Latest news with #SIB
The Hindu
a day ago
- Politics
- The Hindu
DSP accused in phone tapping case set to be demoted to inspector
In what is being described as 'side effect' of telephone tapping case, second accused D. Praneeth Kumar, Deputy Superintendent of Police under suspension, is likely to be demoted as Inspector. A sub-inspector of 2007 batch, Mr. Kumar, also known as Praneeth Rao, was shifted to the Special Intelligence Branch (SIB) in 2018 in the rank of Inspector. Before joining SIB, he served in Nalgonda district. Five years after his stint with SIB, he got elevated as DSP through 'accelerated promotion' which is extended to police officials for commendable performance in anti-Left wing extremist operations. There is no direct connection between his elevation as DSP through 'accelerated promotion' and the telephone tapping case, the accelerated promotion angle cropped up when the police officials probing the telephone tapping case began analysing different aspects of the case like why the prime accused and former police officer T. Prabhakar Rao specifically chose Mr. Praneeth Rao and others to eavesdrop on the phones of others. Mr. Prabhakar Rao was heading the SIB, while on extension of service following retirement, when the proposal for promoting Mr. Praneeth Rao as DSP was taken. Investigators, after questioning both of them, surmise that Mr. Praneeth Rao was 'gifted' with accelerated promotion as DSP though his work did not meet the standards applied to other police officers in such matters. Interestingly, a serving DSP M. Gangadhar (who eventually quit and entered politics by contesting for MLC) questioned Mr. Praneeth Rao's promotion by writing open letters to State police chief and Chief Minister A. Revanth Reddy. When police officials probing telephone tapping case dug deeper, they found that Mr. Praneeth Rao's promotion was not in compliance with the parameters or standards adhered to in accelerated promotions awarded to other police officers. Though Mr. Gangadhar challenged similar promotions awarded to three other police officers, the case of Mr. Praneeth Rao assumed importance because of his alleged complicity in telephone tapping case. The investigators reportedly submitted a report to the higher-ups pointing out the discrepancies in the accelerated promotion of Mr. Praneeth Rao. 'This has raised many issues relating to awarding accelerated promotions. Hopefully, the government would strictly adhere to procedures and justify all such pending proposals, if any,' said a police officer unwilling to be named.
Sharjah 24
6 days ago
- Business
- Sharjah 24
SIB wins Sharjah Gulf Excellence Award 2024
This honour follows the recent inclusion of the bank in the "Top 100 Companies in the Middle East for 2024" list, according to Forbes magazine, a clear indication of its strong institutional performance and its sustainable and innovative business model. Supporting Investment in Vital Sectors Locally and Regionally, Enhancing National Economic Competitiveness, and Establishing Sharjah as a Leading Business and Innovation Hub On this occasion, His Excellency Mohamed Abdalla, CEO of Sharjah Islamic Bank, said: "We draw inspiration for all our initiatives and strategic directions from the wise vision of His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, may God protect him, which drives us toward excellence and leadership. At Sharjah Islamic Bank, we are committed to being an active part of the economic system by supporting investment in vital sectors locally, regionally, and globally, enhancing the competitiveness of the national economy, and reinforcing Sharjah's position as a leading center for business and innovation." He added: "We will continue to reinforce a culture of innovation and responsibility at SIB, moving forward with pioneering banking initiatives that have a real impact on society and the economy. This includes empowering entrepreneurs, supporting small and medium-sized enterprises, and expanding our regional partnerships to contribute to comprehensive and sustainable development. This aligns with our vision of providing a renewed banking model that supports national and Gulf aspirations." He also pointed out that this recognition reflects the trust institutions place in our message and the SIB's approach, which is based on sustainability through advanced financial solutions that meet the aspirations of various segments of society and align with the UAE's vision in the financial sector. A Financial Institution Committed to Excellence This award represents a new milestone in the continued success of Sharjah Islamic Bank, reinforcing its status as a leading financial institution committed to excellence and contributing effectively to driving the economy forward according to the highest global standards. This recognition adds to the SIB's growing portfolio of awards and achievements at the local, regional, and international levels in various sectors, including institutional innovation, banking services, sustainability, and corporate social responsibility. It is worth noting that the " Sharjah Excellence Award" is one of the most prestigious institutional awards in the region. Launched in 1990 under the umbrella of the Sharjah Chamber of Commerce and Industry, the award aims to enhance competitiveness, foster a culture of quality and excellence, and encourage institutions to adopt best administrative and economic practices. This aligns perfectly with the approach adopted by SIB in all its operations and initiatives.
Sharjah 24
24-06-2025
- Business
- Sharjah 24
SIB launches 'Millionaire Draw' campaign for savings accounts
The campaign is part of SIB's strategy to offer outstanding opportunities to a wide range of customers — from individuals to children and students — by providing them the chance to win valuable prizes, including substantial cash rewards and luxury cars. This initiative reflects the bank's commitment to delivering innovative and rewarding banking solutions. The campaign targets all savings account holders, offering them the chance to win major prizes in addition to their regular monthly profit payouts. Both existing and new customers will be eligible to enter the draw for every AED 10,000 maintained in their accounts daily throughout the month. Through this initiative, SIB aims to encourage continuous saving habits and increase customer engagement through monthly draws featuring a variety of valuable prizes. With each new entry, customers gain further motivation to maintain consistent savings. A comprehensive strategy to encourage sustainable financial planning Nabil Abou Alwan, Head of Retail Banking at Sharjah Islamic Bank, stated: 'Through the launch of the 'Millionaire Draw' campaign, we aim to inspire our customers to think ahead financially and take advantage of banking products that align with their long-term goals. This campaign forms part of our broader strategy to promote sustainable financial planning, offering a banking environment that supports a balance between saving and incentive. We firmly believe that financial success is not just measured by rewards, but also by the capabilities we help our customers build to achieve lasting financial independence. This initiative reflects our ongoing commitment to delivering meaningful and lasting value to our customers, positioning them as active partners in Sharjah Islamic Bank's vision for a more stable and prosperous financial future.' Major prizes worth up to AED 20 million, including monthly cash and luxury cars The campaign will feature several high-value prizes, including quarterly cash prizes of AED 1 million for UAE nationals and another AED 1 million draw for all customers. In addition, four seasonal prizes of AED 2 million will be awarded during special occasions such as national holidays and Eid celebrations. Children and students can also participate through dedicated savings accounts tailored for their age groups. Beyond the grand prizes, the campaign will offer eight luxury BMW XM vehicles to selected winners, along with monthly cash prizes ranging from AED 500 to AED 5,000, providing ample winning opportunities for participants every month. A total of 40 additional monthly cash prizes will be awarded. To enable new customers to participate, account openings can be done quickly and easily through the SIB Digital App, by sending the word 'Millionaire' via SMS to 6667, visiting the website at or calling 065999999.
Business Recorder
23-06-2025
- Business
- Business Recorder
Aurangzeb unveils new tax measures, targets poultry, mutual funds & govt securities
Finance Minister Muhammad Aurangzeb unveiled new taxation measures, including levies on income generated from mutual funds and government securities, at the National Assembly on Monday. Addressing the lower house, the finance minister presented three more budget proposals. 'The first of these is to increase the tax rate on income derived from the debt portion of mutual funds issued to companies from 25% to 29%. Secondly, it is proposed to impose a 20% tax on profits made by corporations and companies on investments in government securities,' he said. The government has also proposed to tax the poultry sector, said Aurangzeb. 'It is proposed that a Federal Excise Duty (FED) of Rs10 per day-old chick should be imposed on hatchery chicks, so that this sector can also contribute to the national exchequer,' he said. The finance minister maintained that the government has presented a balanced budget for the fiscal year 2025-26. 'On one hand, we have kept government expenditure under control, while on the other, much emphasis has been laid towards increasing tax base and its compliance,' said Aurangzeb. Imported cotton yarn: APTMA hails 18pc sales tax imposition Aurangzeb said that tariff rationalisation is vital, stating: 'By lowering import duties, our business unit cost would decrease, which will facilitate exports.' He said that the government will soon announce an industrial policy, whereas consultation on EV policy has already been initiated. Moreover, the government, in collaboration with British Asian Trust, would soon launch Pakistan's first Skill Impact Bond (SIB). The SIB links funding to the achievement of outcomes, he said. Affordable Housing The government, in its bid to promote affordable housing, would launch a 20-year loan scheme for the low-income segment, informed Auranzgeb. He clarified: 'Only those dams will be pursued that are already approved.' On Saturday, Aurangzeb, in his address to the Senate, announced key relief measures in the federal budget for FY2025-26, including a significant income tax cut for the salaried class and a reduction in General Sales Tax (GST) on imported solar panels. The finance minister, on Monday, reiterated that individuals earning between Rs600,000 and Rs1.2 million annually will now be taxed at just 1%, down from 2.5% proposed in the budget for FY2025-26. He said that tax has been imposed on individuals receiving an annual pension of over Rs10 million, while, on the special instructions of the Prime Minister of Pakistan, pensioners over the age of 75 are exempt from all types of taxes. Aurangzeb added that the proposed 18% GST on solar panel imports has been lowered to 10%. Powers of FBR Aurangzeb informed the lower house that on the special instructions of the Prime Minister, the existing powers of the FBR regarding tax fraud and the amendments made through the Finance Bill were reviewed once again, under which tax fraud has been categorised into cognizable and non-cognizable offences. 'In cases involving up to Rs50 million, the FBR will not be able to arrest without a court warrant,' he said. In addition, any one of the following conditions must be fulfilled for arrest: 1) the accused deliberately did not become a part of the inquiry despite three notices; 2) the accused tries to escape; and 3) tampers with the record. 'Despite this, the approval for arrest will be given by a high-level three-member committee of the FBR, instead of an officer, and it will be necessary to present the arrested persons before the court of a special judge within 24 hours,' he said. In addition, it will be ensured that no citizen is abused in this process, he added. Real estate sector In the real estate sector, Aurangzeb noted that in the past, people used to buy large properties beyond their declared financial means. Under Section 114C of the Income Tax Ordinance, the Finance Bill proposed to prohibit such people from engaging in large financial activities. 'On the instructions of the prime minister, this new law will not apply to the purchase of residential plots or houses worth up to Rs50 million, commercial plots or properties worth up to Rs100 million and vehicles worth up to Rs7 million,' said the finance minister. Aurangzeb said that the ongoing tensions between Iran Israel are expected to disturb the region's economic situation. However, the government is prepared to deal with any situation, he assured the lower house.
Hans India
17-06-2025
- Politics
- Hans India
Telangana: SIT to question former SIB chief Prabhakar Rao again today
The Special Investigation Team (SIT) is intensifying its probe into the Phone Tapping Case, with former SIB chief Prabhakar Rao set to appear for questioning at the Jubilee Hills Police Station today at 11am. This marks Rao's fourth appearance before SIT officials. In a related development, PCC chief Mahesh Kumar Goud will also provide a statement today as a witness in the case. Goud's phone was reportedly tapped by Praneeth Rao's team, whose phone data revealed 400 compromised numbers. Former Gadwal ZP Chairperson Saritha, who contested as a Congress candidate in the last elections, will also appear before the SIT. Moreover, Praneeth Rao is scheduled to appear for questioning on Wednesday.
