Suchetana Ray

Suchetana Ray

Suchetana Ray covers aspects of the government’s economic policy. A news junkie, she is invested in HT’s ‘digital first’ policy.

Articles by Suchetana Ray
The number of returns filed by taxpayers has also increased by 65% from 33.1 million in 2013-14 to 54.4 million in 2017-18.(Reuters File Photo)
The number of returns filed by taxpayers has also increased by 65% from 33.1 million in 2013-14 to 54.4 million in 2017-18.(Reuters File Photo)

81,000 Indians earned in excess of Rs 1 crore in FY17, says CBDT data

By Suchetana Ray | Hindustan Times, New Delhi
PUBLISHED ON OCT 22, 2018 11:51 PM IST
Incomes of all categories of Indian taxpayers increased by 67% in the last four years, the data released by the income tax department showed.
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The statistics and programme implementation ministry has called a review meeting on August 30 with all its state-level nodal secretaries to address the issue. It is also proposing better coordination between state and district authorities along with the respective MPs to ensure better usage of MPLAD funds.(Pictures for representation)
The statistics and programme implementation ministry has called a review meeting on August 30 with all its state-level nodal secretaries to address the issue. It is also proposing better coordination between state and district authorities along with the respective MPs to ensure better usage of MPLAD funds.(Pictures for representation)

Rs 12,000 crore of MP funds lie unutilised, Uttar Pradesh tops list

By Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON AUG 30, 2018 06:53 AM IST
Data shows that in February, funds alloted but unspent stood at Rs 4,773.13 crore while 2,920 instalments of Rs 2.5 crore were yet to be released, resulting in a total backlog of Rs 12,073.13 crore. In both cases, the problem was at the district level.
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The ‘fugitive’ status to Vijay Mallya will help ED attach assets worth over Rs 12,500 crore.(File Photo)
The ‘fugitive’ status to Vijay Mallya will help ED attach assets worth over Rs 12,500 crore.(File Photo)

Vijay Mallya’s case to be first under new law on fugitive offenders

By P Suchetana Ray | New Delhi
UPDATED ON JUL 27, 2018 08:33 AM IST
If Vijay Mallya does not appear before the court on August 27, he risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
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This will be the first step towards identifying those committing multiple economic offences and could be a potential fugitive.(File Photo)
This will be the first step towards identifying those committing multiple economic offences and could be a potential fugitive.(File Photo)

Govt to create economic offenders list for better crackdown on financial fraud

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON JUL 23, 2018 08:01 AM IST
The move comes against the backdrop of an increase in number of bank frauds, investment scams, and other such misdemeanors. In some of these cases, the offenders fled the country.
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The other challenge in the first year of GST implementation was in plugging an “information gap”, says finance secretary Hasmukh Adhia.(PTI/File Photo)
The other challenge in the first year of GST implementation was in plugging an “information gap”, says finance secretary Hasmukh Adhia.(PTI/File Photo)

One year of GST: Tech failure posed challenge, says finance secretary

By P Suchetana Ray | Hindustan Times, New Delhi
PUBLISHED ON JUL 01, 2018 08:13 AM IST
Small businesses around the country found it hard to adjust to the new IT system, and the GST network failed to cope with last-minute spikes in filing of returns, forcing the GST Council to defer several deadlines.
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Union finance minister Piyush Goyal during a conference in New Delhi.(PTI File Photo)
Union finance minister Piyush Goyal during a conference in New Delhi.(PTI File Photo)

All Swiss deposits by Indians are not black money, say Union ministers

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON JUN 30, 2018 01:18 PM IST
Union minister Arun Jaitley also said on Friday it would be unwise to assume that all Swiss bank deposits are illicit money.
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Prime Minister Narendra Modi addresses a rally in Bengaluru. The Modi-led government had recently said it had identified a set of 225,000 companies that have not filed returns since 2015-16.(Reuters File Photo)
Prime Minister Narendra Modi addresses a rally in Bengaluru. The Modi-led government had recently said it had identified a set of 225,000 companies that have not filed returns since 2015-16.(Reuters File Photo)

Centre to finalise 10 criteria to spot shell companies that launder money

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON JUN 23, 2018 07:27 AM IST
The government has been cracking down on shell companies as part of its larger effort to tackle black money, or income that is unaccounted for and hidden away from the tax department.
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The ten-point criteria is part of a government plan to curb black money and money laundering.(Hemant Mishra/ Mint)
The ten-point criteria is part of a government plan to curb black money and money laundering.(Hemant Mishra/ Mint)

Battling black money: 10-point criteria for identifying shell firms on the cards

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON JUN 22, 2018 11:01 AM IST
Officials said the newly constituted rules will be fed into an automated system, which will then create a suspect list for enforcement agencies to investigate.
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Vijay Mallya arrives at Westminster Magistrates Court in London, Britain.(Reuters File Photo)
Vijay Mallya arrives at Westminster Magistrates Court in London, Britain.(Reuters File Photo)

Government to cut cost in attaching economic offenders’ assets

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON JUN 18, 2018 01:25 PM IST
The ED investigates cases of money laundering and violations of foreign exchange norms and confiscates assets bought with the proceeds of these crimes
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Former finance minister P Chidambaram appeared before the Enforcement Directorate for the second round of questioning in the Aircel-Maxis money laundering case.(PTI Photo)
Former finance minister P Chidambaram appeared before the Enforcement Directorate for the second round of questioning in the Aircel-Maxis money laundering case.(PTI Photo)

P Chidambaram appears before ED for second time in Aircel-Maxis case

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON JUN 12, 2018 10:41 PM IST
Former finance minister P Chidambaram was summoned for Tuesday after he was first questioned on June 5 by the Enforcement Directorate.
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Indian jeweller Nirav Modi poses during the launch of his store in Mumbai. Nirav Modi is wanted by Indian investigative agencies in connection with a Rs 13,000-crore fraud at the Punjab National Bank.(Reuters File Photo)
Indian jeweller Nirav Modi poses during the launch of his store in Mumbai. Nirav Modi is wanted by Indian investigative agencies in connection with a Rs 13,000-crore fraud at the Punjab National Bank.(Reuters File Photo)

Government says PNB fraud accused Nirav Modi is in UK; CBI asks Interpol for red corner notice

By P Suchetana Ray and Rajesh Ahuja | Hindustan Times, New Delhi
UPDATED ON JUN 12, 2018 06:13 AM IST
Nirav Modi left India in January for an unknown location after being accused of being at the centre of the fraud involving the country’s second largest public lender.
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Railway minister Piyush Goyal and minister of state for railways Manoj Sinha release publications during a press conference on the achievements of the ministry in the last four years, in New Delhi on Monday.(PTI Photo)
Railway minister Piyush Goyal and minister of state for railways Manoj Sinha release publications during a press conference on the achievements of the ministry in the last four years, in New Delhi on Monday.(PTI Photo)

No plans to privatise railways, says minister Piyush Goyal

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON JUN 11, 2018 11:12 PM IST
Piyush Goyal says the concerns over the government’s bullet train project will be soon resolved and that the project is on track.
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Union finance minister Arun Jaitley flanked by MoS for finance Shiv Pratap Shukla and revenue secretary Hasmukh Adhia at the 26th meeting of the Goods and Services Tax Council, in New Delhi.(PTI File Photo)
Union finance minister Arun Jaitley flanked by MoS for finance Shiv Pratap Shukla and revenue secretary Hasmukh Adhia at the 26th meeting of the Goods and Services Tax Council, in New Delhi.(PTI File Photo)

Centre keeps states’ demand of monthly sharing of funds, but only partially

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON JUN 10, 2018 07:41 AM IST
State’s share in the central tax pool was increased from 32% to 42% in 2015 following the recommendations of the 14th Finance Commission.
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President Ram Nath Kovind has given his assent to the ordinance amending the Insolvency and Bankruptcy Code (IBC) to recognise home buyers’ status as financial creditors.(HT file photo)
President Ram Nath Kovind has given his assent to the ordinance amending the Insolvency and Bankruptcy Code (IBC) to recognise home buyers’ status as financial creditors.(HT file photo)

President okays ordinance, home buyers now have share in auctioned assets of bankrupt realty firms

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON JUN 06, 2018 10:36 PM IST
Being treated as financial creditors brings home buyers at par with banks and other institutional creditors as they would now have a share in the proceeds earned by sale of assets of bankrupt real estate companies.
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Union minister Arun Jaitley was admitted to the hospital on May 12, and the surgery was performed on May 14.(PTI File Photo)
Union minister Arun Jaitley was admitted to the hospital on May 12, and the surgery was performed on May 14.(PTI File Photo)

Arun Jaitley returns home 3 weeks after kidney transplant, thanks doctors and well-wishers

By P Suchetana Ray and Anonna Dutt | Hindustan Times, New Delhi
UPDATED ON JUN 04, 2018 08:56 PM IST
Arun Jaitley was in the isolation ward at AIIMS after his kidney transplant.
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An employee updates fuel prices display board at a petrol pump, in Howrah on Wednesday, May 30, 2018(PTI)
An employee updates fuel prices display board at a petrol pump, in Howrah on Wednesday, May 30, 2018(PTI)

After 16 days of hike, fuel prices cut by 1 paisa

By P Suchetana Ray | Hindustan Times, New Delhi
PUBLISHED ON MAY 30, 2018 10:20 PM IST
The Indian Oil Corporation Ltd website showed a reduction in petrol price by 60 paise while diesel was down by 59 paise. The company soon realised the error and rectified it.
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Matix Group chairman Nishant Kanodia owns the Mauritius-based Firstland Holdings Ltd that invested Rs325 crore in NuPower, a company promoted by Deepak Kochhar (in picture), between 2010 and 2012.(File photo)
Matix Group chairman Nishant Kanodia owns the Mauritius-based Firstland Holdings Ltd that invested Rs325 crore in NuPower, a company promoted by Deepak Kochhar (in picture), between 2010 and 2012.(File photo)

Income tax department questions Matix Group chairman over NuPower links

By P Suchetana Ray | New Delhi, Hindustan Times
UPDATED ON MAY 31, 2018 01:56 PM IST
Matix Group chairman Nishant Kanodia is Essar Group patriarch Ravi Ruia’s son-in-law and owns the Mauritius-based Firstland Holdings Ltd that invested Rs325 crore in NuPower between 2010 and 2012.
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The price of petrol has increased by Rs 2.54 in the last 10 days, and that of diesel by Rs 2.41.(PTI Photo)
The price of petrol has increased by Rs 2.54 in the last 10 days, and that of diesel by Rs 2.41.(PTI Photo)

Fuel prices soar for 10th straight day, govt seeks long-term solution

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON MAY 23, 2018 10:45 PM IST
After a 19-day hiatus in the run-up to the Karnataka polls, the price of petrol has increased by Rs 2.54 in the last 10 days, and that of diesel by Rs 2.41.
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A view of a fuel station displaying the current fuel prices, in Guwahati, on Monday.(PTI Photo)
A view of a fuel station displaying the current fuel prices, in Guwahati, on Monday.(PTI Photo)

Petrol and diesel prices to be slashed, oil companies to share burden

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON MAY 22, 2018 11:30 PM IST
In the last few days, fuel prices have touched record highs, with petrol costing Rs 76.87 per litre in Delhi and diesel Rs 68.08 a litre. In the last nine days, the price of petrol has risen by Rs 2.24 and diesel by Rs 2.15.
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Deepak Kochhar, founder-CEO and managing director of NuPower Renewables, a Mumbai-based wind energy producer.(Company handout/File image)
Deepak Kochhar, founder-CEO and managing director of NuPower Renewables, a Mumbai-based wind energy producer.(Company handout/File image)

Investigators probe another Deepak Kochhar company, NuPower Technologies

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON MAY 14, 2018 10:43 AM IST
NuPower Technologies is a subsidiary of NuPower Renewables, which is owned by ICICI Bank MD and CEO Chanda Kochhar’s husband Deepak Kochhar.
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The raids were conducted in connection with a probe into an investment made by a Kanodia firm in NuPower Renewables, promoted by Deepak Kochhar (in picture), husband of ICICI Bank CEO Chanda Kochhar.(File photo)
The raids were conducted in connection with a probe into an investment made by a Kanodia firm in NuPower Renewables, promoted by Deepak Kochhar (in picture), husband of ICICI Bank CEO Chanda Kochhar.(File photo)

Income tax department raids offices of firms linked to Matix Group chairman Nishant Kanodia

By P Suchetana Ray | New Delhi, Hindustan Times
UPDATED ON MAY 11, 2018 10:17 PM IST
Nishant Kanodia is Essar Group patriarch Ravi Ruia’s son-in-law and he owns the Mauritius-based Firstland Holdings that invested Rs325 crore in NuPower between 2010 and 2012.
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Deepak Kochhar, founder and CEO and managing director of NuPower Renewables(HT Photo)
Deepak Kochhar, founder and CEO and managing director of NuPower Renewables(HT Photo)

Investigation agencies examining links between NuPower and Essar

By P Suchetana Ray | Livemint, New Delhi
UPDATED ON MAY 07, 2018 09:00 PM IST
Investigations into NuPower, a company promoted by Deepak Kochhar, the husband of ICICI bank CEO Chanda Kochhar, and the investments it attracted have usually ended at a blind end.
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Deepak Kochhar, founder and CEO and manging director of NuPower Renewables Pvt. Ltd.(File Photo)
Deepak Kochhar, founder and CEO and manging director of NuPower Renewables Pvt. Ltd.(File Photo)

I-T dept issues second notice to Deepak Kochhar

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON APR 12, 2018 11:23 PM IST
The notices dovetail with a Central Bureau of Investigation preliminary enquiry concerning a suspected quid-pro-quo in a loan extended by ICICI Bank to the Videocon Group in 2012, and Videocon chairman Venugopal Dhoot’s investment (and subsequent transfer of ownership) in a company co-founded by him and Deepak Kochhar.
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Chanda Kochhar and her husband have been at the centre of a loan-kickback controversy involving Videocon Group’s promoter Venugopal Dhoot.(Reuters File Photo)
Chanda Kochhar and her husband have been at the centre of a loan-kickback controversy involving Videocon Group’s promoter Venugopal Dhoot.(Reuters File Photo)

Agencies now probing companies owned by Chanda Kochhar’s family

By P Suchetana Ray | New Delhi, Hindustan Times
UPDATED ON APR 09, 2018 07:35 AM IST
Several agencies are examining the relationships and transactions between Deepak Kochhar and Rajiv Kochhar and the Videocon group on the basis of what the CBI calls a source-based complaint.
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A Nirav Modi showroom is pictured in New Delhi on February 15, 2018.(Reuters)
A Nirav Modi showroom is pictured in New Delhi on February 15, 2018.(Reuters)

Nirav Modi laundered Rs 6,000 crore in just one year, chargesheet soon: ED

By P Suchetana Ray | New Delhi, Hindustan Times
UPDATED ON APR 05, 2018 04:51 PM IST
The Punjab National Bank has accused Nirav Modi and Mehul Choksi of committing a fraud of around Rs 13,000 crore in the issuance of letters of undertaking and foreign letters of credit from Mumbai’s Brady House branch between 2011 and 2017.
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A trafficking victim who was rescued, in Jharkhand.(Vipin Kumar/HT File Photo)
A trafficking victim who was rescued, in Jharkhand.(Vipin Kumar/HT File Photo)

India’s first anti-human trafficking law proposes life term for repeat offenders

By P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON FEB 11, 2018 07:10 AM IST
The bill, reviewed by HT, also proposes a jail term of at least a year and a fine of Rs 1 lakh for those who abet trafficking or fail to protect a victim.
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Finance minister Arun Jaitley speaks in the Rajya Sabha in New Delhi on Friday. (PTI Photo / TV GRAB)
Finance minister Arun Jaitley speaks in the Rajya Sabha in New Delhi on Friday. (PTI Photo / TV GRAB)

Tax revenue higher than expectation: FM Arun Jaitley tells Rajya Sabha

By P Suchetana Ray and Jayanth Jacob | Hindustan Times, New Delhi
UPDATED ON FEB 09, 2018 11:29 PM IST
The finanace minister was replying to the debate on the general budget in Rajya Sabha.
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Former finance minister P Chidambaram arrives to address the media at his residence after ED raids, at Jor Bagh in New Delhi.(PTI File Photo)
Former finance minister P Chidambaram arrives to address the media at his residence after ED raids, at Jor Bagh in New Delhi.(PTI File Photo)

CBI report in Aircel-Maxis case may have been leaked

By Rajesh Ahuja and P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON FEB 09, 2018 10:35 AM IST
An unsigned draft of a CBI status report in the Aircel-Maxis case was recovered from the Jor Bagh house of the Chidambarams in the national capital when ED officials searched it on January 13 in connection with their probe into money laundering charges in the Aircel-Maxis matter, an official said.
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Enforcement Directorate’s action is first-of-its-kind against such criminals under the anti-money laundering laws.
Enforcement Directorate’s action is first-of-its-kind against such criminals under the anti-money laundering laws.

ED attaches assets worth Rs 86 lakh of Bihar Maoist leader

By P Suchetana Ray | Hindustan Times, New Delhi, New Delhi
UPDATED ON FEB 05, 2018 10:28 PM IST
The properties include three land plots in his wife’s name in Aurangabad, two similar plots in Gaya and an advance payment amount of Rs 10.43 lakh made by his son-in-law to purchase a flat in Delhi.
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The department of economic affairs has further clarified that the resolution of the Indian branches will be done in accordance to the bill and not be subjected to provisions of the foreign resolution plan(Representational Photo)
The department of economic affairs has further clarified that the resolution of the Indian branches will be done in accordance to the bill and not be subjected to provisions of the foreign resolution plan(Representational Photo)

Local clients to get priority if India arm of foreign banks goes bust

By Saubhadra Chatterji and P Suchetana Ray | Hindustan Times, New Delhi
UPDATED ON FEB 05, 2018 08:18 AM IST
This system will be a part of the contentious Financial Resolution and Deposit Insurance Bill 2017, which is under scrutiny by a joint House panel.
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