Nehal Modi, the younger brother of fugitive diamantaire Nirav Modi, has been arrested in the US based on extradition requests from the Enforcement Directorate and the CBI.
Easing procedures, the Reserve Bank has allowed third-party payment for export and import transactions.
The joint statement from Friends of the Earth, Pacific Environment, Oil Change International and Groundwork on Tuesday precedes the Exim Bank Board meeting, scheduled on Wednesday where it would formally reverse its' last month decision to reject the financing of Reliance's Sasan power project on environmental grounds.
The Board of Directors of the Export-Import Bank, the official export-credit agency of the United States, has appointed Indian American entrepreneur and investor Frank F Islam, of McLean, Virginia, as a member of the Bank's Advisory Committee for 2010 to provide expert guidance of small business.
The fourth finance ministerial meeting, to be held in New Delhi, will have Finance Minister P Chidambaram from the Indian side and Hyun Oh-seok, Deputy Prime Minister and minister of strategy and finance, from South Korea.
The board of directors of the Export-Import Bank, the official export-credit agency of the United States, has appointed Indian American entrepreneur and investor Frank F Islam, of McLean, Virginia, as a member of the Bank's Advisory Committee for 2010 to provide expert guidance of small business.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
These purchases represent the third phase of Air India's 68-aircraft fleet renewal plan. EXIM Bank had earlier approved $1.2 billion in 2007 and $548.8 million in 2008 to support the financing of NACIL's purchases of Boeing aircraft.
In a statement, the bank said Miasole, a solar-energy company in Santa Clara, California, has exported thin-film solar panels to a solar photovoltaic project in Rajasthan
An environmentalist group has applauded the Export Import Bank of the United States for its decision to not to finance Reliance's coal-fired power plant in Sasan in Madhya Pradesh on the grounds that it would emit too much carbon dioxide, thus detrimental to the environment.
The memorandum of understanding calls on Ex-Im Bank and Ficci to exchange information on business opportunities for the US exporters and Indian buyers, and to cooperate on workshops and other initiatives to widen understanding of their respective programmes. At a function held at the Ex-Bank headquarters in Washington, the MoU was signed by the Ex-Im Bank Chairman and President Fred P Hochberg and Ficci secretary general Amit Mitra.
The US Export-Import Bank said on Tuesday that it will provide $75 million in loan guarantees for exports of US technology, equipment and services to build Indian Oil Corp's Rs 5104 crore (Rs 51.04 billion) integrated petrochemical complex at Panipat
Export-Import Bank of India plans to raise Rs 3,000 crore (Rs 30 billion) through various financial instruments, including bonds and term deposits and foreign currency resources, totaling $800 million in 2005-06.
Plants should source equipment, services from the US.
The Export-Import Bank of India is planning to extend loans worth $150 million to the developing countries in Africa, Asia and Europe in six months.
The Maldives will get free 'non-lethal' military equipment and training from China's military under a newly inked agreement with Beijing, President Mohamed Muizzu has said, underlining that it would further strengthen the Indian Ocean island nation's independence and autonomy.
The rating agency revised the outlook for EXIM, SBI, Bank of Baroda, Bank of Baroda (New Zealand), Bank of India, Canara Bank, Punjab National Bank, ICICI Bank, Axis Bank while affirming their ratings. At the same time, Fitch has affirmed IDBI Bank Ltd's (IDBI) rating, while maintaining the outlook at negative.
The decision comes following the appeal by the Delta Airlines, Inc and the Airline Pilots Association of a lower court decision in July 2012 that determined that the Exim Bank improperly approved financing for purchases of certain Boeing aircraft by Air India.
The Reserve Bank of India (RBI) has given its approval to two Russian banks for opening special vostro account for rupee trade. Sberbank, JSC VTB - the largest and second largest bank of Russia - are the first foreign lenders to receive this approval after the central bank announced the norms on INR trade in July. Both lenders have branch presence in India. Earlier this month, state-run UCO Bank received the RBI's approval to open a special Vostro account with Gazprombank of Russia. While the Kolkata-based lender is in the process of opening the account, the bank has received requests from various foreign lenders for opening such an account.
Exim Bank pointed out that recent performance of the manufacturing sector in India is indicative of an underlying inertia.
This follows a letter written by eight US Congressmen to that country's Export-Import Bank (Exim Bank) asking it to immediately suspend all financial assistance to RIL until the company agrees to stop selling gasoline to Iran.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
Total export from India is expected to register 10 per cent growth during 2010-11, with all sectors including textile showing a revival, top official of Export-Import Bank of India said.
Although the government had pegged fiscal deficit for the current financial year at 5.1 per cent of the GDP in the budget, it has revised the target to 5.3 per cent in view of subdued revenue collection and rising fuel and food subsidy bills.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
Several US lawmakers -- both from the House of Representatives and the Senate - had in the past had raised question over Reliance's business ties with Iran and had urged the Export Import Bank of the US to rescind loan guarantees to Reliance.
Export Import Bank of India on Friday mooted an "integrated effort" from government, industry and R&D units to boost exports of Indian herbal products, which lagged behind the growing global market, now at $62 billion.
Despite carmaker drama in the U.S., and a failed deal with Chrysler, China's auto champ may be poised to go international.
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.
India is expected to extend a $10 million credit to South Africa at the fifth joint commission meeting of the two countries that begins in Pretoria on Thursday.
The government will give about Rs 495 crore (Rs 4.95 billion) to IDBI as part of a ADB line of credit and restructuring its liabilities.
The project is the largest investment undertaken by any private sector entity in CSP in India.
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The rupee has fallen almost 20 per cent in the first four months of FY14, forcing the government to consider raising import duties on gold and non-essential luxury items.
The Reserve Bank of India plans to allow exporters and importers to rebook and cancel up to 50% of their total hedged exposure from the present cap of 25%, Executive Director G Padmanabhan said a in speech in Singapore on Friday.
Prime Minister Narendra Modi on Saturday announced the adoption of the New Delhi Leaders Declaration, a significant victory for India's G20 presidency that came amid increasing tensions and divergent views over the Ukraine conflict.
US President Barack Obama on Monday announced investments and loans worth $4 billion by American agencies as part of measures to bolster trade with India.
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