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THE TIMES OF INDIA JULY 04, 2019 NEW DELHI: The government has ordered an SFIO (Serious Fraud Investigation Office) probe into the affairs of now defunct Jet Airways after finding instances of fund diversions and large-scale irregularities, sources said on Thursday. Besides, the government would oppose airline founder Naresh Goyal's plea in the Delhi high court seeking lifting of travel ban. The sources said Goyal is likely to be summoned by the SFIO, which comes under the corporate affairs ministry. Faced with acute financial crunch, the once-storied Jet Airways stopped operations in mid-April. With efforts to find investors failing to take off, the airline is now under insolvency proceedings. According to the sources, the ministry's inspection report had found large-scale irregularities, including diversion of funds. The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (N...

FINANCIAL EXPRESS JULY 04, 2019 Trump is also insisting China to workout verifiable measures for the protection of the intellectual property rights (IPR), technology transfer and providing more access to American goods to the huge Chinese markets. China on Thursday said the removal of tariffs by the US on over USD 250 billion Chinese exports should be part of any trade deal between the two countries, as the world’s two largest economies plan to resume talks to end the bruising trade war. US President Donald Trump and his Chinese counterpart Xi Jinping met in Osaka in Japan on the side-lines of the G20 summit on June 29 during which they agreed to resume the negotiations to finalize a trade deal. Beijing earlier welcomed Trump’s decision not to impose tariffs on the remaining about USD 300 billion dollars of Chinese exports. Trump, who earlier banned the use of Chinese telecom giant Huawei products in the US networks, has said that American firms could sell their product...

FINANCIAL EXPRESS JULY 04, 2019 The funds will actually be raised, from time to time, during a period of one year from the date of passing of resolution by the shareholders in the ensuing AGM, with the approval of competent authority as per powers delegated in this regard, by the board of directors in the meeting, according to the statement.  State-owned REC Ltd said Thursday that its board would consider a proposal next week to raise Rs 75,000 crore through bonds or debentures on a private placement basis in one or more tranches in the next one year. “Board of directors of REC Ltd, in its meeting scheduled to be held on July 10, 2019, will inter alia consider a proposal for raising of funds through issue of unsecured/secured non-convertible bonds/debentures through private placement, up to an amount of Rs 75,000 crore, in one or more tranches, subject to approval of shareholders in this regard in the ensuing annual general meeting (AGM) of the company,” a BSE filing sa...

OPEN JULY 05, 2019 RAHUL PANDIATA ON NOVEMBER 30TH, 2018, this message flashed on the mobile phone of 30-year-old Mufti Mohammed Suhail, a resident of Jafrabad in Northeast Delhi. The message came from a handler of the Islamic State (IS), Akhi Umais alias Abu-Huzaifa-Al-Bakistani, from his Telegram ID (*****0636). Umais shared with Suhail a Threema ID (****7FMX), which belongs to another IS handler, Al-Bangali alias Abu-Junaid-al- Bangali (Threema and Telegram are encrypted, instant messaging applications). From November 30th till his arrest along with his several accomplices on December 26th, Suhail received detailed instructions from Bangali on how to make explosives and Improvised Explosive Devices (IEDs) from commonly available items like potassium nitrate, sulphur, charcoal and sugar. A team of the National Investigation Agency (NIA), acting on a tip-off by a local source in December, oblivious to Suhail and his accomplices, had been monitoring their mobile phone...

THE TELEGRAPH JULY 04, 2019 Nationalist Congress Party leader Supriya Sule today drew attention in the Lok Sabha to a portion of the Economic Survey where the government has said the "private sector may be granted access to select databases for commercial use".  The Economic Survey was tabled on Thursday by finance minister Nirmala Sitharaman. The debate today in the Lok Sabha was on the Aadhaar and Other Laws (Amendment) Ordinance, 2019, promulgated by the President on March 2. The bill on this was passed in the Lok Sabha today.  In a chapter in the Economic Survey titled Data “Of the People, By the People, For the People”, says: "The private sector may be granted access to select databases for commercial use. Consistent with the notion of data as a public good, there is no reason to preclude commercial use of this data for profit. Undoubtedly, the data revolution envisioned here is going to cost funds. Although the social benefits would far exceed the c...

THE HINDU JULY 04, 2019 RAKESH SOOD ISRO should embrace a civilian identity and, aided by legislation, form partnerships with the industry and entrepreneurs. From a modest beginning in the 1960s, India’s space programe has grown steadily, achieving significant milestones. These include fabrication of satellites, space-launch vehicles, and a range of associated capabilities. Today, the Indian Space Research Organisation (ISRO)’s annual budget has crossed ₹10,000 crore ($1.45 billion), growing steadily from ₹6,000 crore five years ago. However, demand for space-based services in India is far greater than what ISRO can supply. Private sector investment is critical, for which a suitable policy environment needs to be created. There is growing realisation that national legislation is needed to ensure overall growth of the space sector. The draft Space Activities Bill introduced in 2017 has lapsed and the government now has an opportunity to give priority to a new Bill that...

BUSINESS STANDARD JULY 04, 2019 The generalizations drawn and operation-level observations made by the US Food and Drug Administration (US FDA) in its warning letter to Aurobindo Pharma, over the deviations at the company's active ingredient(API) Unit XI in Srikakulam district, go much beyond the problem of valsartan impurities. They are, in fact, contrary to what the company management believed till it got the letter dated June 20 recently. Most of the corrective action prescribed by the US drug regulator requires a complete re-evaluation of Aurobindo's manufacturing operations, and is not just limited to the unit currently under radar. As a result, Aurobindo may have a painstaking task ahead to improve the quality of manufacturing practices across its units through remediation running into months and years. "Provide a thorough, independent assessment of your overall system for investigating unknown peaks, deviations, discrepancies, out-of-specification(O...

NBT JULY 04, 2019 In order to cheat with online banking, the traffickers have taken out a new method in which they are stealing money through UPI. HDFC Bank has recently issued warnings to the users to keep alert from such fraud. In this scam, fraudsters access the user's mobile from any device control app like AnyDesk from anywhere. The RBI also warned users about this scam a few days ago. Let's know what this scam is and how it can be avoided. Fraudster will talk like a bank employee to draw your attention. In order to avoid calling the fake, these thugs firstify your name, date of birth and mobile number. These fraudsters will tell you that there is some problem with your mobile banking app that they want to fix. To scare you, these thugs will tell you that your mobile banking service or card may be blocked. Reference: https://navbharattimes.indiatimes.com/tech/tech-photogallery/fraudsters-targeting-online-banking-customers-with-new-technique/photoshow/700544...

THE ECONOMIC TIMES JULY 03, 2019 Indian entities supplying US-origin technology components to Chinese telecom major Huawei may f ace penal action under American regulations, telecom and IT minister minister Ravi Shankar  Prasad said in Parliament on Wednesday. However, he said, no call on whether to bar the Chinese telecom equipment manufacturer had yet been taken by the government. “Any Indian company which will act as a supplier of US-origin equipment, software, technology to Huawei and its affiliates in entity list could be subject to penal action/sanction under US regulations,” Prasad said in a written reply to the Lok Sabha. ET was the first to report the same in its June 19 edition. On Huawei, he said that as per the information available till now, the Department of Commerce, USA, has added Huawei Technologies to the entity list on May 16, 2019, by amending the US Export Administration Regulations. “Huawei's inclusion in the entity list implies that US compa...

BLOOMBERG JULY 03, 2019 The Indian government on Wednesday increased the minimum support prices for all  kharif crops for 2019-20 amid a slow start to the sowing season due to the delayed  onset of monsoon. “Farming is the backbone of our agriculture-based economy,” Agriculture Minister  Narendra Singh Tomar said after a meeting of the Cabinet Committee on Economic  Affairs. “The prime minister is worried for the farming sector and the government is  working towards achieving the goal of doubling farm incomes by 2022.” The MSP hike applies to the following kharif crops: The MSP for paddy was increased by Rs 65 per quintal.  MSP for jowar was increased by Rs 120 per quintal, while for ragi it was  raised by Rs 253 per quintal.  MSP of tur, moong and urad was raised by Rs 125, Rs 75 and Rs 100,  respectively.  MSP of groundnut was hiked by Rs 200 per quintal while that of soyabean was  raised Rs 311 per quintal....

FIRST POST JULY 03, 2019 Automobile industry body SIAM has urged the government to take immediate measures to improve liquidity, especially in the non-banking financial company (NBFC) sector, in order to fuel growth in the sector which has seen sales drop month-on-month leading to even closure of various dealerships. In a letter written to the finance ministry, the Society of Indian Automobile Manufacturers (SIAM) has urged the government to look into the matter on an urgent basis and take suitable measures to promote flow of credit in the system to facilitate new vehicle purchases. Currently, NBFCs have a huge exposure to vehicle financing in the country, in almost every category including commercial vehicles, passenger vehicles, two- and three-wheelers. The segment currently finances almost 70 percent of new two-wheelers and 60 per cent of new commercial vehicles sold in the country. SIAM said the role of NBFCs is important in vehicle sales as they cater to custom...

DIALYHUNT JULY 03, 2019 Acting against the holders of black money, the Directorate of Enforcement (ED) has attached amount of Rs 7.49 lakhs lying in bank account of Ritu Khaitan maintained with ICICI Bank, CP, New Delhi. Ritu Khaitan is Gautam Khaitan's wife who is being probed in AgustaWestland corruption case along with black money case. According to the probe agency, the attachment has been made as the money lying in the bank was part of crime proceedings. An officer of ED told India Today, "Ritu Khaitan is an accused who has committed an offence punishable under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Accused Ritu Khaitan has held the beneficial interest, ownership in foreign assets, company, account and failed to disclose the same in her return of income filed before the income tax authorities." Ritu, according to ED, has been found laundering money in various other personal and bank accounts of...

FIRSTPOST JULY 04, 2019 Bankers are not averse to financing the gems and jewellery businesses, however, they feel that the industry needs to become more organised, transparent and compliant to regain trust. "Incidents like the Nirav Modi and Gitanjali Gems have broken down the trust level for the gems and jewellery industry. There is a need to build trust by becoming more transparent and complaint," Union Bank of India chairman Kewal Handa said on Tuesday at the 2-day Manthan Gems and Jewellery Conclave 2019 here. He said the gems and jewellery industry should learn from the pharmaceutical industry, which had taken steps like becoming more compliant, getting international accreditation and building stronger federation. "Pharmaceutical industry has completely reformed themselves and set up systems and processes for getting more organised," he added. The current liquidity crisis in the gems and jewellery industry and bank's non-performing asset...

THE QUINT JULY 04, 2019 Jamaat-ud-Dawa chief and 26/11 mastermind Hafiz Saeed along with 12 of his close associates were booked by the Pakistan’s Punjab Counter-Terrorism Department (CTD) in 23 cases of terrorism financing. The cases have been registered in Lahore, Gujranwala and Multan for collection of funds for terrorism financing through assets made in names of Non-Profit Organisations, including Al-Anfal Trust, Dawat ul Irshad Trust, etc. CTD in its statement said, “Hafiz Saeed of JuD and other leaders were booked in cases of terrorism financing.”  “They made these assets from funds of terrorism financing. They held and used these assets to raise more funds for further terrorism financing. They will be prosecuted in Anti Terrorism Courts for commission of these offences,” it said. However, the government sources on Thursday said that it is important that the action is irreversible and verifiable.  “We have seen this 'action' before. It is Important tha...