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Firms owned by Mehul Choksi siphoned off over Rs 6,344.96 Cr from PNB using fraudulent LoUs: CBIThese LoUs and FLCs were allegedly issued to Choksi's firms without any sanctioned limit or cash margin and without making entries in the b...- Mehul Choksi cheated PNB of Rs 6,500 crore, CBI says in new chargesheetThe fresh chargesheet is significant as the probe agency had found Choksi responsible for defrauding PNB to the tune of ₹6,498 crore by for...
- Importers pay more for loans post ban on LoUsSome importers are also availing themselves of foreign currency denominated loans (FCNR Loans) against their foreign currency bank deposits.
- Fieo writes to RBI, FinMin for reintroduction of LoUsThe Fieo, promoted by the Commerce Ministry and industry, has written to Reserve Bank Governor Urjit Patel and finance ministry seeking rei...
- PNB scam: CBI questions 2 DGM-level officers of SBIThe officials were asked why several discrepancies in the LoUs issued by PNB were not considered by the banks extending credit facilities t...
- ED seeks information on Nirav Modi, Mehul Choksi from 13 countriesThe Central Bureau of Investigation (CBI), meanwhile, has already started examining officials of overseas banks which had issued credit on ...
- LoU ban to impact financial flexibility of importers: Ind-RaIn the wake of Rs 13,000-crore PNB scam allegedly by diamond jewellery designer Nirav Modi and his associates through fraudulent LoUs, the ...
- PNB to honour LoUs worth Rs 6,500 cr due to 7 lendersBoard members of the scam-hit bank decided to honour payments on about 350 letters of undertaking and foreign letters of credit.
- Scrapping of LoUs, JioPhone deal double whammy to Indian handset companiesLoUs are issued by domestic branches of Indian banks to enable customers get trade credit from banks overseas. Indian handset companies use...
- A dubious first: PNB is just 5 days away from getting a defaulter tagIf PNB doesn't pay up Rs 1,000 cr of UBI's dues in 5 days' time, the govt and RBI will have to step in to avoid an unprecedented event in I...
- PNB issued over 41k LoUs since 2011: FinMinFraudulent LoUs of the state-owned PNB were used by diamantaire Nirav Modi and his associates to defraud the bank of about Rs 13,000 crore.
- CBI recovers file containing copies of LoUs used to carry out PNB scamThe CBI shared the details about the LoU copies with a special court in an application seeking extended judicial custody for Kharat and Hem...
- Except for PNB, no unauthorised LoUs issued by PSBs: SBI officialFurther controls have also now have been put in place that included additional layer of approvals for all outward swift message, integratio...
- Ban On Letters Of Undertaking: Bulk gold, diamond importers to be hitThe RBI on Tuesday decided to “discontinue the practice of issuance of LoUs/ LoCs for Trade Credits for imports into India by AD Category–I...
- Punjab National Bank’s Brady House branch opened LoUs for free: CBIA former banker at a state-run lender said a bank could normally earn around 1-1.5% commission for opening an LoU with a one-year maturity.
- PNB scam: Trade finance hit, caution prevails, premiums soarDespite the immediate setback, bankers, however, feel that there will not be a complete freeze so that a genuine businessman's operations a...
- PNB’s LoU story spoils plot for import financeLenders such as Axis Bank, Canara Bank, IDBI Bank have either cut back on issuing LoUs or stopped them for certain categories one week afte...
- Gokulnath Shetty says fraudulent LoUs issued since 2008: CBIAll five PNB officials arrested so far were part of the forex department at the bank's Brady House branch at the time of the alleged fraud.
- IndusInd Bank exposure to Gitanjali Gems in 'small' 2-digitsCiting GPEC press statement, IndusInd Bank said there are stringent norms for bank finance to the gem and jewellery trade stipulated by the...
- PNB scam: Inside story of Gokulnath Shetty, the man who helped Nirav Modi pull off the big conAs the PNB deputy manager approached the end of his tenure, the frequency with which he issued LoUs to Modi and Choksi reached feverish pro...
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