Page 13 - BANKING FINANCE APRIL 2024

ROUNDUP

turnover or income of such enterprise pounded from the possession of share of the total debt at USD 531 bil-
and/or person," CCI said. Parveen Kumar. The officials have also lion (Rs 44.16 lakh crore) in the second
Under Section 27 of the Competition attached five bank accounts that were quarter of the current fiscal, as per the
Act, 2002, the CCI can impose penal- used to park the proceeds by the syn- report.
dicate.
ties on enterprises or individuals for
participating in anti-competitive PSUs to charge up govern-
agreements or abusing a dominant India's total debt rises to ment's rooftop solar
position. Rs. 205-lakh crore in Sep-
scheme
Rs. 1,000 crore GST eva- tember quarter NTPC, NHPC, Power Grid Corporation
The country's total debt, or the total
sion racket busted outstanding bonds which are being and SJVN to support its efforts to push
The Tax Officials under goods and ser- traded in the market, rose to USD 2.47 households to adopt the rooftop solar
programme.
vice tax (GST) has busted a syndicate trillion (Rs 205 lakh crore) in the Sep-
that fraudulently claimed Input Tax tember quarter, according to a report. Guidelines to be announced soon
Credit of over Rs 1,000 crore through The total debt amount in the March would allow these public sector units
a network of 232 fake firms. quarter of the previous fiscal was USD to cover the installation cost for the

The investigation was initiated by the 2.34 trillion (Rs 200 lakh crore). solar systems and offer a rent for us-
anti-evasion branch of Central Goods The central government's debt stood ing the rooftop of houses having a low
and Services Tax (CGST) at USD 1.34 trillion, or Rs 161.1 lakh power demand to make the proposi-
Commissionerate, Meerut in October crore, in the September quarter, up tion attractive, people privy to the
2023 which detected that a large syn- from USD 1.06 trillion, or Rs 150.4 lakh plan told ET. The companies could re-
dicate was fraudulently claiming Input crore, in the March quarter, Vishal cover the investment by the sale of
Tax Credit (ITC) by way of fake billing. Goenka, CoFounder of Indiabonds.com, excess electricity after the consump-
tion by the households.
"The investigation conducted so far has said, quoting data provided by the
revealed that a total number of 232 Reserve bank of India. "The companies will form subsidiaries to
fake firms, with 91 firms registered on Indiabonds.com, which was launched implement the rooftop project plan.
a single mobile number, are registered in 2021, is a Sebi-registered online Roof rent will help lower income houses
at various places across the country bond platform that provides investing to move to the rooftop solar projects,"
and have passed an inadmissible ITC of solutions. a senior government official told.
around Rs. 1,048 crore. Total value of The move comes after the ministry of
The report is a collation of data from
goods shown to be supplied through new and renewable energy raised the
the RBI, Clearing Corporation of India,
these firms is around Rs. 5,842 crore," central financial assistance for the roof-
and the Securities and Exchange Board
the finance ministry said in a state- of India. top solar programme.
ment.
At Rs 161.1 lakh crore, the central
Many 'Full Fledged Money Changer government's debt constitutes the Tata Group firm agratas
Companies' (FFMCs) were used for highest 46.04 per cent share of the confirms site of UK's big-
parking/routing of funds generated
total amount.
through fraudulently passed on ITC, it gest EV battery factory
said. State governments' debt share was Agratas, Tata Group's global battery
24.4 per cent, or USD 604 billion (Rs business, confirmed that it will build
These firms were operated by master- 50.18 lakh crore), the report said.
mind Praveen Kumar, who was filing Britain's biggest electric vehicle bat-
the GST returns for all the fake firms. Treasury bills were worth USD 111 bil- tery manufacturing facility in Somerset,
Apart from the common mobile num- lion, or Rs 9.25 lakh crore, constitut- south-west England.
ber which was used to create and ing 4.51 per cent of the total debt, it The so-called gigafactory, will be built
manage 91 firms, 10 more mobile said. on the Gravity Smart Campus near
phones and 03 laptops were im- Corporate bonds had a 21.52 per cent Bridgwater in Somerset with a commu-

12 | 2024 | APRIL | BANKING FINANCE