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United Airlines flight diverted after third pet incident in a week
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Trump's meeting with Kim may fail
Need more hands to investigate PNB scam: CBI
14 March 2018, 10:47 | Cesar Cruz
Nirav Modi impact: RBI scraps letters of undertaking for import trade credits
The Punjab National Bank (PNB) will honour claims by peer banks who issued credit to billionaire jeweller Nirav Modi and his uncle Mehul Choksi against guarantees given by PNB, but the payments come with riders, the Economic Times (ET) reported.
In what has been dubbed the biggest fraud in India's banking history, Punjab National (PNB), the country's second-biggest state-run bank, said last month it had been defrauded of about $2 billion.
Indian investigators have so far arrested almost 20 people, including some senior executives of companies owned by Modi and his uncle Mehul Choksi as well as high-ranking officials of the Punjab National Bank, in the bank fraud probe. PNB had previously pegged its exposure to the Gitanjali companies at 61.38 billion rupees. The importer would negotiate the right price for these loans from the foreign branches of other Indian banks and then get these letters issued by a domestic bank. They did not have any pre-approved credit limit either.
"On a review of the extant guidelines, it has been made a decision to discontinue the practice of issuance of LoUs/LoCs for trade credits for imports into India by AD CategoryI banks with immediate effect, " the central bank said in a notification. It, however, allowed banks to continue to issue letters of credit and bank guarantees.
Dog dies on United flight after being stored in overhead bin
Of 40 total incidents involving animal loss, injury or death in 2017, 18 incidents involved an animal's death on United Airlines . A dog tragically lost its life on March 12 after its owners were instructed to place him in an overhead bin on a United Flight.
While LOUs allow the customer of a bank to withdraw foreign currency from an Indian bank overseas, LOC is an assurance for payment extended by a third party for imports into India.
Finance Minister Arun Jaitley told Parliament on Tuesday a total 1,213 fraudulent letters of undertaking were issued to Nirav Modi's companies between March 2011 and May 2017. Solar Exports, Stellar Diamonds and Diamond R U.S. belonging to high-end jeweller Modi and Choksi-promoted Gitanjali Gems, Gili India and Nakshatra are alleged to have been involved in the scam.
LoUs and LoCs are used widely in several industries including gems and jewellery, oil and gas, electronic goods, solar panels and metals. According to the CBI statement, the investigation in the case is suffering from manpower crunch.
UP bypolls: BJP trails in Gorakhpur, Phulpur
The BJP had swept 2014 Lok Sabha polls in the state winning 71 seats on its own while its alliance partner Apna Dal had won two. Gorakhpur has been a BJP seat for almost three decades but the SP and BJP joined hands this time hoping to spring a surprise.
Smart out indefinitely with torn thumb tendon
To make matters worse, the Celtics have listed Al Horford as questionable for their tilt against the Wizards. Smart was seen wearing a protective cast on his shooting hand after the 99-97 loss to the Indiana Pacers .
Woods, Els to be named Presidents Cup captains
The Presidents Cup has been reduced to 30 matches over four days, and the format is not likely to change for the next one. Woods referred to it at the time as one of his most nerve-wracking moments.
Zayn Malik and Gigi Hadid end two-year relationship
Speculation that the two had become an item began when Hadid starred in Malik's "Pillowtalk" video in early 2016. Hadid took to Twitter first, stating "I am grateful for the love, time, and life lessons that Z and I shared".
Radford downs LIU Brooklyn for first tourney win
BOTTOM LINE: Northeast Conference Tournament victor LIU-Brooklyn makes its first appearance in the tournament in five years. By then the lead was nine with less than two minutes to go, and Radford could begin to celebrate making school history.
This 3D Printed Small Concrete House Costs Just $10000
Icon first creates a schematic, which is then fed into a computer that instructs the printer how and where to place the cement. However, ICON thinks that its structure is the first printed house that's been considered habitable by a local government.
Amazon recalls power banks due to fire, chemical burn hazards
The models affected by this recall include the 2,000mAh, 3,000mAh, 5,600mAh, 10,000mAh, and 16,100mAh models with micro-USB cable. These recalled units were sold from December 2014 through July 2017 through Amazon's website , Pop-Up stores, and Bookstores.
Kirk Cousins to sign with Vikings Thursday
Is the 29-year-old Cousins worth that type of guaranteed money? The contract is the main sticking point among Vikings fans. The Vikings are hedging their bets on someone who is 26-30-1 as a starter with no playoff wins on his resume.