EY had carried out a forensic audit of ABG Shipyard on the instructions of a consortium of 28 banks, which had alleged diversion of funds that they had lent to the Gujarat-based shipbuilder.
ABG Shipyard case: EY Partner, 21 top bank officials among ED witnesses
ABG Shipyard Ltd, accused in India’s biggest bank fraud case, created 27 “paper companies” and used 38 Singapore-based group entities to divert funds borrowed from ICICI Bank-led lenders. The Enforcement Directorate’s chargesheet reveals that the diverted funds were transferred to Singapore and invested in tax havens. The paper companies were created solely for the purpose […]
Red Sea crisis: Commerce Ministry asks Financial Services dept to monitor credit flow to exporters
2 years ago
The Commerce Ministry has directed the Department of Financial Services (DFS) to monitor and ensure credit flow to exporters facing challenges due to increased freight costs in the Red Sea crisis. The move aims to support exporters dealing with elevated shipping expenses as consignments take longer routes, impacting both time and cost. The inter-ministerial meeting, […]
It will modernise and expand the existing ship repair capabilities of CSL and aspires to transform Kochi as a global ship repair hub and align with the Prime Minister’s vision of creating ship repair clusters in India. The Indian Oil’s LPG Import Terminal at Puthuvypeen, Kochi, built at an investment of Rs 1,236 Crores, boasts […]
Shipping Ministry constitutes high-level task force to oversee establishment of Indian Maritime Centre
2 years ago
The Ministry of Ports, Shipping, and Waterways (MoPSW) has constituted a high-level task force, chaired by the additional secretary of MoPSW, to oversee the establishment of the Indian Maritime Centre (IMC). The task force will provide policy direction for the formation of IMC and will include representation from the domestic maritime ecosystem.
UN bars Indian rice exporters from WFP
2 years ago
However, it has been shipping rice to friendly and neighbouring nations such as Indonesia, Senegal, Gambia, Nepal, Bhutan, Sri Lanka, Maldives, Malaysia, Indonesia, Vietnam and Iran on a government-to-government basis. This is being facilitated by the National Cooperative Exports Ltd (NCEL), a government export body which was set up under the Multi-State Cooperative Societies (MSCS) […]
India is set to adopt a firm approach in dealing with non-tariff barriers imposed on Indian exports by other nations, and will reciprocate with similar measures, according to Commerce and Industry Minister Piyush Goyal. During a recent address, he urged the industry to provide a comprehensive list of these barriers, allowing India to raise the […]
EEPC believes that entering into more free trade agreements, especially with countries in Latin America and Africa, would provide exporters with deeper access to new and emerging markets, Engineering Export Promotion Council of India Chairman Arun Kumar Garodia said.
The government is considering giving cash refunds to exporters instead of scrips for tax remission schemes, according to economic think tank GTRI. This move would improve cash flow for exporters, especially those facing a weak export outlook for 2024. Currently, refunds under the RoDTEP and RoSCTL schemes are issued as scrips, which can be sold […]
India keeps edible oil import duty lower until March 2025, imposes 50% export tax on molasses
2 years ago
India has extended lower import duty on edible oil by a year until March 2025, extending the lower duty structure on crude palm oil, crude sunflower oil, and crude soy oil. The decision was expected to keep prices in check ahead of elections. The government also imposed a 50% duty on exports of molasses, a […]