IDFC first probes $65m fraud
IDFC First Bank said it is investigating a suspected fraud of $65m involving accounts linked to local government entities. The bank said it has alerted the police and launched an internal probe. The matter was disclosed in a statement to the Bombay Stock Exchange late on Saturday.
According to Reuters, the Mumbai-based lender reported discrepancies of Rs 5.9bn in accounts related to some entities of the Government of Haryana. The issue surfaced when the entities requested closure of their accounts and the claimed balances did not match the bank’s records.
The bank has suspended four employees from its Chandigarh branch pending investigation. It described the case as involving “unauthorized and fraudulent activities”, Reuters reported. IDFC First said it will appoint an independent agency to conduct a detailed inquiry and has filed a police complaint.
The Haryana state government and police have not yet responded publicly. IDFC First Bank, which counts investors such as Warburg Pincus and Abu Dhabi Investment Authority, reported a quarterly profit of $55.46m in its latest earnings.
Trump to increase 15 percent global tariffs
Donald Trump announced new global tariffs of 15 percent on goods entering the US. The move comes after the Supreme Court of the US struck down his earlier import taxes, according to AP. Trump said he would replace the blocked tariffs with a 10 percent levy, but later raised it to 15 percent under a rarely used trade law.
AP reported, the new measure will be imposed under Section 122 of the 1974 Trade Act. It allows tariffs to remain in place for about five months without congressional approval. The 10 percent rate was set to take effect on February 24, but it is unclear if the 15 percent tariff will start on the same date. The White House has not confirmed the timeline.
In a 6-3 ruling, the Supreme Court said Trump overstepped his powers by using the 1977 International Emergency Economic Powers Act to impose sweeping tariffs last year. The US has already collected at least $130bn in tariffs under that law. Trump criticised the court’s decision and called it anti-American.
The new tariffs will apply to most imported goods, though some products like critical minerals and pharmaceuticals will be exempt. AP wrote, separate tariffs on steel, aluminium and automobiles remain in place. Business groups have warned the move could hurt trade and slow global growth, while others say it will protect American manufacturing.
Gold price increases by Rs 5, 600 per tola on Sunday
The price of gold has increased by Rs 5, 600 per tola in the domestic market on Sunday.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the precious yellow metal is being traded at Rs 310, 300 per tola today. It was traded at Rs 304, 700 per tola on Friday.
Similarly, the price of silver has increased by Rs 375 and is being traded at Rs 5, 050 per tola today.
Gold being traded at Rs 304, 700 per tola on Friday
The gold is being traded at Rs 304, 700 per tola in the domestic market on Friday.
According to the Federation of Nepal Gold and Silver Dealers’ Association, the price of silver, however, has dropped by Rs 10 and is being traded at Rs 5, 050 per tola today.
