Mumbai

Mumbai: City where the money keeps pouring in

03 Dec 2016 | By Supriya
Here's what's making the news in Mumbai

Demonetization has resulted in massive gains for LIC; it sold its most expensive policy of Rs.50 crore for the first time.

In another news, a businessman who declared Rs.13,860 crore black money goes missing

Mumbai will soon host an international speedboat race in March 2017.

To read more about this and how a marriage party 'hijacked' a Jet Airways plane, tap in!

In context: Here's what's making the news in Mumbai

03 Dec 2016Mumbai: City where the money keeps pouring in

Black moneyBusinessman declared Rs.13,000 crore as income; now missing

On the last day of Income-Disclosure Scheme, Mahesh Shah, declared Rs.13,680 crores as unaccounted income and stunned tax officials.

Under the scheme he was required to pay tax of Rs.1,560 crore by November 30, but failed to do so; Shah is reportedly a front for "rich influential people".

Tax-officials conducted a raid on his premises but found nothing; Shah is believed to be absconding.

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RuckusMarriage party offloads plane passengers

A Mumbai-Bhopal Jet Airways flight on Friday morning was delayed by two-hours due to over-booking.

A marriage party of 17 checked-in late and created chaos; they refused to let aircraft doors close and intimidated airline staff.

To resolve the deadlock, staff offered other passengers Rs.10,000 under DGCA guidelines to voluntarily offload the plane.

The group was reportedly an influential Gujarati family with political clout.

PlacementsMoney pours in for IIT grads

Blackstone, Goldman Sachs offered massive salary packages to IIT-B grads on the first day of placements that was dominated by engineering and financial companies.

Seventeen companies made nearly 60 job offers; Microsoft offered 5 candidates pay packages in the range of Rs.70-80 lakh, Goldman-Sachs' pay packages ranged from Rs.25-30 lakhs.

The placements will continue till December 15 and will be attended by 300 companies.

FraudConman arrested for scams worth crores

The Economics Offences Wing (EOW) arrested a 53-year old man for duping a 92-year old woman and three others of Rs.11 crore.

The accused arrested is Haresh Vaghadia, a real estate agent, who conned victims by promising massive gains on their money through ambitious investments in land.

Vaghadia bought land but never paid back the money; his properties have now been attached by EOW.

SportsInternational boat race comes to Mumbai

The state government is keen to highlight Mumbai's vast waterfront and is therefore organizing an international powerboat race, known as P1 racing, off the Marine Drive promenade in first week of March 2017.

Officials from the tourism department expect speedboats from several countries to participate; the race will be telecast live worldwide.

19 countries have so far signed up to participate in the event.

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03 Dec 2016HC steps in to protect Girnar case from demonetization

In ongoing case of Sangeet Academy laureate, Sushila Rani, Bombay HC gave instructions to ensure cash in lockers is not impacted from demonetization.

Rani's estate, especially Girnar bungalow, is under dispute since her death in 2014; she was Baburao Patel's wife, founder of India's first film-trade magazine.

This decision is a precedent as similar cases could get relief with respect to old currency.

DemonetizationMumbai man buys most expensive LIC policy

A Mumbai businessman with interests in real-estate bought a Jeevan-Akshay pension policy from LIC that entails a Rs.50 crore premium.

The policy was not popular due to unattractive returns; however post-demonetization since rumours were abound that RBI may cut deposit rates, many have bought the policy due to its fixed-returns.

In November itself, 70% of Jeevan-Akshay's annual target was met thanks to demonetization.