Money & Banking
RBI board discusses macroeconomic developments
Bengaluru: The Reserve Bank of India's (RBI) central board, which met here on Thursday after seven years, discussed macroeconomic developments, budget and setting up of Monetary Policy Committee, an official statement said.
 
"Besides macroeconomic developments, the board discussed its budget and constitution of the monetary policy committee at the meeting, chaired by (RBI) Governor Raghuram Rajan," the statement noted.
 
The board also reviewed its activities for payment and settlement system for the year ended March 2016 and discussed the draft annual report for last fiscal 2015-16.
 
The central bank's Deputy Governors Urjit R. Patel, R. Gandhi, S.S. Mundra and N.S. Vishwanathan were present at the meeting along with Directors Nachiket M. Mor, Damodar Acharya, Natarajan Chandrasekaran, Bharat N. Doshi and Sudhir Mankad.
 
"Government nominee director on the board and Economic Affairs Secretary Shaktikanta Das also attended the meeting," the statement 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.

User

Indian-origin businessman gets prison for $ 6 mn contract fraud
Washington: An Indian-origin businessman has been sentenced to 15 months in prison for fraudulently obtaining contracts worth $6 million from a federal program created to help minority-owned small businesses, according to authorities.
 
Tarsem Singh was sentenced by Washington Federal Judge Reggie Walton, who also fined him $25,000 and ordered him to pay about $120,000 in restitution, officials said on Wednesday.
 
Singh had set up a shell company to take advantage of the Small Business Development Program run by the Small Business Administration (SBA) after his original company became ineligible for it and obtained over 25 federal contracts, according to SBA Inspector General Peggy E. Gustafson and Washington federal prosecutor Channing D. Phillips.
 
They did not give the name of the companies, but identified them as "A" and "B". The first company specialising in building construction and renovation that Singh and his wife set up received contracts legitimately for nine years and in January 2009 it graduated from the program and could no longer qualify for the contracts under it, officials said.
 
Singh immediately set up the fake company making it appear to meet the SBA eligibility requirements and made himself its vice president. The firm then got federal contracts.
 
The shell company had only one employee and the workers of his original company and sub-contractors did the work that should have been done by the second company's workers as required by the SBA program, officials said.
 
The SBA Small Business Development program was established to help "small, disadvantaged businesses compete in the marketplace", according to the agency. 
 
Firms owned by minorities, women and ex-servicemen have to meet the SBA eligibility standards based on a company's size and number of employees to get the federal contracts set aside for them, and their workers must perform a certain percentage of the contract work. When they grow to a certain size or meet other standards, the businesses graduate from the program and become ineligible for the federal government contracts issued under the program.
 
To circumvent these regulations, Singh set up the shell company making it appear to meet the SBA standards and took elaborate steps to cover up the fact that the original company was actually carrying out the contracts obtained by the fake company, officials said.
 
He had magnetic signs made up with the shell company's logos that were put over the original company's name on its vehicles when used for the fake firm and had the original company employees use the other's emails and pretend to be its employees when working on the fraud contracts, officials said.
 
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.

User

LYF announces affordable Flame models with free Jio services
New Delhi: Taking the smartphone war to an entirely new level, LYF, the smartphone brand from Reliance Retail, on Thursday announced four of its Flame smartphone models at an affordable price of Rs 2,999 that come with free Jio services for three months.
 
The four models on which LYF is offering the competitive price are -- Flame 3, Flame 4, Flame 5 and Flame 6 -- and every user buying these phones will get access to the entire range of Jio services.
 
"This makes LYF India’s most affordable 4G VoLTE smartphone and opens the doors to a digital life for millions of consumers in the country," the company said in statement.
 
The voice over LTE is a technology that enables the device to provide advanced features such as faster call setup, high-definition (HD) voice and video calling, seamless switching between voice and video calls and multi-party conferencing on a 4G-LTE network.
 
All four models run on a Quad core 1.5GHz processor which delivers a smooth and lag-free multi-tasking experience. 
 
The screens feature an Asahi Dragontrail Glass for extra protection against dust and scratches.
 
The interfaces have been customised to operate on 10 different Indian languages for an enhanced digital experience.
 
The dual-SIM slots, a characteristic feature of every Flame phone, allow users to simultaneously use a 4G SIM in either of the slots. 
 
All the models are equipped with a primary camera and a front selfie-shooter.
 
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.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)