They said the global arrest warrant against the Belgian national Nehal, 40, has been issued on charges of alleged money laundering that is being probed by the Enforcement Directorate.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
The agency has written to the Interpol to issue a Red Corner Notice which would mean that the member countries of the Lyon-based international police cooperation agency can arrest and extradite Nirav Modi
The issuance of NBWs by a court also opens door of seeking Red Corner notices against both of the accused from the Interpol.
Axed from the post of foreign secretary two days ago, a "deeply pained" Sujatha Singh on Friday hit back saying that stories were being "planted" in the media to tarnish her reputation after having served for 39 years.
The Enforcement Directorate has attached assets worth over Rs 14 crore belonging to the Gitanjali Group and its promoter and jeweller Mehul Choksi, one of the prime accused in the alleged over Rs 13,000 crore PNB loan fraud case. The properties attached, under the anti-money laundering law, include a flat measuring 1,460 sq feet located at O2 Tower in Goregaon area of Mumbai, gold and platinum jewellery, diamond stones, necklaces made of silver and pearls, watches and a Mercedes Benz car, the ED said in a statement. A provisional order for attachment has been issued under the Prevention of Money Laundering Act (PMLA) for the assets worth a total Rs 14.45 crore that are in the name of Gitanjali Group of companies and its director Mehul Choksi, it said.
India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.
The Reserve Bank on Monday asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency. Before putting in place this mechanism, banks will require prior approval from the Foreign Exchange Department of the Reserve Bank of India (RBI), the central bank said in a circular. "In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR," it said.
The Reserve Bank has permitted PNB to make provisions against the fraud amount.
Nepal's decision to ban the import of non-essential items amid depleting forex reserves may hit Indian exports. The country's central bank - Nepal Rastra Bank - last week instructed commercial banks not to open letters of credit (LCs) for importing non-essential items. This is to prevent further decline of the country's foreign exchange reserves. However, it has not issued any formal communication yet.
A senior IDBI Bank official allegedly conspired with businessman Vijay Mallya for sanction and disbursement of loan to the latter's Kingfisher Airlines, the Central Bureau of Investigation said in its supplementary chargesheet filed in a Mumbai court. Mallya is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the CBI. The Central agency had recently filed a supplementary chargesheet before a special CBI court.
The drive against insider trading comes after SEBI last year received enhanced investigation powers from parliament, including the ability to monitor call records.
Basil had negotiated the Indian economic relief package to help Sri Lanka tackle the current foreign exchange crisis.
In its RCN issued against a fugitive, the Interpol asks its 192 member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.
CBI said it had shared the information about revocation of his passport in the 'diffusion' notice issued through the Interpol on February 15.
The SJB has begun to collect signatures from MPs for the no-confidence motion, according to media reports.
The three-member Collegium, headed by Chief Justice of India D Y Chandrachud and also comprising Justices S K Kaul and K M Joseph, said the proposal for appointment of Kirpal as a judge of the high court has been pending for over five years and needs to be processed expeditiously.
Sukanya Verma recaps all those events from 25 years ago.
The CBI has booked Kanpur-based Rotomac Global and its directors for Rs 750.54 crore for alleged fraud in Indian Overseas Bank, officials said. The company, which was in the business of writing instruments, has a total outstanding of Rs 2,919 crore against a consortium of seven banks led by Bank of India in which Indian Overseas Bank has an exposure of 23 per cent. The agency has booked the company and its Directors - Sadhna Kothari and Rahul Kothari - under IPC sections related to criminal conspiracy (120-B) and cheating (420), besides various provisions of the Prevention of Corruption Act.
The jewellers and companies linked to Nirav Modi and Mehul Choksi had allegedly colluded with PNB officers to obtain fake bank guarantees to get loan from overseas branches of Indian banks including Allahabad Bank, Axis Bank and UCO Bank.
According to a 2021 Redseer report, India's overseas education market is estimated to more than double to $80 billion by 2024.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
The government has given sanction for prosecution against PNB executive director Sanjiv Sharan as part of the clean up exercise in the system.
The agency on Friday also carried out searches on the premises of the Gitanjali Group at 20 places in Mumbai, Pune, Surat, Jaipur, Hyderabad and Coimbatore.
If there is a morality tale here, it is that debt and death spare no king.
The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
President Gotabaya Rajapaksa on Monday fired Basil Rajapaksa from his post and invited the Opposition parties to join a unity Cabinet to tackle the raging public anger against the hardships caused by the economic crisis.
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.
Sri Lanka's new Finance Minister Ali Sabry on Tuesday resigned, a day after President Gotabaya Rajapaksa appointed him after sacking his brother Basil Rajapaksa amidst the island nation's worst economic crisis.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
India has banned wheat exports with immediate effect as part of measures to control rising domestic prices, according to official notification. However, the export shipments for which irrevocable letters of credit (LoC) have been issued on or before the date of this notification will be allowed, the Directorate General of Foreign Trade (DGFT) said in a notification dated May 13. "The export policy of wheat ... is prohibited with immediate effect...," the DGFT said. It also clarified that wheat exports will be allowed on the basis of permission granted by the Government of India to other countries to meet their food security needs and based on the request of their governments.
Choksi is wanted in India by the CBI and the Enforcement Directorate, which are probing the PNB fraud, the biggest banking scam in the country. India continues to pursue Choksi's return with the government of Antigua through diplomatic and legal channels.
The Reserve Bank of India (RBI) on Wednesday gave banks time till October 31 to comply with its guidelines on current account and overdraft facilities. The central bank indicated that it was in no mood to change the proposed rules, but would only allow for stretching the timeline for smoother implementation. The initial deadline had ended on July 31, leading to thousands of current accounts being closed or frozen by banks. Lenders had requested the RBI for some more time to resolve the operational issues in implementing the provisions of the August 2020 circular in letter and spirit.
'I was shocked by the kidnapping episode. I could have lost my life.'
Indonesian coach Agus Dwi Santoso has been roped in to guide the singles players -- both men and women -- ahead of Tokyo Olympics. Badminton Association of India (BAI) secretary, Ajay Singhania said the visa process has started and Santoso is likely to join the Indian team in the mid of next month.
Foreign banking major Standard Chartered Bank has tied up with Oriental Bank of Commerce for providing agency trade services to Indian importers.
Upgradation to the new product (from Infosys) will stabilise by this month-end
Here's the full text of the maiden address to the nation by President Droupadi Murmu on the eve of Independence Day 2022.
With the management of most State-owned banks hardly having time to concentrate on big-ticket business, growing the business of loan disbursals has been pushed down the priority order.
