FM Announces Restoration of Rs 220 Billion in Properties to Banks

18 Dec 2024 CW Team

Finance Minister Nirmala Sitharaman informed the Lok Sabha that properties valued over Rs 220 billion, seized from economic offenders, have been returned to public sector banks and other legitimate claimants. She also revealed that more than 200,000 taxpayers have declared their foreign assets in their Income Tax Returns this fiscal year. Sitharaman stated that properties belonging to Vijay Mallya, worth Rs 141.31 billion, have been fully restored to public sector banks. In the case of Nirav Modi, properties worth Rs 10.52 billion have been returned to PSBs and private banks, while in the Mehul Choksi case, properties valued at Rs 25.65 billion have been attached and will be auctioned. “We have not spared anyone, even those who fled the country. We have pursued them, and the ED has recovered these funds for the banks,” Sitharaman said during a discussion on the first batch of Supplementary Demands for Grants. On the topic of foreign assets disclosure, she noted that over 200,000 taxpayers have reported their foreign assets for the 2024-25 assessment year, up from just over 60,000 in 2021-22. As of June 30, orders under the Black Money (Undisclosed Foreign Income & Assets) Act, 2015, have been issued in about 697 cases, raising demands exceeding Rs 175.2 billion. Addressing employment, Sitharaman referenced the 2023-24 Annual PLFS report, which showed a decline in the all-India unemployment rate from 6% in 2017-18 to 3.2% in 2023-24. Additionally, the Female Labour Force Participation Rate (FLFPR) has risen steadily, from 24.5% in 2018-19 to 41.7% in 2023-24. (Business Line)

Real Estate

08 Apr 2026

BPTP awards Rs 4.88 billion contract to NCC

BPTP has awarded a construction contract worth Rs 4.88 billion to NCC Limited for its residential project Downtown 66 in Gurugram.The contract covers civil structure and finishing works for a total construction area of approximately 1,79,302 sq m, including residential towers and associated amenities, in line with approved plans and specifications.Located along Golf Course Extension Road, the project forms part of BPTP’s Gurugram portfolio and is designed around modern living, sustainability, connectivity and occupier-centric planning.Commenting on the development, Manik Malik, CEO & Pre..

Blue Cloud Acquires Global Impx To Build AI Energy Platform

Blue Cloud Softech Solutions Limited (BCSSL) said its board has approved an all-share acquisition of 100 per cent of Global Impx Inc. (GIX) as part of a strategic pivot into AI-driven energy and digital infrastructure, subject to execution of definitive agreements and regulatory, corporate and shareholder approvals including a Special Resolution at an Extraordinary General Meeting scheduled for May 04, 2026. The BSE-listed technology conglomerate intends the transaction to accelerate its evolution into a technology enabled infrastructure company operating at the convergence of artificial intel..

Hyatt House Offers Home-Like Stays Across 140 Locations

Hyatt House hotels (Hyatt House) is presented as a brand designed to welcome guests seeking spacious and well equipped living accommodations for short or long term stays. The brand operates at more than 140 locations worldwide and delivers home like amenities and purposeful service. It highlights complimentary home cooked breakfast and a creatively curated menu at H Bar as part of its offering. The offering is positioned to appeal to professionals and families who seek both convenience and a sense of familiarity while travelling. Hyatt House provides contemporary spaces that include indoor and..