Customs prohibits Red Sanders from being imported
The Dollar Business Bureau Red Sanders wood, an endangered species of flora protected under the Convention of International Trade in Endangered Species(CITES) of Flora and Fauna, has been prohibited from being imported by the Directorate General of Foreign Trade. Earlier this wood was free to be brought into the country, but the government has through a notification specified that it has shifted imports of this wood from free to the prohibited category. Red Sanders in India is found mainly in the Seshachalam hill ranges spread across the Rayalseema and Nellore regions of Andhra Pradesh. Possession or selling of this prized wood is considered to be illegal. This wood has a huge demand in the markets of Japan and China as it is valued for its ...
Forex scam: Bank of Baroda says branch didnt adhere to norms
Sai Nikesh | The Dollar Business Soon after the startling revelation about alleged irregularities in overseas transactions worth over Rs.6,000 crore, Bank of Baroda has said that its Delhi branch failed to 'adhere to the Foreign Exchange Management Act (FEMA) guidelines while processing high-value remittance'. The Public Sector Bank said that it had found suspicious transactions involving foreign accounts through its Delhi's Ashok Vihar branch and reported the matter to the Finance Ministry, Enforcement Directorate (ED) and CBI in September. According to media reports, CBI and ED officials last week, in a series of raids, found documents related to 59 companies that opened current accounts in Bank of Baroda’s branch and transferred Rs.6,172 crore in the garb of advance payments for imports ...
