Shipping Corporation observes Vigilance Awareness Week 2011

The inaugural function of Vigilance Awareness Week 2011 was on 31 October 2011

In accordance with the directive received from the Central Vigilance Commission, the Vigilance Division of the Shipping Corporation of India Ltd (SCI) is observing the Vigilance Awareness Week 2011 in all its offices from 31 October 2011 to 5 November 2011

This year, the main focus of observing Vigilance Awareness Week is “Participative Vigilance”. Keeping in mind the suggestion of the Commission to have an effective participative vigilance campaign this year, the SCI Vigilance Division has organised various programs/competitions. The inaugural function was observed at 11am on Monday (31 October 2011).

In the late afternoon, SCI was trading at around Rs72.75 per share on the Bombay Stock Exchange, 1.75% up from the previous close.

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Federal Bank accepts foreign currency deposits in 9 currencies

Federal Bank has also hiked the interest rates on non resident term deposits

Federal Bank has started accepting FCNR (foreign currency non-resident deposits) in three more currencies with effect from 1st November. The Bank now accepts FCNR deposits in nine currencies namely, US dollars, Great Britain Pound, euro, Japanese yen, Canadian dollars, Australian dollars, Swiss Franc, Hong Kong dollars and Singapore dollars.

The Bank has also hiked the interest rates on non resident term deposits. For FCNR deposits in US dollar, the revised rates for one year to less than two years, two years to less than three years, three years to less than four years, four years to less than five years and five years only are 1.94%, 1.61%, 1.77%, 2.05% and 2.37%, respectively.

Revised rates of interest for NRE term deposits for one year to less than two years, two years to less than three years and three years and above would be 2.69%, 2.36% and 2.52%, respectively.

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ED to attach assets of Hassan Ali, associate Tapuriah

Hassan Ali Khan, accused of money laundering, has a Rs62,000 crore tax liability and penalty proceedings are pending against him. The total pending tax demand against him and his associates has been pegged at Rs89,000 crore by the Income Tax Department

New Delhi: The Enforcement Directorate (ED) will attach an estimated Rs50 crore of assets of Pune-based stud farm owner and alleged tax defaulter Hassan Ali Khan and his Kolkata-based associate Kashinath Tapuriah in a money laundering case, reports PTI.

The adjudicating authority of the agency based in Delhi recently endorsed an order of ED’s Mumbai office in this regard, paving the way for attachment of the duo’s immovable properties in Mumbai, Pune and Delhi and other assets, agency sources said.

As per the procedure, a regional unit of ED has to get endorsed its attachment order under Prevention of Money Laundering Act (PMLA) from the adjudicating authority.

The attachment order, according to the sources, includes Mr Ali’s high-end imported cars, including Mercedes and Porsche, a flat in Pune’s posh Koregaon Park area and a residential building in Mumbai besides Tapuriah’s property on Prithviraj Road in Delhi.

Mr Khan, accused of money laundering, has a Rs62,000 crore tax liability and penalty proceedings are pending against him.

The total pending tax demand against him and his associates has been pegged at Rs89,000 crore by the Income Tax (I-T) Department.

Under the PMLA, the ED has powers to attach properties of a person as ‘proceeds of crime’ to obtain the amount that has been laundered, the sources said.

Mr Khan and Mr Tapuriah are now lodged in jail under judicial custody in Mumbai after they were arrested by the agency earlier this year for alleged contravention of anti-money laundering laws in India and abroad.

The I-T department has raised a tax demand (without penalty) of Rs50,329 crore against Mr Khan, Rs49 crore against his wife Rheema Hassan Ali Khan, Rs591 crore against Mr Tapuriah, Rs20,540 crore against Tapuriah’s wife Chandrika and Rs336 crore against a business firm floated by Tapuriah—RM Investment and Trading Company Private Limited.

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