Companies & Sectors
Trying to remove bottlenecks in infrastructure projects: Modi
Infrastructure projects such as roads and power were the first pre-requisite of development and new highways will give pace to Haryana's growth
 
Prime Minister Narendra Modi on Thursday said his government is working towards removing bottlenecks and simplifying procedures to speed up implementation of infrastructure projects.
 
Addressing a public meeting after laying the foundation stone for three highway projects in this Haryana town, he referred to PRAGATI (Pro-Active Governance and Timely Implementation) interactions with various ministries and states that he chairs every month to resolve issues in pending projects.
 
Noting infrastructure projects such as roads and power were the first pre-requisite of development and new highways will give pace to Haryana's growth, he also pitched his vision of providing 24x7 power supply to all parts of the country by 2022. 
 
Union ministers Nitin Gadkari and Birender Singh were also present on the occasion.
 
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.

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Dhanalaxmi Bank fined for violating anti-money laundering norms

In a statement, the central bank said the penalty has been imposted for violation of RBI instructions, know-your-customer (KYC) norms and anti-money laundering (AML) standard

 

The Reserve Bank of India (RBI) on Thursday said it has imposed a monetary penalty of Rs.10 million on Dhanalaxmi Bank Ltd for violations of various norms including anti-money laundering standards.
 
In a statement, the central bank said the penalty has been imposted for violation of RBI instructions, know-your-customer (KYC) norms and anti-money laundering (AML) standards.
 
"This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers," it said.
 
The central bank said it had issued a show cause notice to the bank for not having complied with the KYC and AML guidelines in respect of a current account under investigation of the Economic Offences Wing (EOW), Mumbai.
 
After considering the bank's reply, as also, personal submissions, information submitted and documents furnished, the RBI came to the conclusion that the bank had violated the instructions/guidelines issued, from time to time, which warranted imposition of monetary penalty on it.
 
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.

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Guidelines to liberalise 2G spectrum issued

The guideline is expected to somewhat relax the impasse between the government and the service providers over this issue

 

The government on Thursday issued guidelines to liberalise second generation (2G) spectrum through which operators will be able to offer latest services.
 
"Existing CMTS/UAS/UL with access service authorisation licensees may liberalise their entire administratively allotted spectrum holding in 800 Mhz and 1800 Mhz band in a service area for the balance validity period of right to use spectrum," it said.
 
The guideline is expected to somewhat relax the impasse between the government and the service providers over this issue.
 
"After the in-principle approval of the competent authority that the liberalisation of administratively allotted spectrum of the telecom service provider (TSP) is permitted subject to receipt of necessary payment, a demand note to the concerned TSP indicating the total amount payable payable and due date of payment and terms of payment will be issued by the department," the guidelines said.
 
The service providers will be required to make payment within 30 days from the date demand note is issued to them. Also interested operators can apply in writing with non-refundable fee of Rs.50,000.
 
The guidelines also say the spectrum will be required to be liberalised for the balance validity period of right to use the same after payment of auction determined price pro-rated for the period.
 
The entry fee will be pro-rated for the balance validity period of the right to use spectrum and will be deducted from the total amount to be paid by the service provider for liberalising the spectrum.
 
The guidelines also clarified that in case more than one set of auction determined prices are available, the latest auction determined for the respective frequency band as available at the time of calculation of charges or amount payable for liberalisation of spectrum, would be applied.
 
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.

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