New Delhi: In UPA's summer of discontent, it continues to rain scams. The Central Bureau of Investigation (CBI) had unearthed a huge forex derivatives scam, pegged at Rs 32,000 crore which has been conveniently brushed under the carpet by the government for three years. On January 4, 2012, Parliament's Public Accounts Committee (PAC) had sent a reminder to the Ministry of Finance, seeking an explanation on the alleged scam in...
09:01 AM, Jun 03, 2012
Mumbai: The rupee fell to a new record low of 55.32 to the dollar, its fifth consecutive all-time low, as arbitrage measures taken by the RBI late on Monday provided only a brief sentiment boost. At 10:05 am, the partially convertible rupee traded at 54.95/00 per dollar, rebounding from the record low and strengthening from its close of 55.03/04 on Monday. Traders said some exporters were selling dollars in the...
11:00 AM, May 22, 2012
Mumbai: The rupee was broadly flat against the dollar on Monday tracking a mild recovery in risk assets after G8 leaders over the weekend backed keeping Greece in the euro zone and vowed to take all steps needed to combat financial turmoil. The rupee was last trading at 54.42/45, unchanged against its Friday close of 54.42/44. The currency had hit a new life low of 54.91 on Friday. ...
12:10 PM, May 21, 2012
Mumbai: Authorities are investigating top mobile phone carrier Bharti Airtel under provisions of the money laundering and foreign exchange rules, a minister said, sending its shares down as much as 5.1 per cent. The Directorate of Enforcement is investigating cases against Bharti, Minister of State for Finance SS Palanimanickam told Parliament on Tuesday, but declined to give further details. "It may not be in the interest of the ongoing investigations...
03:41 PM, May 15, 2012
Mumbai: The RBI has allowed banks to permit exporters to receive advance payment for shipment of goods which would take more than one year to manufacture, a step which will reduce transaction time. "With a view to liberalising the procedure, it has been decided to permit AD Category-I banks to allow exporters to receive advance payment for export of goods which would take more than one year to manufacture and...
02:19 AM, Feb 22, 2012
New Delhi: The Enforcement Directorate has issued a foreign exchange violation notice to internet giant Google for alleged irregularities in transfer of funds to its foreign entities. The Directorate has asked the Indian arm of the company to explain to it all the permissions the company has obtained from RBI in this regard and its source of income in the country along with I-T returns filed earlier. "We have an...
05:42 PM, Feb 10, 2012
New Delhi: With the rupee depreciating to a new 32-month low against the US dollar, Finance Minister Pranab Mukherjee on Saturday said the Reserve Bank is "keeping an eye" on the situation. "The RBI is keeping an eye on it (depreciation of rupee). They are watching the situation at the appropriate level," Mukherjee told reporters on the sidelines on the Vatsalya Mela 2011 in New Delhi. His comments came a...
01:31 PM, Nov 19, 2011
Mumbai: The Reserve Bank on Thursday directed banks to exercise caution with respect to online forex trading by Indian residents where margin payments through a credit card or deposit are required in view of the risk of fraud. "... Banks should exercise due caution and be extra vigilant in respect of the transactions that require residents to make margin payments for online forex trading transactions through credit cards/deposits in various...
03:51 PM, Nov 17, 2011
New Delhi: The Enforcement Directorate will attach an estimated Rs 50 crore of assets of Pune stud farm owner and alleged tax defaulter Hasan Ali Khan and his Kolkata-based associate Kashinath Tapuriah in a money laundering case. The Adjudicating Authority of the agency based in Delhi recently endorsed an order of ED's Mumbai office in this regard, paving way for attachment of the duo's immovable properties in Mumbai, Pune and...
01:05 PM, Nov 04, 2011
Mumbai: Refusing to grant bail to Pune-based stud farm owner Hasan Ali Khan, accused of stashing away billions of dollars in overseas accounts, the Bombay High Court on Friday asked him to approach the special court handling Prevention of Money Laundering Act cases. Disposing of Khan's bail application, Justice RC Chavan told his lawyer that "why have you come here directly instead of moving the special court as directed by...
06:10 PM, Apr 29, 2011
Walking the tight rope has become a way of life for the Indian exporters. They are either battling a strong rupee or fighting the rising input cost. When problem on both these front seem to ease, a new set of problem hits them. It is either some international market collapsing or interest rates hardening. Clearly, the Indian exporters are in an unenviable situation. Given the scenario what should Indian exporters...
07:03 AM, Feb 28, 2011
Mumbai: The Income Tax Department on Friday imposed a huge penalty of Rs 40,000 crore on businessman Hasan Ali Khan, a 56-year-old alleged stud-farm owner and one of the main accused in the multi-million dollar tax evasion and money laundering case. Hasan Ali on Friday presented himself before the Income Tax Department in Mumbai, after summon was issued to Hasan Ali by the Tax Department in connection with penalty proceedings...
06:45 PM, Feb 18, 2011
New Delhi: The Enforcement Directorate is likely to issue summons to senior officials of the Commonwealth Games Organising Committee in connection with a case of alleged violation of foreign exchange regulations related to the Queen’s Baton Relay in London. The ED is likely to question Games OC chief Suresh Kalmadi and other top brass including Secretary General Lalit Bhanot, Jt Director General TS Darbari, DG VK Verma and Vice Chairman...
04:46 PM, Oct 20, 2010
India's foreign exchange reserves held at the central bank totalled $285.5 billion on October 23. ...
11:10 AM, Nov 03, 2009
Income from Citigroup's banking division, Citicorp, fell by 40 pc in Asia. ...
01:29 AM, Jul 18, 2009
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