Police interrogate Ketan Parekh
Mumbai: Stock broker Ketan Parekh, facing charges of defrauding Bank of India in a Rs 137 crore pay order scam was summoned for interrogation at the police commissionerate here on 9 January.
The stock broker had also been summoned to the Economic Offences Wing of the crime branch the previous evening.
Ketan Parekh, his cousin Kartik, chairman of Madhavpura Cooperative Bank Ramesh Parikh and manager of bank's Mandvi branch J B Pandya were arrested by CBI for allegedly defrauding BOI in the pay order scam last year. They were subsequently released on bail.
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House panel mulls 26% FDI in print media
New Delhi: The parliamentary committee looking into the issue of foreign direct investment in the print media is likely to include a proposal for allowing 26 per cent foreign equity strictly under Indian editorial control.

The new draft will be placed before the standing committee on information technology along with the earlier one, which had totally rejected entry of foreign equity in print media.
At a meeting of the committee on 8 January, which was attended by 15 of the 46 members under chairmanship of Somnath Chatterjee, most members favoured allowing foreign equity with a 26 per cent cap.
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Shankar Sharmas bail plea rejected
New Delhi: Delhi High Court on 9 January rejected the bail application of First Global chief Shankar Sharma in a FERA case.

Sharma was arrested by Enforcement Directorate on 18 December for allegedly transferring huge amount earned from the sale of Himachal Futuristic Communication (HFCL's) shares abroad in violation of FERA in March 2000.

Dismissing the bail appliation, Justice S K Agarwal rejected the contention of Sharma's counsel that the First Global Chief was being harassed because of his links with Tehelka.
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RBI alerts banks on 23 terror outfits
Mumbai: The Reserve Bank of India has alerted banks about 23 terrorist outfits on whose transactions a hawks eye is to be maintained. This follows the promulgation of the prevention of terrorism ordinance (POTO).

Banks are required to undertake due diligence in respect of the know your customer principle.

A few leading banks have already embarked on a massive exercise to re-profile their clientele.
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VEPZ rolls out online approval system
Visakhapatnam: The Visakhapatnam Export Processing Zone (VEPZ) has proposed to introduce a novel online approval system called the Internet based Online Filing and Approval System (IBASE).

IBASE will be implemented in all the seven export-processing zonesKandla, Falta, Noida, Visakhapatnam, Mumbai, Chennai and Kochiby the end of April 2002.

The system will bring down processing time by 50 per cent and facilitate speedy submission of applications and approvals.
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US revises visa rates
New Delhi: The United States embassy has revised rates for visa application and issuance fees for all categories to come into force from 14 January.

Under the revised exchange rate, non-immigrant visa application fee would be $45 (Rs 2,205), non-immigrant visa issuance fee $75, immigrant visa application fee $260 dollars (Rs 12,740), immigrant visa issuance fee $65 and returning residents fee $50.

The consular sections of the American Embassy here and the Consulates General in Chennai, Mumbai and Kolkata periodically alter the Rupee payments for the consular application.
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