Business

DAINIK NATION BUREAU The BSE Sensex today dived almost 510 points — its biggest single day fall since February 6 — due to a major sell-off amid political concerns after the Telugu Desam Party (TDP) decided to quit the NDA and moved a no-confidence notice against the government. Other Asian markets were also in the negative zone as investors fret ...

DAINIK NATION BUREAU On February 22, when tax officers raided the tiny office of Rajesh Tiwari in Airoli, a commercial suburb in Navi Mumbai, and took his testimony, the findings were an eye-opener even to seasoned income tax officials. Tiwari — aged under 40, who could never clear the examination to become a chartered accountant but nonetheless continued to masquerade as ...

DAINIK NATION BUREAU In a major decision, RBI on Tuesday banned banks from issuing Letters of Undertaking (LoUs) — instruments used allegedly by diamantaire Nirav Modi and his uncle Mehul Choksi to defraud state-owned PNB of Rs nearly 13,000 crore in connivance of bank officials. The RBI said the decision to discontinue the practice of LoUs and Letters of Comfort ...

The State Bank of India today reduced its charges on non-maintenance of an average monthly balance (AMB) in savings account by up to 75 per cent, effective April 1. The charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month plus goods and services tax (GST), to ...

Passport details of borrowers taking loans of Rs 50 crore and more have been made mandatory to ensure a swift action in case of fraud and prevent fraudsters from fleeing the country, a top official said on Saturday. Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the country. “Next ...

The Reserve Bank may provide four quarters to Punjab National Bank (PNB) for making provisions against the country’s biggest ever banking fraud of Rs 12,646 crore allegedly masterminded by billionaire diamantaire Nirav Modi. The bank has written a letter to the banking sector regulator seeking its opinion on making provisions for the fraud, sources said. Although there is a direction ...

DAINIK NATION BUREAU Mehul Choksi, the jeweller accused in the Rs. 12,600 crore Punjab National Bank (PNB) fraud, has written to the Central Bureau of Investigation (CBI) that it is “impossible” for him to return to the country since his passport has been suspended. “It is impossible for me to travel back to India. I wish to point out that ...

DAINIK NATION BUREAU Central government’s regional air connectivity scheme `UDAN’ is adding to the woes of the capacity-constrained Mumbai airport as smaller aircraft take more time to clear the runway, a top airport executive said. The single-runway-operated Chhatrapati Shivaji International Airport of Mumbai handles 970 aircraft movements (arrivals and departures) per day. The Mumbai International Airport Limited (MIAL), joint venture ...

DAINIK NATION BUREAU The deadline for mandatory linking of Aadhaar to avail various services and welfare schemes run by the government may be further extended beyond March 31, the Centre indicated in the Supreme Court today. The Centre said that since some more time would be needed to conclude the prolonged hearing in the Aadhaar case, the government may extend ...

DAINIK NATION BUREAU In a bid to prevent the borrowers, who prefer to leave country in case of defaulter, bank may seek certified passport details of the borrowers in coming days. The finance ministry may ask state-run lenders to seek the certified passport details of borrowers with an exposure of Rs 50 crore. This comes as the government is expected ...