(PTI) The finance ministry has asked RBI to look into the problems being faced by industry and banks by the abrupt ban on LoUs, and provide some breathing space to them, sources said. Reserve Bank of India this month banned issuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoC), used extensively for trade finance, following the unearthing of Nirav Modi fraud case. Nirav Modi and associates in connivance with some officials of Punjab National Bank (PNB) used LoUs to defrauded the lender of over Rs 13,000 crore. The sources said the ministry has received representations from various corporates and banks…
Author: Aruna Sharma
(LiveMint) Samajwadi Party (SP) president Akhilesh Yadav today alleged that the BJP-led government in Uttar Pradesh was trying to defame and harass its political opponents in the name of inquiries, adding that it would reap the fruits of what it was sowing in the future. The former Uttar Pradesh chief minister also accused the Yogi Adityanath regime of “speaking lies and hoodwinking the people” as regards the projects launched by the previous SP government in the state. “The BJP-led state government only wants to defame and harass its political adversaries, as a result of which senior SP leader Azam Khan…
(PTI) Ultra-clean Euro-VI grade petrol and diesel, at no additional price, will be supplied in the national capital from tomorrow in a bid to combat alarming levels of air pollution. Delhi will be the first city in the country to leapfrog from Euro-IV grade petrol and diesel to Euro-VI. Cities in the national capital region like Noida, Ghaziabad, Gurugram and Faridabad as well as 13 major cities including Mumbai, Chennai, Bengaluru, Hyderabad and Pune will switch over to cleaner Euro-VI grade fuel from January 1 next year. Rest of the country will follow suit from April 2020. State-owned oil firms will…
Shri Dharmendra Pradhan, Hon’ble Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship, Govt. of India inaugurated Mumbai’s first Yoga garden on March 29, 2018. The Garden, situated at Bandra Reclamation Sea link Promenade, is an ONGC CSR project created with the aim of increasing public awareness about Yoga as a means of healthy holistic lifestyle. Shri Pradhan highlighted that today Yoga is a lifestyle solution across the world and said that ONGC has always supported Yoga not only in the celebration of International Yoga Day but also among its employees through various programmes. He hoped that the…
(LiveMint) Given the changing global energy mix, Coal India Ltd, the world’s largest coal miner, plans to set up 20,000 megawatts (MW) of solar projects over the next 10 years, a top executive said. It is estimated that at a per-MW cost of around Rs4.5 crore, Coal India will require an investment of around Rs90,000 crore to set up this capacity. “If you look beyond 2050, one priority is to reach over to renewable energy,” said Coal India chairman and managing director Gopal Singh, adding that the miner has the 40,000 hectares of land required to set up such a large…
(LiveMint) Auto fuel retailers dispensing compressed natural gas (CNG) are planning to open liquified CNG or L-CNG outlets, with at least two companies already firming up plans. A typical CNG pump receives natural gas through pipelines which is compressed and stored as CNG. An L-CNG pump, on the other hand, gets liquified natural gas (LNG) in tankers/trucks, which is stored underground, and turns to gas at the time of dispensing. While Mahanagar Gas Ltd (MGL) plans to set up a few L-CNG stations in Raigad district of Maharashtra, Sanwariya Gas Ltd (SGL) is setting up one in Mathura and four on the Delhi-Mumbai…
(TOI) The executive director of Indian Oil Corporation (IOC) for Tamil Nadu and Puducherry, R Sitharthan, launched the sale of 5 kg Indane Free Trade LPG (FTL) cylinder in Trichy on Thursday. It would be available without documentation and no address proof was also required for the connection. The IOC’s target customers for FTL cylinder mainly include youngsters who stay away from home and are migrant in nature, since their monthly consumption would be considerably less. Unlike the 14.2 kg domestic cylinder, the FTL cylinder would be available over the counter at select petrol/diesel retail outlets in the nine districts…
(FE) Minister of External Affairs Sushma Swaraj begins her three-day visit to Japan today. Swaraj will meet her counterpart Taro Kono and will co-chair a strategic dialogue on 29th March. It was reported that the two sides will be reviewing all bi-lateral aspects and will also give importance to the new areas of convergence of both the countries. Swaraj will be attending and be co-chairing the 9th India-Japan Strategic Dialogue. The India-Japan Strategic Dialogue is a bi-lateral summit that being in Japan and India alternatively since 2007. India and Japan’s relationship has gathered momentum over a period of time. Never…
(DJ) स्टेट बैंक ऑफ इंडिया के ग्राहकों के लिए एक अच्छी खबर है। बैंक ने अब दो से 10 वर्ष वाले एक करोड़ से कम की एफडी पर ब्याज दर में 0.25 फीसद की बढ़ोतरी कर दी है। वरिष्ठ नागरिकों को 0.5 फीसद अतिरिक्त ब्याज का फायदा मिलेगा। जानकारी के लिए आपको बता दें कि दो साल से कम की एफडी की ब्याज दर में कोई बदलाव नहीं किया गया है। ये दरें एक करोड़ रुपये से कम के जमा पर बढ़ाई गई है। नई दरें बुधवार से लागू हो गई हैं। स्टेट बैंक ऑफ इंडिया के ग्राहकों को अब…
(PTI) Finance Minister Arun Jaitley today said the government has collected over Rs 1 lakh crore through PSU disinvestment in the current fiscal, higher than Rs 46,250 crore mopped up in the previous financial year. “GoI’s comprehensive approach to investment management leading to 7 IPOs, strategic mergers & acquisitions, investor friendly Bharat 22 ETF, minority stake sale is a testimony of transparent, effective, and accountable governance under leadership of PM Narendra Modi,” Jaitley tweeted. In the Budget, the government had set a revised target of Rs 1 lakh crore from PSU disinvestment, which was higher than the budget estimate of Rs 72,500…