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Special CBI court remanded all the six arrested, including Vipul Ambani, President (Finance) of Nirav Modis Firestar Group of Companies, to CBI custody till March 5. (Photo: Rajesh Jadhav)

PNB fraud case: Nirav Modi's aide Vipul Ambani knew about fake LoUs,...

CBI said applications for such letters were made from Vipul Ambani's South-Central Mumbai office.

22 Feb 2018 9:14 AM IST

Banning of letters of undertaking (LoUs) and letters of comfort (LoCs) by the RBI as trade finance instruments is likely to reduce financial flexibility of importers, a Fitch group company said on Wednesday.

LoU ban to impact financial flexibility of importers

The central bank stopped banks from issuing the two instruments for trade credits for imports into India.

4 April 2018 7:32 PM IST

UK High Court notes broad consistency in India's evidence against...

Taken overall, there is a broad consistency of evidence, Judge Ingrid Simler noted.

12 Jun 2019 7:18 PM IST

Nirav Modi diverted Rs 4,299 cr to himself, family and firms: ED in...

The agency would soon file a second charge sheet against Modi's uncle and jeweller Mehul Choksi and his businesses.

25 May 2018 1:21 PM IST

SBI is Indias largest public sector lender. (Photo: PTI)

Except for PNB, no unauthorised LoUs issued by PSBs: SBI official

RBI has stopped banks from issuing LoUs and Letters of Comfort for trade finance for imports into the country.

15 March 2018 3:54 PM IST

Reserve Bank of India

After PNB fraud, RBI bans use of Letter of Undertakings for overseas...

RBI said the decision to discontinue practice of LoUs and LoCs for trade finance comes into force with immediate effect.

13 March 2018 7:17 PM IST

PNB has suspended 10 officers over the scam and referred the matter to CBI for investigation. (Photo: PTI)

PNB issued over 41,000 LoUs since 2011: Finance Ministry

Reserve Bank has stopped banks from issuing LoUs and Letters of Comfort for trade finance.

23 March 2018 10:49 AM IST