The agency, according to sources, found that inflated invoices received in India were issued by intermediaries, allegedly subsidiary companies of Indian importers or their fronts. The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to 100 per cent by changing test reports which ...
Coal blocks allocation cases Explained: The allegations, investigation, and what next The coal blocks allocation cases are among the CBI's longest running probes, with the agency last registering a fresh FIR in the case in January 2020. It has since 2012 filed multiple chargesheets and even closed many cases for lack of evidence or culpability.
The DRI alleged that money was being "siphoned" outside the country and the electricitygenerating firms were availing of "higher tariff compensation based on artificially inflated cost of the imported coal".
State Bank of India, ICICI Securities and Reliance Capital Asset Management have been selected to manage the provident fund corpus of the workers of coal industry, amounting to around Rs 75,000 crore. The Coal Mines Provident Fund Organisation (CMPFO) gave the mandate to the three fund managers and allotted equal corpus to the three of them.
In the new fiscal year that began April 1, Indian power plants are expected to burn about 8% more coal. The rapid acceleration in India's coalfired output to address a spike in power demand underscores challenges faced by the world's third largest greenhouse gasemitter in weaning its economy off carbon, as it attempts to ensure energy security to around billion Indians.
The Directorate of Revenue Intelligence (DRI) has issued showcause notices to leading conglomerates Anil Dhirubhai Ambani Group (ADAG), Adani Group and Essar Group in two separate cases of alleged violation of norms, official sources told The Indian Express. Sources said the DRI has issued notices of over Rs 350 crore to Reliance ...
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The high court order assumes significance as apart from the Adani Group, the DRI is probing at least 40 companies including two companies of the Anil Dhirubhai Ambani Group (ADAG), two Essar Group firms and a few public sector power firms for alleged overvaluation of coal imports from Indonesia pegged at Rs 29,000 crore between 2011 and 2015.
A Kerala court on Tuesday issued a nonbailable arrest warrant against Prashant J Mehta, managing director of Rajesh Exports, in connection with a case registered against him for allegedly ...
The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to 100 per cent by changing test reports which measure the calorific value of coal. Artificial inflation of value of the imported coal increases the landed cost of coal, which is a primary fuel in coal fired thermal power plants. The ...
According to the latest DRI notice, the agency has found that several coal traders were directly importing Indonesian coal to Indian ports by allegedly routing the invoices "through one or more related /associated intermediary firms based abroad" after artificially inflating its value. According to the latest DRI notice, the agency has ...
For safe and simple remittances to India, the nation's largest lender, State Bank of India (SBI), has collaborated with Remitly. The US Department of Treasury has certified Remitly as money ...
The Indian Express had reported on June 20, 2016 that three stateowned banks declined to provide to the DRI information lying with their overseas branches regarding transactions by leading power companies in connection with the coal imports case.. The banks had cited confidentiality norms which prompted Revenue Secretary Hasmukh Adhia to write to these lenders to cooperate with the ongoing ...
Coal import 'overvaluation case': DRI's showcause notice upheld | India News The Indian Express Elections 2023 Advertisement News India Coal import 'overvaluation case': DRI's showcause notice upheld Premium Coal import 'overvaluation case': DRI's showcause notice upheld
New Delhi: The Central Bureau of Investigation (CBI) on Thursday filed two more first information reports (FIRs) in the case related to the irregular allocation of coal mines.
The DRI is probing at least 40 companies including two companies of the Anil Dhirubhai Ambani Group (ADAG), two Essar Group firms and a few public sector power firms for alleged overvaluation of coal imports from Indonesia pegged at Rs 29,000 crore between 2011 and 2015. In March 2016, DRI issued a general alert to its field formations across ...
The agency, according to sources, found that inflated invoices received in India were issued by intermediaries, allegedly subsidiary companies of Indian importers or their fronts. The DRI alleged that in certain cases, the import value of Indonesian coal was artificially inflated by about 50 to 100 per cent by changing test reports which ...
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Interestingly, while the CBI has closed the case, the Directorate of Revenue Intelligence (DRI) which first unearthed the alleged overvaluation of low quality Indonesian coal imports scam pegged at Rs 29,000 crore says that its probe against Bhatia International and 40 other prominent coal importers including a few firms of the Adani Group, Essar Group and the Anil Ambani Group is still on.
SBI is in the process of issuing new cards at no cost to those card holders whose cards have been blocked. This is a cards industry incident (not only SBI)," SBI said. However, other banks are yet to make any announcement on the security breach. However, customers said SBI branches told them the issue of new debit cards can take up to three ...
The Congress on Monday claimed that the DRI investigation into some prominent coal importers for alleged overvaluation of coal imports from Indonesia has not made much headway in the last four years, and demanded handing over the case to a special investigation team (SIT).
The companies that got the relief are Sesa Sterlite, a part of the Londonlisted Vedanta Resources, Raipurheadquarterd Sarda Energy and Minerals, and Delhibased Usha Martin.
Inward Remittance to India Funds transfer through SWIFT / Wire Transfer mechanism ₹ 25/ SBI Express Remit UK ₹ 250/ + any one from the below as per the case applicable: For amount between GBP 5 GBP 500: o For direct credit to SBI: Nil o For credit to other banks through NEFT/ RTGS: Nil For amount above GBP 500:
According to the Indian Express, the DRI found that the inflated import invoices received in India were issued by intermediaries, that were purportedly fronts of subsidiary companies of Indian ...
The Directorate of Revenue Intelligence (DRI) has asked the Central Bureau of Investigation (CBI) to probe two Reliance ADAG firms — Reliance Infrastructure Ltd and Rosa Power Supply Co Ltd — in connection with the alleged overvaluation of imported Indonesian coal between 2010 and 2015, sources told The Indian Express. Sources said the DRI ...
In case of any rebound, the index would face stiff resistance around 15,55015,700 levels," Ajit Mishra, VP Research, Religare Broking, said. Stocks to watch
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According to Indian Express, one Gautam Kumar, who had recently cleared the Bihar Public Service Commission exam, was kidnapped from the school he teaches in, and forced to marry kidnappers daughter.
Coal imports case: SC to hear in Feb Centre's appeal against Bombay HC Sensex ( %) + Nifty ( %) + Nifty Midcap (%) + Nifty Smallcap (%) + Nifty Bank ( %) +
New Delhi | Updated: October 14, 2023 07:34 IST Follow Us The Additional Solicitor General, representing DRI, drew the apex court's attention on October 10 to a recent order by a different bench in another case involving the agency.
The DRI has alleged that several traders are directly importing Indonesian coal but the invoices are "routed through one or more related /associated intermediary firms based abroad" after artificially inflating its value. To justify the inflated price, "manipulated test reports" of the quality of coal is submitted to PSUs and Customs.
Pledge of 13 lakh more shares of Adani Transmission took the total to per cent, the filings showed. The additional pledges are part of a USD 300 million letter of credit issued by a bank to another bank as a guarantee for payments made provided by SBI for Adani Group's Carmichael coal mining project in Australia.
The Directorate of Revenue Intelligence (DRI) has moved the Supreme Court to challenge the Bombay High Court (HC) order that restrained the agency from seeking foreign counterparts' assistance in its probe against a few firms of the Adani group for alleged overvaluation of Indonesian coal imports.
The need for a large drydock was realized by the Indian Navy with the induction of Aircraft carrier INS Vikramaditya, for its maintenance and upkeep as required for keeping it at sea. The dry ...
The case pertains to probe that was initiated by the DRI against a few Adani group firms for alleged overvaluation of coal imports from Indonesia between 2011 and 2015 ... reports suggested that the Supreme Court (SC) has set aside Bombay High Court's order giving relief to the firm in the coal import case. According to business channel ...
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