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Financial architecture BIMSTEC

first_imgIndia’s push towards further strengthening the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) fits well with the objective of Indian economic growth. Growth of the economic region surrounding India, with India taking the lead is critical. The “Economic Cooperation” aspect of BIMSTEC is one in which India can contribute significantly by helping to create the financial architecture that will lay the foundation of an economically viable framework for BIMSTEC nations to all benefit from. Also Read – A special kind of bondIndia’s objectives of boosting inter-regional trade and of increasing its exports would imply that India needs to move ahead with its plan to establish itself as a South-Asian financial hub that can cater to facilitating both trade and financing for the region. The financial sector must be viewed as both a growth area and an area that will promote the growth of other industries that currently need funds. While the countries in the BIMSTEC region vary in terms of GDPs and economic growth levels, they are combined by the fact that with growth and rising incomes a region with a population higher than 1.5 billion people and a combined nominal GDP of $3 trillion has potential for further growth, especially as access to financial services improves. Also Read – Insider threat managementAs incomes rise, access to financial services will be required further in the BIMSTEC region. Households will need access to instruments that allow them to save, invest, plan for retirement and insure against exigencies. In common parlance, access to financial products will be required. This financialisation of the economy implies access to financial products, insurance, pension funds etc. The need for greater access to financial products is why India needs to step in and utilise upcoming financial infrastructure assets such as the International Financial Services Centre and other similar assets to facilitate the financial sector in these countries. Essentially, as mutual funds, insurance, and pension industries grow in the BIMSTEC region, India must create financial hubs that can facilitate these industries in the BIMSTEC countries. Going a step further to cement its position as a South-Asian financial hub, even more, India needs to help provide liquidity by potentially allowing for companies in the BIMSTEC region to list on special bourses in India. The aim is the agglomeration of financial services to help boost regional economic ties. India, like other nations, has faced recent challenges around financing exports and infrastructure. While short-term export financing, which can be broadly termed as trade finance and long-term infrastructure financing is primarily viewed as two ends of a spectrum, they feed the demand for each other. Having a robust market for one type of funding without the other is difficult, if not impossible. Many infrastructure assets such as ports, roads, and railways are dependent on trade, which in turn is highly dependent on trade financing. Demand for infrastructure assets that makes such assets attractive to investors is highly reliant on a vibrant trade finance market. Therefore, it is not surprising to see countries such as Singapore with top-notch trade finance markets having world-class infrastructure as well. The foregoing discussion on the linkage between trade finance and infrastructure financing is another vital factor as to why India must look to position itself as a South-Asian finance hub. Allowing both domestic and foreign capital, to finance export growth within the BIMSTEC region while utilising the Indian financial centres will be vital to ensure that the flow of capital remains intact. The most critical element for boosting economic growth in both India and its trade partners in BIMSTEC is to view the financial inter-linkages in exports, infrastructure and capital markets as one chain of economic phenomena with various parts that all equally important, and not as silos that can be grown individually. An economic and investment hub in India for the BIMSTEC region that will allow financing of economic growth, exports and assets will drive real economic growth across the spectrum. The economic success of BIMSTEC will be mostly dependent on the ability to create common financing linkages that allow trade, finance, infrastructure and, most importantly, economic growth to flourish in the region.India’s role must be to lead the pack towards creating the financial architecture that can serve as the underpinning of BIMSTEC. (The author heads Development Tracks, an infrastructure advisory firm The views expressed are strictly personal)last_img read more

ED arrests MP CMs nephew Ratul Puri in fresh PMLA case

first_imgNew Delhi: Madhya Pradesh Chief Minister Kamal Nath’s businessman nephew, Ratul Puri, has been arrested by the ED in a fresh case of money laundering linked to an alleged Rs 354 crore bank loan fraud case, officials said Tuesday. Ratul Puri was placed under arrest under the Prevention of Money Laundering Act (PMLA) late Monday night after he appeared before the central probe agency here after it slapped a fresh criminal case against him and others, taking cognisance of a CBI FIR filed last week. Also Read – India gets first tranche of Swiss bank a/c details It is understood that the agency wants to undertake custodial interrogation of Ratul Puri as he has allegedly been non-cooperative in this case. He will be produced before a special court here on Tuesday, they said. Ratul Puri was already under the probe scanner of the agency in connection with the high-profile AgustaWestland VVIP choppers corruption case and was facing a non bailable warrant issued by a court after the ED submitted to it that the businessman might try to tamper with the evidence and influence witnesses “as he already did earlier”. Also Read – Tourists to be allowed in J&K from Thursday However, the Delhi High Court had on August 14 granted interim protection from arrest to Ratul Puri till Tuesday. The latest PMLA case emerges from a CBI FIR of August 17, where Ratul Puri, his father Deepak Puri, mother Nita (Nath’s sister) and others were booked in connection with a Rs 354 crore bank fraud case filed by the Central Bank of India. The CBI had carried out multiple searches in pursuance of this FIR on Sunday. The Puri family, other individuals like Sanjay Jain and Vineet Sharma were booked by the CBI for alleged criminal conspiracy, cheating, forgery and corruption. Ratul Puri was booked in this case in his capacity as executive director of Moser Baer India Limited (MBIL), a firm promoted by his father Deepak Puri. The company is involved in the manufacture of optical storage media like compact discs, DVDs, solid state storage devices. Ratul Puri had resigned from the post of executive director in 2012, while his parents continue to be on the board, the bank had said in a statement and compliant to the CBI. The company (Moser Baer) was taking loans from various banks since 2009 and went for debt restructuring a number of times, the bank has alleged in the complaint which is now part of the CBI FIR. When it was unable to pay the debt, a forensic audit was done and the the account was declared as “fraud” by the Central Bank of India on April 20, 2019, it has alleged. “…The MBIL has committed fraud and cheated the complainant bank thereby making a wrongful gain to themselves and a wrongful loss to the lender bank which is a custodian of public money,” the complaint to the CBI said. The bank claimed that the company and its directors forged and fabricated documents to induce the Central Bank of India to release funds. “MBIL has caused unlawful loss to our bank to the tune of Rs 354.51 crore as on November 29, 2014 and interest thereon by getting unlawful gains,” the complaint said. Ratul Puri is facing criminal investigation by three main central probe agencies, ED, CBI and the Income Tax department. The tax department has attached a number of his alleged ‘benami’ assets in the recent past and has charged him with benefiting from the purported kickbacks generated in the Rs 3,600 crore VVIP choppers deal case, cancelled by India in 2014 on charges of corruption.last_img read more

Man held in Bongaon for duping 80000 job seekers

first_imgKolkata: A man was arrested from Bongaon for allegedly duping more than 80,000 unemployed people by promising jobs in teachingsector under Digital India scheme. According to police, the accused, identified as Raja Mitra of Subhaspally at Bongaon in North 24-Parganas, published an advertisement on December 9, 2017, in a newspaper inviting aspirants to apply for employment opportunities. In the advertisement, it was mentioned that 14,265 teachers and assistants will be recruited in ‘Central Junior Schools and E Digital India Corporation’. Also, two websites —www.edigitalindia.wb.com’ and www.edigitalindiawb.co.in were mentioned in the advertisement where candidates need to register and submit the registration fees online. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari PujaSeeing the advertisement, more than 80,000 job seekers applied for the posts and submitted registration fees. After almost a year when none of the applicants were called for tests or interview, they tried to contact the toll free number provided in the advertisement but they found the number did not existed. In January, 2018, a woman from Baguiati lodged a complaint at the Bidhannagar Cyber Crime police station regarding the matter. During investigation police found the websites which were mentioned in the advertisement have been deleted. Later, by getting some information from the web domain providers police identified Mitra. Also Read – Bengal civic volunteer dies in road mishap on national highwaySensing danger a few months ago Mitra filed an application for anticipatory bail in Calcutta High Court, which was rejected recently. Later, on Monday night Mitra was arrested. During the investigation, police found that he even forged the logo of ‘Digital India’ and used as a bait to attract the unemployed people who fell into his trap. Police found Rs 81.48 lakh in nine bank accounts, which have been blocked. Several ATM cards, cheque books and mobile phones were also seized from him.last_img read more