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PNB Scam: ED files Chargesheet against Nirav Modi

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New Delhi, May 24: The Enforcement Directorate (ED) on Thursday lodged its first charge sheet in connection with multi-crore Punjab National Bank (PNB) fraud case involving diamantaire Nirav Modi and his associates. 

Citing officials news agency PTI reported “According to them, the 12,000-page ED chargesheet, or the prosecution complaint, has been filed before a special court here under various sections of the Prevention of Money Laundering Act (PMLA). The criminal complaint has been filed against Nirav Modi, his associates and businesses and the entire gamut of issuance of fake Letters of Undertaking (LoUs) by Punjab National Bank (PNB) to his firms in alleged connivance of bank officials”.

Apart from this, the ED chargesheet also details the attachments made by the agency against the diamond trader and his associates in the last few months after it first registered an FIR in the PNB fraud case.

It focuses on the money laundering aspect and the role of Nirav Modi and others in perpetrating the alleged fraud, a senior official asserted.

Nirav Modi, who is absconding and has not joined the ED investigation yet, and others are being probed under various criminal laws after PNB detected the fraud in February this year.

The nationalised bank said Modi and his associates cheated it to the tune of over Rs13,000 crore, with the purported involvement of a few employees of the lender.

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Business

‘Economic disruption to deter RBI from quantifying FY21 growth forecast’

The RBI’s MPC (Monetary Policy Committee) is expected to release its resolution on the monetary policy after their meet on September 29 to October 1, 2020.

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New Delhi, Sep 27 : The dynamic economic upheaval unleashed by Covid-19 pandemic might hinder the Reserve Bank of India (RBI) from giving a pin-pointed growth as well as inflation forecast in the upcoming monetary policy report, experts opined.

The existing legislations mandate the RBI to come out with a growth and inflation forecast twice in an interval of six-months in the monetary policy report.

Expectedly, the report is slated to be issued with the upcoming policy review on October 1. The report was last issued in February.

“Given the continuing uncertainty on the economic revival, it is difficult to say whether RBI will come out with clear forecasts on the GDP print for FY21,” said Suman Chowdhury Chief Analytical Officer at Acuite Ratings and Research.

“It has, however already highlighted the risks of a material contraction in economic output in the previous MPC report. As regards inflation, it is likely to reiterate its expectation of a moderation in the CPI inflation over the next few months due to lesser supply constraints, higher crop output in kharif season and also the favourable base effect kicking in.”

According to Brickwork Ratings said: “With uncertainty regarding the pandemic looming large, the RBI may not provide a GDP forecast for FY21 in the upcoming MPC meeting. As in the previous statements, the RBI may continue to talk about economic contraction without quantifying the magnitude.”

“Given the continued surge in Covid-19 cases in the country’s major hubs, which is hindering the recovery process, we expect the Q2FY21 GDP to shrink by 13.5 per cent.”

In April, the RBI’s Monetary Policy Report said that the global economy may slump into recession in 2020.

The report noted that the the coronavirus pandemic, lockdown and the expected contraction in global output will weigh heavily on the growth outlook. The actual outturn would depend upon the speed with which the outbreak is contained and economic activity returns to normalcy, said the Monetary Policy Report for April 2020.

As per the report, due to the highly fluid circumstances in which incoming data produce shifts in the outlook for growth on a daily basis, forecasts for real GDP growth in India are not provided in the Monetary Policy Report, awaiting a clear fix on the intensity, spread and duration of Covid-19.

It is widely expected that persistently high inflation fanned in part due to supply side disruptions along with seasonal factors will deter the Reserve Bank to administer a dose of lending rate cut during the upcoming monetary policy review.

Notably, the expected move will come at a time when industrial output is at historic low due to the Covid-19 pandemic.

The RBI’s MPC (Monetary Policy Committee) is expected to release its resolution on the monetary policy after their meet on September 29 to October 1, 2020.

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Disaster

Serum Institute CEO has a question for govt: ‘Will it have Rs 80k cr to give each Indian Covid vaccine’

Serum Institute of India has the licence to produce and market two of the leading vaccine candidates, one being developed by AstraZeneca and the Oxford University, and the other one by US company Novavax.

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Covid 19 Vaccine

New Delhi: Serum Institute of India (SII) CEO Adar Poonawala Saturday asked if the government will have Rs 80,000 crore available over the next one year to buy and distribute the Covid-19 vaccine.

Terming it as “next concerning challenge” that needs to be tackled, Poonawala tweeted, “Quick question; will the government of India have 80,000 crores available, over the next one year? Because that’s what @MoHFW_INDIA needs, to buy and distribute the vaccine to everyone in India.”

He also tagged the prime minister’s office in his tweet. “I ask this question, because we need to plan and guide, vaccine manufacturers both in India and overseas to service the needs of our country in terms of procurement and distribution,” he added.

SII, the world’s largest vaccine manufacturer, has the licence to produce and market two of the leading vaccine candidates, one being developed by AstraZeneca and the Oxford University, and the other one by US company Novavax. The Oxford University vaccine is currently undergoing phase-II and phase-III trials in India. Earlier, the institute had announced that it will make the Oxford vaccine available at USD 3 for low-and-middle-income countries including India.

Apart from bringing some of the leading contenders of a coronavirus vaccine to India, the Serum is developing its own vaccine as well. It is partnering with SpyBiotech, a spin-off of Oxford University, for this purpose. Their vaccine candidate has entered into combined phase-I/phase-II clinical trials, which are being done in Australia. The trials began in the first week of September.

Meanwhile, while addressing the United Nations General Assembly (UNGA), Prime Minister Narendra Modi has said that as the largest vaccine producing country of the world, India’s vaccine production and delivery capacity will be used to help people across the world. “As the largest vaccine producing country of the world, I want to give one more assurance to the global community today. India’s vaccine production and delivery capacity will be used to help all humanity in fighting this crisis,” PM Modi said.

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Cities

Cinema halls to reopen in West Bengal from October 1: Mamata Banerjee

Mamata also said musical, dance and magic shows would be permitted in the state from next month.

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New Delhi: Cinema halls and open air theatres will be allowed to operate in West Bengal from October 1 with limited number of participants, Chief Minister Mamata Banerjee said on Saturday.

She also said musical, dance and magic shows would be permitted in the state from next month.

“To return to normalcy, Jatras, Plays, OATs, Cinemas & all musical, dance, recital & magic shows shall be allowed to function with 50 participants or less from 1 Oct, subject to adherence to physical distancing norms, wearing of masks & compliance to precautionary protocols,” the chief minister said on Twitter.

Cinema halls have remained shut since the nationwide coronavirus lockdown began in late March.

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