New Delhi: A forensic probe has been ordered into the alleged irregularities in outward foreign remittances to the tune of about Rs 6,000 crore from a Bank of Baroda branch, Parliament was informed.
In a written reply in Rajya Sabha on Tuesday, Finance Minister Arun Jaitley said the CBI and the Enforcement Directorate have registered cases on the bases of complaint filed by the bank regarding irregularities in outward foreign remittances from its Ashok Vihar, New Delhi branch through newly opened accounts, to the tune of approximately Rs 6,000 crore.
He also said the Ministry of Corporate Affairs has ordered investigation in respect of 11 companies involved in the transaction.
"Department of Financial Services has ordered a forensic investigation in the matter. Details of the involvement of other banks will be known only at the end of investigation," Mr Jaitley said.
To a query related to report of Justice A P Shah panel on MAT, Minister of State for Finance Jayant Sinha said the government has accepted the recommendations and decided to carry out appropriate amendments so as to provide that Minimum Alternate Tax provision will not be applicable to FIIs/FPIs not having a place of business/permanent establishment in India, for a period prior to April 1, 2015.
"An appropriate legislative amendment to the Income-tax Act is proposed to be carried out through Finance Bill, 2016," he said.
The written replies dated December 1 were released on Wendesday. Replying to another question, he said the government, in consultation with the Reserve Bank of India, on an ongoing basis evaluates the different options available to decide on new security features in currency notes.
Further, in order to stay ahead of the counterfeiters, the government has recently introduced revised numbering pattern in all denominations of banknotes.
An FICN Coordination Group has been formed in Home Ministry to share the intelligence/information amongst different security agencies to counter the menace of circulation of fake currency notes in the country. FICN also coordinates with different security agencies to effect more seizures.
The issue has also been raised in international multilateral fora constantly, Mr Sinha added.
Mr Jaitley in another reply said the gross non-performing assets (NPA) of state-run banks rose to 5.43 per cent at the end of March from 4.72 per cent at the end of March 2014.
"To address the NPA situation, the government is taking sector specific measures in identified infrastructure and core sectors where there is stress due to systemic issue," he said.
Six new Debt Recovery Tribunals have also been established to facilitate recovery, he said.
The RBI as the regulator has issued guidelines which inter alia provide for early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders, Framework for Revitalising Distressed Assets in the Economy- Review of the Guidelines on Joint Lenders' Forum (JLF) and Corrective Action Plan, he said.
New Delhi: A forensic probe has been ordered into the alleged irregularities in outward foreign remittances to the tune of about Rs 6,000 crore from a Bank of Baroda branch, Parliament was informed.
In a written reply in Rajya Sabha on Tuesday, Finance Minister Arun Jaitley said the CBI and the Enforcement Directorate have registered cases on the bases of complaint filed by the bank regarding irregularities in outward foreign remittances from its Ashok Vihar, New Delhi branch through newly opened accounts, to the tune of approximately Rs 6,000 crore.
He also said the Ministry of Corporate Affairs has ordered investigation in respect of 11 companies involved in the transaction.
"Department of Financial Services has ordered a forensic investigation in the matter. Details of the involvement of other banks will be known only at the end of investigation," Mr Jaitley said.
To a query related to report of Justice A P Shah panel on MAT, Minister of State for Finance Jayant Sinha said the government has accepted the recommendations and decided to carry out appropriate amendments so as to provide that Minimum Alternate Tax provision will not be applicable to FIIs/FPIs not having a place of business/permanent establishment in India, for a period prior to April 1, 2015.
"An appropriate legislative amendment to the Income-tax Act is proposed to be carried out through Finance Bill, 2016," he said.
The written replies dated December 1 were released on Wendesday. Replying to another question, he said the government, in consultation with the Reserve Bank of India, on an ongoing basis evaluates the different options available to decide on new security features in currency notes.
Further, in order to stay ahead of the counterfeiters, the government has recently introduced revised numbering pattern in all denominations of banknotes.
An FICN Coordination Group has been formed in Home Ministry to share the intelligence/information amongst different security agencies to counter the menace of circulation of fake currency notes in the country. FICN also coordinates with different security agencies to effect more seizures.
The issue has also been raised in international multilateral fora constantly, Mr Sinha added.
Mr Jaitley in another reply said the gross non-performing assets (NPA) of state-run banks rose to 5.43 per cent at the end of March from 4.72 per cent at the end of March 2014.
"To address the NPA situation, the government is taking sector specific measures in identified infrastructure and core sectors where there is stress due to systemic issue," he said.
Six new Debt Recovery Tribunals have also been established to facilitate recovery, he said.
The RBI as the regulator has issued guidelines which inter alia provide for early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders, Framework for Revitalising Distressed Assets in the Economy- Review of the Guidelines on Joint Lenders' Forum (JLF) and Corrective Action Plan, he said.
New Delhi: A forensic probe has been ordered into the alleged irregularities in outward foreign remittances to the tune of about Rs 6,000 crore from a Bank of Baroda branch, Parliament was informed.
In a written reply in Rajya Sabha on Tuesday, Finance Minister Arun Jaitley said the CBI and the Enforcement Directorate have registered cases on the bases of complaint filed by the bank regarding irregularities in outward foreign remittances from its Ashok Vihar, New Delhi branch through newly opened accounts, to the tune of approximately Rs 6,000 crore.
He also said the Ministry of Corporate Affairs has ordered investigation in respect of 11 companies involved in the transaction.
"Department of Financial Services has ordered a forensic investigation in the matter. Details of the involvement of other banks will be known only at the end of investigation," Mr Jaitley said.
To a query related to report of Justice A P Shah panel on MAT, Minister of State for Finance Jayant Sinha said the government has accepted the recommendations and decided to carry out appropriate amendments so as to provide that Minimum Alternate Tax provision will not be applicable to FIIs/FPIs not having a place of business/permanent establishment in India, for a period prior to April 1, 2015.
"An appropriate legislative amendment to the Income-tax Act is proposed to be carried out through Finance Bill, 2016," he said.
The written replies dated December 1 were released on Wendesday. Replying to another question, he said the government, in consultation with the Reserve Bank of India, on an ongoing basis evaluates the different options available to decide on new security features in currency notes.
Further, in order to stay ahead of the counterfeiters, the government has recently introduced revised numbering pattern in all denominations of banknotes.
An FICN Coordination Group has been formed in Home Ministry to share the intelligence/information amongst different security agencies to counter the menace of circulation of fake currency notes in the country. FICN also coordinates with different security agencies to effect more seizures.
The issue has also been raised in international multilateral fora constantly, Mr Sinha added.
Mr Jaitley in another reply said the gross non-performing assets (NPA) of state-run banks rose to 5.43 per cent at the end of March from 4.72 per cent at the end of March 2014.
"To address the NPA situation, the government is taking sector specific measures in identified infrastructure and core sectors where there is stress due to systemic issue," he said.
Six new Debt Recovery Tribunals have also been established to facilitate recovery, he said.
The RBI as the regulator has issued guidelines which inter alia provide for early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders, Framework for Revitalising Distressed Assets in the Economy- Review of the Guidelines on Joint Lenders' Forum (JLF) and Corrective Action Plan, he said.
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