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FimMin asks PSBs to submit capital raising plans
NEW DELHI, Dec 21 (Agencies): The Finance Ministry has asked all public sector banks to submit capital raising plans following the Cabinet approval to reduction in government's stake in state-run lenders to 52 per cent. "Banks have been asked to make a detail presentation of the capital requirement over the next five years to meet Basel III norms," sources said. The fresh presentation would take into account latest first half year results and how much they would like to raise from the market, sources said. Accordingly, the Finance Ministry would also crystallise its view about allocation towards public sector banks during the current fiscal, they added. The government has already made a budget provision of Rs 11,200 crore towards recapitalisation of PSBs for 2014-15. Besides, informat...
Kashmir Times News Report
Lone ranger Rajan fights for RBI autonomy amid rate cut rants
MUMBAI, Dec 21 (Agencies): Raghuram Rajan says he is neither Superman nor James Bond, but he appears to have emerged as a 'lone ranger' -- fighting persistent rate cut demands, "schizophrenic" attempts to weaken RBI and even rumours about he being 'kicked up' from the Mint Street high seat. As 2014 draws to a close, Rajan in his first full year as RBI Governor seems to have followed the principle laid out by former US Federal Reserve chief Ben Bernanke, who had famously said that "the central bank needs to be able to make policy without short term political concerns". While demands and complaints continued to pour in regularly from the government and the industry for a rate cut, Rajan held onto RBI's fight against inflation and to maintain growth without budging once and rather surprise...
Kashmir Times News Report
SEBI makes fresh bid to find Sahara investors eligible for refunds
NEW DELHI, Dec 17 (Agencies): In a fresh effort to locate Sahara investors eligible for refunds, regulator SEBI has asked bondholders to submit their claims by next month along with necessary proof of their investments. The latest exercise follows a similar attempt made by the Securities and Exchange Board of India (SEBI) in August, wherein the eligible bondholders were asked to submit their refund claims to the regulator by September 30, 2014. SEBI said it received 4,900 refund claims during that exercise from the bondholders of two Sahara companies -- Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL), which had raised over Rs 24,000 crore from about three crore investors. "In the interest of those bondholders of Saharas who could not submit the...
Kashmir Times News Report
No tender issued to buy VVIP choppers: Parrikar
NEW DELHI, Dec 16 (Agencies): Government today said no tender has been issued to purchase VVIP chopers after it terminated a deal with Agusta Westland International from January this year on grounds of "breach" of pre-contract integrity pact. However, it said the Defence Ministry has issued orders for dealing with Finmeccanica group of companies and other companies figuring in the FIR registered by CBI in cases which are at various stages of procurement. In a written reply in the Rajya Sabha, Defence Minister Manohar Parrikar said, "No tender has been issued to purchase VVIP choppers. "Consequent to the registration of a a case by CBI to inquire into criminal wrongdoings in the procurement of VVIP helicopters, Defence Ministry has issued orders for dealing with Finmeccanica group of co...
Kashmir Times News Report
Make tax evasion serious crime for black money info: SIT
NEW DELHI, Dec 14 (Agencies): Tax evasion needs to be made a serious 'criminal offence' to force foreign countries to reveal names and account details of Indians stashing illicit wealth abroad, the Special Investigation Team on black money has said. While adding more teeth to India's pursuit of black money kept abroad, this would also check generation of unaccounted wealth within the country, the SIT Chairman M B Shah said. At present, tax evasion is a civil offence in India and it is dealt under the Income Tax Act, 1961 while forex violations are dealt under the Foreign Exchange Management Act (FEMA). Both the laws are civil in nature and do not have criminal proceedings attached as such. "We have made a serious pitch for this (making tax evasion a serious criminal offence in India). ...
Kashmir Times News Report
 
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