India
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
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.
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
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
Report: Russia Seeks Reversion to Paper LCs with India
As an alternative to use of SWIFT for the sending of letters of credit, the Bank of Russia and Reserve
