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Over Rs 6,000 Cr ‘black money’ sent out of India

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New Delhi: The Congress alleged on Friday that Rs 6,000 crore of ‘black money’ was sent out of the country from a public sector bank months after the NDA government came to power last may and sought an independent probe into the “scam.”

Congress spokesperson R P N Singh hit out at the BJP over its claims that there had been no scam during the rule of Narendra Modi government and said “cash of Rs.6,172 crore was deposited in Bank of Baroda after July 2014”, violating rules governing such transactions.

Singh told reporters here that “the money was deposited as advance in 59 accounts of the bank” located in Delhi.

“Rs 6,172 crore was sent out of the country to get commodities such as pulses, rice and cashew-nuts… but information was not taken if the commodities were received or not,” Singh alleged.

“The money was sent to Hong Kong where none of these commodities is produced. The money was sent to some specific companies in Hong Kong,” he added.

He said three of the Indian companies are not traceable on the addresses mentioned by them.

Singh said that based on the inquiry report submitted by the bank, government was aware of the “scam” and asked why no FIR had been registered.

He alleged that officials of the bank had the “patronage” of finance ministry officials and asked the government to come clean on the issue.

“This government tells us that it had brought Rs 4,000 crore of black money back. But in one-and-a-half year, Rs 6172 crore has gone to Hong Kong… Money is going out and that too without documents,” Singh alleged.

(IANS)

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Prime Minister Narendra Modi Stern On Intensifying India-Korea Economic Relations

India features among the top 10 trade partners of South Korea and is the sixth largest export destination for S Korean goods with the trade volume reaching $21.5 billion in 2018. 

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Noting that this was his third interaction with the Korean business leaders in 12 months, Modi said: "Negotiations to upgrade the comprehensive economic partnership agreement (CEPA) have been fast-tracked to achieve the bilateral trade target of $50 billion." Pixabay

Making a call to intensify the India-Korea economic relations, Prime Minister Narendra Modi here on Thursday urged more Korean businesses to turn their attention towards India.

“I wish to see more and more Korean businesses turning their attention to India,” Modi said.

Addressing the India-Korea Business Symposium, Modi who is on a two-day official visit to South Korea, said India has become one of the most open countries for foreign direct investment (FDI), recording $250 billion inflow in the past four years.

India
Highlighting the sound fundamentals and that the Indian economy is on its way to become a $5 trillion economy soon, Modi said no other large economy in the world has grown at 7 per cent year after year.
Pixabay

Noting that this was his third interaction with the Korean business leaders in 12 months, Modi said: “Negotiations to upgrade the comprehensive economic partnership agreement (CEPA) have been fast-tracked to achieve the bilateral trade target of $50 billion.”

India features among the top 10 trade partners of South Korea and is the sixth largest export destination for S Korean goods with the trade volume reaching $21.5 billion in 2018.

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Trade Groups Claim, American’s Detention Is A Potential Moment For Russia. Pixabay

“Not just trade, in terms of investment also we are seeing a positive turn. Korean investments into India have reached a cumulative figure of almost $6 billion,” the Prime Minister said.

Noting that the South Korean National IT Industry Promotion Agency (NIPA) has opened its India office in Bengaluru to facilitate Korean startups in India, the Prime Minister said both the countries have decided to set up a future strategy group (FSG) and a centre for research and innovation cooperation.
Also Read: Trade Groups Claim, American’s Detention Is A Potential Moment For Russia
Highlighting the sound fundamentals and that the Indian economy is on its way to become a $5 trillion economy soon, Modi said no other large economy in the world has grown at 7 per cent year after year.

India, he said, has jumped to the 77th spot on the World Bank’s “ease of doing business” rankings on the back of reforms and is determined to break into the top 50 next year. (IANS)