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The Indian Express: February 04, 2019 Following CBI action, the Enforcement Directorate has lodged a case of money laundering against former ICICI Bank MD and CEO Chanda Kochhar in connection with loans disbursed by bank to the Videocon Group which later turned into NPAs. Videocon Group had allegedly made investments into companies held by Chanda’s husband Deepak Kochhar after disbursal of loans cleared by Chanda. Sources said the ED filed an Enforcement Case Information Report (ECIR) against Kochhars, Videocon promoter V N Dhoot and companies owned by Dhoot and Deepak. The case is based on the January 22 FIR lodged by CBI and has been registered under relevant sections of the Prevention of Money Laundering Act (PMLA). ED sources said that the agency will now determine if “proceeds of crime” were used to create assets, which, agency sources said, could be attached in future. The CBI has alleged that Chanda Kochhar had “dishonestly” granted loans to the tune of hundreds ...

The Indian Express: February 04, 2019 With agriculture prices remaining depressed over time and terms of trade turning against the farmers, the natural policy response was to provide them a direct income support scheme, Department of Economic Affairs Secretary Subhash Chandra Garg said Saturday. Existing policy interventions were insufficient to mitigate farm distress, Garg said — and the direct income support scheme “marks a very major departure in the history of the country… of trying to deliver a benefit to the people who it is intended for”. The interim budget 2019-20 announced a scheme to provide Rs 6,000 yearly income support to farmers directly in their bank accounts. “…In a situation where the production in the country for most crops is more than the consumption requirement, which has depressed the prices of agricultural commodities and terms of trade are changing against the farmers… the next evolution in policy is to ensure that they have direct income support...