India

Seeing Red: India’s CBI Objects to Interpol Withdrawal of Notice against Choksi

Mehul Choksi’s name has been removed from Interpol’s database of “Red Corner Notices” (Red Notices).

Former Bank Official and Couple Convicted in Fraud Trial in India

The former Assistant General Manager of Dena Bank and a husband and wife have been convicted of fraud involving a forged letter of credit.

Indian High Court Reverses Order, Denies Injunction

In Wellington Cantonment Board v. Gharpure Engineering & Constructions, the Madras High Court (India) set aside a District Judge order

Indian Bureau Files Charges in Case of Alleged LC Fraud

Bank of Punjab Empowered to Issue LCs Supporting Pharma Needs

Punjab Health Minister Dr. Javed Akram directs Bank of Punjab to issue Letters of Credit (LCs) for crucial pharmaceutical imports amidst concerns over foreign currency constraints. Details on safeguards and bank selection remain unclear. Stay updated on this development.

Alleged Scam Hits Punjab National Bank

RBI Takes Action against Zoroastrian Bank for Compliance Failure

The Reserve Bank of India (central bank) has assessed an INR 1.25 crore (USD 153,000) penalty against Zoroastrian

India Wheat Exports Grows Despite Government Restrictions

In spite of government restrictions imposed in May 2022, wheat exports have since doubled due to pre-existing orders, the impact

Bank Manager, Husband Held on Fraud Charges

Pair Accused of Facilitating Large-Scale Bogus LC Discounting in India

Indian Import of Train Wheels Produced Prior to Russian Invasion

A small portion of India’s USD 16m import order for 36,000 Vande Bharat train wheels from a Ukrainian

India Imposes Additional Measures to Detect Improper LC Documents

In a move to curb use of ante-dated LC documentation to circumvent Indian law banning wheat exports, India’s Directorate