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Not all Swiss money is black, defends Centre

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New Delhi :On the back foot over surging Indian deposits in Swiss banks, the government said not all this money was black and that defaulters would be punished once information starts flowing from Switzerland, starting January 2019, under the new bilateral data sharing arrangements.
Edit: Swiss bank balance
Finance Minister Piyush Goyal and Union Minister Arun Jaitley rose in defence of the government after the Congress-led Opposition targeted the BJP regime for allegedly failing to retrieve black money and following policies that led to a massive rise in Indian deposits in banks of the Alpine nation.
Goyal wondered how all this money could be “assumed to be black” after Congress chief Rahul Gandhi took a swipe at PM Narendra Modi, who had made graft and black money retrieval major election issues.
“2014, he said: I will bring back all the ‘black’ money in Swiss banks and put 15 lakhs in each Indian bank A/C. 2016, he said: Demonetisation will cure India of ‘black’ money. 2018, he says: 50% jump in Swiss bank deposits by Indians is ‘white’ money. No ‘black’ in Swiss banks!” Gandhi tweeted, triggering a wave of Opposition reactions.
Even KC Tyagi of JD-U, BJP’s ally in Bihar, called the trends “worrisome”, saying everyone had hoped black money would be curbed post demonetisation. CPM’s Sita-ram Yechury and CPI’s D Raja also attacked the BJP for “waiving off corporate loans and allowing fraudsters to flee with bank monies”.
The government put up a strong face with Goyal promising action against those guilty of holding black money. Jaitley wrote a blog to cement the point that “to assume all deposits are per se tax-evaded money or that Switzerland in the matter of illegal deposits is what it was decades ago is to start on a shaky presumption”.
He said the flow of information from Switzerland will start from January 2019. “Any illegal depositor knows it is a matter of months before his name becomes public and he will be subjected to the harsh penal provisions of the black money law,” Jaitley insisted.
In a veiled reference to Rahul Gandhi, Jaitley said those who participate in public discourse must understand these basic facts before expressing an opinion which may be ill-informed.


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MPC to meet six times during 2019-20: RBI

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Mumbai: The Monetary Policy Committee (MPC), which decides on key interest rates, will meet six times during the next financial year, the Reserve Bank of India (RBI) said.

The first meeting of the six-member MPC to decide on the first bi-monthly monetary policy statement for 2019-20 will be held from April 2 to 4.

The policy will be announced on April 4. Headed by RBI Governor Shaktikanta Das, the committee also includes two representatives from the central bank and three external members.

 

The external members are Indian Statistical Institute professor Chetan Ghate, Delhi School of Economics Director Pami Dua and Indian Institute of Management-Ahmedabad professor Ravindra H Dholakia.

According to the schedule provided by the RBI, the second meeting of the MPC in the next fiscal will be held on June 3, 4 and 6; third meeting (August 5-7); fourth meeting (October 1, 3 and 4); fifth meeting (December 3-5) and sixth meeting (February 4-6, 2020).

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SBI raises Rs 1,251 crore by issuing Basel III-compliant bonds

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New Delhi: The country’s largest lender State Bank of India (SBI) said it has raised Rs 1,251.30 crore by issuing Basel III-compliant bonds.

“The Committee of Directors for Capital Raising at its meeting held today on 22 March 2019 deliberated and accorded approval to allot 12,513 non-convertible, taxable, perpetual, subordinated, unsecured Basel lll-compliant additional tier-I bonds, for inclusion in additional tier-I capital of the bank…aggregating to Rs 1,251.30 crore,” SBI said in a regulatory filing.

The bonds with a face value of Rs 10 lakh each bears a coupon rate of 9.45 per cent per anum payable annually with call option after 5 years or any anniversary date thereafter, it said. The bonds were subscribed on Friday, it added.

 

State Bank of India (SBI) also said the central board of the bank at its meeting held has accorded its approval for extension of validity period for raising equity capital of up to Rs 20,000 crore from market by way of follow-on public offer, qualified institutional placement, preferential allotment, rights issue or any other mode or a combination of these till March 31, 2020.

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Sebi fines 4 entities Rs 27 lakh for fraudulent trading in BSE stock options

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New Delhi: Markets regulator Sebi imposed a total penalty of Rs 27 lakh on four entities for indulging in fraudulent trade in illiquid stock options segment of BSE.

Umapati Oil Mill and Ginning Factory, Yudhbir Chhibbar, Kasturbhai Mayabhai Pvt Ltd and Vimladevi Shyamsunder Khetan are the four entities, according to Sebi’s separate orders.

fter observing a large-scale reversal of trades in the BSE’s illiquid stock options segment, Sebi conducted a probe from April 2014 to September 2015.

 

Following the probe, the regulator found that the trades executed by the entities were not genuine as they were reversed within few seconds with same counter parties with significant difference in price, resulting in profit to the entities.

Securities and Exchange Board of India (Sebi) said it was a deliberate attempt to deal in such a fashion and not a mere coincidence.

The trades executed by the entities were not genuine and created an appearance of artificial trading volumes, thereby violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, Sebi noted.

Accordingly, a fine of Rs 8.7 lakh and Rs 8.4 lakh were imposed on Yudhbir Chhibbar and Vimladevi, respectively while a penalty of Rs 5 lakh each was levied on Umapati Oil Mill and Kasturbhai Mayabhai Pvt Ltd, totalling Rs 27.1 lakh.

In a separate order, Sebi imposed a total fine of Rs 6 lakh on four promoters of Artech Power Products for delayed disclosures to exchanges regarding their change in the shareholding in the company.

Ranjith Vijayan, I V Vijayan, Repsy Vijayan and Resmi Vijayan are the four promoters, according to Sebi’s order.

The promoters have deprived the vital information to the public by non-disclosure /delayed disclosure as mandated by the Takeover Regulations, Sebi noted.

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