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)

Infrastructure Urban

07 Nov 2025

Welspun Enterprises Wins 910 MLD Panjrapur WTP Contract

Welspun Enterprises (WEL), the infrastructure and energy arm of Welspun World, has secured a major contract from the Brihanmumbai Municipal Corporation (BMC) to design, build and operate a 910 million litres per day (MLD) Water Treatment Plant (WTP) at Panjrapur, Maharashtra.Valued at approximately Rs 31.45 billion, the project encompasses end-to-end civil, mechanical, electrical and instrumentation works, including the construction of a treated water sump and pumping station. Of the total value, nearly Rs 11.56 billion is allocated to Operations & Maintenance (O&M), with an additional..

Mitsubishi Power Wins Boiler Upgrade Contract for O Mon 1 Plant

Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, (MHI), has been awarded a contract to support the oil-to-natural-gas fuel conversion at the O Mon 1 Thermal Power Plant in Can Tho, southern Vietnam. As the OEM of the plant’s existing boiler, Mitsubishi Power will supply key equipment—including new gas burners—and implement a selective catalytic reduction (SCR) system to reduce NOx emissions and help the plant meet stricter environmental standards.The O Mon 1 facility includes two 330 MW units that commenced operations in 2009 and 2015, with all major equipment or..

Liebherr’s 10,000th XPower Wheel Loader Joins BERGER’s Fleet

BERGER Rohstoffe GmbH has welcomed the 10,000th Liebherr XPower wheel loader to its operations at the Schlag granite quarry in Passau. The milestone machine, officially handed over at Liebherr’s Bischofshofen plant in May 2025, underscores the long-standing partnership between BERGER, Liebherr, and the Beutlhauser Group. Equipped with Liebherr’s signature power-split travel drive, the new L 580 XPower is already delivering strong results under demanding quarry conditions.At the Schlag quarry, BERGER Rohstoffe processes approximately 200,000 tonnes of Bayerwald granite annually into high-qu..