LC rollovers by PNB and impact on exporters
It does seem reading about the Nirav modi case that LC rollovers without proper checks due to corruption were behind the scam.
This however will lead to many banks going super careful about LC rollovers which are needed by exporters. Commerce Ministry should ensure that doesnt happen as it will slow business. more
This however will lead to many banks going super careful about LC rollovers which are needed by exporters. Commerce Ministry should ensure that doesnt happen as it will slow business. more
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It is a wastage of time to discuss these issues because the concerned are sure that public memory is very short. They can be easily fooled by issues like caste, religion etc and get into power.. Now I request the experts in the banking and investments etc to suggest the public or at least the senior citizens how to protect their hard earned money from these cheaters. We must remember that senior citizens put all their money in banks and live on interest. They trust the banks. It is a known fact no one is there to talk on behalf of the bank customers. They are interested only in bail out and bail in. Experts in the field please guide. more
Feb 20
Rollover even in Constitutional issues with undue Political interest was identified by S.C. in 80s and advised Governments in 92-93 itself. Audit, strict enforcement of Assessment methods were diluted since after 95 in many Sectors AND NOW TO BE REFORMED INCLUDING IN THE WINGS OF Accounts, Audit and Analysis . more
Feb 19
But it is amazing that a simple matching and throwing out non-matching entries periodically - a feature of any elementary control system - was missing in the system designed by none other tha Infosys! more
Feb 18
It is a clear cut case of organised fraud. Even today people behind the scam will go scot free and scape goads will get punished. In order to gain confidence in international market, Govt should award strictest and swift punishment to defaulting bank employees who are playing with public money. more
Feb 18
How these LC /LOU roll over system should be tracked and audited in time is more important than just extension under plea to help exporters. more
Feb 18
