2006-2017 Kasturi & Sons Ltd. -vijay kumar -vijaysharma171...
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2006-2017 Kasturi & Sons Ltd. -vijay kumar [email protected] - CM YK A CH-CHE BUSINESS EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE THE HINDU CHENNAI MONDAY, APRIL 2, 2018 13 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE IN BRIEF Ducati to ride on four new models in India NEW DELHI Italian super bike maker Ducati plans to roll out four models in India this year to strengthen its product portfolio in the country. The firm, which currently sells bikes across seven categories priced between ₹7.2 lakh and ₹1.2 crore, is looking to enter new verticals with the new set of launches this year. “We plan to launch four models during the year. It will enable us to enter new segments,” Ducati India MD Sergi Canovas said. PTI Govt. extends deadline for defaulting firms NEW DELHI Defaulting firms have been given more time to submit their filings under the companies law, with the government extending the condonation of delay scheme till April 30. Following requests from stakeholders, the Corporate Affairs Ministry extended the deadline for the scheme, that ended on March 31. The scheme was introduced in the wake of the crackdown on firms allegedly being used as conduits for illicit fund flows. PTI CIL targets 20 GW solar power output in 10 years NEW DELHI Coal India is planning to generate about 20,000 megawatt (MW) in the next 10 years as part of its diversification plan, a senior official has said. India has set a target to generate 100 GW of solar power by 2022. “For Coal India to be sustainable we must diversify. We have defined our roadmap. We are going in a big way for solar and have set a target of generating 20,000 MW in next 10 years,” CMD Gopal Singh said. PTI Brushing aside the clamour for privatisation of state- owned lenders, Banks Board Bureau Chief Vinod Rai said public sector banks (PSBs) still have a role, especially in the creation of infrastruc- ture in the country. Expressing concern over a spate of frauds in PSBs, sev- eral experts, including Chief Economic Adviser Arvind Subramanian and Former NITI Aayog Chairman Arvind Panagariya, have made a case for the privatisation of government-owned lenders. Mr. Rai, however, said that PSBs still have a role to play especially in supporting the infrastructure sector. “PSBs have a role to per- form and in India, if PSBs had not been there, infras- tructure would not have got the kind of support that it has. Whether it was road, ports, airport, power, tele- com, all these sectors were supported majorly only by PSBs,” Mr. Rai told PTI in an interview. “We may say that market cap of private banks is as high as that of public sector banks, but they have been jostling in the retail space. They have never got into in- frastructure space,” he said. If infrastructure has to grow within the country, the needed support would flow from PSBs, he said. Call for privatisation Following the massive ₹13,000-crore fraud at Pun- jab National Bank, industry associations like FICCI and Assocham have been making a strong case for the privati- sation of PSBs to avoid the occurrence of such fraudu- lent activities in future. Chief Economic Adviser Arvind Subramanian recent- ly said that time had come for rethinking on the owner- ship of PSBs in India as part of radical reforms in the banking sector. “I think, we are now com- ing more and more to the view that if you want this problem (spate of frauds in PSBs) not to recur in the fu- ture, then we can’t throw money in a black hole. Mr. Panagariya has also pitched strongly for PSBs’ privatisation, saying that pol- itical parties serious of form- ing government in 2019 should include the proposal in their manifesto. The chairman of the coun- try’s largest lender SBI is among those who have op- posed the demand, under- scoring that the sale of pu- blic lenders is not a cure-all solution to their problems. PSBs needed to push infra growth: Rai Private banks have only jostled in retail space, says Banks Board Bureau chief Banking on PSUs: Roads, ports and telecom were supported majorly by PSBs, says Vinod Rai. * GETTY IMAGES/ISTOCK PRESS TRUST OF INDIA New Delhi Chinese technology firm Xiaomi, which is known for its Mi range of smartphones, has sought support from the Indian government to bring more of its ecosystem pro- ducts into the country. “In a meeting with Elec- tronics and IT Minister Ravi Shankar Prasad last week, Xiaomi India Head Manu Jain shared the company’s plans to bring its ancillary pro- ducts to India,” a senior IT Ministry official said. ‘Announcement soon’ The official added that Mr. Jain sought government sup- port amid campaigns from certain segments leading to anti-Chinese sentiment. “They want to bring their ancillary units... around 50 of these are expected to come to India. They want certain amount of surety and support that Chinese firms are not unwelcome here,” the official said, adding that Xiaomi is likely to make some announcement related to this soon. “The minister might also attend the event,” the official said. A spokesman for Xiaomi declined comment on the is- sue. As per the company’s website, Xiaomi has invested in 89 companies that design and manufacture products across categories such as smart homes, appliances, se- curity, beauty and personal care, smart watches, smart lights, photo and video cam- eras as well as electric tran- sport. These together form the ‘Mi Ecosystem'. Xiaomi sells products such as air purifiers, fitness bands, VR headsets and power banks, besides smart- phones in India. ‘Xiaomi keen on bringing in ancillaries, 50 firms expected’ Firm seeks assurance on support for Chinese investments: Ministry official Wide horizon : Xiaomi has invested in 89 firms that design and make products across categories. * REUTERS Yuthika Bhargava New Delhi More than 1.7 lakh e-way- bills were generated on the newly-introduced system by 5 p.m. on April 1, 2018, the government said. “As per decision of the GST Council, e-way bill sys- tem became mandatory from today i.e. April 1, 2018 for all inter-State move- ment of goods,” the go- vernment said in a state- ment. “1,71,503 e-way bills have been successfully gen- erated on the portal from 00:00 hrs till 17:00 hrs of April 1, 2018.” A total of 10,96,905 tax- payers have registered on the e-waybill portal so far. Additionally, 19,796 tran- sporters have registered on the portal even though they are not in the GST net. Day 1: 1.7 lakh e-way bills generated Special correspondent new delhi Petroleum Minister Dhar- mendra Pradhan said the government was open to Saudi oil giant Aramco’s in- terest in owning majority stake in the proposed ₹3-tril- lion refinery at Ratnagiri, which, when completed, will be the largest single lo- cation refinery complex in the world with a capacity of 60 million tonnes. Saudi Aramco has report- edly sought majority owner- ship in the mega refinery- cum-petrochemical com- plex for which state-owned oil firms Indian Oil, Bharat Petroleum and Hindustan Petroleum had inked an agreement. Meanwhile, the Oil Minis- try has asked sector regula- tor PNGRB to look at unbun- dling of GAIL India Ltd. to resolve the conflict of inter- est in being both the tran- sporter and marketer of nat- ural gas. This follows a revival of a plan to split GAIL, hiving off the gas mar- keting business and leaving pipeline transportation with GAIL. ‘Open to Aramco’s interest in refinery’ Saudi firm keen on Ratnagiri project Press Trust of India Dabhol/New Delhi Dharmendra Pradhan The country’s largest car- maker Maruti Suzuki India (MSI) on Sunday reported a 14.9% increase in total sales at 1,60,598 units in March as against 1,39,763 units in the year-earlier period. Domestic sales rose 16.1% to 1,48,582 units, , MSI said in a statement. Sales of mini segment cars, including Alto and Wa- gonR, witnessed a 21.1% jump to 37,511 units during the month under review, from 30,973 units in March 2017, MSI said. Sales of the compact seg- ment comprising Swift, Esti- lo, Dzire and Baleno jumped by 13.5% to 68,885 units as against 60,699 units earlier. MSI said sales of mid- sized sedan Ciaz declined 12.1% to 4,321 units during the month. Sales of utility vehicles, including Gypsy, Grand Vitara, Ertiga, S-Cross and compact SUV Vitara Brezza, increased by 24.3% to 22,764 units in March, from 18,311 units in the same month of 2017. Sales of vans — Omni and Eeco — increased by 17.7% to 13,689 units last month as against 11,628 units in the year-earlier period. Exports in March this year rose 2.1% to 12,016 units as compared with 11,764 units in the same month last year, MSI said. Tata Motors sees growth Tata Motors reported a 35% increase in total sales to 69,440 units in March as compared with 51,309 units in the same month last year. Cumulative domestic sales of the company for the 2017-18 stood at 5,86,639 un- its, up 23 per cent, over 4,78,362 vehicles sold in 2016-17. Meanwhile, two-wheeler maker Hero MotoCorp has crossed the 75 lakh-unit sales mark in the 2017-18 fis- cal, becoming the first ever entity to achieve such a feat globally, according to a com- pany official. The company had sold 66.6 lakh bikes and scooters in 2016-17. Numbers driven by growth in mini and compact segments Press Trust of India New Delhi Maruti sales rise 14.9% in March The government plans to carry out an “intensive re- view” of the administra- tion of companies law as part of efforts to prevent instances of corporate frauds, according to a se- nior official. In the wake of over ₹13,000-crore scam at Pun- jab National Bank (PNB), involving diamond mer- chants Nirav Modi and Me- hul Choksi, various author- ities, including Ministry of Corporate Affairs (MCA), have initiated stringent measures. The Ministry, which is implementing the companies law, is working to “tighten the screws” in order to prevent instances of corporate frauds, the se- nior official said. Companies law: Centre plans review PRESS TRUST OF INDIA New delhi With multiple agencies probing the alleged ₹13,000- crore fraud at the State-run Punjab National Bank (PNB), the Reserve Bank of India said it has conducted scruti- ny and the matter is current- ly under examination for “enforcement action.” Replying to an RTI query, the central bank also said it had been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervi- sory concern, including the management of operational risks inherent in the func- tioning of banks. Asked to provide details of action taken by the RBI af- ter receiving input of sus- pected fraud at PNB and steps being taken to check such recurrences, the bank- ing sector regulator said a confidential circular on time-bound implementation and strengthening of ‘SWIFT’— related operation- al controls was issued to pu- blic and private banks on Fe- bruary 20. Response to RTI query “Further the scrutiny is con- ducted in the matter and is under examination for su- pervisory/enforcement ac- tion,” the RBI said in res- ponse to the RTI application filed by this PTI correspon- dent. The PNB initially re- ported to the RBI on January 29 an incidence of fraud of ₹280 crore at its Brady House branch in Mumbai. This information was sub- sequently updated and re- vised under the fraud re- porting platform on multiple dates, the RBI said. ‘RBI examining PNB fraud for enforcement action’ ‘Central bank had issued instructions to strengthen SWIFT’ PRESS TRUST OF INDIA NEW DELHI RBI said it had been asking lenders to tone up risk management practices. The Centre is exploring new duties on the import of a key smartphone component, according to two govern- ment sources, the latest in a series of moves aimed at boosting domestic manufac- turing in the country. The Ministry of Electron- ics and Information Tech- nology has mooted a propo- sal to levy a 10% duty on the import of populated printed circuit boards (PCBs), two officials said. A PCB is a bed for key components such as processors that are the heart of an electronic dev- ice. Once populated with components, PCBs account for about half the cost of a smartphone. Currently, most manufac- turers of smartphones im- port PCBs, which are alrea- dy loaded with components to India and then assemble them locally. Imports to be expensive If Finance Ministry clears the recommendation on new duties, these could be levied in a matter of days, say government and indus- try sources, thus making populated PCB imports more expensive and push- ing players to locally mount components instead. In the near-term, such ac- tion could spur players such as Apple to widen their ma- nufacturing and assembly capabilities in India and give an edge to firms like Sam- sung Electronics and home- grown firm Lava, which have machines to mount components onto PCBs. Govt. mulls levy on key smartphone element Aims to boost local manufacturing Reuters MUMBAI/NEW DELHI Digital payments firm Paytm on Sunday said it had re- vamped its mobile applica- tion as it eyes “exponential growth” in money transfers by targeting the unorgan- ised workforce this year. While the company did not share any numbers, it said it was now processing a billion transactions every quarter on its platform. Revamped app “We are very excited to in- troduce the new revamped interface on Paytm App... the new design is refreshing and has upgrades to some of the most important flows, including money transfers,” said Kiran Vasireddy, chief operating officer, Paytm. “This year, we are aiming for an exponential growth in money transfer transactions by transforming payments done in the unorganised sector — this will include freelancers, tuition fee, house rent, salaries of unor- ganised workforce and oth- ers into direct bank transf- ers using the Paytm app,” he said. The latest update per- sonalises the app expe- rience, showcasing frequent use cases, Paytm said. Paytm mobile app to tap informal workers Eyes surge in money transfers Special Correspondent NEW DELHI
Transcript of 2006-2017 Kasturi & Sons Ltd. -vijay kumar -vijaysharma171...
2006-2017 Kasturi & Sons Ltd. -vijay kumar [email protected] -
CMYK
A CH-CHE
BUSINESSEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
THE HINDU CHENNAI
MONDAY, APRIL 2, 2018 13EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
IN BRIEF
Ducati to ride on fournew models in India NEW DELHI
Italian super bike maker
Ducati plans to roll out four
models in India this year to
strengthen its product
portfolio in the country. The
fi��rm, which currently sells
bikes across seven categories
priced between ₹��7.2 lakh and
₹��1.2 crore, is looking to enter
new verticals with the new
set of launches this year.
“We plan to launch four
models during the year. It
will enable us to enter new
segments,” Ducati India MD
Sergi Canovas said. PTI
Govt. extends deadlinefor defaulting fi��rmsNEW DELHI
Defaulting fi��rms have been
given more time to submit
their fi��lings under the
companies law, with the
government extending the
condonation of delay scheme
till April 30. Following
requests from stakeholders,
the Corporate Aff��airs Ministry
extended the deadline for
the scheme, that ended on
March 31. The scheme was
introduced in the wake of the
crackdown on fi��rms allegedly
being used as conduits for
illicit fund fl��ows. PTI
CIL targets 20 GW solarpower output in 10 years NEW DELHI
Coal India is planning to
generate about 20,000
megawatt (MW) in the next
10 years as part of its
diversifi��cation plan, a senior
offi��cial has said. India has set
a target to generate 100 GW
of solar power by 2022. “For
Coal India to be sustainable
we must diversify. We have
defi��ned our roadmap. We are
going in a big way for solar
and have set a target of
generating 20,000 MW in
next 10 years,” CMD Gopal
Singh said. PTI
Brushing aside the clamourfor privatisation of stateowned lenders, Banks BoardBureau Chief Vinod Rai saidpublic sector banks (PSBs)still have a role, especially inthe creation of infrastructure in the country.
Expressing concern over aspate of frauds in PSBs, several experts, including ChiefEconomic Adviser ArvindSubramanian and FormerNITI Aayog Chairman ArvindPanagariya, have made acase for the privatisation ofgovernmentowned lenders.
Mr. Rai, however, said thatPSBs still have a role to playespecially in supporting theinfrastructure sector.
“PSBs have a role to perform and in India, if PSBshad not been there, infrastructure would not have gotthe kind of support that ithas. Whether it was road,
ports, airport, power, telecom, all these sectors weresupported majorly only byPSBs,” Mr. Rai told PTI in aninterview.
“We may say that marketcap of private banks is ashigh as that of public sectorbanks, but they have beenjostling in the retail space.They have never got into infrastructure space,” he said.
If infrastructure has to
grow within the country, theneeded support would fl��owfrom PSBs, he said.
Call for privatisationFollowing the massive₹��13,000crore fraud at Punjab National Bank, industryassociations like FICCI andAssocham have been makinga strong case for the privatisation of PSBs to avoid theoccurrence of such fraudu
lent activities in future.Chief Economic Adviser
Arvind Subramanian recently said that time had comefor rethinking on the ownership of PSBs in India as partof radical reforms in thebanking sector.
“I think, we are now coming more and more to theview that if you want thisproblem (spate of frauds inPSBs) not to recur in the future, then we can’t throwmoney in a black hole.
Mr. Panagariya has alsopitched strongly for PSBs’privatisation, saying that political parties serious of forming government in 2019should include the proposalin their manifesto.
The chairman of the country’s largest lender SBI isamong those who have opposed the demand, underscoring that the sale of public lenders is not a cureallsolution to their problems.
PSBs needed to push infra growth: RaiPrivate banks have only jostled in retail space, says Banks Board Bureau chief
Banking on PSUs: Roads, ports and telecom were supportedmajorly by PSBs, says Vinod Rai. * GETTY IMAGES/ISTOCK
PRESS TRUST OF INDIA
New Delhi
Chinese technology fi��rmXiaomi, which is known forits Mi range of smartphones,has sought support from theIndian government to bringmore of its ecosystem products into the country.
“In a meeting with Electronics and IT Minister RaviShankar Prasad last week,Xiaomi India Head Manu Jainshared the company’s plansto bring its ancillary products to India,” a senior ITMinistry offi��cial said.
‘Announcement soon’The offi��cial added that Mr.Jain sought government support amid campaigns from
certain segments leading toantiChinese sentiment.
“They want to bring theirancillary units... around 50of these are expected tocome to India. They want
certain amount of surety andsupport that Chinese fi��rmsare not unwelcome here,”the offi��cial said, adding thatXiaomi is likely to makesome announcement related
to this soon. “The ministermight also attend the event,”the offi��cial said.
A spokesman for Xiaomideclined comment on the issue. As per the company’swebsite, Xiaomi has investedin 89 companies that designand manufacture productsacross categories such assmart homes, appliances, security, beauty and personalcare, smart watches, smartlights, photo and video cameras as well as electric transport. These together formthe ‘Mi Ecosystem'.
Xiaomi sells productssuch as air purifi��ers, fi��tnessbands, VR headsets andpower banks, besides smartphones in India.
‘Xiaomi keen on bringing inancillaries, 50 fi��rms expected’Firm seeks assurance on support for Chinese investments: Ministry offi��cial
Wide horizon : Xiaomi has invested in 89 fi��rms that design andmake products across categories. * REUTERS
Yuthika Bhargava
New Delhi
More than 1.7 lakh ewaybills were generated on thenewlyintroduced systemby 5 p.m. on April 1, 2018,the government said.
“As per decision of theGST Council, eway bill system became mandatoryfrom today i.e. April 1, 2018for all interState movement of goods,” the government said in a statement. “1,71,503 eway billshave been successfully generated on the portal from00:00 hrs till 17:00 hrs ofApril 1, 2018.”
A total of 10,96,905 taxpayers have registered onthe ewaybill portal so far.Additionally, 19,796 transporters have registered onthe portal even thoughthey are not in the GST net.
Day 1: 1.7 lakh eway billsgenerated
Special correspondent
new delhi
Petroleum Minister Dharmendra Pradhan said thegovernment was open toSaudi oil giant Aramco’s interest in owning majoritystake in the proposed ₹��3trillion refi��nery at Ratnagiri,which, when completed,will be the largest single location refi��nery complex inthe world with a capacity of60 million tonnes.
Saudi Aramco has reportedly sought majority ownership in the mega refi��nerycumpetrochemical complex for which stateownedoil fi��rms Indian Oil, BharatPetroleum and HindustanPetroleum had inked anagreement.
Meanwhile, the Oil Ministry has asked sector regula
tor PNGRB to look at unbundling of GAIL India Ltd. toresolve the confl��ict of interest in being both the transporter and marketer of natural gas. This follows arevival of a plan to splitGAIL, hiving off�� the gas marketing business and leavingpipeline transportation withGAIL.
‘Open to Aramco’sinterest in refi��nery’Saudi fi��rm keen on Ratnagiri project
Press Trust of India
Dabhol/New Delhi
Dharmendra Pradhan
The country’s largest carmaker Maruti Suzuki India(MSI) on Sunday reported a14.9% increase in total salesat 1,60,598 units in March asagainst 1,39,763 units in theyearearlier period.
Domestic sales rose 16.1%to 1,48,582 units, , MSI saidin a statement.
Sales of mini segmentcars, including Alto and WagonR, witnessed a 21.1%jump to 37,511 units duringthe month under review,from 30,973 units in March2017, MSI said.
Sales of the compact segment comprising Swift, Estilo, Dzire and Baleno jumpedby 13.5% to 68,885 units asagainst 60,699 units earlier.
MSI said sales of midsized sedan Ciaz declined12.1% to 4,321 units during
the month. Sales of utilityvehicles, including Gypsy,Grand Vitara, Ertiga, SCrossand compact SUV VitaraBrezza, increased by 24.3%to 22,764 units in March,from 18,311 units in the samemonth of 2017.
Sales of vans — Omni andEeco — increased by 17.7% to13,689 units last month asagainst 11,628 units in theyearearlier period.
Exports in March this yearrose 2.1% to 12,016 units as
compared with 11,764 unitsin the same month last year,MSI said.
Tata Motors sees growthTata Motors reported a 35%increase in total sales to69,440 units in March ascompared with 51,309 unitsin the same month last year.
Cumulative domesticsales of the company for the201718 stood at 5,86,639 units, up 23 per cent, over4,78,362 vehicles sold in201617.
Meanwhile, twowheelermaker Hero MotoCorp hascrossed the 75 lakhunitsales mark in the 201718 fi��scal, becoming the fi��rst everentity to achieve such a featglobally, according to a company offi��cial.
The company had sold66.6 lakh bikes and scootersin 201617.
Numbers driven by growth in mini and compact segments
Press Trust of India
New Delhi
Maruti sales rise 14.9% in March
The government plans tocarry out an “intensive review” of the administration of companies law aspart of eff��orts to preventinstances of corporatefrauds, according to a senior offi��cial.
In the wake of over₹��13,000crore scam at Punjab National Bank (PNB),involving diamond merchants Nirav Modi and Mehul Choksi, various authorities, including Ministry ofCorporate Aff��airs (MCA),have initiated stringentmeasures. The Ministry,which is implementing thecompanies law, is workingto “tighten the screws” inorder to prevent instancesof corporate frauds, the senior offi��cial said.
Companieslaw: Centreplans review
PRESS TRUST OF INDIA
New delhi
With multiple agenciesprobing the alleged ₹��13,000crore fraud at the StaterunPunjab National Bank (PNB),the Reserve Bank of Indiasaid it has conducted scrutiny and the matter is currently under examination for“enforcement action.”
Replying to an RTI query,the central bank also said ithad been issuing necessaryinstructions to banks fromtime to time on a variety ofissues of prudential supervisory concern, including themanagement of operationalrisks inherent in the functioning of banks.
Asked to provide detailsof action taken by the RBI af
ter receiving input of suspected fraud at PNB andsteps being taken to checksuch recurrences, the banking sector regulator said aconfi��dential circular ontimebound implementationand strengthening of
‘SWIFT’— related operational controls was issued to public and private banks on February 20.
Response to RTI query“Further the scrutiny is conducted in the matter and isunder examination for supervisory/enforcement action,” the RBI said in response to the RTI applicationfi��led by this PTI correspondent. The PNB initially reported to the RBI on January29 an incidence of fraud of₹��280 crore at its BradyHouse branch in Mumbai.
This information was subsequently updated and revised under the fraud reporting platform on multipledates, the RBI said.
‘RBI examining PNB fraudfor enforcement action’ ‘Central bank had issued instructions to strengthen SWIFT’
PRESS TRUST OF INDIA
NEW DELHI
RBI said it had been askinglenders to tone up riskmanagement practices.
The Centre is exploring newduties on the import of a keysmartphone component,according to two government sources, the latest in aseries of moves aimed atboosting domestic manufacturing in the country.
The Ministry of Electronics and Information Technology has mooted a proposal to levy a 10% duty on theimport of populated printedcircuit boards (PCBs), twooffi��cials said. A PCB is a bedfor key components such asprocessors that are theheart of an electronic device. Once populated withcomponents, PCBs accountfor about half the cost of asmartphone.
Currently, most manufacturers of smartphones im
port PCBs, which are already loaded with componentsto India and then assemblethem locally.
Imports to be expensive If Finance Ministry clearsthe recommendation onnew duties, these could belevied in a matter of days,say government and industry sources, thus makingpopulated PCB importsmore expensive and pushing players to locally mountcomponents instead.
In the nearterm, such action could spur players suchas Apple to widen their manufacturing and assemblycapabilities in India and givean edge to fi��rms like Samsung Electronics and homegrown fi��rm Lava, whichhave machines to mountcomponents onto PCBs.
Govt. mulls levy on keysmartphone elementAims to boost local manufacturing
Reuters
MUMBAI/NEW DELHI
Digital payments fi��rm Paytmon Sunday said it had revamped its mobile application as it eyes “exponentialgrowth” in money transfersby targeting the unorganised workforce this year.
While the company didnot share any numbers, itsaid it was now processing abillion transactions everyquarter on its platform.
Revamped app“We are very excited to introduce the new revampedinterface on Paytm App...the new design is refreshingand has upgrades to some ofthe most important fl��ows,including money transfers,”said Kiran Vasireddy, chiefoperating offi��cer, Paytm.
“This year, we are aiming
for an exponential growth inmoney transfer transactionsby transforming paymentsdone in the unorganisedsector — this will includefreelancers, tuition fee,house rent, salaries of unorganised workforce and others into direct bank transfers using the Paytm app,” hesaid. The latest update personalises the app experience, showcasing frequentuse cases, Paytm said.
Paytm mobile app totap informal workersEyes surge in money transfers
Special Correspondent
NEW DELHI
