Connect with us

Business

‘Petrol pumps to accept card payment till Friday’

Published

on

Petrol Pump
File Photo

New Delhi/Kolkata Jan 9:  Petrol pumps across the country will continue to accept credit and debit cards till Friday, an AIPDA official said on Monday.

The All India Petroleum Dealers Association’s decided to revise its earlier announcement after consulting with the Petroleum Ministry, as banks also deferred charging transaction fee up to one per cent on card payments.

On Sunday, the association had announced that they would not accept payments through credit and debit cards from Monday in protest against the additional charge levied on such transactions.

“The AIPDA on Sunday decided to stop accepting payment through credit and debit cards till the decision to levy these additional charges are reversed.

“Late on Sunday, banks communicated to us they will not levy the transaction fee on card payments till January 13. Accordingly, we have decided to continue accepting payments through cards till Friday,” AIPDA’s West Bengal unit’s General Secretary Saradindu Pal told IANS.

West Bengal Petroleum Dealers’ Association (a unit of AIPDA) President Tushar Kanti Sen said: “We took the decision very late on Sunday night because some banks communicated that they would not levy transaction fee till January 13 but some did not.

“We kept a close watch. Eventually, the Ministry requested us to defer the decision till January 13.”

In a letter to Finance Minister Arun Jaitley, AIPDA President Ajay Bansal wrote that the HDFC and other banks would start charging one per cent on all credit card transactions, and between 0.25 and 1 per cent on all debit card transactions from Monday.

“The same will be debited to petroleum dealers’ account and net transaction value will be credited to our account… This will lead to financial losses for the dealers,” Bansal wrote.

However, he had added, if any bank is not charging additional MDR and corresponds the same to the association, the petrol pumps having Point of Sale (POS) devices of those banks would keep accepting cards.

“If banks start levying fees, it will cause squeezing of dealers’ margin,” Pal said.

AIPDA’s decision for not accepting payments through cards came at a time when the Centre had directed state-run oil companies to offer a 0.75 per cent discount on the price of petrol and diesel to consumers paying by cards or mobile wallets to encourage people towards digital payments.

“This discount amount was supposed to be reimbursed to the dealers, but is not being executed properly,” Pal said. He said dealers have been working on a low margin and demanded raising the dealers’ commission to five per cent from the existing rate of three per cent taking petrol and diesel together.

IANS

 

 

 

 

 

 

 

 

 

Business

Key Indian equity indices open flat

Published

on

Mumbai, April 20: The key Indian equity indices opened on a flat note on Friday.

At 9.17 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,558.15 points, down 7.15 points or 0.07 per cent from the previous close at 10,565.30 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,434.14 points, traded at 34,414.73 points (9.17 a.m.) — down 12.56 points or 0.04 per cent — from its previous close at 34,427.29 points on Thursday.

The BSE market breadth so far was bearish with 710 declines and 507 advances.

IANS

Continue Reading

Business

Key equity markets rise on Asian cues, supportive metal, IT stocks

Published

on

Mumbai, April 19:  The key Indian equity markets traded in the positive territory on Thursday afternoon tracking strong cues from the Asian markets.

Heavy buying in the metal, IT and capital goods stocks also helped the market sentiment to remain positive.

So far, the S&P BSE metal index surged around 558.59 points, followed by the IT stocks which edged up by 125.58 points and capital goods stocks, by 120.60 points.

At 1.20 p.m., the wider Nifty50 on the National Stock Exchange (NSE) traded higher by 33.40 points or 0.32 per cent at 10,559.60 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,403.67 points, traded at 34,412.41 points (1.20 p.m.) — up 80.73 points or 0.24 per cent from its previous session’s close.

The Sensex has so far touched a high of 34,478.82 points and a low of 34,358.91 during the intra-day trade.

The BSE market breadth was bullish with 1,265 advances and 1,082 declines.

“Markets gained in early morning trade as global Asian indices traded in green, following the US markets which closed with one per cent up-move,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

On Wednesday, profit booking, along with heavy selling pressure in the banking sector stock, led the key Indian equity indices to break their nine-day gaining streak and end in red.

The Nifty50 fell by 22.50 points or 0.21 per cent to close at 10,526.20 points on Wednesday, and the Sensex closed at 34,331.68 points — down 63.38 points or 0.18 per cent.

On Thursday, the major gainers on the BSE were Tata Steel, Yes Bank, Bharti Airtel, Tata Consultancy Services and ONGC while Axis Bank, HDFC, Sun Pharma, Coal India and ICICI Bank were among the top losers.

On NSE, the top gainers were Hindalco, Vedanta and Tata Steel and major losers were BPCL, Hindustan Petroleum and Indian Oil Corp.

IANS

Continue Reading

Business

CBI arrests 3 company directors in Rs 2,654 cr bank fraud case

Published

on

CBI

New Delhi/Ahmedabad, April 18: The CBI has arrested three promoter-directors of a Vadodara-based company in connection with its ongoing investigation into a case of Rs 2,654.40 crore fraud committed on a consortium of banks, officials said on Wednesday.

A Central Bureau of Investigation (CBI) official told IANS: “The agency has arrested the promoter-directors of the Diamond Power Infrastructure Ltd (DIPL) Suresh Narain Bhatnagar, his two sons Amit Suresh Bhatnagar and Sumit Suresh Bhatnagar.”

The CBI located the accused in Udaipur in Rajasthan on Tuesday evening with the assistance of Gujarat Police and arrested them on Wednesday morning.

The official said they would be produced before the Special Judge of CBI Cases in Ahmedabad.

On March 26, the CBI filed a case against DPIL and its directors for defrauding the consortium of 11 banks of Rs 2,654.40 crore. The loan availed by them was declared a non-performing asset (NPA) in 2016-17.

Since the filing of case, the agency has carried out searches at the corporate office, two factory premises and the residences of the directors of the firm.

According to the CBI FIR, the DPIL, which is engaged in the production of cables and other electrical equipment, fraudulently availed credit facilities since 2008, leaving behind a total outstanding debit of Rs 2,654.40 crore as of June 29, 2016.

The agency said that the company managed to get term loans and credit facilities thought it figured in the Reserve Bank of India’s list of defaulters and the caution list of Export Credit Guarantee Corp of India (ECGCI) at the time of initial sanction of credit limits by the consortium.

At the time of consortium’s formation in 2008, Axis Bank was the lead bank for the term loan and the Bank of India was the lead bank for cash credit (CC) limits.

The Bank of India, which tops the list with Rs 670.51 crore of loans, is followed by Bank of Baroda (Rs 348.99 crore), ICICI Bank (Rs 279.46 crore), State Bank of India (Rs 266.37 crore), Axis Bank (Rs 255.32 crore), Allahabad Bank (Rs 227.96), Dena Bank (Rs 177.19 crore), Corporation Bank (109.12 crore), Exim Bank of India (Rs 81.92 crore), IOB (Rs 71.59) and the IFCI Bank (58.53 crore).

The company, allegedly with the support of officials from various banks, managed to obtain enhancement in credit facilities.

The FIR said the DPIL, through its founder and directors associated in the criminal conspiracy with the unidentified bank officials of various banks, cheated those banks by way of misappropriating public funds through falsification of accounts, creation of false documents, forgery of records and knowingly using such records as genuine.

IANS

Continue Reading
Advertisement

Most Popular