SBI EMI GOES NORTH SBI hikes its marginal cost of funds based lending rate (MCLR) - the rate below which it cannot lend - for 1 year by 20 basis points to 8.15% from 7.95% 8.15% It means, if you have taken a floating housing loan for H30 lakh for 20 years at MCLR level, your EMI will go up by H374 per month TIRUCHY FRIDAY MARCH 2, 2018 `5.00 PAGES 20 LATE CITY EDITION CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR CBI to now go after P Chidambaram, question him Delhi court grants five-day police remand for Karti’s custodial interrogation to unearth the larger conspiracy in the INX bribe case JUDGE SEES MERIT IN CBI REQUEST “I am of the view that the police custody of accused Karti Chidambaram is necessary to confront the accused with documents, co-accused and to unearth the larger conspiracy. He is remanded in fiveday police custody,” Special Judge Sunil Rana said MONEY TRAIL ABROAD The CBI has found payment of `7 million into Karti’s accounts in Spain and Greece, sources said. It had also seized three mobile phones during searches at his premises last year PARENTS EASE NERVES Karti appeared more relaxed than the day before when he was arrested, perhaps because of the presence of his parents Bill to seize assets of those on run okayed R A K E S H K S I N G H @ New Delhi ON a day when a Delhi court extended Karti Chidambaram’s police custody, it emerged that the CBI will soon question his father and powerful UPA finance minister P Chidambaram as well in connection with the INX Media bribery case. The designated court allowed custodial interrogation of Karti by the CBI for five days to unearth the larger conspiracy in the case and wrap up the probe. “Former finance minister P Chidambaram will be summoned to the agency headquarters here and questioned soon. Although he is not named as an accused in the case, his role in the grant of irregular FIPB (Foreign Investment Promotion Board) clearance to INX Media is part of the FIR,” a senior CBI official supervising the probe said. Chidambaram’s name figured in a statement by INX directors Peter Mukerjea and his wife Indrani recorded by the CBI before a magistrate under Section 164 of the Criminal Procedure Code. They claimed when they met Chidambaram at his North Block office here in 2007 seeking a favour to regularise their illegal downstream investment of Rs 305 crore in INX News, the then finance minister asked them to “help the business of his son Karti, and to make foreign remittances for this purpose”. The Mukerjeas said when then ‘JUST FOR SHOW’ Congress skips Lokpal meet, shoots off angry letter to PM A N U R A D H A S H U K L A @ New Delhi Former finance minister P Chidambaram at a Delhi court where his son Karti was produced on Thursday | PRAVEEN NEGI met Karti at a five star hotel here, he sought payment of $1 million and helpfully suggested the names of two companies, one owned by him - Chess Management - and the other where he has indirect control - Advantage Strategic Consulting (P) Ltd (ASCPL) - for parking the slush money . In all, the Mukerjeas claim to have paid $7 lakh abroad to Karti. Four invoices adding up to about $7 lakh drawn by ASCPL, its Singapore subsidiary, another asso- PSBs start rationalisation drive, to consolidate 35 overseas operations A M I T A G N I H O T R I @ New Delhi E X P R E SS N E WS S E R V I C E @ New Delhi THE Congress on Thursday skipped a crucial meeting on setting up the Lokpal, saying the government was not serious about the anti-corruption body and was involving the opposition just for show. Leader of the Congress in the Lok Sabha Mallikarjun Kharge, who was not granted the official position of the Leader of the Opposition by the Centre but was asked to attend the March 1 meeting as a “special invitee”, wrote an angry letter to Prime Minister Narendra Modi, saying, “a more apt and statesman-like conduct was expected from the Prime Minister.” “A ‘special invitee’ can’t be a substitute for the Leader of the Opposition as per the Lokpal Act, 2013,” Kharge wrote in his letter dated February 28, a copy of which was released to the media by the party on Thursday . EVEN as the full financial implication of the multi-crore scam at the Punjab National Bank is being ascertained, public-sector banks have started rationalising overseas operations. One of the major objectives of the exercise is to identify non-viable foreign branches and shut them for good. The move is part of the “clean and responsible banking” initiative by the Department of Financial Services conceived at the two-day PSB Manthan held in Gurugram in November last. The government fast-tracked the initiative in the wake of a series of banking frauds coming to light, starting with the `12,700 crore scam involving PNB. “PSBs to consolidate 35 overseas operations without affecting international presence of PSBs in these countries; 69 ops (operations) identified for further examination. Move towards cost efficiencies and synergies in overseas market,” Rajiv Kumar, secretary, Financial Services EXPRESS READ Family friend kills 9-year-old in Chennai Chennai: A nine-year-old boy was allegedly kidnapped and beaten to death with an iron rod by a man known to his family on Wednesday. The police said they recovered the disfigured body of the child from an apartment at Indira Nagar in Selaiyur on Thursday. ciate company (Northstar Software Solutions Pvt Ltd) and Geben Trading Ltd were recovered from the hard discs of the computers of his chartered accountant Bhaskararaman, the CBI claimed. Bhaskararaman is currently under the Enforcement Directorate’s custody . The Mukerjeas, facing trial for the murder of their daughter Sheena Bora, recorded their statement on February 5 and 6 in Delhi. IN a move aimed at deterring economic offenders from fleeing the country, the Union Cabinet on Thursday cleared the Fugitive Economic Offenders Bill, 2017. Once the Bill becomes law, it will empower investigating agencies to confiscate unpledged properties of the absconding offenders. The Cabinet also cleared setting up of National Financing Reporting Authority to check auditing lapses in the banking sector. The moves are significant as they are designed to avoid situations like the `12,700 crore Punjab National Bank scam in which the main accused, Nirav Modi, is absconding. “The Bill would help in laying down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts,” Finance Minister Arun Jaitley said. It targets large defaulters responsible for economic offences worth over `100 crore. It is expected to be introduced in Parliament on March 5. tweeted on Thursday He said the . operations of 216 overseas units PSBs would be examined. “Nonviable operations in overseas market to be closed for cost efficiency and synergy. Operations in some geography to be consolidated. Consolidate equity stake in joint ventures having multiple PSB partners,” Kumar tweeted. The 216 overseas operations include 165 foreign branches, subsidiaries, joint ventures and representative offices. The Finance Ministry plans to examine all these operations. While observers see this move as a natural corollary of the banking frauds being detected, bankers claim the programme was already in the government’s agenda and that it has nothing to do with the PNB scam. “This rationalisation of branches, whether overseas or domestically was already on the , agenda of the government. And, we did this exercise at the monthend that banks need to bring down operational cost,” said SBI chairman Rajnish Kumar. Nothing new, says SBI boss For the past three years, SBI has been rationalising overseas branches. For instance, the Paris branch was converted into a representative office, while the bank closed its Jeddah office, said the SBI chairman. SBI has the largest number of overseas branches at 52 This rationalisation of branches, whether overseas or domestically, was already on the agenda of the govt Rajnish Kumar, SBI chairman HIGH PRICE Babu who unmasked fleecing hospital lobby shifted E X P R E S S N E W S S E R V I C E @ New Delhi DAYS after making public a report that highlighted how four big corporate hospitals in the national capital region indulge in exorbitant profiteering and misconduct, the head of India’s drug pricing regulator was transferred by the government. Bhupendra Singh, who served as chairman of the National Pharmaceutical Pricing Authority (NPPA) , was shifted to the National Author- ity for Chemical Weapons Convention on Wednesday, more than a year before his three-year term was to end. Singh’s replacement is yet to be announced. Though government officials said the transfer was part of an administrative reorganisation that saw a rejig of several IAS officers, the move did not go down well with health activists and even some officials in the Union Ministry of Health and Family Welfare. “Singh had taken many steps to ensure the affordability of medi- The analysis that found that they (hospitals) had earned up to 1,737% profit on some items was released to the public. Naturally, a section of the government was not comfortable with this fresh enthusiasm by the NPPA Official source cines and medical devices. That discomforted the pharma industry as the NPPA took important decisions on introducing price caps for cardiac stents and knee implants,” a joint secretary-level officer said. “Recently, the NPPA further reduced the cost of stents and did not bow to pressure from American MNCs to create a separate category of imported advanced stents that can be priced higher,” another source said. P9 CAs too under lens The jurisdiction of National Financial Reporting Authority will include investigation of chartered accountants and their firms under Section 132 of the Act and would extend to listed companies and large unlisted public companies. The central government can also refer such other entities for investigation where public interest would be involved. “Fugitive Economic Offenders Bill 2018 has been brought to confiscation the assets of a fugitive, including Benami assets,” Jaitley said. The Cabinet also cleared the establishment of National Financial Reporting Authority (NFRA) after reports of various auditing lapses in the banking sector resulting in a series of fraudulent transactions. NFRA will have one post of chairperson, three posts of fulltime members and one post of secretary . Madurai police encounter kills 2 history sheeters E X P R E S S N E W S S E R V I C E @ Madurai AFTER eight years, the Madurai City police took their pistols from the holster and knocked down two history sheeters. On Thursday evening around 4 pm Inspector Mannivannan, Sub Inspector (SI) Murugan, Head Constable Bala Murugan and three others attached to Sellur police station went to Mandhai Amman Kovil street at Sikkandar Chavadi, based on a tip off, to secure the accused in connection with a 2015 murder case. When the team reached the house, which belongs to another history sheeter, Mayakannan, in which Karthik alias Saguni Karthik, Muthu Irulandi alias Manthiri and three others were hiding, the police tried to nab them for an enquiry At . this point, according to police, Karthik attempted to fire at the police with a country-made pistol. In a retaliation, Inspector Manivannan and SI Murugan opened fire — in self defense — on Karthik and Irulandi. Subsequently three of the gang members, including Mayakannan, escaped from the house by pushing head constable Bala Murugan through a window. The bullet-injured history sheeters were subsequently taken to the Government Rajaji Hospital, where the doctors declared both brought dead. Sniffer dogs were brought to the crime scene to find if more arms were hidden. Speaking to the media, SP Manivannan said the deceased Saguni Karthik and Muthu Irulandi were involved in several cases and were wanted by Madurai City and Rural police, and also in Ramanathapuram.
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