Fake Rs 2,000 notes seized by BSF, one arrested Kolkata, June 18 (IANS): The Border Security Force has seized fake Indian currency notes of the face value of Rs 1,96,000 in Rs 2,000 denominations from West Bengal’s Malda district and arrested one person, an official said on Sunday. Acting on a tip off, troopers of border outpost Sabdalpur detained a suspect on Saturday evening and recovered the fake Rs 2,000 notes from him. “Nijimul Haque, 20, a resident of Ghera Bhagabanpur village of Malda was arrested by the BSF near the border area and 98 fake Rs 2,000 notes of the face value of Rs 1.96 lakh were seized from him,” the BSF’s South Bengal frontier said in a press release. “The apprehended was handed over to the Baishnabnagar police station along with the seized fake notes,” it said. Personnel of the BSF’s South Bengal Frontier has seized counterfeit Indian currency notes of the face value of Rs 29.92 lakh and apprehended four FICN smugglers so far in 2017. Bank of Maharashtra put under RBI ‘corrective action’ due to bad loans Mumbai, June 18 (Reuters): The mid-sized institution is the fifth state-run lender to come under curbs since the RBI tightened the corrective action framework in April to help cut the $150 billion of troubled loans afflicting banks. Bank of Maharashtra said the corrective actions will not have any material impact on its performance, but will help strengthen its internal controls, and improve asset quality and profitability. The bank’s net non-performing assets (NNPA) ratio rose to 11.76 percent at the end of March, from 10.67 percent at end-December. Under RBI rules, prompt corrective action is triggered if a bank’s NNPA ratio crosses 6 percent. Lenders with an NNPA ratio of more than 9 percent fall in the “risk threshold 2” category, and can be asked by the regulator to restrict branch expansion and make higher provisions on sour loans, among other curbs. Industry prepared for GST rollout from July 1: CII New Delhi, June 18 (IANS): As the GST Council meets here to finalise issues before the Goods and Services Tax is implemented from July 1, industry lobby CII said on Sunday that Indian industry is ready for the rollout of the pan-India indirect tax regime. “GST is the most significant indirect tax reform introduced in the country since Independence,” Confederation of Indian Industry (CII) Director General Chandrajit Banerjee said in a statement here. The GST will replace the existing myriad central and state levies on goods and services. “GST has been finalised after a collaborative and consultative approach and we look forward to its introduction,” he added. The agenda of the GST Council meeting here currently underway includes discussion on postponing the requirement for filing returns under the GST as the IT infrastructure required for it is not yet ready. CII said it is organising over 100 workshops across the country to enable enterprises to comply with the new regulations. The workshops are expected to reach out to around 5,000 enterprises. A helpline has been established where participants can request for clarifications, it said. An awareness campaign has also been launched to inform industry about the processes related to GST, the statement added.
