RBI CRACKS DOWN ON JVG FIN, PUTS CURBS
Article Abstract:
Criminal proceedings have been initiated by the Reserve Bank of India (RBI) against JVG Finance Limited and JVG Leasing Limited and its chairman Mr VK Sharma for gross violation of Non-banking Financial Companies rules. The companies have been banned from undertaking both financial and leasing activities. The company is accused of collecting public deposits worth Rs8,882 lakh though it was eligible to collect only Rs300 lakh, thus leading to a negative net owned fund (NOF). Apart from this, JVG Finance has also indicated wrong figures in the applications forms despite the norm that the amount a company is entitled to collect should be mentioned in the application packet. (gsh)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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RBI ISSUES FIAT ON TV SOFTWARE EXPORT
Article Abstract:
The companies that export television/video software have been asked by the Reserve Bank of India (RBI) to declare their exports in the Softex forms. The Softex forms have been changed suitably from February 1, 1999. The Reserve Bank of India has issued circulars to all banks that exports of software products, television/video software should be declared in Softex forms. The certification and valuation of the television/video software will be made once a week at all Software Technology Park of India. (rk) (kvr)
Comment:
The companies that export television/video software have been asked by the Reserve Bank of India (RBI) to declare their exports in the Softex forms.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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RBI REDUCES EXPORT REFINANCE RATE TO 7%
Article Abstract:
Export refinance rates have been reduced by 200 basis points from nine percent to seven percent by the Reserve Bank of India (RBI), thus lowering it by two percentage points below the Bank Rate. The revised rate will be valid till March 31, 1999 and the concessional rate is applicable on existing advances of banks. This move of RBI comes in response to the lowering of export credit by the government for pre and post-shipment to nine percent from 11 percent earlier. (gsh)
Comment:
Lowers export refinance rates have been reduced by 200 basis points from 9% to 7%
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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