Page 17 - BANKING FINANCE November 2018

UN U

n o e a e ar en o ro e an elle C
S rela e nor or or
he inco e ta de art ent is ro ing ore than Cs hose licences
ei n or olio in e or
ha e een cancelled the R ccording to
he Securities and change oard o
sources the de art ent is looking into the origin o
ndia has di
assets in the alance sheets o these Cs and
luted its hether the ere disclosed
contro er
urther ta o icials are e a ining hether the loans
sial circular
sanctioned these ir s ha e een used their or
issued on
ro ers or genuine usiness ur oses he R last onth shared the cit ise
ril hich laid do n the C and
data ith the de art ent he data has details on co anies that are associ
o nershi nor s or oreign ort olio
ates grou ri s o large stateo ned anks and cor orate houses said a ta
in estors n a re ersal o earlier cir
source ric to the de elo ent
cular S has allo ed oth resident
and non resident ndians R s along he de art ent is in the rocess o gathering the ooks o accounts and
ith o erseas citi ens o ndia C s inancials o these Cs according to a source loan ook gro th in these co
to in est in ndian arkets through anies as t ice that o anks hich raised ou ts
the route su ject to certain con
ditions he earlier circular irtuall C n i u e o u i ue a & S
arred indi iduals ith ndia connec
C has constituted a nine e er igh o er rou to stud the s ste ic
tion ro in esting or anaging a or
issues at de t laden S rou his igh o er
eign und
rou ill ha e Shi aji a are as its con enor and
he regulator ho e er reiterated co rise a ong others t o ast residents o the
that the C re uire ents or s C nstitute ed ain and ilesh S ika se
ould ha e to e in line ith the rules
t ill also suggest re edial easures and i ro e
under the re ention o Mone aun
ent in the s ste t a e recalled that the C
dering ct M he de elo ent
nstitute had last eek shot o notices to the statutor auditors o S rou
co es a ter the ril circular led
on the heels o the go ern ent su erseding the oard o the in rastructure co
to a ush ack ro o erseas in es
an to ring in a ne oard ollo ing the Rs crore ira Modi sca
tors articularl those ith an ndia
at unja ational ank the C nstitute had set u a igh o er rou a are
connection Certain in estors had
as the con enor o that grou too
e en a roached the ri e inister s
o ice seeking a rethink he latest cir
So erei n ol on ra e i e a R ra
cular incor orates easures re
he go ern ent has i ed the rice at Rs er gra or the ne series o
scri ed the or er Reser e ank
so ereign gold onds S s o ening recent he
o ndia de ut go ernor R han led
o ern ent o ndia in consultation ith the R
co ittee earlier this onth
has decided to allo a discount o Rs er gra
Se i has said a single R C and
ro the issue rice to those in estors ho a l
resident ndian can ake contri u
online and the a ent is ade through digital
tion o not ore than er cent in
ode a inance Ministr state ent said
oreign und he aggregate contri
ution o these in estors can e or such in estors the issue rice o old ond ill e Rs er gra o gold
er cent o an Resident ndians it said he So ereign old onds ould e issued e er onth ro cto er
can contri ute through the R s to e ruar as er the calendar s eci ied the R had said in a re
li eralised re ittance sche e RS lease earlier this eek
hich allo s an in est ent o
he onds ould e sold through anks Stock olding Cor oration o ndia i
er indi idual in a inancial
ited S C designated ost o ices and stock e changes ational Stock
ear
change and S
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