Economy News-Daily Digest: 3 Key Updates
1. YES Bank ties up with US-based OPIC, Wells Fargo
YES Bank has teamed up with the Overseas Private Investment Corporation (OPIC) and Wells Fargo on an agreement to lend up to $150 million to small and medium enterprises (SMEs) in India.
Under the agreement, OPIC will provide $75 million in financing and up to $75 million in syndicated financing jointly with Wells Fargo to YES Bank.
Specifically, $50 million of the financing will be used to expand support to women-owned businesses, while another $50 million will be used for financing SME businesses in low-income States.
2. Under Operation Clean Money II, 6.6 lakh more persons on I-T radar
The Income Tax Department has identified an additional 6.6 lakh people in the second phase of Operation Clean Money. The Central Board of Direct Taxes (CBDT) has harvested information from the Statement of Financial Transactions (SFT) to identify 5.56 lakh new persons whose tax profiles were found to be inconsistent with their cash deposits during the 52-day demonetisation period.
It has also identified another 1.04 lakh persons who did not disclose all their bank accounts during e-verification in the first phase of the scheme.
As part of the first phase of Operation Clean Money, which was launched in January this year, the CBDT had identified 17.92 lakh persons for e-verification of large cash deposits. Of these, 9.72 lakh had submitted online responses.
To encourage voluntary disclosure, the CBDT has also asked for details of cash deposits above ₹2 lakh in bank accounts to be included in the income-tax returns.
The tax department has also engaged two data analytics companies to sift through the responses and categorise taxpayers based on their risk profile.
3. ICICI Lombard files for first IPO by non-life insurer, to dilute 19% equity
ICICI Lombard General Insurance would offer about 19% of its shares in an Initial Public Offer (IPO), in which parent ICICI Bank and a unit of Fairfax Financial Holdings will offload their shares.
This is the first time that a non-life insurance company has filed a draft red herring prospectus- a document submitted by a company (issuer) as part of a public offering of securities-for an IPO.