Regulations
ED notice to Goa iron ore export firm for FEMA violation
The Enforcement Directorate, which is probing the Rs.35,000 crore illegal iron ore mining scam in Goa, has issued show cause notice to Goa-based iron ore export firm Magnum Minerals for under-invoicing exports and parking abroad the proceeds of iron ore sale to the tune of Rs.136.93 crore.
 
An agency spokesperson said the notice was issued by the ED's special director under the Foreign Exchange Management Act (FEMA) and was the first show cause notice issued in the course of its investigation into the mining scam first exposed by the Justice M.B. Shah Commission in 2012.
 
"On the basis of the Justice Shah Commission report on illegal mining in Goa, Panaji zonal office has started investigating the under-invoicing done by exporters of iron ore from Goa during the period 2006 to 2012," the spokesperson said.
 
"Investigation conducted by this office (ED) revealed that the company had transferred total of Rs.136.93 crore by way of under-invoicing of exports and in the guise of investment in the overseas subsidiaries," the spokesperson said.
 
The Shah commission report on the mammoth Rs.35,000 crore illegal mining scam exposed an alleged nexus between politicians, bureaucrats and Goa's mining companies.
 
The ED was subsequently tasked with investigating the financial irregularities related to the mining scam.
 
The agency has already questioned Radha Timblo, proprietor of one of the biggest mining companies in Goa indicted in the scam, after her name featured in the list of Swiss bank account holders released by the union finance ministry last year.
 
Timblo has denied parking black money abroad.

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Mukherjee announces e-tourist visas for Swedish nationals
President Pranab Mukherjee on Tuesday announced e-tourist visas for all Swedish nationals during an interaction with business leaders from India and Sweden in Stockholm.
 
Mukherjee, who is on a state visit to Sweden, assured the Swedish CEOs that the Indian government is "responsive to industry and investors". 
 
"It is creating an appropriate atmosphere in the country to promote investment and manufacturing. A constant dialogue between investors and officials will help at the arrival of solutions to specific problems," he said.
 
Addressing a Business Seminar later, the President said India-Sweden business relations date back to the early 20th century when Ericsson brought manual switches and telephone systems to India. 
 
Swedish Match established its facility (WIMCO) in India in 1926. Since then, many other Swedish companies have established operations in India. There are 170 Swedish joint ventures and wholly owned subsidiaries in India. 
 
Investments have also begun to flow from India to Sweden with around 50 Indian companies present in Sweden, said a Rashtrapati Bhavan statement.
 
The president urged businessmen of both sides to reinvent India-Sweden relations and give it new dimensions. 
 
Welcoming the enthusiasm shown by Swedish firms in investing in India, he said the three Ds of India - Democracy, Demography and Demand will ensure that their investments are a huge success. 
 
Pointing out that India is going to become a $8-trillion economy in PPP terms by the end of this year and its international trade will soon cross $1 billion, the president called upon Swedish investors to lend their expertise. 
 
He said India will give them the capacity required, adding that India and Sweden should share their collective wisdom to move forward together, the statement said.
 
The Swedish CEOs said they are planning to increase their investments and employ more people in India. They warmly welcomed the government's 'Make in India' initiative as well as other reform measures underway while they also drew attention to the challenges in doing business in India.
 
The Swedish CEOs who attended included Jacob Wallenberg, Chairman Investor AB; Hans Vestberg, President and CEO Ericsson; Hakan Buskhe, President and CEO SAAB; Olof Faxander, President and CEO Sandvik; Anders Grundstramer, Senior VP Scania/MD of Scania India; Carl-Henric Svanberg, Chairman Volvo Group and Goran Westerberg, CEO Rusta, the statement said. 

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Nifty, Sensex, Bank Nifty set to fall further – Tuesday closing report
While the indices may bounce back on an intraday or end-of-the-day basis, the trend is down
 
In line with the negative performance of most of the Asian counterparts, NSE’s benchmark CNX Nifty too gave up further Tuesday and booked its highest loss since 12 May 2015. The 50-stock index opened marginally higher and began its journey of moving lower. By 11am, it was below 8,350, a level at which as we had said on Monday, Nifty would turn weak. 
 
The S&P BSE Sensex opened at 27,891 while Nifty opened at 8,443. Sensex moved from the high of 27,903 to the low of 27,147 and closed at 27,188 (down 661 points or 2.37%). Nifty moved from the high at 8,445 to the low of 8,226 before closing at 8,236 (down 197 points or 2.34%). Sensex booked its highest loss since 6 May 2015.
 
Bank Nifty was the bigger loser. It opened at 18,656, which was also the day’s high and moved all the way to a low of 17,932  and closed at 17,977 (down 640 points or 3.44%). NSE recorded a volume of 74.03 crore shares. India VIX fell 0.55% to close at 16.8200. 
 
The single major factor behind today’s decline was when Earth Sciences minister Harsh Vardhan was quoted as saying that the India Meteorological Department (IMD) has downgraded this year's monsoon forecast to 88% of the long-term average from April forecast of 93% of the long-term average.
 
The Reserve Bank of India (RBI) cut its benchmark lending rate viz. the repo rate by 25 basis points to 7.25%. The much awaited RBI monetary policy was in line with the anticipation. The RBI kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4% of net demand and time liabilities (NDTL). 
 
Data released by the Indian government after trading hours Monday showed the output of eight core infrastructure sector, carrying 38% weight in the Index of Industrial Production (IIP), declined 0.4% in April 2015, after a 0.1% fall recorded in March 2015.
 
Oil cartel OPEC is expected to keep its production target of 30 million barrels of oil per day unchanged at a meeting scheduled in Vienna on Friday. The OPEC meeting is being closely watched for clues about the organization's next moves.
 
Coming back to Indian stock markets, Kailash Auto Finance rose 7.64% to close at Rs10.14 on the BSE. The stock was the top gainer in ‘A’ group on the BSE. Prestige Estates fell 8.11% to close at Rs258.25 on the BSE. The stock was the top loser in the group. It was recently in the news when the Karnataka government, asked the company to return land that was sold to Prestige Estates about nine years ago, on charges of violating land reserved for government to build residential projects. Prestige Estates had acquired the land from Joy Ice Cream Company, which had leased it from Karnataka Area Industrial Development Board for 30 years.
 
Bharti Airtel rose 0.40% to close at Rs417.95 on the BSE. It was the only gainer in the Sensex 30 pack. Department of Telecom has issued the letter of intent (LoI) to the telecom operator for spectrum it acquired in March auctions in 23 circles across various bands. According to sources, it has been allocated spectrum in a total of 10 circles - seven circles in 2,100MHz band and three circles in 1,800MHz band. In the remaining 13 circles, airwaves will be allocated between December 2015 and April 2016.
 
SBI fell 4.28% to close at Rs266.25 on the BSE. It was the top loser in the Sensex 30 pack.
 
On Monday, US indices closed marginally in the green. A report from ISM showed the pace of manufacturing growth rose in May. Other data showed construction spending surged in April but consumer spending was unexpectedly flat in April.
 
Except for Shanghai Composite (1.69%) and NZSE 50 (0.32%) all the other Asian indices closed in the red. Straits Times (1.51%) was the top loser.
 
European indices were trading in the red. 
 
US Futures too were trading lower. 
 
German unemployment fell in May to the lowest level in 24 years as the recovery in Europe's biggest economy continues, data showed on Tuesday. The number of people registered as unemployed in Germany fell by a seasonally-adjusted 6,000 to 2.786 million, the lowest level since December 1991, the Federal Labour Office said.

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