Snehal khanna Blog

Nirav Modi and Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked LATEST NEWS :  On the advice of the Enforcement Directorate, the Passport issuing authority in the Ministry of External Affairs on Friday suspended the validity of passports of diamond merchant Nirav Deepak Modi and Gitanjali Gems CMD Mehul Chinubhai Choksi with immediate effect for a period of four weeks u/s 10(A) of the Passports Act 1967. Nirav Modi and Choksi have been asked to respond within one week as to why their passports should not be impounded or revoked under Section 10 (3) (c) of the Passports Act 1967. If they fail to respond within the stipulated time it will be assumed that they do not have a response to offer and the MEA will go ahead with the revocation. Earlier in the day the Central Bureau of Investigation (CBI), which registered a case against jewelry retailer Gitanjali in a $1.77 billion fraud at state-run Punjab Nation...

Jaypee Associates has to deposit the Rs 1.25 billion by January 25 LATEST NEWS :  The Supreme Court on Wednesday told Jaypee Associates to deposit Rs 1.25 billion as directed failing which it would be held in contempt of court and could land in Tihar Jail. The amount is part of the Rs 20 bn that the top court had directed Jaypee Associates to deposit with its registry to pay the home buyers of Jaypee Infratech seeking a refund of their money. Jaypee Associates has to deposit the Rs 1.25 billion by January 25. A bench of Chief Justice Dipak Misra, Justice A. M. Khanwilkar and Justice D Y Chandrachud also directed Jaypee Associates to file an affidavit stating all the housing projects they were developing. The court said that it would only at a later stage see an application by the Reserve Bank of India seeking the top court's nod for initiating proceedings under the Insolvency and Bankruptcy Code (IBC) against Jaypee Associates. ALSO READ THIS : W...

It has Konark chakra symbol printed on the new Rs 10 note to be issued by the RBI LATEST NEWS : The Reserve Bank will soon bring into circulation new Rs 10 denomination banknotes in chocolate brown colour, which will have India's cultural heritage Konark Sun Temple as a motif on the reverse side. The central bank will shortly issue Rs 10 denomination banknotes in the Mahatma Gandhi (new) series, bearing the signature of Urjit R Patel, Governor, RBI, it said in a release. The base colour of the note is chocolate brown, it said. "The new denomination has the motif of Sun Temple, Konark on the reverse, depicting the country's cultural heritage," RBI said. Among the salient features of the banknotes, on the obverse (front) the note will bear a portrait of Mahatma Gandhi at the centre, the Ashoka Pillar emblem on the right, watermarks and number panel with numerals growing from small to big on the top left side and bottom right side. On the rev...

The new Rs 10 note will be issued by the central bank under the Mahatma Gandhi series and it will sport the picture of the Konark Sun Temple LATEST NEWS :  Still haven't gotten used to the new Rs 200 notes in bright yellow (or is it orange)? Soon, you will be paying your balance using chocolate coloured Rs 10 notes. According to reports, the Reserve Bank of India (RBI) is set to issue new Rs 10 notes that will be chocolate brown in colour. The new Rs 10 note will be issued by the central bank under the Mahatma Gandhi series and it will sport the picture of the Konark Sun Temple, which is situated in Odisha, Moneycontrol reported on Thursday. Further, citing people familiar with the matter, the financial daily reported that around one billion pieces of the new note have already been printed by the RBI. The last time the design of the old Rs 10 note was changed was in 2005, the report added. The new design, the financial daily said, was approved by the government jus...

Along with the new Rs 200 note, the government has also confirmed a new Rs 50 note. LATEST NEWS      :    The new Rs 200 currency note will be introduced in the market tomorrow, Reserve Bank of India said on Thursday. The new denomination has Motif of Sanchi Stupa on the reverse, with bright yellow being the base colour of the note, RBI said in a statement. Along with the new Rs 200 note, the government has also confirmed a new Rs 50 note. The earlier Rs 50 notes will continue to remain legal tender. "The Reserve Bank of India will issue on August 25, 2017 Rs 200 denomination banknotes in the Mahatma Gandhi (New) Series, bearing the signature of Urjit R Patel, Governor, RBI from select RBI offices, and some banks," it said. Here are its salient features Obverse (Front) 1. See through register with denominational numeral 200 2. Latent image with denominational numeral 200 3. Denominational numeral २०० in Devnagari 4....

RBI's MPC meet begins; decision on rates on August 2 LATEST NEWS :     The six-member Monetary Policy Committee (MPC) headed by Reserve Bank of India (RBI) Governor Urjit Patel on Tuesday started two-day deliberations for its monetary policy review. The RBI will announce the bi-monthly monetary policy on Wednesday. Experts expect a reduction of 25 basis points in key lending rate this time, as inflation has cooled to record low levels. The meeting's outcome on Wednesday is being keenly awaited by all stakeholders, including industry and stock markets. Encouraged by significant price improvement, bankers expect RBI to change its monetary stance and cut benchmark lending rate by at least 0.25 per cent. Some expect that the central bank may go for an even more aggressive rate cut as the retail inflation touched a historic low of 1.54 per cent in June. The panel, in its previous bi-monthly review in June, had retained the repo rate at 6.25 ...

Revised directions are being issued amidst surge in customer grievances, says RBI LATEST NEWS : Customers will not suffer any loss if unauthorised electronic banking transactions are reported within three days and the amount involved will be credited in the accounts concerned within 10-days, the Reserve Bank said on Thursday. In case the third party fraud is reported with a delay of four to seven working days, a customer will face liability of up to Rs 25,000. However, in cases where the loss is due to negligence by the account holder (such as sharing of payment credentials), the customer will bear the entire loss until the unauthorised transaction is reported to the bank. Any loss occurring after reporting of the unauthorised transaction will be borne by the bank, RBI said while issuing revised directions on 'Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions'. RBI said the revised directions are being ...

RBI had assessed that yes Bank had Rs 4,930 crore of bad loans against actual reported Rs 750 crore Even after asset quality review of the Reserve Bank of India (RBI), private sector banks probably continued to hide a large chunk of their bad assets. But now those assets are all scheduled to come up in public glare as the central bank recently brought out a rule that mandated banks to disclose RBI assessed bad debt numbers, if the divergence between the central bank’s assessment and the bank’s actual assessment was more than 15 per cent. Yes Bank Ltd., which raised capital through qualified institutional placement route in the end of March, reported in its annual report that RBI has pegged its total gross NPA at 5 per cent for fiscal year 2015-16, against the bank’s own assessment of only 0.76 per cent for that financial year. According to Credit Suisse, Axis Bank’s NPAs were higher at 4.5 per cent of loans (vs 1.78 per cent reported) and at ICICI Bank, the NPA numb...