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The Finance Ministry has directed managing directors (MDs) of public sector banks (PSBs) to examine all non-performing assets (NPAs) or bad loans over Rs 50 crore for possible fraud and refer the same to the Central Bureau of Investigation (CBI).

The banks have been given 15 days to take preemptive action and identify and address operational and technological risks.

In a tweet, Rajeev Kumar, Secretary at the Department of Financial Services, Ministry of Finance said, “PSB MDs directed to detect bank frauds & consequential wilful default in time & refer cases to CBI. To examine all NPA accounts > Rs. 50Cr for possible fraud.  Involve ED/DRI for PMLA/FEMA/EXIM violations, if any. #EASE #NewIndia @FinMinIndia @PMOIndia @PIB_India.”

In another tweet he said, “15 day deadline for PSBs to take pre-emptive action & identify gaps/Weaknesses to gear up for rising Ops & Tech risks; To learn from best practices & pinpoint strategies including tech solutions; Clear accountability of senior functionaries. #EASE @PMOIndia @FinMinIndia @PIB_India”

The government has issued a diktat to executive directors and chief technology officers to identify weaknesses, do comparative assessment of the best practices and make a blueprint to enhance preparedness for rising operational and technological risk challenges.

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NITI Aayog CEO Amitabh Kant said it is "extremely important" for the India-EU free trade pact to be ratified at the earliest as countries like Bangladesh and Vietnam already enjoy preferential access to European markets.

Kant also said the global suppliers will otherwise start looking at other avenues for sourcing as China was slowly ceding ground in the apparel space.

The proposed free trade agreement has been in works for long as the two sides are yet to bridge substantial gaps on crucial issues.

Addressing an event organised by apparel exporters' body AEPC India, Kant said, "Countries like Bangladesh and Vietnam are having preferential access in European markets and hence it is extremely important that we get the FTA with Europe ratified at the earliest.

"As far as Indian apparel exports are concerned, India is heavily reliant on cotton and we need to see how we can move to man-made fibres which can help us to garner more global share."

Kant, CEO of the government think-tank NITI Aayog, acknowledged there has been a reduction in the benefits for the industry after GST rollout.

"We are looking at ways through which we could bring it at par with the rates prevalent in the previous regime. For the benefit of the industry, the central and state levies should be refunded and the government will work with the industry to resolve this issue," he said.

Kant said it is important to resolve the issues like blocked taxes and refund of GST, and exchange rate related concerns to bring back the apparel export and manufacturing sector onto a growth path.

He further said a huge opportunity exists for India in the global apparel space with China moving out of the sector.

"China has started moving out of the apparel sector and there is a huge opportunity for India. Today the wages in China are 2-3 times that of India and given the ageing population of China, the cost of apparel manufacturing will continue to rise there," Kant said.

AEPC Chairman HKL Magu said as India is gearing up to move towards WTO-compatible, production-based subsidies from export-based subsidies, it becomes extremely important that the country positions itself strongly as a responsible sourcing destination.

"At the UP Investor's Summit, we have signed a MoU with the UK  government to construct an apparel city in 200 acres on Yamuna Expressway. With AEPC's capability and initiatives, and continued understanding and support of the Government, India's apparel exports are sure to grow from strength to strength while providing international buyers with most superior solutions in fashion and apparel," Magu said.

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India state refiners expect their profit margins to hold their strength this year as demand growth accelerates for fuel products amid a record $93 billion spent on infrastructure and stable crude oil prices, company executives and analysts said.

India's sales of cars and especially motorbikes are forecast to rise rapidly, even as the development of a Delhi-Mumbai industrial corridor drives consumption of the country's primary fuel products, diesel and gasoline.

The infrastructure programme for fiscal 2018/19 calls for more than 80,000 km (50,000 miles) in new highways to better connect rural areas with urban hubs. Roads and other construction require oil-based products such as tar and plastic piping, and fuel to move materials by truck and rail.

"They (these projects) will have a cascading effect on fuel demand," said R. Ramachandran, director of refineries at Bharat Petroleum, adding that this would be reflected directly in strong refining margins.

India's annual fuel demand, made up mainly of diesel and gasoline, is expected to grow 7.5 percent in 2018, according to a report by BMI Research, a unit of Fitch. That compares with 5.4 percent last year, according to government data.

"Strong fundamentals and rising demand in India indicate that refining margins will remain strong in the near term, for at least six months," Ramachandran said.

Refining margins also rely heavily on global crude oil prices, currently around $65 a barrel, and on the status of world inventories of refined products.

Indian refiners hope global prices will remain sub-$70 per barrel as world oil production rises while new refining capacity doesn't keep the pace.

The International Energy Agency said this month it expects oil production to slightly outpace demand this year, especially thanks to still rising output in the United States.

M. K. Surana, head of Hindustan Petroleum Corp, said he expected international crude prices between $62 and $68 a barrel this year, as long as there are no geopolitical crises or technical disturbances like damage to the Forties pipeline.

Based on that expectation, India's refiners should see refining margins, also known as cracks, in the range of $7-$8 per barrel for all three state-owned refiners.

"Products demand continues to rally on better industrial performance and weather-related support ... Rising oil prices have done little to dampen the growth so far," said Sri Paravaikkarasu, head of East of Suez Oil, at consultancy FGE.

FGE expects Singapore margins to hold around $6-$7 a barrels due to upcoming refinery maintenance and summer demand.

"The margins for Indian refiners will be slightly better ... as India prices its products on import parity basis," she said.

Asia's benchmark margins in the oil trading hub of Singapore currently stand around $7.20 per barrel.

CASH FOR THE COFFERS

Better refining margins for the state-owned refiners - and improved profit from selling retail fuel - will pump more cash into government coffers ahead of key elections this year and next for Prime Minister Narendra Modi, who needs money for his ambitious healthcare and infrastructure programmes.

The cash inflow would come just ahead of eight state elections this year and national elections in 2019.

Healthy profits will also help the state-owned refiners to continue spending on expansion plans.

India aims to increase its refining capacity by 77 percent to about 8.8 million barrels per day (bpd) by 2030, which will cost dozens of billions of dollars.

State-run refiners Indian Oil Corp Ltd, Hindustan Petroleum Corp and Bharat Petroleum Corp, that sell most of their output locally at prices linked to global rates, largely reported strong profits and margins for the October-December quarter.

While Indian gasoline and diesel prices are linked to global rates, during state or central elections private rivals say state-owned firms often do not increase retail selling rates - a risk to margins, analysts point out, only if crude prices suddenly spike.

"We expect margins to improve ... Cracks appear to be good," said B. V. Rama Gopal, head of refineries at IOC.

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Topic :- Share Market Closing Note

Sensex ends 141 pts higher, Nifty settles at 10,397 levels; IT stocks rise:

The benchmark indices ended firm on Wednesday ahead of  the expiry of derivative contracts for February series on Thursday.

The S&P BSE Sensex ended at 33,845, up 141 points while the broader Nifty50 index settled at 10,397, up 37 points.

IT stocks ended 2.3% higher led by a over 4% rise in shares of HCL Technologies and Mindtree Ltd.

Stocks of pharmaceutical companies ended came under pressure, with the Nifty Pharma index settling nearly 2 per cent lower. Sun Pharma was the biggest loser of the day among the pharmaceutical companies, shedding 6.4% to settle at 523.90.

In global markets, Asian stocks gained on Wednesday, while the dollar advanced as traders near-term focus shifted to the minutes of the Federal Reserves last policy meeting for hints on the future pace of US monetary tightening. The Japanese Nikkei 225 ended at 21,971, up 0.2 per cent from the previous close.

MSCIs broadest index of Asia-Pacific shares outside Japan rose 0.7 per cent after slipping earlier in the session following the US market losses, which snapped a six-session winning streak..

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Topic :- Time:3.15 PM

Nirav Modi sacks employees across verticals, to shut shop

Nirav Modi has sacked employees across all verticals. Nirav Modi has also asked employees to collect relieving letters by February end as the firm will be shutting down all shops across the country. 

Nirav Modi has told his colleagues that near future seems a little uncertain and that he is concerned about the fairness of the processes that are being followed.

He has said also said that he is concerned at the speed at with which events are moving.

He has also told employees that he is taking this moment to acknowledge your immense support in building this company, adding that the organisation is suffering due to recent allegations filed by Punjab National Bank (PNB).

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Topic :- Time:3.10 PM

Nifty spot if closes above 10400 level then some pull back is expected in next few trading sessions and if it closes below above mentioned level then some sluggish movement will further be witnessed. Avoid open positions for tomorrow.

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Topic :- Time:2.30 PM

COPPER Trading View:

COPPER is trading at 453.60. If it breaks and trade below 453 level then expect some profit booking in it and if it manages to trade and sustain above 455.20 level then some upmove can be seen in COPPER.

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Topic :- Time:2.20 PM

Though nifty is still trading in small range but is turning volatile now. Nifty spot if trades and holds above 10400 level then quick upmove is expected and below 10350 level some selling pressure can again be build. Nifty is still in Sell on rise mode.

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Topic :- Time:2.00 PM

Just In:

India has lowest 4G LTE Speed in the world at 6 Mbps only.

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Topic :- Time:1.40 PM

GOLD Trading View:

GOLD is traiding at 30400. If it holds below 30480 level then expect it to fall till 30280 level quite soon and if it manages to trade and sustain above 30480 level then some pull back can be seen in it. Sell on every rise till it holds below 30480 is recommended in it.

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Topic :- Time:1.00 PM

Nifty is trading in a very small range. NIfty spot if breaks and trade below 10340 level then expect some further decline in the market and if it manages to trade and sustain above 10375 level then some pull back can be seen.

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Topic :- Time:12.10 PM

Nifty is still trading in small range. Nifty spot if breaks and trade below 10360 level then some softness can be seen and above 10410-10420 levels good upmove can follow in the Nifty.

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Topic :- Time:11.45 AM

PNB fraud: Payoffs, late night parties; corruption has seeped into very core of Indias public sector banks:

Late night parties at plush farmhouses and hefty kickbacks to top bank officials are two compulsory requirements for scamsters to access the loans from public sector banks that they fully know would turn into Non-Performing Assets (NPAs).

A Firstpost investigation into the Punjab National Bank-Nirav Modi fraud case shows that corruption has gone into the very bone and marrow of state-owned banks and this is not just a one-off for several banks, including PNB and others like UCO and Canara, which have encountered exposure in the Modi-Mehul Choksi scam.

Firstpost has exclusively accessed a confidential report of the Income Tax department and a statement of a director of Sterling Biotech, owned by Nitin and Chetan Sandesara, who had taken a loan to the tune of Rs 5,000 crore from various banks including PNB, Union Bank of India, UCO, Andhra bank and others which had turned into non-performing assets.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Indices pare morning gains, turn flat; Nifty below 10400 mark

2. PNB Rs 114 bn fraud: Nirav Modis seized assets may only fetch a fraction

3. PSBs lose Rs 1 trn; PNB scam erodes investor interest spurred by recap plan

4. Hospitals making profits up to 1,700% on drugs, consumables

5. RIL to acquire 5% stake in Eros international for Rs 10 bn to produce films

6. Oil marketing companies trade weak; Indian Oil hits 52-week low

7. Gitanjali Gems hits all-time low; stock tanks 56% in six trading days

8. Domestic insurers play contra as mutual funds lap up shares

9. 5,000 plus Aircel employees told to brace for difficult times ahead

10. CBI begins questioning Vikram Kothari

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Topic :- Time:11.00 AM

Nifty is still trading in a small range. Avoid big trades and trade with strict levels.

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Topic :- Time:10.30 AM

After positive opening nifty is trading flat now. Nifty spot if breaks and trade below 10340 level then expect further decline and if it manages to trade and sustain above 10380 level then some pull back can be seen in the market.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 21 Feb,2018:

Indian stock market to turn volatile and is expected to follow global cues.

Nifty spot if breaks and trade below 10340 level then expect some profit booking in the market however 10300 spot to act as immediate support below 10300 sharp fall is expected and if it manages to trade and sustain above 10380 level then some upmove can be seen in the market.

Please note this is just opening view and should not be considered as the view for the whole day.

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The I-T Department has written to its counterparts in Jersey, Bahamas, Cyprus, Singapore and Mauritius. The details sought are on the transactions linked to the alleged shell companies overseas which were used to send funds.

Modi is believed to be a settler and beneficiary of a trust, Monte Cristo, in Jersey. The underlying company of this trust, Monte Cristo Ventures Ltd, was incorporated in the Bahamas with UBS AG, Singapore. The entities cited were used to transfer funds to Indian firms.

Along with this, Firestar International - the jeweller's group company - received funds from Mauritius-based entities Jade Bridge Holdings and Forcom Worldwide in the form of share capital and high share premiums.

The authorities believe that the money may have been round-tripped to tax havens through trusts and other entities. "We have sought more details, information... Fresh references have been sent out," a senior income tax department official told the paper.

The transactions are not disclosed under the Undisclosed Foreign Income and Assets and Imposition of Tax Act, 2015.

Firestar hasl received funds from another Singapore-based company, Islington International Holding Pte Ltd, the beneficial owner of which was Modi's sister Purvi Mehta, according to data, reports and the CBI FIR. Modi received Rs 284 crore in March 2013 and April 2014 from Mauritius-based companies and Rs 271 crore from a Singapore-based entity.

A notice has already been issued against Modi under the black money law for nondisclosure of assets.

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Imports of rough diamonds have increased by 11.11 per cent to USD 15.53 billion during the April-January period of the current fiscal, according to Gems and Jewellery Export Promotion Council (GJEPC).

The imports had aggregated to USD 13.97 billion in the 10-month period of last fiscal, 2016-17. The inbound shipments of gold bars also rose by 18.2 per cent to USD 4.37 billion during the April-January period of 2017-18.

However, imports of cut and polished diamonds dipped by 12.91 per cent to USD 1.88 billion during the period under review as compared to USD 2.16 billion a year ago.

The GJEPC data further showed that exports of gems and jewellery declined by 4.71 per cent to USD 27.5 billion during the period under review due to demand slowdown in major markets, including the US.

The labour-intensive sector contributes about 14 per cent to the country's overall exports. The drop in shipments is mainly due to negative growth in the export of gold medallions and coins.

The industry has asked for support in terms of increasing incentives under the Merchandise Exports from India Scheme (MEIS) to boost the shipments. As per the data, gold jewellery shipments during April-January, 2017-18 increased by about 3 per cent to USD 7.74 billion.

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Imports of rough diamonds have increased by 11.11 per cent to USD 15.53 billion during the April-January period of the current fiscal, according to Gems and Jewellery Export Promotion Council (GJEPC).

The imports had aggregated to USD 13.97 billion in the 10-month period of last fiscal, 2016-17. The inbound shipments of gold bars also rose by 18.2 per cent to USD 4.37 billion during the April-January period of 2017-18.

However, imports of cut and polished diamonds dipped by 12.91 per cent to USD 1.88 billion during the period under review as compared to USD 2.16 billion a year ago.

The GJEPC data further showed that exports of gems and jewellery declined by 4.71 per cent to USD 27.5 billion during the period under review due to demand slowdown in major markets, including the US.

The labour-intensive sector contributes about 14 per cent to the country's overall exports. The drop in shipments is mainly due to negative growth in the export of gold medallions and coins.

The industry has asked for support in terms of increasing incentives under the Merchandise Exports from India Scheme (MEIS) to boost the shipments. As per the data, gold jewellery shipments during April-January, 2017-18 increased by about 3 per cent to USD 7.74 billion.

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Yogi Adityanath government today presented its Rs 4,28,384.52-crore budget for 2018-19 which is 11.4 percent higher than the last fiscal.

Presenting the budget in the Assembly, Finance Minister Rajesh Agarwal said, "The budget size for 2018-19 is Rs 4,28,384,52 crore, which is 11.4 percent higher than the last fiscal".

The budget earmarks Rs 650 crore for Bundelkhand expressway project, Rs 550 crore Gorkahpur link expressway project, Rs 1,000 crore for Purvanchal expressway, Rs 500 crore Agra-Lucknow expressway. Budgetary provisions of Rs 30 crore have been made for e-office system in all government offices and a start up fund of Rs 250 crore has been created.

For power sector schemes, Rs 29,883 crore has been allocated while Rs 1,500 crore has been kept for Kumbh Mela-2019 in Allahabad and Rs 98.5 lakh for Kanha Gau-shala and Besahara Pashu Ashray yojna.

For basic education department, Rs 18,167 crore has been earmarked for Sarv Siksha Abhiyan, Rs 76 crore and Rs 40 crore respectively for providing free books and uniforms for all students of class 1-8th.

For mid-day meal Rs 2,048 crore and Rs 167 crore for distributing fruits to students have been allocated in the budget. The government earmarked Rs 500 crore for furniture, potable water and boundary walls of schools run by Basic education department.

In a bid to improve secondary education, Rs 480 crore has been allotted while Rs 26 crore for operating Deen Dayal Upadhyay government model schools.

After the presentation of the budget, Chief Minister Yogi Adityanath described it as progress-oriented and asserted that his government was committed to the development of the state.

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Near midnight on Monday when the country was asleep the Reserve Bank woke up Indian borrowers to a new world of disciplined repayment, and the Indian banker to a stricter regime of bad loan classification and resolution. The question bankers and borrowers are now asking; is the RBI trying to achieve Utopia in a day?

The new bad loan resolution rules are by far the best in class. In the first place they do away with the myriad resolution plans such as Corporate Debt Restructuring (CDR), Strategic Debt Restructuring (SDR) and Stressed Asset Structuring (S4A). This step was inevitable. All those restructuring gimmicks were needed in an India where there was no Bankruptcy Code. Now with the code in place and the bankruptcy courts (or NCLTs) up and running, these schemes needed to go.

The new rules also require banks to report defaults over Rs 5 crore on a weekly basis to the RBI’s centralized database called CRILC.  All banks, thus know who are the stressed borrowers almost instantly and thus, have enough time and information on the borrower to regularize his repayment ability.

The new rules also ensure a sunset to the ongoing restructuring schemes under CDR, SDR and S4A. At least some were invoked to get a standstill on their getting classified as NPA. Many of the restructurings aren’t working out. For loans over Rs 2,000 crore RBI has given six months from February 12, to get implemented fully. Else they go to the bankruptcy courts. In future as well, loans of over Rs 2,000 crore get 6 months from date of first default to be resolved. Else they go to the bankruptcy courts.

Most impressive is the way in which RBI has calibrated the flow of cases to the bankruptcy courts. First 12 marquee cases sent in June 2017, then 28 cases sent six months later, and now, nine months later all the cases over Rs 2,000 crore have been referred. By then the tribunals, the resolution professionals, and committee of creditors may be more seasoned to resolve cases faster.

The new rules also ensure restructurings are no eyewash.  For loans over Rs 100 crore a rating agency shall rate the restructured loan as investment grade. For loans over Rs 500 crore, the revamped loan will require investment rating from two rating agencies.

All told, the new rules are exactly how the rules should have been from the start. Timely payment of interest by borrowers, or the system punishes you; and appropriate classification and provisioning by banks, so the mess doesn’t accumulate.

That said, let us tiptoe to reality.  Most bankers believe the new rules will lead to a spurt in loan defaults in the next few quarters. Here’s why:

Firstly, a resolution plan has to be okayed by all banks. Bankers worry the approval from 75 percent or even 51 percent of the lenders has been a problem. This requirement of approval from all bankers for a resolution to become applicable will mean more failures and more cases going to the bankruptcy courts.

Secondly, getting an investment grade from the rating agencies for a resolution plan can be an uphill task. So far, these agencies have waited for the loan to perform for a year before raising their rating. Getting two rating agencies to give the required grade will be tougher. In an atmosphere where all institutions – banks, audit companies, boards,  - are facing distrust, many a resolution may fall short of the required grade and again end with the bankruptcy courts. And all these loans are being forced to the bankruptcy courts when the process, while showing promise, has yet to yield results.

Thirdly, the process to upgrade a restructured loan to standard status is more demanding. It will require the borrower to repay 20 percent of his principal before being upgraded. This means for a longer period, income from the loan can’t be recognized, and the NPA will show up in the ratios and the risk capital.

Fourthly, the loans currently under SDR or CDR or S4A have to be resolved in six months. Else more cases will end in the bankruptcy courts requiring immediate accelerated provisioning.

Net net, the widespread fear is that an immediate increase in slippages is likely, at least, from cases under the various old CDR and SDR schemes.  This will hit provisioning, and may be absorb most of the capital that came from the recap bonds leaving little for growth. The more demanding process of upgrading loans will keep incomes subdued for banks.

The bigger problem will be if IndAS is implemented starting April. IndAS requires that for every new loan, provisions have to be kept depending on the bank’s loss-given-default of the past three years. The new rules hit when the NPAs are at their highest and hence, every new loan can become too expensive. There is a good chance therefore, that credit growth may slacken for the next few quarters.

No doubt once these few quarters are lived through, the banking system will emerge vastly stronger and cleaner. But for the banks, the midnight jolt from RBI will mean nightmares first, and sunrise after a rather long night.

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Know the truth and handle the consequences with discipline

Investing in the market is not easy and people in a few situations fall for the myths which make them lose the investments.A few things come up without any reason and people start moving ahead following those misconceptions. In a few cases there is a chance of losing the investments as these are not true and there is a chance of winning the market if the investor is lucky. As luck always, do nonsupport in winning the market one must first identify the myths and the simple way to face it. Improve the chance of winning the market by enhancing your skills which are extremely useful in earning quality returns. Forex trading requires various skills and thorough knowledge as this involves the currency of various countries and several aspects. In order to enjoy the market by earning really good profits it is must to invest with discipline and follow a worthy strategy that offer success. By recognizing the myths,one can stay with the truth and then handle the consequences of the market.

1.     

  It’s the game of rich

No forex trade is not just for the rich people.This is one of the myth which spoils the chance of earning returns in the market. People who are interested in earning quality results by investing in the market need not have excess savings but need to have addiction. With quality research and proper homework every trader irrespective of their status can gain returns as market is place of amazing opportunities.There is no limitation for an investor and one who keep a track of the political happening and changes in economy can win returns in the forex market.

2.      

Forex trading is high risky or too easy

A majority of the forex traders believe that the market is either dangerous to invest or simple one to gain wonderful returns. But both the ideas are not completely true. The chance of losing the investments is seen with people who invest neglecting a few crucial aspects.The market offers a chance to earn quality returns to the investors who deal with the situations in a planned manner.So, people planning to earn handsome returns need to invest in the currency market with a strategy. It is true that this is less volatile and a predictable market when compared to the share market.

3

Follow economy

The economy changes play a role in gaining returns in the forex market, but it is not true that it is only the economic changes that change the chance of returns.The political happening seven effect the returns in every market and following the news helps in gaining smooth returns.Keep a note of the economic and political fluctuations and watch the time closely which makes investors make easy money.

4.       

No time limits

There is a time to invest and gain returns in the forex market and one such myth is that this is open for investor throughout the day. It is not true and the market so not invite investors around the clock as the day is divided in to specific sessions. Market functions only during the particular time and one can invest and gain returns within a certain time limit.So, keep a watch on the time and then start investing in the forex market as this is one convenient place to start career and make money.

5.       

Take quick decisions

There is no guarantee that quick decisions work positively and people planning to be part of the trade need to stay cautious while making decisions. One must have a realistic approach and investors who are planning to have right returns must underhand the situations and hen step ahead.Quick decisions do not support in earning positive results all the time and in order to avoid the unexpected issues it is must to be patient and control emotions while decision making

Though the above seem to be real are not actually true and people who tend to look at the market in this aspect may face unpredictable consequences in the predictable market. With the support of an analyst it is not tough to earn better returns and gain support from experts who use charts and other systematic procedure in winning the market.