According to the RTI reply, absconding diamantaire Choksi's company Gitanjali Gems tops the list of the defaulters with a whopping amount of Rs 5,492 crore. This is followed by REI Agro with Rs 4,314 crore and Winsome Diamonds with Rs 4,076 crore. Rotomac Global Private Limited has funded advances of Rs 2,850 crore which have been technically written off and Kudos Chemie Ltd with Rs 2,326 crore, Ruchi Soya Industries Limited, now owned by Ramdev's Patanjali, with Rs 2,212 crore and Zoom Developers Pvt Ltd with Rs 2,012 crore being the other companies to default on the payment. Mallya's Kingfisher Airlines figures in the list at number 9, with outstanding of Rs 1943 crore which have been technically written off by the banks.
The country's exports are expected to contract by 5.8 per cent and imports by 11.3 per cent during the second half of the current financial year, though implementation of several measures by the government would help support exports going forward, according to the Economic Survey 2021. With gradual recovery of economic activities, the survey said that imports and exports have picked up. During the first half of 2020-21 (April-September), exports dipped by 21.31 per cent to $125.25 billion while imports declined by 40 per cent to $148.69 billion.
From Neeraj Chopra to Harbhajan Singh to Saina Mirza, India's top sportsperson mourned the passing away of one of the country's biggest sporting icons.
Companies owned by fugitive diamantaire Mehul Choksi have allegedly siphoned off over Rs 6,344.96 crore from the Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit, a CBI investigation into the scam has detected. The findings were submitted by the CBI in a supplementary chargesheet filed before a special court in Mumbai last week, where the agency said the PNB was conned by its employees who were allegedly hand in gloves with Choksi and his company executives and who facilitated the scam as part of a criminal conspiracy. The PNB officials at the bank's Brady House branch in Mumbai issued 165 letters of undertaking (LoUs) and 58 foreign letters of credit (FLCs) during March-April 2017, against which 311 bills were discounted.
India's exports dipped after a gap of four months in March but finished 2017-18 with a healthy rise of 9.78 per cent to $302.84 billion.
'The source of our music, the very notes of music itself have fallen silent.'
Devangshu Datta highlights the silver lining for the long-term investor.
Gold is currently ruling at Rs 30,050 per 10 grams.
The Reserve Bank of India also banned with immediate effect issuance of letters of comfort which, like LoUs, are used by importers to fund their overseas purchases.
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Each company has tied up for different quantity and different quality of diamonds.
The Hate Story 4 actor walked for Vikram Phadnis' bridal show.
As she turns 70 on September 18, Subhash K Jha picks five classic Shabana performances which you may have missed.
A quick computation puts the following value to the seizures.
While an official in the Commerce Department indicated a trade war was in the offing, till now the government has been in wait-and-watch mode.
Indian films, and Raj Kapoor in particular, have a special place in Iranian cinephilia or cinemadoosti, Ranjita Ganesan discovers on a visit to Iran.
'All selectors must be sufficiently thick-skinned and prepared to take criticism.' T C A Srinivasa Raghavan checks out Ravi Shastri's first book.
The settlement offer has been made for 13 out of the 15 Videocon group companies that are currently under Corporate Insolvency Resolution Process.
The Indian captain described De Villiers, who was criticised for picking and choosing international assignments after announcing his retirement last year, as the "most honest and committed" person.
The largest component in computing CAD is trade deficit. India's trade deficit widened to $13.35 billion in October as exports contracted 5.04 per cent and gold imports surged
Nirav Modi, wanted in connection with the estimated $2-billion Punjab National Bank (PNB) scam case, was further remanded in custody on Tuesday by a court in London hearing India's extradition request for the diamond merchant. The 49-year-old appeared on Tuesday via videolink from Wandsworth Prison in south-west London, dressed in a maroon sweater and sporting a full beard, for his regular 28-day "call-over hearing" at Westminster Magistrates' Court, where Chief Magistrate Emma Arbuthnot extended his remand for another 28 days until December 29.
According to jewellers and MMTC-PAMP India, gold demand has picked up in the wake of good monsoon and favourable price levels. There was positive response and more footfalls.
While the import of gold fell by about 11 per cent to $2.58 billion in February as against $2.89 billion in the corresponding month last fiscal, inward shipments of petroleum products were down by nearly 8 per cent to $9.37 billion.
A minor fix in tax laws can make start-ups bloom, says Ajit Balakrishnan.
A minor fix in tax laws can make start-ups bloom, says Ajit Balakrishnan.
'Nobody has Dhoni's record of championship in three formats.' 'Every cricketer, every Indian, will agree to that.'
Firms generated free cash flows in 2013-14, for the first time since the 2008 Lehman crisis
The construction sector is now India's second-largest employer after agriculture, the trend coinciding with India's high-growth phase and decline in poverty levels
A UK judge presiding over the extradition proceedings of Nirav Modi on Tuesday ruled that the evidence submitted by the Indian authorities to establish a prima facie case of fraud and money laundering against the fugitive diamantaire is broadly admissible. District Judge Samuel Goozee heard the arguments for and against the admissibility of certain witness statements provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) at Westminster Magistrates' Court in London and concluded that he considered himself "bound" by the previous UK court rulings in the extradition case of former Kingfisher Airlines chief Vijay Mallya. He then adjourned the case for a two-day hearing on January 7 and 8 next year, when he will hear the final submissions in the case before he hands down his judgment a few weeks later.
The manufacturing sector, a key indicator of economic activity, grew 10.6 per cent year-on-year in October.
The 49-year-old jeweller, fighting extradition in the estimated $2-billion Punjab National Bank (PNB) scam case, will appear via videolink from Wandsworth Prison in south-west London for the latest hearing in the case, during which District Judge Samuel Goozee will hear his defence team's arguments against the admissibility of certain evidence provided by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) in order to establish a prima facie case against the accused.
'I was shocked by the kidnapping episode. I could have lost my life.'
India's Border Road Organisation is known for its cheeky signboards. Rediff.com's Reuben NV shares his favourites!
RBI Governor Raghuram Rajan expressed anguish at the banks' reluctance to pass on benefits of the earlier rate cuts.
'These days you are the main inspiration for a lot of young film-makers. They are mimicking your films.'
Don't expect the synthetic stones to surpass natural ones anytime soon because the world's biggest miners of diamonds aren't looking to get into man-made diamonds.
Amitabh Bachchan launched Dr Jaishree Sharad's second book in Mumbai.
'In our societal interest, all those measures, laws etc that are creating turmoil and turbulence should be immediately withdrawn, the government and all political leaders should win the trust of ordinary people and establish social harmony and peace that is so essential to progress and prosperity,' says the well-known Kannada poet Chennaveera Kanavi.
Though exports to Hong Kong, a major destination for India's polished diamonds, have resumed, the industry is currently sitting on an inventory worth around $2.3 billion.
'All the actresses we approached for the role of Sakeena were demanding a lot of money. After a point, we collectively decided that we would cast a new face opposite Sunny Deol and the money that we would save by doing so, we would give it to Amrish Puriji and get him onboard for the role of Mayor Ashraf Ali. I was completely okay with signing a new heroine but there is no alternative to Amrish Puriji in the industry.'
The recently discovered gem-encrusted gold finial plundered from Tipu Sultan's huge golden throne is being put up for sale in the British capital on April 2, ten years after it was found lying in the vaults of an English bank.
