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Feb 27, 2018 08:39 AM IST | Source: Moneycontrol.com
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highlights
Trump slams India again on Harley-Davidson issue
ED summons PNB MD; Nirav Modi, wife skip summons
I-T Dept seizes 173 paintings, art work in raids at premises linked with Nirav Modi
PNB says bank fraud amount could be Rs 1,323cr more
Trump slams India again on Harley-Davidson issue
President Donald Trump once again raked up the issue of high import duty on Harley-Davidson motorcycles by India, saying the US was "getting nothing" with the New Delhi's recent announcement that it had slashed customs duty on imported motorcycles from high-end brands to 50%, reports PTI. He added the US wants fair and reciprocal trade deals. "When they (Harley Davidson) send a motorcycle to India, as an example, they have to pay 100% tax – 100%," Trump said in his remarks to a gathering of governors of all the states at the White House.
Referring to his recent conversation with Prime Minister Narendra Modi, he said the "fantastic man" informed him that India has reduced tariffs on imported motorcycles, but the US was "getting nothing". "Now, the prime minister, who I think is a fantastic man, called me the other day and said we are lowering it to 50%. I said okay, but so far we're getting nothing. So, we get nothing. He gets 50%, and they think we're doing - like they're doing us a favour. That's not a favour," he said.
"I wasn't sure - he said it so beautifully. He's a beautiful man. And he said, 'I just want to inform you that we have reduced it to 75%, but we have further reduced it to 50%'. And I said, huh. What do I say? Am I supposed to be thrilled? And that's not good for you people, especially as governors. It's just not right. And we have many deals like that,” Trump said. He said the US gets "zero" when it buys an Indian motorcycle.
"So when they have a motorbike - a big number, by the way - they have a company that does a lot of business. They have a motorcycle or a motorbike that comes into our country - the number is zero. We get zero. They get 100%, brought down to 75%; brought down, now, to 50%. Okay," Trump said.
ED summons PNB MD; Nirav Modi, wife skip summons
The Enforcement Directorate summoned Punjab National Bank's Managing Director and CEO Sunil Mehta in connection with the PNB scam allegedly involving diamantaire Nirav Modi and owner of Gitanjali Gems Mehul Choksi, officials told PTI. The ED also examined the state-owned bank's Executive Director KV Brahmaji Rao on Monday to understanding how the alleged fraud was detected and other banking procedures.
Mehta, officials said, will be asked similar questions when he meets ED officials this week. They said the two officials are not being examined as an accused. The CBI had examined the two senior PNB officials last week in the same case.
Meanwhile, beleaguered diamond merchant Modi, his wife Ami and his uncle Choksi on Monday skipped their scheduled appearance before the ED in Mumbai. It was not immediately known if the agency will issue fresh dates to them. If it does not issue them fresh summons, it is understood, the ED is expected to move a special court in Mumbai seeking non-bailable arrest warrants against them.
I-T Dept seizes 173 paintings, art work in raids at premises linked with Nirav Modi
The Income Tax Department has seized a collection of 173 paintings and art works recovered during raids conducted at premises linked with diamantaire Nirav Modi in connection with a tax evasion probe, officials said on Monday. They said the paintings and art works are creations of "eminent artists" and have been recovered by tax sleuths after searches and surveys were conducted at four premises linked with Modi last week.
"The valuation of these art items is being done at present with the help of professionals from JJ School of Art in Mumbai," a senior official told PTI. Prohibitory orders against their sale and transfer has been placed under the Income Tax law. Meanwhile, the department said it has attached an additional 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
Asian shares rise to three-week high ahead of Powell's testimony
Asian shares extended their recovery, hitting a three-week high as US borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell’s highly-anticipated first congressional testimony later in the day. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%, building on its bounce from a two-month low touched on February 9. Japan's Nikkei rose 1% to three-week highs. The SGX Nifty is up 50.5 points at 10,648.
PNB says bank fraud amount could be Rs 1,323cr more
Amid the multi-agency probe into the PNB scam, the state-run bank said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore. The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore scam, which is already one of the biggest in the Indian banking sector.
On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders. In a filing to the BSE late on Monday night, the bank said the amount of unauthorised transactions could go up by more than Rs 1,300 crore.
"...We have to inform that quantum of reported unauthorised transactions can increase by $204.25 million (approximately)," the filing said. At the current exchange rate, the amount comes to around Rs 1,323 crore.