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Demonetisation : SC asks Centre & RBI to give genuine cases ‘another chance’

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Rs 500, Rs 1,000, old notes

New Delhi, July 4 : In a bid to ease troublesome for genuine people who couldn’t able to deposit old currency notes, the Supreme Court asked centre and Reserve Bank of India to give them another chance.

A vacation bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud has given two weeks to consider the option of granting a window to the people who could not deposit their old currency notes of  Rs 500 and Rs 1,000 due to a legitimate reason.

Following this, the central government told the bench that it would file an affidavit in the case.

The apex court was hearing clutches of petitions, including a plea filed by advocate Sudha Mishra seeking a direction from authority to deposit of old currency notes of Rs. 500 and 1,000.

Last year in December, Modi government scrapped higher denomination notes of Rs 1000 and Rs 500 to curb black money.

The central government assured that people could be exchanged their demonetised currencies at banks, post offices and RBI branches till December 30, 2016. Later, it increased the deadline to  March 31, 2017,but only at RBI branches.

Wefornews Bureau

 

 

India

PNB says Virat Kohli continues to be its brand ambassador

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Virat Kohli PNB

New Delhi, Feb 24: The $1.8 billion fraud hit Punjab National Bank (PNB) has said that Indian skipper Virat Kohli continues to be its brand ambassador.

“There are reports in the media that Virat Kohli, Bank’s brand ambassador is going to discontinue his endorsement with Punjab National Bank. The same is again totally false and incorrect. Virat Kohli is our brand ambassador,” the bank clarified through a public notice.

The notice further clarified: “There are media reports that the bank has engaged PricewaterhouseCoopers (PwC) to conduct an investigation into the alleged fraud and PwC has been asked to gather evidence that can be used against Nirav Modi and his associates in the court. The news is totally incorrect.”

It also said that media reports saying Reserve Bank of India and government asking PNB to make payment of the fraudulent amount to other banks is also incorrect.

The bank reiterated that the bank has the capacity and capability to handle the situation and protect the interest of the institution, customers and stakeholders.

IANS

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Loan default case: Rotomac firm owner Vikram Kothari, son sent to 11 days CBI remand

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Vikram Kothari

New Delhi, Feb 24: A special CBI court on Saturday sent Rotomac Pens owner Vikram Kothari and son Rahul Kothari to the 11-days CBI remand in connection with Rs 3,695 crore Loan default case. 

Yesterday, Patiala House Court had sent Kothari and his son to the one-day transit remand.

On Thursday, the CBI arrested Kothari and his son on charges of cheating a consortium of banks of Rs 3,695 crore (including interest) by siphoning off loans sanctioned to his company for procurement of wheat and other goods for export.

The Income Tax Department also issued a show-cause notice to Kothari asking why prosecution be not initiated against the group.

The agency arrested the two after day-long questioning at the Central Bureau of Investigation (CBI) headquarters in south Delhi’s Lodi Road area.

It was the Kotharis’ questioning for the fourth consecutive day since the probe agency lodged the case against him and his family, and conducted raids at their residential and office premises in Uttar Pradesh’s Kanpur.

The CBI filed the FIR on Sunday night following a complaint against Kothari, his wife Sadhana and son Rahul, from the Bank of Baroda.

Vikram Kothari is the Chairman and Managing Director of Rotomac while his wife and son are Directors.

Kothari had obtained Rs 2,919 crore from Bank of India (Rs 754.77 crore), Bank of Baroda (Rs 456.63 crore), Indian Overseas Bank (Rs 771.07 crore), Union Bank of India (Rs 458.95 crore), Allahabad Bank (Rs 330.68 crore), Bank of Maharashtra (Rs 49.82 crore) and Oriental Bank of Commerce (Rs 97.47 crore), the FIR said.

Kothari, his wife, son, firm Rotomac, some unidentified bank officials and private persons were booked over the charges of criminal conspiracy, cheating and forgery under the Indian Penal Code and Prevention of Corruption Act.

In its complaint, the  Bank of Baroda said that the banks had extended credit to the Kanpur-based firm and its related companies from 2008 onwards.

Earlier, the probe agency had earlier seized several belongings of Kothari and his kin, including laptops and mobile phones.

WeForNews 

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PNB Scam: ED attaches immovable properties worth Rs 523.72 crore of Nirav Modi

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New Delhi, Feb 24: The Enforcement Directorate on Saturday attached 21 immovable properties worth Rs 523.72 crore of diamantaire Nirav Modi and companies controlled by him under the Prevention of Money Laundering Act (PMLA).

The attached assets include a farmhouse in Alibag, Solar Power Plant, 135 Acre land in Ahmednagar and residential and office properties in Mumbai and Pune.

Earlier, the agency had seized gems, diamonds, jewellery, shares, bank deposits and costly cars in this case since it registered a criminal case under PMLA on February 14, this is the first major action to seize immovable assets.

WeForNews 

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