ASSOCHAM-EPCES sign MoU to promote SEZs

New Delhi: Promotion Council for EOUs & SEZs (EPCES) and leading apex industry body, the Associated Chambers of Commerce & Industry of India (ASSOCHAM) have inked a Memorandum of Understanding (MoU).

As per the MoU, both ASSOCHAM and EPCES would collaborate together to actualize a shared agenda consisting of wide ranging activities of mutual benefits. These are some of the win wins, the newly signed MoU would seek to achieve for both the organisations.

Under the MoU, the major areas identified for mutual win wins include, sharing common information relating to the SEZs & EOUs businesses, collectively organizing events both in India and beyond, for optimum costing, better visibility for its members. Besides that, jointly entering trade delegations to various countries for wider reach and awareness about the EOUs and SEZs in India and making efforts to rope in international investors into Indian SEZs and EOUs.


CBI Arrests Rotomac Pens Owner Vikram Kothari, Son

New Delhi: The CBI’s Bank Securities and Fraud Cell has arrested Rotomac's promoter Vikram Kothariand his son Rahul Kothari for cheating a consortium of seven banks of Rs 3,695 crore.

Kotharis were arrested after three days of extensive questioning as they refused to explain the modus operandi used to befool the banks and how they used the money after getting it in their bank accounts.

Vikram Kothari was "non-cooperative for past three days", said an official, adding that "he was not disclosing the details of shell companies, use of Rs 2,919 crore he took from the banks, bank officials and private persons who connived with him".


RBI Warns Of Crowding Out Effect Of Fiscal Deficit

New Delhi: Reserve Bank of India governor Urjit Patel has said that there are several signs of growth impulses strengthening butcautioned about the high fiscal deficit `crowding out’ private investment.

The 'crowding out’ effect refers to a situation where high government borrowing results in lesser funds being available for private investments such that it dampens the initial increase of total investment spending.

He has made these remarks in the monetary policy committee meeting earlier last month.


Arun Jaitley Comes Down Hard On Government Banks

New Delhi: Finance minister ArunJaitley has strongly criticised public sector banks for not safeguarding taxpayers' money spent to keep them afloat, and warned that the government would explore all options to punish the "cheats" responsible for bank frauds.

"The first important question is with regard to the lack of ethics that a section of Indian business follows. Therefore, it is incumbent on us, as the state, till the last legitimate capacity to chase these people to the last possible conclusion. To make sure that the country is not cheated," Jaitley said in his first comments since the Rs 11,300-crore PNB fraud came to light.


PSU Bank Investors Lose Rs49,000cr In 4 Sessions

New Delhi: Shares of banks exposed to the NiravModi fraud have fallen sharply as more lenders disclosed exposure and the RBI denied having asked PNBto honour its guarantees to offshore branches in respect of unauthorised transactions. 

PNB shares continued to be hammered with the scrip closing 7.4% lower at Rs 116 on Monday. Union Bank was the next big loser, falling 7.2% to Rs 110. Bank of Baroda slipped 5.5% to Rs 144, and UCO Bank also dropped 5.5% to Rs 27. Bank of India also lost over 4% to close at Rs 125.
The public sector banks (PSBs) dragged down the market and key indices on Monday. The sensex fell 236 points to close at 33,775. Since the PNB fraud was disclosed, investors in bank shares have lost nearly Rs 68,000 crore in market capitalisation, of which almost Rs 49,000 crore has been lost in PSU banks.