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ED has provisionally attached assets worth Rs. 58.82 Crore belonging to Padam Singhee, and M/s Max Tech Oil & Gas Services Pvt Ltd

Directorate of Enforcement (ED) has provisionally attached assets worth Rs. 58.82 Crore [investment held with various fund managers/ deposits with corporates] belonging to Padam Singhee, Promoter of M/s SVOGL Oil Gas & Energy Limited and M/s Max Tech Oil & Gas Services Pvt Ltd., New Delhi on 25-01-2024, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

ED initiated investigation on the basis of two FIRs registered by the CBI against M/s SVOGL Oil Gas & Energy Limited, M/s Max Tech Oil & Gas Services Pvt Ltd, Prem Singhee, Padam Singhee and others. As per the said FIRs, Prem Singhee and Padam Singhee along with others cheated banks to the tune of Rs.252 Crore [availed from Punjab National Bank in the name of M/s SVOGL Oil Gas & Energy Limited] and Rs. 65 Crore [availed from Bank of India in the name of M/s Max Tech Oil & Gas Services Pvt Ltd.].

ED investigation revealed that money was transferred to various shell/ dummy companies in guise of expenses and was siphoned off by the promoters. The accused persons also made investments which were unconnected to the intended purposes of bank loans.

ED had conducted search operations on the group entities/ persons on 15-12-2023. During search, evidences relating to fictitious transactions and transactions with shell entities were recovered.

Details of several investments in shares and immovable properties were also found.

The attached assets were held in the name of shell companies controlled by Padam Singhee.

The details of the shell companies were unearthed during the search and post search investigations.         

Further investigation is under progress.

Press Release

ED investigation press release on Lalu Yadav family in Land for Job Scam

Directorate of Enforcement (ED) has filed a Prosecution Complaint (PC) on 08-01-2024 under the provisions of Prevention of Money Laundering Act (PMLA), 2002 against Amit Katyal, Rabri Devi, Misha Bharti, Hema Yadav, Hridyanand Chaudhary and two companies viz. M/s A K Infosystems Private Limited, M/s A B Exports Pvt. Ltd. before the Hon’ble Special Court (PMLA), New Delhi in the Land for Job Scam. The Hon’ble Special Court has taken cognizance of the PC on 27.01.2024 and issued notices to the accused persons to be present on 09.02.2024 for further trial.

ED initiated investigations on the basis of FIR registered by CBI related to Land for Job Scam alleging that Lalu Prasad Yadav, the then Railway Minister, indulged in corruption for appointment of Group D substitutes in Indian Railways during the period 2004- 2009. The candidates were told to transfer land as bribe in return for jobs in Indian Railways as per FIR. The CBI has also filed charge sheet.

The family members of Lalu Prasad Yadav viz. Rabri Devi, Misha Bharti, Hema Yadav who are made accused in the PC had received land parcel(s) from family of candidates [who were selected as Group D substitutes in Indian Railways] for nominal amounts. Hridyanand Chaudhary, another accused in PC is a former employee in gaushala of Rabri Devi who had acquired property from one of the candidates and later transferred the same to Hema Yadav. The companies viz. M/s A K Infosystems Private Limited, M/s A B Exports Pvt. Ltd. were shell companies which received proceeds of crime for family members of Lalu Prasad Yadav. Immovable properties were acquired in the said companies by front men and thereafter shares were transferred to family members of Lalu Prasad Yadav for nominal amounts. Amit Katyal used to manage these companies for Lalu Prasad Yadav and his family

Earlier, ED had conducted search operations on 10-03-2023 which resulted in seizure of cash of Rs. 1 Crore approx. and valuables equivalent to about Rs. 1.25 Crore. ED has also provisionally attached immovable properties worth Rs. 6.02 Crore on 29-07-2023. ED had arrested Amit Katyal on 11-11-2023 for knowingly assisting Lalu Prasad Yadav and his family in money laundering. Amit Katyal is in judicial custody as on date

Further investigation is under progress.

Press Release

MOF Notified Auction for Sale (re-issue) of Government Security (GS)

F. No .4(3)-B(W&M)/2023.—Government of India (GoI) hereby notifies sale (re-issue) of the following Government Securities 

Name of the Security

Date of Original Issue

Tenure (yy-mm-dd)

Date of Maturity

Base

Method

Notified Amount (in ₹ Crore)

7.32% GS 2030

Nov 13, 2023

07-00-00

Nov 13, 2030

Price

Uniform

12,000

7.18% GS 2037

July 24, 2023

14-00-00

July 24, 2037

Price

Uniform

10000

7.25% GS 2063

June 12, 2023

40-00-00

June 12, 2063

Price

Multiple

12000

7.37% GOI SGrB 2054

Jan 23, 2024

30-00-00

Jan 23, 2054

Price

Multiple

5000

 

GoI will have the option to retain additional subscription up to ₹ 2,000 crore against each security mentioned above. The sale will be subject to the terms and conditions spelt out in this notification (called ‘Specific Notification’). The Securities will be sold through Reserve Bank of India, Mumbai Office, Fort, Mumbai- 400 001 as per the terms and conditions specified in the General Notification F.No.4(2)–W&M/2018, dated March 27, 2018 issued by Government of India.

Allotment to Non-competitive Bidders

2. The Government Security up to 5% of the notified amount of the sale will be allotted to eligible individuals and institutions as per the enclosed Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (Annex).

Place and date of auction

3. The auction will be conducted by Reserve Bank of India, Mumbai Office, Fort, Mumbai-400 001 on February 02, 2024. Bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on February 02, 2024. The non-competitive bids should be submitted between 10:30 a.m. and 11:00 a.m. and the competitive bids should be submitted between 10:30 a.m. and 11:30 a.m

When Issued Trading

4. The Securities will be eligible for “When Issued” trading in accordance with the guidelines issued by the Reserve Bank of India

Date of issue and payment for the security

5. The result of the auction shall be placed by the Reserve Bank of India on its website (www.rbi.org.in) on February 02, 2024.The payment by successful bidders will be on February 05, 2024 i.e. the date of re-issue. The payment for the securities will include accrued interest on the nominal value of the Securities allotted in the auction from the date of original issue/last coupon payment date to the date upto which accrued interest is due as mentioned in the table in para 6.

6. Interest will accrue on the nominal value of the Securities from the date of original issue / last coupon payment and will be paid half yearly. The Securities will be repaid at par on date of maturity.

Name of the Security

Coupon rate (%)

Date of Last Coupon payment

Date up to which accrued interest is due

Date of Coupon Payments (month / date)

7.32% GS 2030

7.32

New Security

Feb 04, 2024

May 13 and Nov 13

7.18% GS 2037

7.18

Jan 24, 2024

Feb 04, 2024

Jul 24 and Jan 24

7.25% GS 2063

7.25

Dec 12, 2023

Feb 04, 2024

Jun 12 and Dec 12

7.37% GOI SGrB 2054

7.37

New Security

Feb 04, 2024

Jul 23 and Jan 23

Source

CBIC amended Notification No. 50/2017-Customs, dated the 30th June, 2017

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 50/2017-Customs, dated the 30th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 785(E), dated the 30thJune, 2017, namely:- 

In the said notification, -

I. in the Table, -

(1) against S. No. 237, in column (3), in proviso for the figures and words “31st March, 2024”, the figures and words “30th September, 2024” shall be substituted;

(2) against S. No. 340, in column (3), in proviso for the figures and words “31st March, 2024”, the figures and words “30th September, 2024” shall be substituted;

(3) against S. No. 368, in column (3), in proviso for the figures and words “31st March, 2024”, the figures and words “30th September, 2024” shall be substituted;

(4) against S. No. 374, in column (3), in proviso for the figures and words “31st March, 2024”, the figures and words “30th September, 2024” shall be substituted;

(5) against S. No. 375, in column (3), in proviso for the figures and words “31st March, 2024”, the figures and words “30th September, 2024” shall be substituted;

(6) against S. No. 403, in column (3), in proviso for the figures and words “31st March, 2024”, the figures and words “30th September, 2024” shall be substituted;

(7) against S. No. 479, in column (3), in proviso for the figures and words “31st March, 2024”, the figures and words “30th September, 2024” shall be substituted;

(8) against S. No. 527A, in column (3), in proviso for the figures and words “31st March, 2024”, the figures and words “30th September, 2024” shall be substituted;

(9) against S. No. 527B, in column (3), in proviso for the figures and words “31st March, 2024”, the figures and words “30th September, 2024” shall be substituted.

II. In the second proviso, for the figures and words “31st March, 2024”, the figures and words “30th September, 2024” shall be substituted.

Source

Govt. of India working in mission mode to develop robust quality ecosystem in India

The Government of India has been working in mission mode to develop a robust quality ecosystem in India, the hallmark being the accent on superior and safety compliant products to take the economy to higher echelons of growth and development. As part of this endeavor, Quality Control Orders (QCOs) are being rapidly introduced by the Department for Promotion of Industry and Internal Trade (DPIIT) for critical products impacting consumer safety like Electrical Accessories, Laboratory Glassware, Hinges, Copper Products and Door Fittings. These QCOs have the right ingredients for strengthening the quality standards of ‘Made in India’ products, without compromising on the range of goods being made available to the Indian consumer. This focused approach for restricting the circulation of sub-standard products shall be a crucial driver for establishing India as a manufacturing powerhouse synonymous with best-in-class quality products.

With a view to establish India as a global leader in providing superior quality and safety compliant products, a plethora of reforms have been undertaken for ensuring that the ‘Made in India’ brand resonates with internationally recognized brands that offer premium quality. The guiding force behind this reform centric approach is the vision of the Prime Minister, Shri Narendra Modi, that “If there's a "Made in India" product on any table in the world, the world should have confidence that there is nothing better than this. This will be ultimate. Be it our produce, our services, our words, our institutions, or our decision-making processes, everything will be supreme. Only then can we carry forward the essence of excellence.”

With the advent of technology, customers are becoming increasingly particular about safety standard related aspects such as the performance parameters, durability, and dependency of the goods. It has become a common practice to check product quality reviews before making a purchase. Maintaining a balance between product quality, price, and innovation in terms of manufacturing strategy is, therefore, of great essence.

To enforce strong quality standards for enhancing consumer product safety, there is unprecedented policy focus on implementation of Quality Control Orders (QCOs) which is in line with the provisions of the Technical Barriers to Trade (TBT) Agreement of the World Trade Organisation (WTO). The Agreement recognizes that countries can take necessary quality control measures to maintain the quality of its exports, protect human, animal or plant life and safeguard the environment.

Implementation of QCOs will help India acquire a greater share of the global manufacturing market while enforcing strong quality standards to enhance consumer product safety, prevent circulation of sub-standard products in the Indian market, attract investments and prevent loss of life or any accidents. The imposition of QCOs shall help detect any kind of product defect and malfunction in the initial stage which will be beneficial for both the manufacturers and consumers by way of rationalized costs.

 

The Bureau of Indian Standards (BIS) which serves as the National Standard Body of India, is harmonized to a great extent with the relevant International Standards as laid down by the International Organization for Standardization (ISO)/International Electrotechnical Commission (IEC). It is involved in standardization, marking and quality certification of goods and conformity assessment with the underlying objective of providing safe, reliable, and quality goods.

While the Standards issued by the BIS for any product or process are for voluntary compliance, those notified by the Central Government through issuance of Technical Regulations (TR) primarily through Quality Control Order (QCO) under Scheme-I and Compulsory Registration Order (CRO) under Scheme-II are mandatory in nature.

Factoring in the importance of inculcating the safety aspect, DPIIT has focused on developing a robust quality ecosystem for products under its purview to provide good quality products and promoting exports of Indian products. This has led to the issuance of more than 60 new QCOs covering approximately 300 product standards, which have not only ensured that reliable products are being made available to the consumers but also improved the manufacturing quality standards, thereby enhancing brand and value of ‘Made in India’ products.

While implementation of QCOs is being introduced for various product categories, there is increased focus on products, the violation of standards for which, can pose threat to safety of consumers by causing severe harms and injuries as they are widely present in households. Therefore, QCOs have been recently notified for ‘Steel Wires/ Strands, Nylon Wire Ropes and Wire Mesh’, ‘Hinges’, ‘Safes, Safe Deposits Locker Cabinets and Key locks’, ‘Laboratory Glassware’ and ‘Electrical Accessories’, among many others. All of the aforementioned products have great usage and applicability in everyday activities, highlighting the criticality of having well-defined standards for them to avoid any unforeseen incidents.

The implementation of QCOs is an extensive exercise which encompasses DPIIT’s continuous engagement with relevant stakeholders for identification of products for which QCOs could be issued. Post the identification, BIS is consulted on various aspects including, Indian Standards, Suitable Conformity Assessment Scheme, availability of BIS test labs or BIS recognized Test Labs and Product Manual. This is followed by the preparation of draft QCO, on which consultations are held with the industry and relevant stakeholders.

Post the incorporation of comments from the industry, the draft QCOs are approved by the Union Minister of Commerce and Industry followed by legal vetting by Department of Legislative Affairs. Subsequently, the QCOs are uploaded on the World Trade Organisation (WTO) website for 60 days, inviting comments from WTO member countries. These comments from member countries are examined and reviewed, after which the final approval is sought from the relevant Central Government authority for notifying the QCO. To facilitate smooth implementation of QCOs for Micro and Small Industries several carveouts and relaxations are envisaged in terms of relaxation of timelines.

QCOs are implemented by BIS through Grant of License and/or Certificate of Conformity. With the notification of QCO, manufacturing, storing and sale of non-BIS certified products are prohibited. The violation of the provision of the BIS Act can attract a penalty up to 2 years of imprisonment or with fine of at least Rs 2 lakh for the first offence which increases to Rs 5 lakh minimum for the second and subsequent offences.

In the spirit of strong industry-government partnership for developing a robust quality ecosystem in India, DPIIT conducts regular consultations with industry members, sectoral associations, and relevant stakeholders to ensure that the QCOs being issued are attuned with their needs and requirements. Further, after the notification, several initiatives are undertaken about the newly implemented QCOs to develop awareness and sense of ownership in industry at a pan-India level. These extensive consultations ensure that the views, feedback, and technical inputs are taken into consideration of the authorities for smooth implementation.

The safety and well-being of the consumers is of paramount importance for which continued efforts shall be made to introduce QCOs for products. Adherence to safety standards will play a pivotal role in controlling the production and distribution of substandard products which will be a major step in enhancing the value of ‘Made in India’ products. The key for India is to create awareness among the manufacturers and service providers across the supply chain about quality. As there is reimagined focus on quality to avoid accidents, QCOs have become an integral element to foster consumer trust.

Going forward, QCOs shall therefore, play a pivotal role in enhancing the credibility and value of Indian products while promoting homegrown brands and minimizing inefficiency of any nature. It is indeed imperative to balance between ‘Zero Defect’ that is delivering at par with the global standards and ‘Zero Effect’ that is ensuring that there are no negative environmental implications or compromise on sustainability.

As emphasized by the Prime Minister, it is the opportune moment to work with the ethos of ‘Zero Effect, Zero Defect’ and with ‘Vocal for Local’ reverberating in every household, it is time to ensure that our products meet global standards, especially in terms of safety.  The initiative on QCOs shall help develop world-class products of superior quality in India, thereby fulfilling the Prime Minister’s vision of creating an ‘Aatmanirbhar Bharat’.

Source