India looks all set to diversify its oil import sources amid the ongoing global energy crisis fueled by the Russian invasion of Ukraine. India looks to buy oil from Guyana, Canada, Gabon, Brazil & Colombia.

Why India seeks to diversify its oil import sources?

A drone was intercepted and shot down near the US&nbsp;embassy in Baghdad on Monday, without causing casualties, two Iraqi security sources told Reuters. 
 
The sources said the drone failed to reach the embassy compound. 
 
Earlier,&nbsp;a volley of rockets targeted the high-security zone in the Iraqi capital that is home to the US embassy, the military and security sources said.

The attack was&nbsp;the third in a week to target Western diplomatic, military or commercial installations across Iraq after months of relative calm.

At least two rockets hit within the perimeter of the Green Zone, where the American and other foreign embassies are based, according to a statement by Iraq's security services.

A security source told AFP at least one rocket hit the headquarters of Iraq's National Security Service near the US diplomatic mission.

Others crashed into nearby residential districts, including a multi-storey parking complex in the neighbourhood of Harithiya, a witness said.&nbsp;

The attack comes one week after more than a dozen rockets targeted a military complex at the Arbil airport in northern Iraq, which hosts foreign troops from a US-led coalition helping Iraq fight jihadists since 2014.

Two people were killed, including one foreign contractor based at the airport, who died immediately, and a civilian, who died of his wounds later.

On Saturday, another wave of rockets hit the Al-Balad airbase north of Baghdad, where Iraq keeps most of the F-16s it has purchased from the US in recent years.

Security sources said at least one local contractor for Sallyport, the US company that maintains the planes, was wounded.

(With inputs from agencies)

A drone was intercepted and shot down near the US embassy in Baghdad on Monday, without causing casualties, two Iraqi security sources told Reuters. The sources said the drone failed to reach the embassy compound.

A drone was intercepted and shot down near the US embassy in Baghdad on Monday, without causing casualties, two Iraqi security sources told Reuters. The sources said the drone failed to reach the embassy compound. Earlier, a volley of rockets targeted the high-security zone in the Iraqi capital that is home to the US embassy, the military and security sources said. The attack was the third in a week to target Western diplomatic, military or commercial installations across Iraq after months of relative calm. At least two rockets hit within the perimeter of the Green Zone, where the American and other foreign embassies are based, according to a statement by Iraq's security services. A security source told AFP at least one rocket hit the headquarters of Iraq's National Security Service near the US diplomatic mission. Others crashed into nearby residential districts, including a multi-storey parking complex in the neighbourhood of Harithiya, a witness said. The attack comes one week after more than a dozen rockets targeted a military complex at the Arbil airport in northern Iraq, which hosts foreign troops from a US-led coalition helping Iraq fight jihadists since 2014. Two people were killed, including one foreign contractor based at the airport, who died immediately, and a civilian, who died of his wounds later. On Saturday, another wave of rockets hit the Al-Balad airbase north of Baghdad, where Iraq keeps most of the F-16s it has purchased from the US in recent years. Security sources said at least one local contractor for Sallyport, the US company that maintains the planes, was wounded. (With inputs from agencies)

Drone shot down near US embassy in Baghdad, no casualties: Security sources

The Biden administration is exploring having three Central Asian countries temporarily take in thousands of Afghans who worked with US&nbsp;forces and face threats from the Taliban now that American troops are withdrawing after 20 years, three sources familiar with the matter said on Friday. 
 
They said Washington is in talks with Kazakhstan, Tajikistan and Uzbekistan about letting in the at-risk Afghan citizens. Two of the sources were US&nbsp;officials and all requested anonymity. 
 
The three sources said an agreement did not appear imminent with any of the countries. 
 
The decision to move at-risk Afghans risks inflaming a sense of crisis in Afghanistan, as fighting between US-backed Afghan forces and the Taliban has surged in recent weeks, with the militants gaining control of large amounts of territory. 
 
Thousands of Afghan translators and interpreters face threats from the Taliban after working for two decades alongside the US&nbsp;military. 
 
The United States announced plans last week to seek refuge for thousands of vulnerable Afghans in countries outside Afghanistan so their US&nbsp;visa applications could be processed from safety, but Washington did not specify where they would go. 
 
White House spokeswoman Jen Psaki provided no further details on Friday. 
 
"One of the reasons that I'm not going to get into security details about what third country they might go to, and how many, is exactly for that reason, but certainly our timeline is to relocate these individuals to a location outside of Afghanistan before we complete our military drawdown," Psaki said.

President Joe Biden has said those who helped the United States will not be left behind, and on Thursday, a senior Republican lawmaker said plans to evacuate at-risk Afghans will include their family members for a total of as many as 50,000 people.

(With inputs from agencies)

The Biden administration is exploring having three Central Asian countries temporarily take in thousands of Afghans who worked with US forces and face threats from the Taliban now that American troops are withdrawing after 20 years, three sources familiar with the matter said on Friday.

The Biden administration is exploring having three Central Asian countries temporarily take in thousands of Afghans who worked with US forces and face threats from the Taliban now that American troops are withdrawing after 20 years, three sources familiar with the matter said on Friday. They said Washington is in talks with Kazakhstan, Tajikistan and Uzbekistan about letting in the at-risk Afghan citizens. Two of the sources were US officials and all requested anonymity. The three sources said an agreement did not appear imminent with any of the countries. The decision to move at-risk Afghans risks inflaming a sense of crisis in Afghanistan, as fighting between US-backed Afghan forces and the Taliban has surged in recent weeks, with the militants gaining control of large amounts of territory. Thousands of Afghan translators and interpreters face threats from the Taliban after working for two decades alongside the US military. The United States announced plans last week to seek refuge for thousands of vulnerable Afghans in countries outside Afghanistan so their US visa applications could be processed from safety, but Washington did not specify where they would go. White House spokeswoman Jen Psaki provided no further details on Friday. "One of the reasons that I'm not going to get into security details about what third country they might go to, and how many, is exactly for that reason, but certainly our timeline is to relocate these individuals to a location outside of Afghanistan before we complete our military drawdown," Psaki said. President Joe Biden has said those who helped the United States will not be left behind, and on Thursday, a senior Republican lawmaker said plans to evacuate at-risk Afghans will include their family members for a total of as many as 50,000 people. (With inputs from agencies)

US looks into having 3 Central Asian states take in at-risk Afghans: Sources

The US&nbsp;military appears just days away from completing its withdrawal from Afghanistan, well ahead of the September&nbsp;11 deadline set by President Joe Biden to end America's longest war, US&nbsp;officials told Reuters on Tuesday, speaking on condition of anonymity. 
 
The withdrawal of troops and equipment from Afghanistan would not include forces that will remain to protect diplomats at the US&nbsp;embassy and potentially assist securing Kabul airport. 
 
US&nbsp;officials have told Reuters that embassy presence could be around 650 troops. 
 
The US military stopped publicly detailing the pace of its withdrawal after it was more than 50 per cent complete earlier in June. 
 
The disclosure of the brisk pace of the US&nbsp;withdrawal comes as the Taliban insurgency ramps up its offensive throughout the country. The Pentagon now estimates the Taliban control 81 of the country's 419 district centers. 
 
Peace talks in Qatar, meanwhile, have failed to make significant progress. 
 
The Pentagon said earlier on Tuesday that the US&nbsp;withdrawal would not necessarily signify the end of NATO's Resolute Support mission in Afghanistan, but referred further queries to NATO. 
 
The withdraw of US-led NATO forces has raised concerns that the country could erupt in full-scale civil war, potentially providing al Qaeda space in which to rebuild and plan new attacks on US&nbsp;and other targets. 
 
A United Nations report in January said there were as many as 500 al Qaeda fighters in Afghanistan and that the Taliban maintained a close relationship with the Islamist extremist group. The Taliban denies al Qaeda has a presence in Afghanistan. 
 
US&nbsp;Defence Secretary Lloyd Austin is expected on Wednesday to meet his Germany counterpart at the Pentagon. Germany, which had the second largest contingent of troops after the United States in Afghanistan, announced on Tuesday that it had concluded its withdrawal from Afghanistan. 
 
It was unclear if the pace of the US&nbsp;withdrawal would still allow first for a planned evacuation of thousands of vulnerable Afghan interpreters and their families, something that had been expected before the US&nbsp;pullout.

The US military appears just days away from completing its withdrawal from Afghanistan, well ahead of the September 11 deadline set by President Joe Biden to end America's longest war, US officials told Reuters on Tuesday, speaking on condition of anonymity.

The US military appears just days away from completing its withdrawal from Afghanistan, well ahead of the September 11 deadline set by President Joe Biden to end America's longest war, US officials told Reuters on Tuesday, speaking on condition of anonymity. The withdrawal of troops and equipment from Afghanistan would not include forces that will remain to protect diplomats at the US embassy and potentially assist securing Kabul airport. US officials have told Reuters that embassy presence could be around 650 troops. The US military stopped publicly detailing the pace of its withdrawal after it was more than 50 per cent complete earlier in June. The disclosure of the brisk pace of the US withdrawal comes as the Taliban insurgency ramps up its offensive throughout the country. The Pentagon now estimates the Taliban control 81 of the country's 419 district centers. Peace talks in Qatar, meanwhile, have failed to make significant progress. The Pentagon said earlier on Tuesday that the US withdrawal would not necessarily signify the end of NATO's Resolute Support mission in Afghanistan, but referred further queries to NATO. The withdraw of US-led NATO forces has raised concerns that the country could erupt in full-scale civil war, potentially providing al Qaeda space in which to rebuild and plan new attacks on US and other targets. A United Nations report in January said there were as many as 500 al Qaeda fighters in Afghanistan and that the Taliban maintained a close relationship with the Islamist extremist group. The Taliban denies al Qaeda has a presence in Afghanistan. US Defence Secretary Lloyd Austin is expected on Wednesday to meet his Germany counterpart at the Pentagon. Germany, which had the second largest contingent of troops after the United States in Afghanistan, announced on Tuesday that it had concluded its withdrawal from Afghanistan. It was unclear if the pace of the US withdrawal would still allow first for a planned evacuation of thousands of vulnerable Afghan interpreters and their families, something that had been expected before the US pullout.

US military days away from completing Afghan withdrawal: Sources

An attack inside the Air Force base in Jammu on Sunday was carried out using two drones, according to reports. "There is no damage to any aircraft in the blasts.

An attack inside the Air Force base in Jammu on Sunday was carried out using two drones, according to reports. "There is no damage to any aircraft in the blasts. Two personnel suffered minor injuries," the reports said citing sources. Damage caused due to explosions by the drones at the Jammu airbase at 1.27am and 1.32 am today. Initial inputs suggest that shaped charge (explosive device) used for the explosions: Sources pic.twitter.com/53euEdNpfD — ANI (@ANI) June 27, 2021 × The Indian Air Force (IAF) said the two low-intensity explosions were reported early Sunday morning in the technical area of Jammu Air Force Station. One of the blasts caused minor damage to the roof of a building. The other took place in an open area. There was no damage to any equipment, the IAF said. #WATCH | Bomb Disposal Squad rushed to the explosion site in Jammu airport's technical area pic.twitter.com/K5XOy7hnDC — ANI (@ANI) June 27, 2021 × An investigation into the matter is ongoing along with civil agencies, it added. A high-level investigation team of the Indian Air Force (IAF) will reach Jammu shortly. The possible target of the drones was the aircraft parked in the dispersal area. Also, the sources have revealed that the Western Air Commander Air Marshal VR Chaudhary will pay a visit to the Jammu airbase to review the ground situation. He would be briefed by the Indian Air Force officials on the incident.

Two drones used to carry out attack on Jammu Air Force base: Reports

A major blast was heard in Paris that reverberated over the entire city.

Eyewitnesses reported their buildings rocking and people from several central districts as well as in nearby suburbs reported hearing the blast.

There were no immediate reports of any smoke or fire.

(More details awaited)

A major blast was heard in Paris that reverberated over the entire city. Eyewitnesses reported their buildings rocking and people from several central districts as well as in nearby suburbs reported hearing the blast.

A major blast was heard in Paris that reverberated over the entire city. Eyewitnesses reported their buildings rocking and people from several central districts as well as in nearby suburbs reported hearing the blast. There were no immediate reports of any smoke or fire. (More details awaited)

Major blast heard all over Paris and nearby suburbs, source unclear

A new issue with the Boeing's 737 Max has been discovered. After being grounded citing safety issues, Boeing has been running tests and reviews involving the Max.&nbsp;

CNN reported that during a recent review, an issue with the plane's flight computers was found. &nbsp; 
 
According to the source, the issue does not pertain to the software revisions made by Boeing after two fatal crashes that killed 346 people. Additionally, the issue is not capable of causing trouble during flight.

After a series of crashes and doubts, Max has remained grounded since March.

<h6><img alt="ggg" data-entity-type="file" data-entity-uuid="311c5cc2-01a5-45bc-93aa-e9fa26487216" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%283%29_34.jpg" /> 
Image:&nbsp;In this file photo taken on March 27, 2019 employees work on Boeing 737 MAX airplanes at the Boeing Renton Factory in Renton, Washington | AFP 
&nbsp;</h6>

Reportedly, the issue was discovered while booting up a computer on the Max, and specifically pertains to a function called ''software power-up monitoring''. This feature looks for inconsistencies while switching on a computer, almost akin to the steps taken by any conventional computer during start-up.

The source further added that the process of turning on happens when the plane is grounded, averting scope of any risks while flying. They also said that the test was designed to find such issues and to troubleshoot them.

Many analysts believe that a software issue with the safety system led to two crashes.&nbsp;

"We are making necessary updates and working with the FAA on submission of this change, and keeping our customers and suppliers informed," Boeing said in a statement. "Our highest priority is ensuring the 737 MAX is safe and meets all regulatory requirements before it returns to service."

<h6><img alt="Boeing" data-entity-type="file" data-entity-uuid="cf122078-25a6-41d6-90ac-80b081456ea5" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%285%29_17.jpg" /> 
Image:&nbsp;In this file photo taken on March 12, 2019 a stands next to a Boeing 737 MAX 9 airplane on the tarmac at the Boeing Renton Factory in Renton, Washington | AFP 
&nbsp;</h6>

Will this impact the company's submission of the software changes to the Federal Aviation Administration? Nobody quite knows yet.

Boeing has lost billions of dollars due to the ongoing crisis. There were more cancellations than new business for the company. Due to the crashes, the order for 737 Max jets fell by 183 units.

On Friday, Fitch Ratings, an American credit rating agency and one of the "Big Three credit rating agencies" downgraded the company's long-term ratings to ''A-'' from ''A''.

&nbsp;

A new issue with the Boeing's 737 Max has been discovered. After being grounded citing safety issues, Boeing has been running tests and reviews involving the Max.

A new issue with the Boeing's 737 Max has been discovered. After being grounded citing safety issues, Boeing has been running tests and reviews involving the Max. CNN reported that during a recent review, an issue with the plane's flight computers was found. According to the source, the issue does not pertain to the software revisions made by Boeing after two fatal crashes that killed 346 people. Additionally, the issue is not capable of causing trouble during flight. After a series of crashes and doubts, Max has remained grounded since March. Image: In this file photo taken on March 27, 2019 employees work on Boeing 737 MAX airplanes at the Boeing Renton Factory in Renton, Washington | AFP Reportedly, the issue was discovered while booting up a computer on the Max, and specifically pertains to a function called ''software power-up monitoring''. This feature looks for inconsistencies while switching on a computer, almost akin to the steps taken by any conventional computer during start-up. The source further added that the process of turning on happens when the plane is grounded, averting scope of any risks while flying. They also said that the test was designed to find such issues and to troubleshoot them. Many analysts believe that a software issue with the safety system led to two crashes. "We are making necessary updates and working with the FAA on submission of this change, and keeping our customers and suppliers informed," Boeing said in a statement. "Our highest priority is ensuring the 737 MAX is safe and meets all regulatory requirements before it returns to service." Image: In this file photo taken on March 12, 2019 a stands next to a Boeing 737 MAX 9 airplane on the tarmac at the Boeing Renton Factory in Renton, Washington | AFP Will this impact the company's submission of the software changes to the Federal Aviation Administration? Nobody quite knows yet. Boeing has lost billions of dollars due to the ongoing crisis. There were more cancellations than new business for the company. Due to the crashes, the order for 737 Max jets fell by 183 units. On Friday, Fitch Ratings, an American credit rating agency and one of the "Big Three credit rating agencies" downgraded the company's long-term ratings to ''A-'' from ''A''.

New issue with Boeing 737 Max's computer software discovered: Sources

The Central Board of Direct Taxes (CBDT) on Tuesday compulsorily retired another 21 Group B officers of the rank of Income Tax officers, due to corruption and other charges, Finance Ministry sources said.

The action has been taken under Fundamental Rule 56 (J) in public interest.&nbsp;

The rule covers group 'A and B' officers who entered service before 35 years of age and have attained 50 years of age, who are facing serious allegations of corruption.&nbsp;

In case, the allegations are found to be true by the review committee, it recommends compulsory retirement. Later, the order is signed by the President.

The sacked officers were posted in Hyderabad, Rajkot, Mumbai, Thane, Sawai Madhopur, Nagpur, Hazaribagh, Jodhpur, Bikaner, Ujjain and Bhopal.

In Septemeber, the CBDT gave marching orders to 15 senior officers following an investigation into charges of corruption against them.

In June, 27 high-ranking Indian Revenue Service officers including 12 officers from the Central Board of Direct Taxes were compulsorily retired.

The Central Board of Direct Taxes (CBDT) on Tuesday compulsorily retired another 21 Group B officers of the rank of Income Tax officers, due to corruption and other charges, Finance Ministry sources said.

The Central Board of Direct Taxes (CBDT) on Tuesday compulsorily retired another 21 Group B officers of the rank of Income Tax officers, due to corruption and other charges, Finance Ministry sources said. The action has been taken under Fundamental Rule 56 (J) in public interest. The rule covers group 'A and B' officers who entered service before 35 years of age and have attained 50 years of age, who are facing serious allegations of corruption. In case, the allegations are found to be true by the review committee, it recommends compulsory retirement. Later, the order is signed by the President. The sacked officers were posted in Hyderabad, Rajkot, Mumbai, Thane, Sawai Madhopur, Nagpur, Hazaribagh, Jodhpur, Bikaner, Ujjain and Bhopal. In Septemeber, the CBDT gave marching orders to 15 senior officers following an investigation into charges of corruption against them. In June, 27 high-ranking Indian Revenue Service officers including 12 officers from the Central Board of Direct Taxes were compulsorily retired.

CBDT compulsorily retires 21 Income Tax officers for corruption, other charges: Sources

After a humiliating defeat in the Lok Sabha elections, according to the sources, Congress President Rahul Gandhi has offered his resignation at Congress Working Committee meeting But his resignation has not been accepted by the Committee.. Watch full video to know more.

Rahul Gandhi offers resignation in CWC meeting, not accepted by committee: Sources

More than 50 per cent of the funds national parties received during the financial year 2017-18 came from “unknown” sources that included donations through electoral bonds and voluntary contributions, according to election watchdog Association for Democratic Reforms (ADR).

The ADR Wednesday released the findings of an analysis of six national parties’ IT returns and donation statements filed with the Election Commission.

According to it, the total income of BJP, Congress, CPI, BSP, TMC, and NCP in 2017-18 was Rs 1293.05 crore.

The income of these parties from “unknown” sources was Rs 689.44 crore, which is 53 per cent of their total income.

The BJP alone declared Rs 553.38 crore as its income from unknown sources, which is 80 per cent of the total income of the national parties from such sources.

Out of the Rs 689.44 crore, the share from electoral bonds was Rs 215 crore or 31 per cent, the report said.

The parties received Rs 354.22 crore or more than 51 per cent of the fund from unknown sources through voluntary contributions (below Rs 20,000), it said, adding the total income from other miscellaneous unknown sources was Rs 4.5 crore.

Thirty-six per cent of their income or Rs 467.13 crore from “known” donors, whose details were available from contribution reports submitted to the Election Commission.

They got Rs 136.48 crore from other known sources, such as from the sale of assets and publications, membership fees, bank interest, and party levy, the report said.

According to donation reports (containing details of donations above Rs 20,000), only Rs 16.80 lakh was given in cash to the national parties.

The CPI(M), which is also a national party, was not included in the analysis as its “schedules or annexures were unavailable for the financial year 2017-18”.

At present, political parties are not required to declare the names of individuals and organisations giving less than Rs. 20,000 nor of those who donate via electoral bonds.

While the national parties were brought under the Right to Information Act by the CIC ruling in June 2013, they have still not complied with the decision.

More than 50 per cent of the funds national parties received during the financial year 2017-18 came from “unknown” sources that included donations through electoral bonds and voluntary contributions, according to election watchdog Association for Democratic Reforms (ADR).

More than 50 per cent of the funds national parties received during the financial year 2017-18 came from “unknown” sources that included donations through electoral bonds and voluntary contributions, according to election watchdog Association for Democratic Reforms (ADR). The ADR Wednesday released the findings of an analysis of six national parties’ IT returns and donation statements filed with the Election Commission. According to it, the total income of BJP, Congress, CPI, BSP, TMC, and NCP in 2017-18 was Rs 1293.05 crore. The income of these parties from “unknown” sources was Rs 689.44 crore, which is 53 per cent of their total income. The BJP alone declared Rs 553.38 crore as its income from unknown sources, which is 80 per cent of the total income of the national parties from such sources. Out of the Rs 689.44 crore, the share from electoral bonds was Rs 215 crore or 31 per cent, the report said. The parties received Rs 354.22 crore or more than 51 per cent of the fund from unknown sources through voluntary contributions (below Rs 20,000), it said, adding the total income from other miscellaneous unknown sources was Rs 4.5 crore. Thirty-six per cent of their income or Rs 467.13 crore from “known” donors, whose details were available from contribution reports submitted to the Election Commission. They got Rs 136.48 crore from other known sources, such as from the sale of assets and publications, membership fees, bank interest, and party levy, the report said. According to donation reports (containing details of donations above Rs 20,000), only Rs 16.80 lakh was given in cash to the national parties. The CPI(M), which is also a national party, was not included in the analysis as its “schedules or annexures were unavailable for the financial year 2017-18”. At present, political parties are not required to declare the names of individuals and organisations giving less than Rs. 20,000 nor of those who donate via electoral bonds. While the national parties were brought under the Right to Information Act by the CIC ruling in June 2013, they have still not complied with the decision.

Over 50% funds national parties received in 2017-18 came from ‘unknown’ sources: ADR

The government and the Reserve Bank of India seem to be veering around to an agreeable solution with respect to relaxation of the Prompt Corrective Action (PCA) framework and the easing of lending norms for the MSME sector ahead of the RBI board meeting on November 19, sources said.

If not in this board meeting, sources said, the issue of relaxation of PCA framework which the finance ministry has been pitching for would be reached in the next few weeks.

As a result of the relaxation, some banks may come out of the PCA framework by the end of the current fiscal.

Also read:&nbsp;<a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-may-consider-resigning-after-rift-with-government-report-174513">RBI Governor Urjit Patel may consider resigning after </a><a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-may-consider-resigning-after-rift-with-government-report-174513">rift</a><a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-may-consider-resigning-after-rift-with-government-report-174513"> with government</a>

Of the 21 state-owned banks, 11 are under the PCA framework. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra.

The PCA framework kicks in when banks breach any of the three key regulatory trigger points namely capital to risk weighted assets ratio, Net non-performing assets (NPA) and return on assets (RoA).&nbsp;

The RBI is also likely to agree to easing of lending norms for the MSME sector including strict rating criteria to improve credit flow to this sector, sources said.

Besides, the central bank is expected to consider special dispensation for micro, small and medium enterprises (MSME) sector and non-banking financial companies (NBFCs) which have been facing liquidity issues.&nbsp;

The government feels that the MSME sector which employs about 12 crore people plays a critical role in the economy, and the sector hit by demonetisation and implementation of Goods and Services Tax (GST) needs support.

However, the central bank has been averse to government demand for special dispensations for MSME and NBFC sectors as it consider them vulnerable.

Last week, Finance Minister Arun Jaitley said there is a need to minimise NPAs in order to maintain the strength of the banking system and enable it to help the economy grow.

It is only a strong banking system that will be able to improve credit in those sectors which really need credit, the Finance Minister had said, adding, "The MSME sector needs credit, several other players in the market need credit. NBFCs today need credit because a large part of lending is done by them."&nbsp;

There are reports of growing tensions between the RBI and the government, with the Finance Ministry initiating discussion under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor.

RBI Deputy Governor Viral Acharya had in a speech last month talked about the independence of the central bank, arguing that any compromise could be "potentially catastrophic" for the economy.&nbsp;

The government and the Reserve Bank of India seem to be veering around to an agreeable solution with respect to relaxation of the Prompt Corrective Action (PCA) framework and the easing of lending norms for the MSME sector ahead of the RBI board meeting on November 19, sources said.

The government and the Reserve Bank of India seem to be veering around to an agreeable solution with respect to relaxation of the Prompt Corrective Action (PCA) framework and the easing of lending norms for the MSME sector ahead of the RBI board meeting on November 19, sources said. If not in this board meeting, sources said, the issue of relaxation of PCA framework which the finance ministry has been pitching for would be reached in the next few weeks. As a result of the relaxation, some banks may come out of the PCA framework by the end of the current fiscal. Also read: RBI Governor Urjit Patel may consider resigning after rift with government Of the 21 state-owned banks, 11 are under the PCA framework. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra. The PCA framework kicks in when banks breach any of the three key regulatory trigger points namely capital to risk weighted assets ratio, Net non-performing assets (NPA) and return on assets (RoA). The RBI is also likely to agree to easing of lending norms for the MSME sector including strict rating criteria to improve credit flow to this sector, sources said. Besides, the central bank is expected to consider special dispensation for micro, small and medium enterprises (MSME) sector and non-banking financial companies (NBFCs) which have been facing liquidity issues. The government feels that the MSME sector which employs about 12 crore people plays a critical role in the economy, and the sector hit by demonetisation and implementation of Goods and Services Tax (GST) needs support. However, the central bank has been averse to government demand for special dispensations for MSME and NBFC sectors as it consider them vulnerable. Last week, Finance Minister Arun Jaitley said there is a need to minimise NPAs in order to maintain the strength of the banking system and enable it to help the economy grow. It is only a strong banking system that will be able to improve credit in those sectors which really need credit, the Finance Minister had said, adding, "The MSME sector needs credit, several other players in the market need credit. NBFCs today need credit because a large part of lending is done by them." There are reports of growing tensions between the RBI and the government, with the Finance Ministry initiating discussion under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor. RBI Deputy Governor Viral Acharya had in a speech last month talked about the independence of the central bank, arguing that any compromise could be "potentially catastrophic" for the economy.

RBI, govt trying to reach common ground on key issues: Sources

Absconding diamantaire and PNB fraud accused Nirav Modi is reported to have fled London for Brussels.&nbsp;

The media had flashed the news that Nirav Modi had allegedly fled to the UK, where he is reportedly claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials.

However, now it is reported that he may have left London either on Tuesday or Wednesday for Brussels.

The diamond merchant, wanted in India's biggest-ever banking scam, is said to be travelling in and out of the UK freely, possibly on a Singapore passport, not an Indian one.&nbsp;

A non-bailable warrant was issued against Nirav Modi and 10 other accused, including his family members, in the case related to the fraud, after taking cognisance of a charge sheet filed against them by the ED last month.

The Ministry of External Affairs told the FT that the Indian government was waiting for that country’s law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The Enforcement Directorate has also issued summons to diamantaire Nirav Modi and his family members to join the investigations.

Nirav Modi is reported to have left London either on Tuesday or Wednesday. He was reportedly claiming political asylum in England

Absconding diamantaire and PNB fraud accused Nirav Modi is reported to have fled London for Brussels. The media had flashed the news that Nirav Modi had allegedly fled to the UK, where he is reportedly claiming political asylum, the Financial Times reported on Sunday, citing Indian and British officials. However, now it is reported that he may have left London either on Tuesday or Wednesday for Brussels. The diamond merchant, wanted in India's biggest-ever banking scam, is said to be travelling in and out of the UK freely, possibly on a Singapore passport, not an Indian one. A non-bailable warrant was issued against Nirav Modi and 10 other accused, including his family members, in the case related to the fraud, after taking cognisance of a charge sheet filed against them by the ED last month. The Ministry of External Affairs told the FT that the Indian government was waiting for that country’s law enforcement agencies to approach them before pushing for an extradition, which had thus far not happened. The Enforcement Directorate has also issued summons to diamantaire Nirav Modi and his family members to join the investigations.

PNB scam: Nirav Modi reportedly flees London for Brussels

The Unnao gang rape case has been handed over to the Central Bureau of Investigation after the intervention of the Prime Minister's Office, ANI reported Thursday quoting sources.&nbsp;

An Uttar Pradesh BJP MLA is the main accused in the gang rape case.&nbsp;

Kuldeep Singh Sengar has been booked by UP Police on various charges including rape, kidnapping and criminal intimidation in connection with the alleged rape of a 17-year-old girl.&nbsp;

The police have however refused to arrest him, saying the CBI will do it.&nbsp;

The case came to light after the girl and her family tried to commit suicide outside UP Chier Minister Yogi Adityanath's residence recently.&nbsp;

A few days later the girl's father died, reportedly in police custody.&nbsp;

It was after that that Adityanath said his government would take action, and that nobody — no matter how powerful — would be spared.&nbsp;

&nbsp;

Police have booked BJP MLA Kuldeep Singh Sengar for rape and kidnapping but have not arrested him, saying the CBI will do it

The Unnao gang rape case has been handed over to the Central Bureau of Investigation after the intervention of the Prime Minister's Office, ANI reported Thursday quoting sources. An Uttar Pradesh BJP MLA is the main accused in the gang rape case. Kuldeep Singh Sengar has been booked by UP Police on various charges including rape, kidnapping and criminal intimidation in connection with the alleged rape of a 17-year-old girl. The police have however refused to arrest him, saying the CBI will do it. The case came to light after the girl and her family tried to commit suicide outside UP Chier Minister Yogi Adityanath's residence recently. A few days later the girl's father died, reportedly in police custody. It was after that that Adityanath said his government would take action, and that nobody — no matter how powerful — would be spared.

Unnao gang rape case handed over to CBI after intervention of Prime Minister's Office: Sources

Regulators in Hong Kong and Singapore have asked banks doing business there to disclose if they have dealings with entities and individuals named in the leaked &#39;Panama&nbsp;Papers&#39;&nbsp;which contained details on thousands of shell firms, people familiar with the requests said.

The leaked documents from&nbsp;Panama&nbsp;law firm Mossack Fonseca, which contained information on 214,000 offshore companies, revealed that Hong Kong was the most active centre in the world for the creation of shell firms, which have many legitimate purposes, but can also be used to hide assets&nbsp;and avoid taxes.

According to two sources familiar with the situation, the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) sent letters to the banks in April. The two central banks did not set a firm deadline for a reply, the sources said.

One source, who had seen the letter sent to Hong Kong banks, said the request asked about their dealings with a list of between 16 and 18 names.

The sources did not disclose which banks were written to nor the names on the lists.

Bankers operating in Hong Kong have told Reuters that the&nbsp;Panama&nbsp;Papers&nbsp;have triggered a massive compliance exercise there, with banks carefully combing through their accounts to ensure there are no problems.

HKMA said in a statement that it regularly collects information from banks on various issues or risks relating to anti-money laundering or counter-financing of terrorism, but it could not discuss details of its dealings.

MAS did not offer fresh comment but referred to its statement on May 10 that said it was reviewing the latest batch of information released on the&nbsp;Panama&nbsp;Papers.

&quot;If there is evidence of wrongdoing by any individual or entity in Singapore, we will not hesitate to take firm supervisory and enforcement action,&quot; they said then.

Reuters contacted several large banks operating under MAS and HKMA jurisdiction, but they declined to comment when asked if they had received letters.

According to the two sources, HKMA and MAS were trying to ascertain whether banks operating in their jurisdictions carried out due diligence and checked the source of funding when dealing with clients named in the&nbsp;Panama&nbsp;Papers, they said.

One source said some banks in Singapore had already responded to the MAS request.

The leak has put tax avoidance at the top of the global agenda by showing the extent to which tax havens have been used by politicians and businesspeople around the world.

Besides Hong Kong, Singapore and China were among the busiest office for Mossack Fonseca, which worked with more than 2,200 banks, law firms, corporate secretaries and other middlemen in the territory.

A portion of the leaked data released by the International Consortium of Investigative Journalists showed 51,295 offshore entities and 25,982 individuals linked to Hong Kong, and 4,188 entities and 33,290 individuals linked to China.

Some of the individuals in China routed their money through Hong Kong.

Mossack Fonseca&#39;s list of clients includes senior political figures such as Chinese President Xi Jinping&#39;s brother-in-law. Appearing on the list is not evidence of any wrongdoing. None has made any comment.

The requests by HKMA and MAS follow a series of measures taken by regulators in different parts of the world to crack down on irregularities by financial firms and undisclosed offshore wealth.

New York state&#39;s financial regulator last month told 13 foreign banks doing business there to hand over details about their dealings with a law firm in&nbsp;Panama&nbsp;that helped set up thousands of shell companies.

Many global private banks have put Asia at the centre of their growth strategy, hiring thousands of people and tapping new customer segments in a region expected soon to boast more billionaires than the United States.

Hong Kong and Singapore are two of the biggest centres for offshore wealth management in the region, which with 4.7 million individuals owning U.S.$1 million or more in liquid assets is the largest and fastest growing wealth region.

In a sign of regulatory crackdown against breaches of anti-money laundering rules, Singapore last week moved to shut Swiss bank BSI&#39;s operations there over its dealings with scandal-hit Malaysian fund 1Malaysia Development Berhad.

Hong Kong and Singapore regulators have asked banks to reveal if they have any links with those involved in the Panama Papers leak.

Regulators in Hong Kong and Singapore have asked banks doing business there to disclose if they have dealings with entities and individuals named in the leaked 'Panama Papers' which contained details on thousands of shell firms, people familiar with the requests said. The leaked documents from Panama law firm Mossack Fonseca, which contained information on 214,000 offshore companies, revealed that Hong Kong was the most active centre in the world for the creation of shell firms, which have many legitimate purposes, but can also be used to hide assets and avoid taxes. According to two sources familiar with the situation, the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Singapore (MAS) sent letters to the banks in April. The two central banks did not set a firm deadline for a reply, the sources said. One source, who had seen the letter sent to Hong Kong banks, said the request asked about their dealings with a list of between 16 and 18 names. The sources did not disclose which banks were written to nor the names on the lists. Bankers operating in Hong Kong have told Reuters that the Panama Papers have triggered a massive compliance exercise there, with banks carefully combing through their accounts to ensure there are no problems. HKMA said in a statement that it regularly collects information from banks on various issues or risks relating to anti-money laundering or counter-financing of terrorism, but it could not discuss details of its dealings. MAS did not offer fresh comment but referred to its statement on May 10 that said it was reviewing the latest batch of information released on the Panama Papers. "If there is evidence of wrongdoing by any individual or entity in Singapore, we will not hesitate to take firm supervisory and enforcement action," they said then. Reuters contacted several large banks operating under MAS and HKMA jurisdiction, but they declined to comment when asked if they had received letters. According to the two sources, HKMA and MAS were trying to ascertain whether banks operating in their jurisdictions carried out due diligence and checked the source of funding when dealing with clients named in the Panama Papers, they said. One source said some banks in Singapore had already responded to the MAS request. The leak has put tax avoidance at the top of the global agenda by showing the extent to which tax havens have been used by politicians and businesspeople around the world. Besides Hong Kong, Singapore and China were among the busiest office for Mossack Fonseca, which worked with more than 2,200 banks, law firms, corporate secretaries and other middlemen in the territory. A portion of the leaked data released by the International Consortium of Investigative Journalists showed 51,295 offshore entities and 25,982 individuals linked to Hong Kong, and 4,188 entities and 33,290 individuals linked to China. Some of the individuals in China routed their money through Hong Kong. Mossack Fonseca's list of clients includes senior political figures such as Chinese President Xi Jinping's brother-in-law. Appearing on the list is not evidence of any wrongdoing. None has made any comment. The requests by HKMA and MAS follow a series of measures taken by regulators in different parts of the world to crack down on irregularities by financial firms and undisclosed offshore wealth. New York state's financial regulator last month told 13 foreign banks doing business there to hand over details about their dealings with a law firm in Panama that helped set up thousands of shell companies. Many global private banks have put Asia at the centre of their growth strategy, hiring thousands of people and tapping new customer segments in a region expected soon to boast more billionaires than the United States. Hong Kong and Singapore are two of the biggest centres for offshore wealth management in the region, which with 4.7 million individuals owning U.S.$1 million or more in liquid assets is the largest and fastest growing wealth region. In a sign of regulatory crackdown against breaches of anti-money laundering rules, Singapore last week moved to shut Swiss bank BSI's operations there over its dealings with scandal-hit Malaysian fund 1Malaysia Development Berhad.

Asian regulators ask banks to reveal Panama Papers links - Sources

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