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Dailyhunt, May 29, 2018 New Delhi: The Enforcement Directorate (ED) on Tuesday said it has attached assets worth Rs 177 crore in connection with its money laundering probe against Kanpur-based Rotomac group in an alleged bank loan fraud of Rs 3,695 crore. The agency said it has issued a provisional order on Monday under the Prevention of Money Laundering Act (PMLA) for attachment of properties "owned by Ms Rotomac Global Private Limited and its directors located at Kanpur (Uttar Pradesh), Dehradun (Uttarakhand), Ahmedabad and Gandhi Nagar (Gujarat) and Mumbai (Maharashtra) valuing Rs 177 crore." It alleged that these assets were the "proceeds of crime" of the illegal act of money laundering. The ED probe revealed, the agency said in a statement, that Ms Rotomac Global Private Limited "indulged in merchanting trade with limited number of buyers and sellers and it used to receive back the discounted LC (letters of credit) amount from the oversea...

Hitavada: May 28, 2018 In a bid to tighten the vigil over Bt Cotton varieties being sold in the market under different brand names, Maharashtra Government has made it mandatory for original seed producer companies and co-marketing companies to sell one variety of Bt Cotton seeds with one brand name only. After a review, the Government has allowed only 370 varieties of 42 companies to be sold in the State in Kharif-2018 season. The widespread attack of Pink Bollworm on Cotton crop in Kharif-2017 had affected the production. The issue had got wider attention after 63 farmers/farm-workers died due to poisoning during pesticide spraying as a measure to counter Pink Bollworm attack. When the Government machinery swung into action, it came to know that even the Bt Cotton seeds of varieties un-approved by Genetic Engineering Approval Committee (GEAC) were being sold in the market. Further, there were instances in which one variety of Bt Cotton seeds was being sold using different brand ...

The Asian Age: Reuters: May 29, 2018 Looking for a new way to give money to charity as part of Ramadan? A mosque in Britain’s capital is willing to receive your donation - in bitcoin. The Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down on currency conversion fees, mosque leaders said. “For a donor that already has a bitcoin or an ethereum account, the effort of converting cryptocurrency into say British pounds or dollars can be quite burdensome. The mosque effectively takes the burden on themselves,” said blockchain consultant Lukasz Musial, who helped the mosque set up the technology. “For the donor, it’s just the click of a button to transfer to an account provided by the charity. From the mosque’s perspective, it opens a new stream of donations coming from all over the world,” Musial said. Egypt’s Grand Mufti, the nation’s top Sunni Muslim official, said this...

Dailyhunt: May 28, 2018 The defence acquisition council (DAC) on Monday set the ball rolling for buying military hardware worth Rs 6,900 crore, including thermal imaging night sights for rocket launchers and equipment that will enhance the capabilities of the air force's Sukhoi-30 warplanes, a ministry spokesperson said. The council, headed by defence minister Nirmala Sitharaman, approved the purchase of the hardware through the indigenous route to boost India's capabilities to locally produce weapons and systems. 'The thermal imaging sight for 84mm rocket launchers will be used by troops in operations to facilitate accurate and continuous engagement of moving and static enemy targets and destruction of bunkers during hours of complete darkness,' the spokesperson said. The slow pace of acquisition has hurt India's military capabilities. The government inked a $100-million contract for 1.86 lakh bullet proof jackets for the army, a decade after the ...

Tribune: Reuters: June 01, 2018 TORONTO: Bank of Montreal and Canadian Imperial Bank of Commerce said on Monday that cyber attackers may have stolen the data of nearly 90,000 customers in what appeared to be the first significant assault on financial institutions in the country. Bank of Montreal, Canada’s fourth-biggest lender, said on Monday it was contacted by fraudsters on Sunday who claimed they were in possession of the personal and financial information of a limited number of the bank’s customers. A spokesman for the bank said it believed that less than 50,000 of the bank’s 8 million customers across Canada were hacked. He declined to say if any customers lost money as a result of the attack. Germany calls on chip and hardware makers to tackle processor flaws The fraudsters had threatened to make the data public, the spokesman said, adding that the bank was working with the authorities and conducting a thorough investigation. Bank of Montreal said it bel...

The Economic Times: Mannu Pubby: May 29, 2018 NEW DELHI: The US has serious concerns about India’s plans to buy the S-400 air defence system from Russia as it will inhibit ability of militaries from the two nations to operate together, chairman of the powerful US House Armed Services Committee has said. Concerns about India’s potential purchase of the S-400 have been conveyed to different levels of the government and the Russian system would also make it difficult for the US to share sensitive technology in the future, committee members who are in India said. “There is a lot of concern in the US administration and Congress with the S-400.  There is concern that any country that acquires the system will complicate the ability of interoperability (with US forces),” House Armed Services Committee chairman Mac Thornberry said in response to a question by ET.  Making it clear that the question of the S-400 purchase was beyond sanctions planned against Russia, Thornber...

The Indian Express:  Arun Janardhanan, Chennai |  May 29, 2018 Six days after 13 people were killed in police firing on hundreds who marched to the Tuticorin collectorate demanding the closure of the Sterlite Copper plant over pollution fears, the Tamil Nadu government on Monday ordered the state pollution control board to close the Vedanta group plant permanently. The order, citing a provision of the Water (Prevention and Control of Pollution) Act, 1974, stated that the government, endorsing the closure direction of the Tamil Nadu Pollution Control Board (TNPCB), directed the pollution control board to seal the unit and close the plant permanently. Chief Minister Edappadi K Palaniswami said the government had issued the GO in deference to the sentiments of the people. (PTI adds: Soon after the issuance of the GO, Tuticorin district officials sealed the copper smelter unit premises and pasted the order at the main gate. “Now the plant is permanently closed....

Business Line: May 28, 2018 The National Company Law Appellate Tribunal (NCLAT) has listed the hearing for abuse of dominance case against Google for July 27. The hearing will focus on three allegations, where the CCI found Google abusing its dominance, of the 25 allegations placed by the informants. The three allegations were universal results, flight commercial units and intermediate agreements set between Google and its advertisers and publishers. Google has been fighting abuse of dominance in the internet search and advertising case filed by the online matchmaking portal Matrimony.com and a not-for-profit organisation, Consumer Unity and Trust Society since 2012 in the Competition Commission of India (CCI). In February 2018, the Competition Commission of India imposed a fine of ₹136 crore on the account of exploiting its dominance in online web search and online search advertising markets. Google then appealed to NCLAT, which stayed the CCI order. However, it dire...

Business Line: May 28, 2018 The World Trade Organisation’s Dispute Settlement Body (DSB) has agreed to establish a panel to rule on a US complaint on certain programmes in India which Washington claims are prohibited export subsidies. India was not given an opportunity to object to the first request for a dispute panel by the US, as is the usual practice, because the dispute involves prohibited subsidies. “The panel was established under special provisions of the WTO’s Agreement on Subsidies and Countervailing Measures allowing panels to be established on first request for disputes involving alleged prohibited export subsidies,” according to a note from the WTO. Popular schemes The programmes targeted by the US include most popular incentive schemes such as the Merchandise Exports from India Scheme, Export-Oriented Units Scheme and sector-specific schemes, including Electronics Hardware Technology Parks Scheme, Special Economic Zones, Export Promotion Capital Good...

The Times of India: May 30, 2018 MUMBAI: Private sector lender ICICI Bank on Wednesday said it has decided to institute an independent enquiry into the allegations levelled by anonymous whistleblower against managing director and chief executive Chanda Kochhar. ICICI Bank in a regulatory filing said the enquiry will be headed by an independent person. The lender’s board has said that its audit committee will take further actions in the matter. The committee will appoint the head of enquiry, determine the terms of reference and the period covered. The audit committee will also help the head of enquiry with the required independent legal and other professional support. "The scope of enquiry would be comprehensive and include all relevant matters arising out of and in the course of examination of the facts and wherever warranted, use of forensics/e-mail reviews and recordal of statements of relevant personnel etc," the filing said. The allegations are related...

Asian Age: May 30, 2018 New Delhi: While the Centre seems to be working overtime for days to find a long-term solution to the spurt in retail prices of petrol and diesel, each day of delay is contributing thousands of crores of rupees to the coffers of the central and state governments. The additional revenue is a huge burden on consumers who pay higher prices for auto fuels. Prices have increased consistently between 20 paise and 30 paise per litre each day for the last 16 days, taking retail prices of both petrol and diesel to record high levels. Petrol price is Rs 78.43 a litre and diesel Rs 69.31 per litre in Delhi. According to the Petroleum Planning & Analysis Cell (PPAC) in the oil ministry, the Centre has earned a staggering Rs 2,42,691 crore as excise duty from the petroleum sector in FY17. It is set to surpass the mark in FY18, thanks to overall growth in consumption. This means Rs 665 crore as revenue from excise on oil per day. In the last seven days —...

the Asian Age: May 30, 2018 Researchers and federal authorities are finding what they say is an alarming increase in the use of a powerful pesticide at illegal marijuana farms hidden on public land in California. The pesticide residue is showing up in about 30 percent of the plants themselves, researcher Mourad Gabriel told The Associated Press. Most of the illegally grown California pot is destined for Midwestern and Eastern states, federal prosecutors said. Federal and state authorities are announcing Tuesday that they will target the illegal grows with $2.5 million in federal money. Researchers found the highly toxic pesticide Carbofuran at 72 percent of grow sites last year, up from 15 percent in 2012, said Gabriel, executive director and senior ecologist at Integral Ecology Research Center and one of the few researchers studying the ecological impact of illicit grow sites. California has long allowed medicinal marijuana, and this year legalized recreational p...

Business Standard: Geneva: May 29, 2018 Chinese and US envoys sparred at the World Trade Organization on Monday over US President Donald Trump's claims that China steals American ideas, the subject of two lawsuits and a White House plan to slap huge punitive tariffs on Chinese goods. US Ambassador Dennis Shea said "forced technology transfer" was often an unwritten rule for companies trying to access China's burgeoning marketplace, especially if they were partnering with a state-owned or state-directed Chinese firm. China's licensing and administrative rules forced foreign firms to share technology if they wanted to do business, while government officials could exploit vague investment rules to impose technology transfer requirements, he said. "This is not the rule of law. In fact, it is China's laws themselves that enable this coercion," Shea told the WTO's dispute settlement body, according to a copy of his remarks provided ...

Business Standard: Arindam Majumder: May 30, 2018 In a major setback for the Tatas, the Central Bureau of Investigation (CBI) has indicted top executives of Tata Sons and the airline company AirAsia Bhd for trying to bribe government officials in order to subvert aviation laws of the country for their venture AirAsia India. The agency on Tuesday named Tony Fernandes, group CEO of AirAsia, Bo Lingam, former deputy group CEO of AirAsia Bhd, and R Venkataramanan, managing trustee at Tata Trusts in the FIR, alleging they paid money to middlemen for bribes to known public servants and others for securing air operator’s permit and for operation of international scheduled air transport services. Venkatramanan, director at AirAsia India, holds 1.5 per cent in the firm. The middlemen named in the FIR are Travel Food owner Sunil Kapoor, aviation consultant Deepak Talwar, director of Singapore-based SNR Trading Rajendra Dubey and Venkataramanan. The FIR alleges the duo tried to ...

Business Standard: Bloomberg: May 29, 2018 It’s no surprise that India and Indonesia are among the worst-hit Asian currencies this year when you look at their foreign debt exposure and the level of reserves they have to cover that. Moody’s Investors Service’s external vulnerability index — which is the ratio of short-term debt, maturing long-term debt and non-resident deposits over one year calculated as a proportion of reserves —puts Indonesia at 51 per cent and India at 74 per cent. Malaysia and the Philippines are the odd ones out: the ringgit has gained this year even though Malaysia is among the most debt risky in Asia, while the Philippines has low foreign exposure but a currency that’s the second worst-performer in Asia, down almost 5 percent against the dollar. Tighter global financial conditions is making it more expensive to refinance foreign debt and adds to pressure on currencies. In some countries, including Indonesia and the Philippines, yields have ri...

Business Standard: Mayank Jain: May 30, 2018 Indian consumers have taken to digital banking in a big way, but they are also among the biggest victims of banking frauds, shows a new report released by payments company FIS. The report, surveying people across multiple countries, found that 18 per cent of Indian customers reported a fraud in the past year – more than any other country surveyed by the organisation. These frauds occur across all ages and correlate with the frequency of usage of digital banking by different age groups, according to the report. For instance, the age group most affected by frauds is 27-37 years. These people also happen to be the most prolific in using digital banking apps. One of every four people in this age group reported a fraud. By comparison, only 6 per cent consumers in Germany and 8 per cent in the UK reported banking frauds, while those in the US were twice as likely to switch their banks after a fraud as non-victims. “This is high...

The Times of India: Indrani Bagchi: May 30, 2018 NEW DELHI: As India and US get ready for a ‘2+2’ dialogue in early July between the foreign and defence ministers, US’ linkage of sanctions on Russia + with India may bring the two countries to a very uncomfortable place, making the first high-level interaction potentially difficult. Sushma Swaraj and Nirmala Sitharaman are expected to travel to Washington for the first such dialogue, which has been postponed a couple of times. While India can hope to negotiate + a carve-out for Chahbahar port in forthcoming Iran sanctions, using the precedent of the previous sanctions regime, the extreme nature of the CAATSA sanctions regime would make it impossible for India to follow. Recent reports said India and Russia had completed price negotiations for the Rs 40,000 crore S-400 Triumf anti-missile defense system, and were likely to announce it before the official summit in October. But for the deal to go through may require findin...

Daily hunt: India Today: May 29, 2018 Fighter drug used by ISIS terrorist has been seized in huge quantity by Mumbai unit of DRI (Directorate of Revenue Intelligence) from Palghar district. DRI busted the major racket and confiscated Tramadol tablet worth 50 crores and above. The DRI officials have arrested three people in the case. Acting on specific information, it was learnt that huge quantity of Tramadol, a psychotropic substance covered under the Narcotic Drugs & Psychotropic Substances (NDPS) Act, 1985 was being manufactured and cleared from M/s Excel Pharmaceuticals Pvt Ltd, Plot number 11, located in the said Diwan & Sons Udyog Nagar, Palghar. Searches conducted at the factory premises of M/s Excel Pharmaceuticals Pvt Ltd resulted in recovery of Tramadol tablets. Tramadol powder running into several crores in International drug market were seized under the provisions of the NDPS Act, 1985. Further searches conducted at warehouse situated at Dro...

Dailyhunt: Zee news: May 29, 2018 Washington: The US on Tuesday expressed concern over the lack of religious freedom in Pakistan where some 50 individuals are serving a life sentence for blasphemy and 17 are awaiting execution. According to the data provided by civil society organisations (CSOs), police registered at least ten new blasphemy cases against 17 individuals. The CSOs reported lower courts often failed to adhere to basic evidentiary standards in blasphemy cases. Throughout the year, the report said visiting US government officials met with madrassa board leaders and members of the National Counterterrorism Authority to discuss plans for curriculum reform in the public and madrassa education systems. "We remain very concerned about religious freedom, or the lack thereof, in Pakistan, where some 50 individuals are serving life sentences for blasphemy, according to Civil Society reports; 17 are awaiting execution," said Sam Brownback, the Ambassado...

dailyhunt: May 29, 2018 Pakistan plans to derail India's attempts to deport India's most wanted terrorist Farooq Devdiwala. Pakistan authorities have claimed that Farooq is a Pakistani national and not Indian as claimed by Indian authorities to the Dubai Police. Following a tip-off by Indian agencies regarding Farooq Devdiwala residing in UAE, Dubai Police apprehended the terrorist. Farooq was working for ISI, recruiting terrorists against India which led to a major inter-state terror module being busted. As Indian officials stepped in to get custody of Devdiwala, against whom a red corner notice was issued in 2010, Pakistan officials have jumped in to claim that Devdiwala was a Pakistani national and not an Indian citizen as claimed by India. Pakistan authorities have approached Dubai Police with documents and citizenship proofs to get custody of Devdiwala and to derail India's attempts to bust a terror module run by Pakistan against India from the UAE. D...