Budget 2016 Key Points

1.     No changes in tax slabs under Income Tax and same is as was earlier, i.e. 

Male / Female ( Age upto 60 Years )			Senior Citizen ( Age 60 Years or More )			Super Senior Citizen ( Age 80 Years or More )
0	2,50,000	Nil	0	3,00,000	Nil	0	3,00,000	Nil
2,50,001	5,00,000	10%	3,00,001	5,00,000	10%	3,00,001	5,00,000	Nil
5,00,001	10,00,000	20%	5,00,001	10,00,000	20%	5,00,001	10,00,000	20%
Above 10,00,000		30%	Above 10,00,000		30%	Above 10,00,000		30%

2.   Income tax surcharge for having income Rs. more than 1 crore increased to 15% (previously 12%)
3. Deduction u/s 80GG for RENT payment increased upto Rs. 5,000/- per month (previously Rs.2,000/-) 
4. Service tax  - 0.50% agriculture development krishi kalyan surcharge cess 
5. Rebate u/s 87A increased from Rs.2,000/- to Rs.5,000/- (persons having taxable income upto Rs.5,00,000/-)
6. 10% Dividend tax for dividend receipt over Rs.10,00,000/- per annum
7. Additional exemption o Rs.50,000/- for first time house buyers on housing loan upto Rs.35.00 lakh, provided cost of house in not more than Rs.50.00 lakh
8. Companies with revenue less than Rs. 5 crore to be taxed at 29% plus surcharge and Cess
9. Service tax exemption for housing construction of houses less than 60 sq. mtr.
10. Tax Audit Limit revised to non professional Rs. 2.00 crore from Rs. 1.00 crore
11. Presumption taxation scheme for  all professionals with gross receipts upto Rs.50 lakh if income declared @ 50%
12.  Corporate tax for new manufacturing companies @ 25.00%  + surcharge + cess
13. Withdrawal upto 40% from NPS to be exempted
14. LTCG on unlisted securities limited to 2 years
15. 100% tax deduction for companies building houses upto 30 sq. mtr.
16. TCS on purchase of assets over Rs. 2.00 lakh
17. Penalty for concealment of income reduced to 50% - 200% (previously 100% - 300%)
18. Excise duty on branded garments exceeding Rs. 1,000/-
19. Securities transaction tax on option raised to 0.05%

Budget 2016 Glimpse of changes in Service Tax--

• Increase in rate of transportation services of household goods by GTA taxable to 5.8% (i.e. 14.5%*40%);
• Construction services now taxable @4.35% (i.e. 14.5% * 30%);
• Construction of low cost houses upto 60 sq mtrs. Under any housing scheme of state govt are exempt;
• Services by EPFO exempt;
• In Point of Taxation Rules, power have been given under specifically derived from 67A to end the on-going open issue regarding the constitutional validity of such rules;
• Interest on delayed payment reduced to 15% (with an upper cap of 24% in certain scenarios);
• All Services by govt. brought under reverse charge w.e.f. 1st Apr’16;
• Change in rate of tour operators services;
• Annual return mandatory for every notified person as may be specified from time to time (due date for submission shall be 30th November of succeeding FY);
• Changes in Rule 6 of CENVAT Credit Rules, 2004:
o Exempted services to include non-services too;
o In certain scenarios, the rate of CENVAT reversal shall get enhanced to 7%;
o Method for computation of CENVAT reversal under rule 6(3A) changed to a greater extent;
• CENVAT credit FIFO-basis deemed utilization, has been omitted;
• Services by air-conditioned stage carriage taxable @ 8.7% (i.e. 14.5%*60%);
• Krishi Kalyan Cess on all taxable services to be levied @0.5% w.e.f. 1st June’16

Budget 2016

Union Budget 2016 Highlights.
1. Rs. 35984 crores allotted for agriculture sector.
2. Rs. 17000 crores for irrigation projects.
3. Two new Organic farming scheme for 5 lakh acres.
4. Rs. 19000 crores for Gram Sadak Yojana
5. Rs. 9 Lakh Crores Agriculture Credit Target.
6. Rs. 38500 crores for MANREGA, highest ever.
7. Rs. 2.87 Lakh crores to be spent on Villages in total.
8. Rs. 9000 crores for Swach Bharat Mission.
9. Rs. 97000 Crores for Roads.
10. Total Outlay on Roads and railway Rs. 2.18 Lk Crores.
11. Rs. 2.21 Lakh Crores on Infra Projects.
12. NHAI to raise Rs. 15000 crores via NHAI Bonds.
13. More benches for SEBI Appellate tribunal.
14. Registration of Company in One Day for Start-ups.
15. Rs. 25000 crores for Banks rehabilitation.
16. 100% FDI for food processing.
17. Non planned expenditure of Rs. 14.28 Lk Crores.
18. Planned expenditure increased by 15.3% .
19. Relief Section 87A Rs. 2000 to Rs. 5000
20. Relief Sec 80GG Rs. 24000 to Rs. 60000
21. Section 44AD limits Rs. 1 crores to Rs. 2 crores. Rs. 50 Lakh for professional
22. Accelerated depreciation limited to 40%
23. New manufacturing companies will pay tax @ 25%.
24. LTCG on unlisted securities limited to 2 years.
25. 100% tax deduction for companies building houses upto 30 sq. mtrs.
26. Additional interest deduction for first house.
27. No service tax for building houses upto 60 sq mtrs.
28. 10% dividend tax for recipient over Rs. 10 lakh per annum.
29. TCS on purchase of asset over Rs. 2 Lakh in case and luxury cars.
30. VDS Scheme @ 30% + surcharge, Ist June to 30th September 2016.
31. Dispute resolution for appeal pending before Commissioner(Appeals).
32. Penalty for concealment of Income from 100-300% to 50-200%.
33. Rationalisation of TDS provisions.
34. 11 new benches for Income Tax Appellate tribunal.
35. No face to face scrutiny

Budget 2016 --Points

No Change in Personal Taxation Slab

Window for declaration of domestic black money by paying 30%tax and 15% surcharge

Relief u/s 87A increased from 2000 to 5000

Tax on dividends in excess of 10.00 lac for Individuals/HUF

High Income Individuals to pay enhanced surcharge of 15% in case income > 1.00 crore

Deductions u/s 80GG for rent paid increased from 24000 to 60000

Limit for 44AD increased from 1.00 Crore to 2.00 Crore
(Consequently limit u/s 44AB also increased to 2.00 for business and 50.00 lac for professionals)

Newly introduced Limit for 44AD (Professional) now applicable upto 50.00 lac with presumptive rate of income at 50%

Small Corporate Tax Payers to pay @ 29% with conditikns

No Service tax on Services provided under DeenDyal Upadhyay Kaushal Yozna

100% Exemption from Profits earned from specified Housing Projects, subject to provisions of section 115JC

Scope of TCS expanded

Vehicle costing more than 10.00 lac to pay 1% additional tax

Infra Cess on Vehicles levied

Excise Duty of 1% on jewellary without input credit tax

Excise duty on tobacco products increased

Another Voluntary Disclosure scheme launched to reduce litigation

Pending litigation also being rationalised

Section 271(1)(c) modified to levy of graded penalty

Section 14A amended

Waiver of Interest and penalty petitions to be decided in one year

11 New benches of Indirect Taxes Tribunals

TDS Provisons rationalised

NRI not be taxed at higher rate on production of specified documents

E-assessments in seven mega cities.

e-Sahyog to be expanded

Enhanced interest on delayed refunds arising out of Appeal effect at 9%. AO to be made responsible for addittional interest.

Revenue effort to be backed by tax reforms

 The next financial year will be a tightrope walk for Finance Minister Arun Jaitley, with the mounted challenge of narrowing the fiscal deficit and enhancing tax revenue collections to compensate for higher salaries and pensions and capital spending. Besides raising tax revenue, Jaitley will have to deliver on the promise of a fair, transparent and non- adversarial tax regime in light of multinational companies such as Vodafone receiving fresh notices for payment of tax dues based on retrospective provisions. the government has been assuring investors that it will not invoke the retrospective tax clause, there has been no attempt to remove it from the statute. While personal income tax might not see much tweaking, corporate tax could see a small reduction from the current 30 per cent rate, as the finance minister moves to reduce it to 25 per cent in the next four years, as promised in the previous Budget. Towards that, the Budget will lay down the road map to simultaneously phase out exemptions to the corporate sector, simplify administration and improve India’s competitive edge globally. The corporate tax rate is 30 per cent but it is effectively 23 per cent due to many exemptions. In 2014- 15, the government is estimated to have foregone revenue worth Rs.62,400 crore in corporate taxes on account of various incentives, investment- linked and area based deductions will be phased out for both corporate and non corporate taxpayers. Provisions with a sunset date will not be extended or advanced. For incentives with no terminal date, a sunset date of March 31, 2017, will be provided for commencement of the activity or for claim of benefit, depending on the relevant provisions. This will cover tax exemptions for development, operation and maintenance of infrastructure facilities or development of Special Economic Zone ( SEZ) units. No weighted deduction will be allowed with effect from April 1, 2017. Weighted deduction allows a taxpayer to claim a deduction that is more than the actual expenditure incurred. The government is also poring over the recommendations on tax simplification submitted by Judge R V Easwar. These recommendations to reduce litigation and simplify the tax regime for small taxpayers will make it to the Budget. Taking away from the Easwar Committee recommendations, Jaitley might consider raising the threshold for deduction of tax at source (TDS) and reduction in rates, besides measures to reduce tax litigation that will not have significant revenue implications. Long overdue, the recommendation of revision of the TDS limits, if accepted will come as a big boost to consultants, brokers and depositors. For interest on securities, the committee proposed raising the threshold for TDS to Rs.15,000 from Rs.2,500 annually and halving the tax rate to five per cent. Similarly, for other interest earnings, the limit is recommended to be raised to Rs.15,000 from the current Rs.10,000 for bank deposits and Rs.5,000 for others. The panel recommended raising the TDS limit for payments to contractorsfrom Rs.30,000 for a single transaction and Rs.75,000 annually to a Rs.1 lakh annual limit. The government will also suitably amend the Income Tax (I- T) Act to ensure that no minimum alternate tax is applicable on foreign institutional investors without a permanent establishment in the country. An attempt or assurance to address ongoing retrospective tax cases in the Budget will help revive investment in the economy. The tax department has extended the bar on UK’s Cairn Energy from selling its residual stake in Cairn India till March 31, as the Rs.10,247- crore tax dispute with the company continues. In a fresh notice to Vodafone, the tax department said it might seize the British firm’s assets in the country if it failed to pay Rs.14,200 crore in disputed tax. The Budget will provide Jaitley with the opportunity to assure investors of faster resolution of tax disputes. There are 344,000 income tax lawsuits and 136,000 indirect tax cases pending. The government in the past few months has taken various measures to reduce litigation, including increasing threshold for filing appeals in tribunals and high courts. This is expected to reduce the burden of appeals concerning direct taxes by about 50 per cent in the next three- four months. The government is also likely to introduce changes related to transfer- pricing provisions in the Budget requiring firms with foreign presence and an annual consolidated revenue more than Rs.5,000 crore, to comply with extensive data reporting and documentation. The legislative changes in the I-T Act will be in line with Base Erosion and Profit Shifting measures unveiled by the Organisation for Economic Co- operation and Development last October to curb tax evasion by multinational firms. India accounts for the largest number of transfer- pricing lawsuits in the world, with close to 70 per cent of the cases going in the assessee’s favour. The Central Board of Direct Taxes has, so far, signed 39 ( 38 unilateral and one bilateral) Advance Pricing Agreements( APAs), with 30 agreements in the current financial year alone. APAs provide certainty to companies operating in India, help avoid conflict over sharing of taxes, and reduce transfer pricing disputes. The finance minister is also expected to make safe harbour provisions more attractive by clarifying the definition and lowering the margins. With the Modi government expected to take a Rs.1.1 lakh crore hit for implementation of the Seventh Pay Commission and one- rank one- pension recommendations, it will likely look at new sources of revenue arising from phasing out of corporate tax exemptions, reducing excise duty exemptions and increasing the service tax rate from the current 14 per cent. The government is expecting a direct tax shortfall of Rs.40,000 crore in the current financial year, which will be made up by robust collection of indirect taxes. With economic revival looking uncertain, dependence on direct taxes will not be prudent. The government could attempt to align the indirect tax regime to the proposed goods and services tax in the Budget. The Centre could also reduce the exemption limit for excise duty from the current Rs.1.5 crore to bring it closer to the proposed uniform indirect tax regime, which will have a significantly lower exemption threshold of Rs. 25 lakh. Excise duty has been one of the major sources of revenue for the Modi government in the current financial year with a series of rises in levy on petrol and diesel. Till October, the additional excise levy on petrol and diesel yielded Rs. 40,000 crore revenue for the government, against Rs.25,000 crore last year and the share of excise jumped to 39 per cent of indirect taxes, from 33 percent on average. However, with uncertainty over oil prices, the government might focus on service tax to generate revenue to balance the higher outgo on pay and pensions.


(Business Standard)

Fighting black money: I-T dept to mine PAN data, trace fund flow trail

‘Project Insight’ is to be implemented phase-wise during the 3-year period spanning 2016-18.
Kept closely under wraps, a new project being readied by the Income Tax Department ahead of the upcoming Budget could provide fresh ammunition to the NDA government’s fight against domestic black money. Code named ‘Project Insight’, the scheme is focused on extensive data mining and the processing of the details available about the country’s 22.94 crore PAN (permanent account number) allottees, with the specific intention of monitoring fund flows across identities and accounts. The aim is to generate an actionable audit trail of high value transactions by way of sequenced transaction history of an individual or entity, where a PAN number has been quoted, in any part of the country. Project Insight, according to officials involved in the exercise, is to be implemented in a phased manner during the three-year period spanning 2016-18. The upcoming Budget is likely to spell out details of the first phase of this project, which is likely to rank tax assesses based on the chain of transactions and the value undertaken by them on the basis of the quoted PAN number, so that the authorities could focus their efforts on going after the highest value targets first. “The project will build on the capacity of the Income Tax Department to access information and apply technology driven-analytical tools to expose evasion, besides improving its ability to detect large cash withdrawals, or large cash transactions that enter the system. Project Insight aims to comprehensively mine the data collated,” an official said. The finance ministry had last year floated a tender worth over Rs 150 crore to select a managed service provider for developing a data warehousing and business intelligence back end for implementation of ‘Project Insight’. This involved buying data analytics software and the peripheral infrastructure accompanying it. The PAN is the unique identifier which is used by the tax department to link and analyse various transactions relating to the taxpayers and the income tax law mandates quoting of PAN for specified transactions above a threshold including purchase of immovable and movable property, bank deposits and financial assets. The Finance Act 1998 made quoting of PAN compulsory for a number of transactions such as opening of bank account and deposit exceeding Rs 50,000. As a result, Section 139A of the Income Tax Act, read with rules 114B and 114C, makes quoting of PAN compulsory for certain transactions. The idea is that these transactions will contain PAN which can then be matched with the declarations made by the taxpayers. However, the rules allow for persons not having PAN to file form no. 60 and those having agricultural income to file form no. 61.
The CAG 2011 report found widespread misuse of this facility and even companies that are compulsorily required to file returns of income used these forms. According to the a March 2015 report of the Tax Research Cell of the National Institute of Public Finance and Policy, a major part of the information remained unutilised and there was no uniform system to process these forms for follow up action. Subsequently, a Task Force on Direct Taxes set up by the finance minister had also reviewed the working of the information collection system of the CBDT and in that connection pointed out certain deficiencies that are pertinent even now.
In his last Budget, finance minister Arun Jaitley had proposed making quoting of PAN mandatory for all sale and purchase of over Rs. 1 lakh. Thereafter, under pressure from representations from legislators, trade and industry associations, against the proposed mandatory quoting of PAN for sale or purchase in excess of Rs. 1 lakh, on December 16, the Centre had made it mandatory to quote PAN for all transactions in excess of Rs.2 lakh, regardless of the mode of payment, to curb black money.

 (Financial Express)

Procedure: Change in Object Clause Companies Act’ 2013

This article describes the procedure for change in the Object Clause of the Memorandum of the company. First we should know how many clauses are there in the memorandum of any Company registered in India. The memorandum of Association (MOA) of any Company as per Companies Act’ 2013 has five clauses: 

• Name Clause
• Registered Office clause
• Object Clause
• Liability Clause
• Capital Clause

Any of these clauses can be altered by the Company as and when it wants to do so. These clauses can be altered by passing a special resolution of the shareholders of the Company except in case of the capital clause which can be altered by passing an ordinary resolution by the shareholders of the Company.

Object clause is the clause in the MOA of the Company which defines the main business activity of the company. It defines the main objects that the company is going to pursue after incorporation. The object clause also enlists the objects that are necessary/incidental for furtherance of the main objects i.e the objects which help in conduct of the Main Objects of the Company or are necessary for the conduct of the main objects.

Note that earlier under the Companies Act’ 1956 there used to be an Other Object Clause also which defined all other objects that the company could undertake other than the Main and Ancillary objects. This other object clause has now been done away with under the Companies Act’2013.

-- What is the procedure for change in the object clause of the MOA
 The procedure for change in object clause is as follows:

 1:  First call a board meeting for approval of change in object clause. The agenda of the board meeting will be to approve the change in object clause and to call an EGM to get the shareholder’s approval for change in object clause.

The board meeting should be called by giving at least 7 days notice.

The board will determine the changes in the object clause and will set the agenda for EGM.

The board will approve notice for calling EGM by fixing date, time and venue of EGM.

Sample Board Resolution: 

Change in Object Clause of the Company

“RESOLVED THAT pursuant to the provisions of Section 13 and other applicable provisions, if any, of Companies Act, 2013, (including any statutory modifications or re-enactment thereof, for the time being in force), and the rules framed there under, consent of the Board of Directors of the Company be and is hereby accorded, subject to the approval of the Registrar of Companies, NCT of Delhi & Haryana and subject to the approval of Shareholders in General Meeting, to append following sub clause (3) after sub clause (2) of clause III (A) of the Memorandum of Association of Company:

 (4) “To carry on the Business of ………”

FURTHER RESOLVED THAT for the purpose of giving effect to this resolution, _____________, Director of the Company be and is hereby authorized, on behalf of the Company, to do all acts, deeds, matters and things as deem necessary, proper or desirable and to sign and execute all necessary documents, applications and returns for the purpose of giving effect to the aforesaid resolution along with filing of necessary E-form as return of appointment with the Registrar of Companies, NCT of Delhi and Haryana.”

2:   The second step after the Board Resolution is to issue notice of Extraordinary Meeting to all Members, Directors and the Auditors of the company in accordance with the provisions of Section 101 of the Companies Act, 2013.

The Notice contains the date, time and venue of the EGM. The notice will be accompanied by an explanatory statement detailing the reasons for change in object clause. Interest of the director in the resolution should be disclosed in the explanatory statement. The Notice shall be issued at least 21 clear days before the EGM.

3: The third step is to hold an Extraordinary General Meeting at the time, place and venue as given in the notice and to pass the necessary Special Resolution under section 13(1) of the Companies Act, 2013, for change in object clause of Memorandum.

Sample Shareholders Resolution: 

Change in Object Clause of the Company

“RESOLVED THAT pursuant to the provisions of Section 13 and other applicable provisions, if any, of Companies Act, 2013, (including any statutory modifications or re-enactment thereof, for the time being in force), and the rules framed there under, consent of the shareholders of the Company be and is hereby accorded, subject to the approval of the Registrar of Companies, NCT of Delhi & Haryana, to append following sub clause (3) after sub clause (2) of clause III (A) of the Memorandum of Association of Company:

 (4) “To carry on the business of…….”

FURTHER RESOLVED THAT for the purpose of giving effect to this resolution, __________, Director of the Company be and is hereby authorised, on behalf of the Company, to do all acts, deeds, matters and things as deem necessary, proper or desirable and to sign and execute all necessary documents, applications and returns for the purpose of giving effect to the aforesaid resolution along with filing of necessary E-form as return of appointment with the Registrar of Companies, NCT of Delhi and Haryana.”

4:  Once the necessary special resolution is passed at the EGM, the company needs to file the special resolution with the Registrar within 30 days of passing the resolution. Form MGT-14 is required to be filed for filing the resolution with the Registrar. Form MGT-14 contains details about the special resolution passed.

Attachments with form MGT-14

• Certified copy of the resolution
• Notice of Extra ordinary General Meeting (EGM)
• Explanatory statement to the notice
• Altered Memorandum of Association

5: Registration of change in object clause by the Registrar

As per section 13(10), no alteration made under this section shall have any effect until it has been registered in accordance with the provisions of this section.

As per section 13 (9) The Registrar shall register any alteration of the Memorandum with respect to the objects of the company and certify the registration within a period of thirty days from the date of filing of the Special Resolution in accordance with clause (a) of sub-section (6) of this section.

Therefore once, form MGT-14 is filed, the Registrar will examine the form and register the change in object clause by issuing a fresh certificate of incorporation.

Another important point to remember

Here another thing to be kept in mind while altering the Object clause of Memorandum is that the Registrar may ask for adoption of new set of memorandum and articles in line with the new Companies Act’2013.

The statutory backing for adopting new set of memorandum and articles is given in Section 6 of the Companies Act’2013 which is given as follows:

“(b) Any provision contained in the memorandum, articles, agreement or resolution shall, to the extent to which it is repugnant to the provisions of this Act, become or be void, as the case may be.”

Therefore, the provisions under the old memorandum/articles may be repugnant i.e contradictory/inconsistent with the provisions of the Companies Act’2013 and hence may be termed as void therefore it is advisable to adopt new set of memorandum and articles as per Companies Act’2013.

Major reason for that is the change in format of Memorandum and articles under the previous act and the new act’2013.

Major difference between the memorandum under Companies Act’1956 and 2013 is the object clause. While the Object clause under the 1956 Format included three sub-clauses:

• Main objects,
• Incidental and ancillary objects and
• Other objects

The format under the Companies Act’2013 includes only two sub clauses:

• THE OBJECTS TO BE PURSUED BY THE COMPANY ON ITS INCORPORATION i.e Main Objects.
• MATTERS WHICH ARE NECESSARY FOR FURTHERANCE OF THE MAIN OBJECTS.

Therefore while altering the object clause it is advisable for the company:

• To amend the title of incidental object Clause of the Memorandum Of Association by passing the following resolution:

“Clause III (B) of the objects that are incidental or ancillary to the attainment of the main objects of the Memorandum of Association be and hereby replaced with the title “MATTERS WHICH ARE NECESSARY FOR FURTHERANCE OF THE OBJECTS SPECIFIED IN CLAUSE III (A) ARE:-“

• To Delete the other objects clause of the Memorandum Of Association by passing the following resolution:

“Pursuant to the provisions of Section 4, 13 and all other applicable provisions, if any, of the Companies Act, 2013, (including any amendment thereto or re-enactment thereof), and subject to necessary approval(s) if any, from the competent authorities, the Other Objects Clause of the Memorandum of Association of the Company be removed by completely deleting the clause III (C)”.

 ADOPTION OF NEW SET OF ARTICLES OF ASSOCIATION

Pursuant to the provisions of Section 14 and other applicable provisions, if any, of the Companies Act, 2013, (including any amendment thereto or re-enactment thereof), the Articles of Association of the Company should be altered thereby replacing all the existing regulations with the new regulations.

Bank of Baroda Q3 loss at Rs 3,342 cr; biggest-ever quarterly loss for any lender

The bank had recorded a standalone net profit of Rs 333.98 crore in the same quarter of the last fiscal.

Bank of Baroda said total income declined to Rs 11,726.95 crore in the quarter ended December 31, from Rs 11,808.34 crore in the year-ago period. (Reuters)

Amid mounting bad debts for public sector banks, Bank of Baroda today reported a net loss of Rs 3,342.04 crore for the third quarter — biggest-ever quarterly loss for any lender in the country.

The bank had recorded a standalone net profit of Rs 333.98 crore in the same quarter of the last fiscal.

Bank of Baroda said total income declined to Rs 11,726.95 crore in the quarter ended December 31, from Rs 11,808.34 crore in the year-ago period.

Gross NPA ratio rose to 9.68 per cent from 3.85 per cent in the year-ago quarter, while net NPA ratio soared to 5.67 per cent from 2.11 per cent.

Gross NPAs more than doubled to Rs 38,934 crore from Rs 15,452 crore in the year-ago period. This led to a surge in provisioning, which shaved off the bottom-line.

The overall provisions and contingencies stood at Rs 6,164.55 crore as against Rs 1,262.25 crore a year ago.

A tax write-back of Rs 1,118.37 crore proved to be a big help in limiting the losses.

All the lenders in the system have been reporting massive setbacks due to a asset quality review undertaken by Reserve Bank to clean-up balance-sheets in a way that they reflect the true picture.

BoB’s peer IDBI Bank yesterday reported a loss of over Rs 2,184 crore yesterday, making it the largest loss by any lender ever.

First Published on February 13, 2016 1:21 pm