World
62 killed in Russia plane crash
Moscow : At least 62 people -- 55 passengers, seven crew members -- were killed on Saturday when a passenger jet crashed in the southern Russian city of Rostov-on-Don, media reports said.
 
Flydubai flight FZ981 was en route from Dubai and crashed while trying to land, RT News reported.
 
Initial reports put the toll at 61 people with six crew members.
 
“During the landing approach a Boeing-737 crashed. It had 55 passengers on board. All of them died,” a regional official told TASS news agency.
 
Air-traffic control and local emergency services confirmed that the jet was caused due to poor visibility.
 
“According to preliminary data, the jet crashed in poor visibility conditions, some 50-100 metres left of the runway,” a source said.
 
Russia's Investigative Committee has launched a probe into the incident with preliminary data indicating that the plane disintegrated and caught fire upon touching the ground. 
 
Reports indicated that the debris were spread across several kilometres.
 
Russian news agency RIA Novosti reported that all passengers on board were Russians, while the flight crew consisted of foreigners.
 
The airport has closed until further notice due to which at least six flights were delayed, two of which were supposed to leave for St. Petersburg, while the others were due to arrive in Moscow. The inbound flights are getting rerouted to Krasnodar.
 
Flydubai confirmed the crash saying, “We are investigating further details and will publish an update once more information is available,” the airline added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Sovereign Gold Bond scheme tranche 3 yields only 1,128 kg
New Delhi : The third edition of the Sovereign Gold Bond (SGB) scheme, a component of the government's market borrowing programme, received a poorer response than the last round, getting a subscription of 1,128 kg gold, amounting to Rs.329 crore, an official statement said on Friday.
 
More than 64,000 applications have been received in the third round, but the actual figure may vary as comprehensive information from all the authorised receiving agencies is under compilation, said the finance ministry statement.
 
"Trend during the third tranche of SGB shows that the scheme is gradually picking-up amongst the investors with increase in awareness and more clarity about the provisions of the scheme," the statement added.
 
These bonds, being sold through banks, the Stock Holding Corporation of India Ltd. (SHCIL) and designated post offices, will be issued on March 29.
 
The government received subscriptions of Rs.726 crore for 2,790 kg gold under the second tranche of the scheme in January, while the first tranche of sovereign gold bonds launched in November had received a subscription for 915.95 kg of gold worth Rs.246 crore.
 
The gold bonds are issued in denominations of 5 grams, 10 grams, 50 grams and 100 grams for a term of 5-7 years with a rate of interest to be calculated on the metal's value at the time of investment. The scheme has an annual ceiling of 500 grams per person.
 
Prime Minister Narendra Modi had last November launched the gold scheme aimed at reducing demand for the metal in physical form by encouraging people to buy gold in the demat or paper form.
 
India's gold imports increased to $26.45 billion during the April-December period of the current fiscal, as compared to the $25.85 billion worth imported in the same period of last year.
 
In Budget 2016-17, Finance Minister Arun Jaitley has proposed that redemption of these gold bonds be exempt from capital gains tax, as also that long-term capital gains arising on their transfer be eligible for indexation benefits.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Over five lakh transactions in Mallya money trail, finds CBI
New Delhi : The CBI has started tracking the money trail of all the transactions and loans taken by business tycoon Vijay Mallya and Kingfisher Airlines (KFA) totalling Rs. 7,000 crore since 2004.
 
 
"Our prime focus is to find out the money trail of loans flowing in from all the 17 banks to the accounts of Mallya, his other associates, his defunct airline (Kingfisher Airlines) and others." a CBI source told IANS. 
 
The source said only by trailing the money will they be able to find its use or misuse.
 
"We have to reach the final destination of the money to find out if the borrowings were used by Mallya for other purposes, the source said. 
 
Officials looking to trace the money had found that over five lakh transactions had been made in several accounts. 
 
Over 60 per cent of the five lakh such transactions -- around three lakh -- had been diverted to accounts in four countries, the source said.
 
The CBI is in touch with different agencies through various channels to find out the assets that Mallya may own in the four countries. It is also seeking further details of the transactions abroad. 
 
The CBI has expanded the ambit of the probe to 16 more public sector banks from which Mallya and KFA had borrowed money since 2004. 
 
So far, the CBI has been investigating defaults worth Rs. 900 crore on loans taken from IDBI during October-November 2009. 
 
None of the 17 banks has, however, filed a complaint with the CBI as yet. The agency had registered a case in July 2015 under provisions related to criminal breach of trust and criminal conspiracy in the Indian Penal Code (IPC) and some sections of Prevention of Corruption Act. 
 
The agency had filed the case against Mallya, KFA, the firm's then chief financial officer A Raghunathan and unknown IDBI Bank officials. 
 
The CBI source said that IDBI had been informed about the wrongdoings twice -- first in 2012 and then in 2014. 
 
"In early 2016, we also informed the United Bank of India that loans may have been misused. But neither of the banks approached us with any complaint," the source said.
 
CBI's expanded its probe a week after Mallya left the country on March 2. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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