Longer jail term for melting, destroying coins

Lok Sabha passes legislation raising maximum punishment from five to seven years imprisonment

New Delhi: A Bill providing for raising the maximum punishment for melting or destruction of coins from five to seven years of imprisonment, was passed by the Lok Sabha, without a debate, today.

The Coinage Bill 2009, which was moved by finance minister Pranab Mukherjee, amalgamates four existing laws related to coinage and revises the provisions of these Acts. The bill was introduced in the House in December 2009 and was referred to the Standing Committee of the finance ministry, reports PTI.

The proposed legislation, with certain amendments, was approved by the Union Cabinet on 10th February. The Standing Committee had proposed that the maximum punishment for melting or destruction of coins should be equated with that of counterfeiting and enhanced to 10 years of imprisonment, but the Cabinet approved a sentence of only up to seven years.

The Acts which have been amalgamated under this comprehensive legislation are the Indian Coinage Act 1906, the Small Coins (Offences) Act, 1971, the Metal Token Act, 1889, and the Bronze Coin (Legal Tender) Act, 1918.

The Bill also broadens the definition of 'coin' to include one rupee notes which are virtually out of circulation, and consequently repeals the Currency Ordinance of 1940. As coins made of silver, nickel, copper and bronze are no longer in circulation, the measure brings under its gamut the use of any other material besides metals or mixed metals under the legislation. Currently, coins in the denomination of 50 paise, Re1, Rs2, Rs5 and Rs10 are in circulation.

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Future Capital and Centrum Group rearrange JVs for forex money changing & retail wealth management

Future Capital Holding & Centrum Capital Ltd have decided on the rearrangement of share holding on their two existing joint ventures, FCH Centrum Wealth Managers Ltd & FCH Centrum Direct Ltd

Future Capital Holding (FCH) & Centrum Capital Ltd (CCL) have decided on the rearrangement of share holding on their two existing joint ventures, FCH Centrum Wealth Managers Ltd (FCH CWML) & FCH Centrum Direct Ltd (FCH CDL).

As per the new arrangement, Centrum Capital Ltd will buy 50% stake currently held by FCH in the entity FCH Centrum Direct Ltd for a consideration of Rs100 crore. In 2008, FCH had invested Rs75 crore for 50% stake in this joint venture. Post this transaction, Centrum Capital Ltd will hold 100% stake of FCH Centrum Direct Ltd. Centrum Direct Ltd is primarily into the business of forex money changing and travel solutions.

As part of the same arrangement, FCH will buy out 50% stake of FCH Centrum Wealth Managers Ltd from CCL at a consideration of Rs1 crore. In 2008, FCH had invested 50% stake in this joint venture with CCL for Rs25 crore. Post this transaction, FCH will hold 100% of this entity. FCH Centrum Wealth Managers Ltd is primarily in the business of retail wealth management.  

The boards of FCH & CCL have independently approved these transactions. The transactions are subject to regulatory approvals. Both Groups have expressed a strong willingness to explore strategic opportunities to work together in the future.

V Vaidyanathan, vice chairman & managing director, Future Capital said, "We are excited about building an excellent broking and wealth management franchise brought to us through the acquisition of FCH Centrum Wealth Managers Ltd. Our exit from the second joint venture of FCH Centrum Direct Ltd is in line with our already stated strategy in this matter."

Chandir Gidwani, chairman, Centrum Capital Ltd said, "We will continue to build on our successful and market leading franchise in the forex money changing & travel vertical. This business forms a part of the core of our retail financial services strategy. We will continue to invest and grow our wealth management and high net worth broking and distribution businesses on the Centrum Broking platform. We are excited about the market potential for retail financial services in India and have drawn up an ambitious plan to be a leading player in this space."

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Royal Sundaram to inject Rs65 crore into business

Royal Sundaram has announced the infusion of Rs65 crore of additional capital (including premium)

Royal Sundaram Alliance Insurance Company Ltd, the first private sector general insurance company to be licensed in India, has announced the infusion of Rs65 crore of additional capital (including premium). This infusion will be completed by the end of the current financial year, taking the total paid up capital and premium to Rs275 crore.

Speaking on the occasion, managing director, Ajay Bimbhet said, "We have had a robust growth this year of nearly 25%. We will be closing the financial year with premium collection (GWP) more than Rs1,000 crore. This injection of the capital will support our plans of continued growth and expansion. Going forward, Royal Sundaram plans to continue keeping its focus on retail business."

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