Punjab National Bank (PNB), facing a Rs 11,400-crore scandal, may have to honour at least a substantial part of its commitment on the letters of undertakings (LoUs) and foreign letters of credit (FLCs) illegally issued to firms of celebrity jeweller Nirav Modi and his uncle Mehul Choksi by one of the bank’s employees by abusing its SWIFT interbank system, two executives with banks having no exposure to such guarantees told FE.
Some PSBs asked their vigilance officers to submit an internal report, assessing systemic preparedness to avoid potential frauds.
“The (PNB) fraud came as a bolt from the blue. We swung into action, scanned accounts of the accused and started fortifying our internal systems.
Rajiv Popley, executive director at Mumbai-headquartered Popley group, told FE a “stray incident should not be generalised” and the entire jewellery industry need not be painted with the same brush.
The finance ministry has directed all public-sector banks (PSBs) to tie up loose ends in their systems, tighten scrutiny of all sorts of transactions
A 70% duty needed to stop cheaper imports from Pak via Mumbai and 100% for supplies via Wagah,
Ranking doesn’t accurately reflect the level of business-conducive nature of the states. It reflects the willingness of states to reform and attract investments.
Fiscal deficit in 2017-18 would go up a notch to 3.6%, instead of 3.5% estimated by the Centre, if the CSO’s advance estimate of nominal GDP at Rs 166.28 lakh crore is taken into account.
Budget 2018: A day after Budget 2018-19, which spooked markets with the news of fiscal slippage, economic affairs secretary Subhash Chandra Garg asserted the Centre is serious about fiscal consolidation and the 3% deficit target would be achieved in FY20.
Government pegs FY19 fiscal deficit target at 3.3% of GDP against 3% aimed earlier; at 3.5%, FY18 deficit exceeds target by 30 bps.
Cut in food subsidy bill for decentralised states suggests even the govt doesn’t expect much impact of MSP hike.
Chief economic adviser Arvind Subramanian believes there is a strong case for “pretty solid fiscal consolidation” in the next financial year, notwithstanding the general elections ahead.
Union Budget 2018: Indian gold demand will pick up in 2018, and any reduction in the high customs duty on the precious metal will boost it further, says Ahammed MP, chairman of Malabar Gold & Diamonds, one of the largest jewellers in India.
As the government prepares for an unprecedented level of capital infusion into public-sector banks (PSBs) through bonds, it is considering stricter official monitoring of the performance goals for each of the banks that will receive the funds.
Budget 2018: The anticipated push for exports in the upcoming Budget to boost jobs is unlikely to include substantial relief to special economic zones (SEZs) that were once the growth engine for the country’s outbound shipments. The minimum alternate tax (MAT) on SEZ units and developers, which has jeopardised the tax-free status of these enclaves and severely undermined their export potential, is unlikely to be removed in the Budget for 2018-19.
These companies have sought the approval of the Competition Commission of India (CCI), stating the proposed deal won’t “cause any appreciable adverse effect on competition in any relevant market in India”.
Budget 2018: The MEIS is the most important export promotion scheme under which the government provides exporters duty credit scrip at 2%, 3% or 5% of their export turnover, depending upon products and shipment destinations.
Lower-than-expected inflation is estimated to pull down nominal GDP growth to 9.5% in FY18, against the budgeted 11-11.5%, according to chief statistician TCA Anant.
The government is considering a proposal to raise the individual cap on foreign investment in power exchanges to 15% from the current 5%.
Around a year and a half since launch, the Rs 6,000-crore package for the labour-intensive garments sector, which included freedom to mills to have fixed-term employees, has accomplished much less than envisaged.
The Securities and Exchange Board of India (Sebi) board will consider proposals to ease compliance norms for insolvent firms — especially with regard to trading, listing and de-listing, and declaring results — at its meeting on Thursday, sources said.
Faced with an urgent need to bolster a nascent insolvency eco-system through a robust pool of professionals that would handle default cases involving billions of dollars, the Insolvency and Bankruptcy Board of India (IBBI) has started a massive drive to sensitise students about the abstruse discipline.
India has toughened its stance at the World Trade Organization (WTO) on the issue of fishery subsidies, mindful of the politically-sensitive subject on which the lives of millions of poor fishermen in various coastal states depend.
The Securities and Exchange Board of India (Sebi) will consider a raft of proposals to ease various compliance procedures for listed insolvent companies—especially with regard to trading, listing and de-listing norms, and declaration of financial results—at its board meeting on Thursday, official sources told FE.
These firms are being liquidated under NCLT even as resolution plans for only 5-6 companies have been approved so far
Under a ‘challenge method’, states that expedite clearances will get more projects under Bharatmala and Sagarmala programmes
Apart from L&T, major construction firms such as Shapoorji Pallonji, Tata Projects and Nagarjuna Construction Company had also bid for the first phase of the project, a senior official with the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC), which is the knowledge partner of the project, told FE.
As Uttar Pradesh has become the largest sugar producer, mills there will sell more outside the state, says Gaurav Goel, MD of Dhampur Sugar Mill, who was appointed president of the Indian Sugar Mills Association last week.