Modi scam fallout: Govt makes passport mandatory for bank loans above Rs 50-cr

Agencies
March 10, 2018

New Delhi, Mar 10: Passport details of borrowers taking loans of Rs 50 crore and more have been mandatory to ensure a swift action in case of fraud and prevent fraudsters from fleeing the country, a top official said today.

Passport details will help banks to take timely action and inform the relevant authorities to prevent fraudsters from fleeing the country.

"Next step on clean and responsible banking. Passport details must for loans above Rs 50 crore. Step to ensure quick response in case of fraud," Financial Services Secretary Rajiv Kumar tweeted.

This is a preventive step to avoid flight of economic offenders and banks to collect passport details of all new borrowers of loans in excess of Rs 50 crore, he said.

For all existing loans of over Rs 50 crore, banks have been asked to collect passport details of borrowers within 45 days, he added.

In absence of passport details, banks were hamstrung in taking timely action to prevent defaulters especially wilful one from fleeing the country.

Several big defaulters like Nirav Modi, Mehul Choksi, Vijay Mallya and Jatin Mehta have fled the country putting the recovery mechanism in quandary.

Last week, the Cabinet approved the Fugitive Economic Offenders Bill after Nirav Modi and his uncle Mehul Choksi allegedly defrauded state-owned Punjab National Bank (PNB) of Rs 12,700 crore and left the country and are refusing to cooperate with law enforcement agencies.

The proposed fugitive law aims to impound and sell assets of Nirav Modi-type escapees with a view to quickly recover dues. It also will apply to defaulters who have an outstanding of Rs 100 crore or more and have escaped from the country.

As part of drive to clean the banking system, the Finance Ministry last week had directed public sector banks (PSBs) to probe all NPA accounts of over Rs 50 crore for possible fraud and accordingly report the cases to CBI.

Besides, the ministry had asked banks to monitor loans above Rs 250 crore and red flags whenever the original covenants of the loans are violated. This was spelt out as part of 6-point-reform measures announced for PSBs in January.

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News Network
May 14,2024

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Mangaluru, May 14: The Met department has sounded a yellow alert in 13 districts of Karnataka including the three coastal districts of Udupi, Dakshina Kannada and Uttara Kannada for next four days. 

The other districts are Belagavi, Dharwad, Haveri, Chikkamagalur, Chitradurga, Hassan, Kodagu, Mandya, Ramanagara, Shivamogga. These districts are expected to received 6-11 cm of rain, the department said.

On Monday Dakshina Kannada and Udupi experienced a monsoon-like atmosphere. Rain, accompanied by thunder and lightning, began in most parts on Sunday evening. In Udupi, rain showered in the early hours of Monday. While Kundapur and Udupi received moderate rains, Karkala experienced a heavy downpour.

The showers lowered the daytime temperature in both districts. Light rain fell in Mangaluru and its outskirts early Monday morning. Mangaluru city recorded a maximum temperature of 33.4°C and a minimum of 23.2°C on Monday. This is expected to decrease by two to four degrees in the next four days, according to the weather department. 

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News Network
May 14,2024

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Bengaluru, May 14: JD(S) leader HD Revanna has been released from Parappana Agrahara Jail today, on May 14 after he was granted conditional bail. 

He was granted a conditional bail yesterday by a Bengaluru court in connection with a kidnapping case linked to sexual abuse allegation against him and his son Prajwal.

Revanna was arrested on May 4 by Special Investigative Team (SIT) officials in a kidnapping case registered against him at KR Nagar police station in the city. The case is linked to his son and Hassan MP Prajwal Revanna’s mega sex scam. 

Representing the JD(S) MLA from Holenarsipura, he termed this case a "political conspiracy" against him.

A SIT, constituted by the Karnataka government, is probing the alleged sexual abuse against against HD Revanna and his son Prajwal Revanna.

Prajwal Revanna, the incumbent MP, is seeking another term from Hassan Lok Sabha constituency. The voting for the seat took place on April 26.

Earlier, JD (S) chief HD Kumaraswamy alleged that Karnataka government does not want a fair inquiry.

"They are misusing the office. Nothing is going to happen ultimately. They wanted character assassination of HD Revanna and for that reason, they are using their office," Kumaraswamy told ANI.

Meeting Karnataka Governor Tawara Chanda Gehlot on May 9, a delegation of the Janata Dal (Secular) submitted a memorandum and urged Gehlot to recommend a CBI probe.

Prajwal sill absconding

The JD(S) MP, Prajwal, fled to Germany after Karnataka State Commission for Women Nagalakshmi Chowdhary wrote to Chief Minister Siddaramaiah seeking an investigation into over obscene videos of Prajwal Revanna allegedly sexually abusing several women. He has also skipped summons issued by the SIT to appear before it.

The ‘obscene videos’ involving Prajwal Revanna started making the rounds ahead of the first phase of Lok Sabha elections in Karnataka on April 26, triggering a political slugfest.

A lookout notice against Prajwal Revanna has been issued at all airports in India, along with a Blue Corner notice. A Blue Corner notice issued by Interpol helps countries collect and share information regarding a person's location and their activities as part of a criminal investigation.

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News Network
May 11,2024

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Washington, May 11: The most powerful solar storm in more than two decades struck Earth on Friday, triggering spectacular celestial light shows from Tasmania to Britain -- and threatening possible disruptions to satellites and power grids as it persists into the weekend.

The first of several coronal mass ejections (CMEs) -- expulsions of plasma and magnetic fields from the Sun -- came just after 1600 GMT, according to the National Oceanic and Atmospheric Administration (NOAA)'s Space Weather Prediction Center.

It was later upgraded to an "extreme" geomagnetic storm -- the first since the "Halloween Storms" of October 2003 caused blackouts in Sweden and damaged power infrastructure in South Africa. More CMEs are expected to pummel the planet in the coming days.

Social media lit up with people posting pictures of auroras from northern Europe and Australasia.

"We've just woken the kids to go watch the Northern Lights in the back garden! Clearly visible with the naked eye," Iain Mansfield in Hertford, England, told AFP.

That sense of wonder was shared in Australia's island state of Tasmania.

"Absolutely biblical skies in Tasmania at 4 am this morning. I'm leaving today and knew I could not pass up this opportunity," photographer Sean O' Riordan posted on social media platform X alongside a photo.

Authorities notified satellite operators, airlines, and the power grid to take precautionary steps for potential disruptions caused by changes to Earth's magnetic field.

Elon Musk, whose Starlink satellite internet operator has some 5,000 satellites in low Earth orbit, described the solar storm as the "biggest in a long time."

"Starlink satellites are under a lot of pressure, but holding up so far," Musk posted on his X platform.

Unlike solar flares, which travel at the speed of light and reach Earth in around eight minutes, CMEs travel at a more sedate pace, with officials putting the current average at 800 kilometers (500 miles) per second.

The CMEs emanated from a massive sunspot cluster that is 17 times wider than our planet. The Sun is approaching the peak of an 11-year cycle that brings heightened activity.

'Go outside tonight and look'

Mathew Owens, a professor of space physics at the University of Reading, told AFP that how far the effects would be felt over the planet's northern and southern latitudes would depend on the storm's final strength.

"Go outside tonight and look would be my advice because if you see the aurora, it's quite a spectacular thing," he said. People with eclipse glasses can also look for the sunspot cluster during the day.

In the United States, this could include places such as Northern California and Alabama, officials said.

NOAA's Brent Gordon encouraged the public to try to capture the night sky with phone cameras even if they couldn't see auroras with their naked eyes.

"Just go out your back door and take a picture with the newer cell phones and you'd be amazed at what you see in that picture versus what you see with your eyes."

Spacecraft and pigeons

Fluctuating magnetic fields associated with geomagnetic storms induce currents in long wires, including power lines, which can potentially lead to blackouts. Long pipelines can also become electrified, leading to engineering problems.

Spacecraft are also at risk from high doses of radiation, although the atmosphere prevents this from reaching Earth.

NASA has a dedicated team looking into astronaut safety and can ask astronauts on the International Space Station to move to places within the outpost that are better shielded.

Following one particularly strong flare peak, the US Space Weather Prediction Center said users of high-frequency radio signals "may experience temporary degradation or complete loss of signal on much of the sunlit side of Earth."

Even pigeons and other species that have internal biological compasses could also be affected. Pigeon handlers have noted a reduction in birds coming home during geomagnetic storms, according to NASA's Jet Propulsion Laboratory.

Officials said people should have the normal backup plans in place for power outages, such as having flashlights, batteries, and radios at hand.

The most powerful geomagnetic storm in recorded history, known as the Carrington Event after British astronomer Richard Carrington, occurred in September 1859.

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