India

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

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

New Charges Against Mehul Choksi

India Abruptly Imposes Wheat Export Ban

Reversing course from a previous statement, the Indian government announced it is banning wheat exports. Only wheat exports backed by

Indian Businessman Suspected in USD 25 Million Bank Fraud Case