose by $2.294 billion to reach $698.95 ing Effects" and Rs. 10,496 crore
billion for the week ending June 13, according to the Reserve Bank of India. through rectifications. Of the 5.8 lakh
The increase was primarily driven by a $1.739 billion rise in foreign currency pending appeals, 2.2 lakh-covering Rs.
assets, which now stand at $589.426 billion.
10 lakh crore in disputed tax-are tar-
Gold reserves also contributed to the gain, increasing by $428 million to geted for resolution by March.
$86.316 billion. Special Drawing Rights (SDRs) with the International Mon-
Sitharaman urged officials to expedite
etary Fund rose by $85 million to $18.756 billion, while India's reserve posi-
cases before faceless appellate au-
tion with the IMF inched up by $43 million to $4.452 billion.
thorities and withdraw departmental
The continued accumulation of reserves reinforces India's external sector appeals below revised monetary
stability amid global uncertainties and reflects the central bank's prudent
thresholds within three months to re-
foreign exchange management.
duce litigation.

12 | 2025 | JULY | BANKING FINANCE