World
China lowers interest rates
The People's Bank of China (PBOC) announced on Tuesday a cut in the reserve requirement ratio (RRR) and lower key interest rates.
 
From September 6, it will cut the RRR for financial institutions by 50 basis points, Xinhua news agency reported. 
 
The RRR for financial leasing companies and auto financing companies will be lowered by 300 basis points, PBOC announced.
 
Benchmark interest rates will also be cut. 
 
From Wednesday, interest rates for one-year lending and deposits will be cut by 25 basis points to 4.6 percent and 1.75 percent, respectively, the bank said.

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Enforcement Directorate summons Karti Chidambaram’s associates in his company
They have been directed to appear within 14 days of receiving notice and sought to bring all the bank data, Income-Tax Returns and foreign travel details from 2005 onwards
 
Enforcement Directorate (ED) has issued summons to two directors of Advantage Strategic Consulting Private Limited (ASCPL), a company which is linked to Karti Chidambaram. ASCPL had a financial transaction of Rs26,00,444 with Aircel in 2006, when Malaysian company Maxis’ proposal to acquire the majority stake in  Aircel was pending with his father in the Union Cabinet, according to The Pioneer.
 
The two persons summoned are Karti’s close friends: CBN Reddy is a director of several companies controlled by Karti. Ravi Viswanthan is the first promoter of ASCPL. They have been directed to appear within 14 days of receiving notice and sought to bring all the bank data, Income-Tax Returns and foreign travel details from 2005 onwards. The amount paid to Aircel by ASCPL was alleged to be an investment made by Karti’s company in Aircel to acquire its shares which could be later offloaded at a premium when the FIBP (Foreign Investment Promotion Board) clearance was permitted by the Union Cabinet, reports The Pioneer.
 
Karti’s deal with Aircel was exposed by BJP leader Subramanian Swamy in April 2012. However, replying to the allegations, P Chidambaram (father of Karti Chidambaram) said in Parliament that this money was transferred for a consultancy-related issue. The payment was shown as ‘Loans and Advances’ from ASCPL to Aircel, concludes The Pioneer report.
 

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Balganga scam: Thane ACB files FIR against six govt officials, contractor
The ACB found misconduct and loss of about Rs92 crore to the government in awarding a contract to build a dam over the Balganga river in Raigad
 
Thane Anti-Corruption Bureau (ACB) on Tuesday filed a first information report (FIR) against six government employees and a private contractor for causing a loss of Rs92 crore in the dam project on Balganga River.
 
In a release, the ACB said, its probe revealed misconduct by the family of contractor FA Enterprises and six officials from the Water Resources Department in awarding the contract to build a dam over the Balganga river in Raigad, thus causing a loss of Rs92 crore to the government.
 
The ACB had started the inquiry on December 2014.
 
ACB said, during the inquiry, it found that the contractor FA Enterprises floated a fictitious firm RN Nayak & Sons, which also participated in the bidding process. The tender was floated by Konkan Irrigation Development Corp (KIDC) in 2009 in which four firms, including FA Enterprises/Construction and RN Nayak participated. 
 
Fateh Mohammed Khatri, Nisar Khatri, Jaitun Khatri, Abid Khatri and Jahid Khatri of the FA Enterprises prepared duplicate letterheads of RN Nayak & Sons and even paid the demand draft of Rs25 lakh required for the bidding, from their account. The Khatris even provided a bank guarantee of Rs1.52 crore from submitting the bogus tender on behalf of RN Nayak & Sons, the ACB said.
 
The officials from KIDD and Water Resources Department, by using sketches from Shai irrigation project, prepared a detailed project report for the dam on Balganga River. Without even obtaining necessary permissions from the Water Supply and Sanitation Department, these officials prepared false entries for the tender. 
 
Even though FA Construction was not qualified for participating in the bidding as it was already working on six other projects, the officials allowed it to submit and win the tender. 
 
The FIR names Shirish Gopalrao Babar, the then Executive Director of Konkan Irrigation Department, Balasaheb Bhausaheb Patil, the then Chief Engineer for Konkan Region, Ramachandra Dagdu Shinde, the then Superintending Engineer of Thane Irrigation Circle, Ananda Pandurang Kalukhe, the then Executive Engineer of Raigad Irrigation Dept-1 (Kolad), Rajesh Chandrakant Rithe, the then Deputy Engineer at Kolad and Vijay Raghunath Kasat, the then Engineer at Kolad. All the accused have been booked for cheating and forgery under the Indian Penal Code and for graft and misconduct under the Prevention of Corruption Act.

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