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QBiz: Oppn to Talk About Economy, Jobs at PM Meet; RBI Fines HDFC

Here are the top business news stories of the day.

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1. Opposition to Talk Economy, Unemployment at PM Meet on Wednesday

Chiefs of Opposition parties, or their respective representatives, are set to use the opportunity of a meeting with Prime Minister Narendra Modi on Wednesday by going beyond the five-point agenda the government has suggested.

Opposition leaders plan to flag issues related to the poor state of the economy, increasing unemployment, the drought situation in large parts of the country, and the situation in Jammu & Kashmir (J&K).

(Source: Business Standard)

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2. RBI Fines HDFC Bank Rs 1 Crore for Violation of KYC Norms

Reserve Bank Tuesday fined country's largest private sector lender HDFC Bank for not reporting frauds and non-compliance with other directions.

The fine pertains to submission of forged bill of entries (BoEs) by certain importers to HDFC Bank for remittance of foreign currency, the RBI said.

(Source: The Economic Times)

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3. 15 More Senior Tax Officials Forced Into Retirement by Centre for Alleged Graft

The government on Tuesday issued marching orders to 15 senior tax officials on account of alleged corruption charges. With this the total number of senior tax officials shown the door has gone up to 27 in eight days. All the officials are from the Indian Revenue Service.

The last set of officials told to retire was from the Income Tax Department, while this time, senior officials with ranks such as Principal Commissioner and Assistant Commissioner, dealing with indirect taxes, have been asked to leave.

(Source: BusinessLine)

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4. Indian Railways Bets on Huge Modernisation Project

Indian Railways bets on big signalling upgrade! Aiming to provide safer and faster train travel to its passengers, Indian Railways has taken the big step towards signalling upgradation. The national transporter has signed an MoU with RailTel Enterprises Limited (REL) for the work of modernization of signalling system. The REL is an entirely owned subsidiary firm of RailTel Corporation of India Limited.

The modernization of signalling system will include Automatic Train Protection System along with Long Term Evolution (LTE) based Mobile Train Radio Communication System (MTRC) together with the provision of Electronic Interlocking (indoor) wherever required. The project will be implemented on four sections across the Indian Railways’ network.

(Source: Financial Express)

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5. RBI Panel Recommends Doubling Collateral-Free Loans for MSMEs

An expert committee of the Reserve Bank of India (RBI) on Micro, Small and Medium Enterprises (MSMEs) has suggested doubling collateral-free loans for these units. This should be applicable to Micro Units Development and Refinance Agency (Mudra) and Self-Help Groups (SHGs), too, the committee said.

The committee, headed by former SEBI Chairman UK Sinha, submitted its report to RBI Governor Shaktikanta Das on Monday. The RBI is expected to put up the report in public domain by Friday.

(Source: BusinessLine)

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6. Blackstone to Buy Office Space in BKC for Rs 2,500 Crore

Blackstone Group has agreed to acquire 700,000 square feet of prime office space in Mumbai’s Bandra-Kurla Complex (BKC) for Rs 2,500 crore from Radius Group in one of the country’s largest commercial real estate deals, said two persons with knowledge of the matter.

The space forms part of the high-profile One BKC project in Mumbai’s financial district.

(Source: The Economic Times)

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7. Jet Airways Stock Tanks 41%, Hits All-Time Low

Shares of Jet Airways lost the ground on Tuesday by posting its biggest single-day fall since its listing in March 2005. The airline stock extended its losses and closed the session 40.7% lower at Rs 40.25 on the Bombay Stock Exchange (BSE).

The stock tanked after the State Bank of India led consortium of lenders on Monday decided to take the airline to National Company Law Tribunal (NCLT) after failing to receive buyers. Additionally, on Tuesday Ashok Chawla and Sharad Sharma resigned as independent directors of the company. This happened in view of the bank led resolution plan not moving forward.

(Source: Financial Express)

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8. Deloitte Ban to Disrupt Businesses and Investment Inflows: US to India

The United States has told India that any move to ban Deloitte and other big auditing firms would disrupt businesses and investment inflows into the country.

This was disclosed to Deloitte global CEO Punit Renjen by US ambassador Kenneth Juster last week, sources said.

(Source: Business Standard)

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9. SBI vs HDFC Bank: Premature Withdrawal Rules of Fixed Deposits

Risk-averse and conservative investors still prefer to invest their money in bank fixed deposits (FDs) in India. The safe and secure nature of the investment is the reason for the attraction towards FD. Some investors also opt for the cumulative option, instead of the regular or interest payment options.

FDs comes with a wide range of tenures. You can choose from 7 to up to 10 years. Nevertheless, liquidity of FD can be an issue, as premature withdrawals are generally not allowed or come with a penalty. Broadly Fixed deposit is categorized into two types: i) with premature withdrawal facility; ii) without a premature withdrawal facility (compulsory lock-in period).

(Source: Financial Express)

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