Page 2596 - Business Finance
RBI tweaks norms for defective note change
The Reserve Bank of India (RBI) has amended norms for exchange of mutilated, old or defective currency notes which were introduced as a part of the Mahatma Gandhi New Series.The public can exchange mutilated or defective notes at RBI designated offices branches across the country, depending upon the condition of the currency.Issuing a statement, the Central Bank said, "The Reserve Bank of India has made amendments to the Reserve Bank of India (Note Refund) Rules, 2009 to enable the public to exchange mutilated notes in Mahatma Gandhi (New) series at bank branches and RBI offices, which are smaller in size compared to the earlier series."These rules have come into force with immediate effect."We further inform that there is a change in the minimum area of the single largest undivided piece of the note required for payment of full value for notes of rupees fifty and above denominations, which is detailed in the amendments." the RBI further said.
Tata Motors launches compact SUV Nexon in Bangladesh
Leading passenger-cum-freight transport vehicle maker Tata Motors on Saturday launched its compact SUV Nexon in Bangladesh.
Axis Bank appoints Amitabh Chaudhry as MD & CEO, to take charge from Jan 1
The country's third largest private sector lender Axis Bank Saturday appointed Amitabh Chaudhry as Managing Director & CEO from January 1, after incumbent Shikha Sharma steps down at the end of this year. Chaudhry, currently the MD & CEO of HDFC Standard Life Insurance Company, has been appointed as MD and CEO for a period of 3 years, with effect from January 1, 2019 up to December 31, 2021. "The Board of Directors of the bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Amitabh Chaudhry as the Managing Director & CEO of the Bank, for a period of 3 years, with effect from I" January 2019 up to 31" December 2021 (both days inclusive)," Axis Bank said in a regulatory filing. Chaudhry will take over from Shikha Sharma after she demits office on December 31, 2018. The bank had selected three candidates to succeed Sharma at its board meeting held in July and had recommended their names for the ...
TN: ED conducts raids against private firm over PMLA case
Searches were conducted at premises of R.Shenbagan - who manages the private limited company - and his associates in Chennai, Virudhunagar, Madurai and Coimbatore.The company was "enjoying Cash Credit facilities, Letter of Credit facilities and Term Loan from State Bank of India (SBI), Overseas Branch, Chennai," sources said."IRPL had availed a total of 46 Letters of Credit from the SBI, which were issued against bogus firms/fake invoices for a value of around Rs 87.36 crore which was devolved on the bank later due to insufficient funds in their account and also diverted the business proceeds which resulted into a pecuniary loss of around Rs 90 crore to SBI," sources added.Earlier, SBI had filed a complaint with the Central Bureau of Investigation (BS and FC), Bangalore who registered an FIR, conducted an investigation and later filed a charge sheet against IRPL, R.Shenbagan, R.Rajan, Raji Shenbagan, Thirumagal Rajan and few employees of IRPL and the State Bank of India among ...
Rafale deal 'scam of unimaginable proportion': Prashant Bhushan
Terming the Rafale fighter aircraft deal "a scam of unimaginable proportion", senior Supreme Court lawyer Prashant Bhushan on Saturday alleged that the Anil Ambani's Reliance Group got an offset deal worth Rs 21,000 crore as "commission". He compared this to the alleged kickbacks in the Bofors gun deal in the 1980s. Ambani has earlier rejected the allegation. Bhushan charged that the BJP-led government "compromised" on national security, left the Indian Air Force "high and dry", just to accommodate Anil Ambani's company in the deal. "Rafale deal is a scam of unimaginable proportion. Bofors was a Rs 64-crore scam, with four per cent commission paid in that. In this scam, the commissions are at least 30 per cent. The Rs 21,000 crore given to Anil Ambani is just commission, nothing else," he alleged. The Reliance Group, in a statement quoting Ambani's letter to Congress president Rahul Gandhi last month, had said, "Allegations of Reliance benefitting by thousands of crores is a figment ..
Domestic fuel prices high due to weak rupee against USD: Pradhan
Union Petroleum Minister Dharmendra Pradhan on Saturday said a weak Indian rupee against the US dollar and supply side constraints have led to high domestic fuel prices.
Wang meets Qureshi, reaffirms China's all-weather strategic cooperative partnership with Pakistan
Chinese Foreign Minister Wang Yi on Saturday rejected concerns that China was burdening Pakistan with debt through its investments in the USD 50-billion China Pakistan Economic Corridor (CPEC), as he reaffirmed China's all-weather strategic cooperative partnership with the country. Wang's remarks came as he met his Pakistani counterpart Shah Mahmood Qureshi and discussed various issues of mutual interest, including the CPEC. Wang, who arrived here on Friday on three-day visit, held one-on-one and delegation-level talks with Qureshi, according to Pakistan Foreign Office. He said that the CPEC helped create more than 70,000 jobs in Pakistan and contributed to the national growth. "The CPEC has not inflicted a debt burden on Pakistan, rather when these projects get completed and enter into operation, they will unleash huge economic benefits...and these will create considerable returns to the Pakistani economy," Wang said. He said Pakistan's 47 per cent debt was due to loans from the ...
Sebi initiates public consultation on FPI norms as panel suggests major changes, more time
In relief to foreign investors worried over new KYC and beneficiary ownership norms, regulator Sebi Saturday initiated a public consultation process for finalising the new guidelines after a high-powered panel suggested changes on several contentious proposals and more time for compliance. Amid concerns in some quarters that several foreign funds, including those managed and owned by NRIs and PIOs, may face difficulties to meet the new norms even within the extended deadline of December, the panel headed by former RBI Governor H R Khan has suggested several changes on the basis of the inputs from the finance ministry and industry representatives. Releasing the panel's interim report for public comments till September 17, Sebi said the committee has suggested allowing NRIs, OCIs (Overseas Citizens of India) and RIs (Resident Indians) to be allowed to hold non-controlling stake in FPIs and no restriction should be imposed on them to manage non-investing FPIs or Sebi-registered offshore .
Axis CEO&MD Sharma's tenure to end in December; Amitabh Chaudhry to take over
Lending major Axis Bank's long serving Chief Executive and Managing Director Shikha Sharma's reign will come to an end on December 31, 2018 and she will be succeeded by Amitabh Chaudhry.
SEBI working group proposes relaxing foreign fund rules for non-resident Indians
NEW DELHI (Reuters) - A working group of the Securities and Exchange Board of India (SEBI) on Saturday recommended relaxing foreign fund rules for non-resident Indians.
Rupee slump, high oil prices halt 6-week march of equity indices (Market Review)
The Indian equity market snapped its six-week-long gaining streak during the September 3-7 period as the rupee fell to record low levels, coupled with high crude oil prices and decline in the global markets.
Rourkela Steel Plant posts "best-ever" production for Apr-Aug
The Rourkela Steel Plant (RSP) has registered its "best-ever" production performance in hot metal, crude steel and saleable steel in the first five months of the current financial year. The steel plant produced 15,84,901 tonnes of hot metal, 14,90,936 tonnes of crude steel and 13,27,407 tonnes of saleable steel during the April-August period, an official release said. The figures are "not only the highest-ever since inception but also an increase of 20.3 per cent, 17.7 per cent and 12.8 per cent respectively, over the corresponding period of last year," the release said. The total sinter production was also the "best-ever" at 25,34,214 tonnes, which is 18.5 per cent higher than the year-ago figure. New plate mill, too, recorded its "all-time best" performance for the April-August period by rolling 33,3920 tonnes of plates, it added.
Jet Airways gets govt approval to appoint Sharad Sharma as Independent Dir
Jet Airways Saturday said the Ministry of Civil Aviation (MoCA) has given security clearance for the appointment of Sharad Sharma as an independent director on the board of the company. At the annual general meeting of the company held in August, Sharma was appointed as an Independent Director. "This is to inform that the MoCA has, vide its letter dated 5 September 2018, granted security clearance for the appointment of Sharad Sharma as Director. Accordingly, Sharma's appointment as an Independent Director of the company takes effect from September 5, 2018," Jet Airways said in a filing to the BSE.
2 persons held for cheating investors of Rs 27 cr in Mumbai
The CEO and vice president of an investment firm have been arrested for allegedly cheating several people of over Rs 27 crore, police said Saturday. The firm had got people to invest in its schemes after promising them a monthly interest of 10 per cent, police added. Sumit Kailash Sharma alias Jahan Khan (30) and Sumail Khan alias Sameer (34) of investment firm Quirky Technology were arrested by Saki Naka police Friday while a hunt was on for Rahul Saxena who they claimed was the mastermind of the racket. Sharma is the vice president and Khan is the chief executive officer of the firm, police said. "The company had promised investors 10 per cent interest every month starting March last year. This attracted hundreds of investors, some of whom got this interest payout till July this year," an official said. However, the interest payments stopped abruptly and queries by investors went unanswered, following which some of them approached police, he said. "Investigations have .
Jack Ma to remain Alibaba executive chairman, reveal succession plan next week - SCMP citing spokesman
BEIJING (Reuters) - Alibaba Group Holding Ltd's co-founder Jack Ma will remain as executive chairman, and will unveil a succession strategy on Monday on his 54th birthday, South China Morning Post reported on Saturday, citing a company spokesman.
Niti Aayog asks auto cos to stick to timeline to achieve full e-mobility
Niti Aayog Vice Chairman Rajiv Kumar Saturday urged the automobile sector to confine to a timeline for achieving 100 per cent fully electric mobility solutions, powered by renewables. Kumar in his address at the Global Mobility Summit said transformation in the mobility sector requires a collaborative effort from states and all other stakeholders. "India is on the cusp of leading one of the most exciting transformations in the history of transportation. This new mobility paradigm will be more accessible & provide cleaner solutions for the people of India and our planet," he noted. Speaking at the same event, Niti Aayog CEO Amitabh Kant said India will continue to do disruptions in the field of mobility.
SE Railway April-August passenger revenue up 4.6pc
South Eastern Railway on Saturday said its passenger revenue during the first five months of the current fiscal rose 4.6 per cent to Rs 883.26 crore, compared with the corresponding period a year ago. "During the first five months of April-August of the current financial year, we have earned Rs 883.26 crore from originating passenger traffic, which is Rs 39.32 crore more than the corresponding period of last year, thus, registering a growth of 4.66 per cent," a SE Railway statement said. "This growth in passenger earnings has been possible due to increase in number of passengers," it said. The SE Railways carried 112.06 million originating passengers during the period under review, as against 108.25 million passengers a year ago, expanding by 3.52 per cent. Out of this, 57.91 million were suburban passengers while 54.15 million were non-suburban passengers, the statement added.
NCLT approves merger of LuK India, INA Bearings with Schaeffler India
Schaeffler India Saturday said the National Company Law Tribunal (NCLT), Mumbai, has cleared amalgamation of the two group companies -- INA Bearings India and LuK India -- with itself. NCLT, Chennai, had in June approved the scheme of amalgamation filed before it by LuK India Pvt Ltd. Schaeffler India had filed before NCLT, Mumbai, seeking approval of the merger. NCLT, Mumbai, has on September 7, approved the Scheme of Amalgamation which provides for merger of INA Bearings India Private Ltd and LuK India Pvt Ltd with Schaeffler India Ltd, the company said in a BSE filing. "The merger shall become operative on completion of certain legal formalities post receipt of the certified copy of order from NCLT, Mumbai," it added.
EIB considering capital hike, changes to shareholding post Brexit
VIENNA (Reuters) - The European Investment Bank (EIB), owned by European Union governments, is considering a capital increase to allow some of its shareholders to increase their stake after Britain pulls out of the EU and the EIB in March next year, EU officials said.
More than 400 private bus operators to be on strike in HP from Monday
Around 3,500 private passenger buses will be off road indefinitely in Himachal Pradesh from Monday as operators press for their long-pending demands including increasing minimum fare, bus operators said Saturday. The strike has been called by the Himachal Pradesh private bus operators union. The union's president Rajesh Parashar said over 3,500 buses run by over 400 private operators will go on the indefinite strike Monday for their demand to hike the minimum fare from Rs 3 to Rs 10 per person, on par with their counterparts in Punjab and Haryana. The bus operators are also demanding 50 per cent hike in fare and allowing buses more than five-year-old to ply in the state. Rajiv Mahajan, a bus operator in Dharamshala, said the minimum fare of Rs 3 was fixed when the price of diesel was Rs 48 a litre, the diesel price is now increased to Rs 74 per litre. It is now impossible to run the services on the old rates. He said that the state government also levies huge green tax from private ...