Tata Power-Arrow Energy consortium gets Satpura CBM block in Madhya Pradesh

Tata Power Co Ltd, along with its consortium partner Arrow Energy, has been awarded the Satpura coal-bed methane (CBM) block in Madhya Pradesh.

CBM is a natural occurring gas found in coal reserves. The extracted gas can then be utilised for power generation and fertiliser manufacture.

Arrow Energy, with 80% stake, will be the operator of the block. It plans to drill 15 core holes and two pilot wells in the first two years under the phase-I exploration and 21 pilot wells in phase-II. Initial production is expected to start from 2014, Tata Power said in a release.

On Tuesday, Tata Power shares closed 0.5% up at Rs1,310 on the Bombay Stock Exchange, while the Sensex ended at 1% up at 17,614 points.

User

Polaris Software unit wins financial technology project in Andhra Pradesh

Polaris Software Lab Ltd said its unit Laser Soft won a project from the Andhra Pradesh State Cooperative Bank Ltd (APCOB) to implement core banking solution (CBS) in all its 22 district central cooperative banks (DCCBs) spread across the state. No price details of the contract were provided.

The proposed implementation will be executed through a unique multi-entity CBS rebranded as intellect core banking solution, with centralised deployment at Hyderabad being used by 569 branches and 22 head offices of the DCCBs. This cost effective model will facilitate easy transaction among customers of each of these banks across the other DCCBs, as if it were one bank without any re-conciliation issues. The new core banking solution will go live across all DCCBs under APCOB within this financial year, the company said in a regulatory filing.

On Tuesday, Polaris Software shares closed 3.8% higher at Rs192 on the Bombay Stock Exchange, while the Sensex ended at 1% up at 17,614 points.

User

Postal Dept’s global money transfer service comes under ED scanner

While the Enforcement Directorate has asked India Post to check for suspect transactions, the Financial Intelligence Unit has asked the State-run postal service provider to strictly comply with the reporting norms

Global money transfer and banking operations of the country's postal department are being scanned by the Enforcement Directorate (ED) and other agencies for suspected terror-financing and hawala-like transactions, reports PTI.

At present, there are no other official channels, besides the pure banking route, to transfer or receive money from abroad.

The Department of Posts had started this service in association with US-based Western Union Financial Services in April 2001 and customers can send or receive money from 205 countries.

According to top finance ministry sources, the ED and the Financial Intelligence Unit (FIU) — an agency to monitor suspect financing in Indian financial channels — have initiated steps to check remittances and transactions on the wires on a "real time basis".

In 2008-09, the 'India Post' had delivered remittances to the tune of more than Rs7,649 crore.

While the ED has asked 'India Post' to keep a check on all "kinds of transactions" and inform it of suspect transactions, the FIU has asked the service provider to strictly comply with the reporting norms.

Under the provisions of the Prevention of Money Laundering Act (PMLA), all banking entities or financial intermediaries who facilitate telegraphic or wire transfers or electronic remittances have to report the nature and value of the transactions to the FIU.

"Also, the banking operations conducted by the India Post have been largely unregulated. There are many small accounts with a lot of money. The enforcement agencies are now tracking the remittances and withdrawals," a source said.

The international money transfer service is currently available from 8,511 post offices.

Enforcement agencies believe that this step to monitor India Post network would help them track down suspect financial transactions and further share it with international agencies to combat money laundering and financing of terror.

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)