The billionaire jeweller, who has fled the country, in the letter also disagreed with the loan default amount of Rs 11,400 crore and pegged the amount his companies owe to the bank at under Rs 5,000 crore.
ICAI intends to investigate the chartered accountants of PNB but the bank allegedly refuses to give the information sought.
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 venue for Saturday's meeting was shifted at the last minute from the headquarters of the India Banks' Association in Cuffe Parade to avoid media glare.
Ajit Mishra answers reader queries on the stock market.
'We don't trade with any business where we have specific concerns,' a De Beers spokesperson said.
ED attached 21 properties of Nirav Modi and his group worth over Rs 523 crore.
Slowdown and liquidity squeeze by RBI have put India's top 10 indebted firms in a tight spot. But they have a few options.
Polling for the 288-seat Assembly is being held in a single-phase on Wednesday.
The country's franchise industry is estimated at $24 billion with a year-on-year growth of 30 per cent.
'Today, according to the law, you can't even claim legal expenses when fighting a case as a non-executive director unless you are acquitted. Given how high legal expenses are, that alone is enough to scare anyone away.'
The notice, the sources said, was issued on Tuesday to Anita Singhvi and that she was asked to explain how much she had paid in cash and through cheque to purchase the valuables and jewellery a few years back. It is understood that the I-T feels that about Rs 1.5 crore was paid by cheque for the purchase of the jewellery, while about Rs 4.8 crore was paid in cash by Anita Singhvi.
The banking sector's credibility is on thin ice. Unless the government takes strict steps, things could get worse.
Corporate honchos from real estate sector to manufacturing to textile say the Budget does not have enough to help their sectors
There are around 6,500 diamond manufacturers of which Palanpuri Jains operate a mere 6 per cent, or around 400 companies. But they stand out for being highly interlinked through blood ties.
A sightholder is a company on the Diamond Trading Company's list of authorised bulk purchasers of rough diamonds.
Over 25,600 cases of banking fraud reported up to December 21, 2017, says Minister RS Prasad.
Despite various challenges, the past year was a good one, says Bruce Cleaver, chief executive officer of the De Beers Group, the global corporation that has been the leading one in all aspects of the diamond trade for over a century.
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
PSU bank shares were the top gainers on hopes of a rate by the RBI on easing consumer inflation
The Sensex soared 402 points higher to end at 25,720 and the Nifty surged 130 points to close at 7,819.
Broader markers outperformed their larger peers.
India's long-held position as the world's top diamond polisher is being challenged by soaring output from China.
'Irrespective of the price movement of gold, customers can lock in their purchase at Rs 28,000 per 10 grams of pure gold.'
As many as 17 locations in Delhi, Mumbai, Hyderabad, Jaipur and Surat were raided by the ED.
Investors will keenly watch out for the Futures & Options expiry for July on Thursday
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
It was unclear how bankers were deciding which jewellers to support
Aseem Chhabra picks 10 fascinating films he watched in Macao -- a blend of Asian, independent, Hollywood projects and even a 66-years-old classic Japanese film that still stands the test of time.
Siva Sankar looks at S P Balasubrahmanyam's fantastic repertoire.
The elements are all aligned to make India a global powerhouse, says IMF Managing Director Christine Lagarde.
