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

13 Oct 2025

Jharkhand Forms Teams to Modernise Urban Infrastructure

The Jharkhand Urban Development Department has constituted multiple expert teams to plan, assess, and modernise urban infrastructure across the state’s cities and towns, an official said on Thursday. The initiative aligns with Chief Minister Hemant Soren’s vision to position Jharkhand among India’s leading states in the field of advanced and sustainable urban development. The teams have been tasked with identifying existing infrastructure gaps and proposing new projects to promote stable and long-term growth. According to Sunil Kumar, Principal Secretary of the Urban Development and Ho..

Kerala CM Seeks Rs 22 Billion NDRF Aid, AIIMS Nod from PM

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Meta Picks Mumbai, Vizag for Global Subsea Cable Project

Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, has selected Mumbai and Visakhapatnam as the landing sites for its multibillion-dollar subsea cable project, Waterworth. The company has appointed Sify Technologies as its landing partner in India under a USD 5 million (Rs 420 million) contract. Google has also partnered with Sify for the Indian landing of its USD 400 million (Rs 33.6 billion) Blue-Raman subsea cable, underscoring the surge in global investment into India’s digital infrastructure and its growing strategic significance in international data connectivity..