With the entire fraud amount becoming a non-performing asset, around 25 per cent of the bank's estimated net worth of Rs 40,000 crore could be affected.
The bank also issued 234 LoUs worth Rs 1,880 crore to another group of companies promoted by Mehul Choksi in 2015 and 2016
Currently, companies are taxed in the jurisdictions in which they have a physical presence. However, digital businesses generate revenues from markets without a significant physical presence in a country.
The bank has one of the highest current account savings account share, stable credit quality, robust credit growth, adequate capital and low cost-to-income ratio, said PNB chief Sunil Mehta.
"Our preliminary estimates show we may have to provide for around Rs 60 billion in the balance sheet for the quarter ending on March. The due date for LoUs amounting to Rs 60 billion is falling in the present quarter. This will be a contingent liability for the bank," said a senior executive, on condition of anonymity.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
Additional solicitor-general says extra-neutral alcohol liable to new tax
The GoM will meet on Saturday to finalise single-stage, simplified, return filing under the GST; report will be placed before GST Council on March 10.
Out of around 80 million accounts that were analysed, there were 10 million records with only names and no other details about the subscribers, including their date of joining, date of birth and father's name, among others, in the EPFO's records.
At the 47th ILC, scheduled for February 26 and 27 in Delhi, trade unions and employers were to discuss key issues related to employment and social security coverage to workers
The number of new jobs created declined by around 65 per cent to 64,000 in April-June 2017, from 185,000 in January-March 2017, according to the Labour Bureau's quarterly report on employment.
In its letter, finance ministry has pointed to sections 35, 35A and 36 of the Banking Regulation Act, 1949, to highlight the powers and functions of the RBI as regulator
Govt tells PSBs to integrate banking systems, rotate staff as a policy
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
After holding discussions with the FM, the Sebi chief said the government thought it was an opportune time to levy the LTCG tax as the "markets are booming."
The decision to drop the proposal was taken last month during a meeting that Finance Minister Arun Jaitley held with labour ministry officials.
Calling the Budget 2018 'anti-labour', the Bharatiya Mazdoor Sangh will observe February 20 as a 'black day'.
Even as the government's move to hike import duties on 45 items is seen as a sign of protectionism, the prime minister was himself involved in the process.
The existing double taxation avoidance agreements will not be covered by the proposed change, implying that in order to tax Facebook, Google and the like, India will require to renegotiate tax treaties.
It had earlier proposed cutting it down to Rs 250 crore due to slow progress in enrollment of new employees.
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