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The Supreme Court found billionaire Anil Ambani guilty of contempt for failing to pay dues on time (as ordered by the court) to Swedish telecom equipment maker Ericsson AB. In case, he misses the payment deadline again (he has to pay Rs 453 crore within four weeks), Ambani will be sent to jail for three months, the court said.
Commonly known as ‘angel tax’, the issue gained ground once again in December last year when the tax department started sending notices and orders to several startups demanding payouts. Startups that have got only tax notices are fewer, pegged at around 2,000, and can get relief under the new norms.
Reserve Bank of India (RBI) announced a 0.25% cut in the rate at which it lends to banks at its monetary policy review earlier this month hoping banks would pass on the cut. State Bank of India, the country's largest lender, cut the rate on new home loans by just 0.05%. Other banks usually follow SBI in rate cuts.