The CAG has indicted the Indian Railways for not employing strict checks and balances in its dual freight policy (DFP) for transportation of iron ore that led to a financial loss of nearly Rs 30,000 crore to the organisation between May 2008 and September 2013.

The DFP policy provides for categorisation of iron ore in two categories — for ‘domestic consumption and ‘other than domestic consumption’ (exports). The freight rate for latter category of iron ore was three times that of the former.

Air India has dismissed Indian Commercial Pilots Association’s (ICPA) claim that the airline pays its junior pilots on an ad hoc basis, doesn’t pay them for domestic night stops, forces them to fly overtime and does not grant them leave, causing illness. ICPA had written to the Directorate General of Civil Aviation on the issue, marking a copy to Air India, last month.

ICPA had highlighted that 40-45 junior pilots at Air India were under stress because being ad hoc, they got a third of the salary. Besides, one fine day, the airline management had “unilaterally” changed the terms of employment for co-pilots. The letter was sent to DGCA just a few days after a German pilot (suffering depression) crashed a Lufthansa plane in the French Alps, killing 150.

The department of posts’ database is susceptible to data manipulation and fraud, according to a report by the Comptroller and Auditor General of India.

“The aim of computerisation of postal savings bank functions through Sanchay Post software was improving operations and providing error-free and faster service to customers. But we observed the database has not been secured and is easily susceptible to data manipulation, which might lead to fraud,” the report said.

After Indian Railway Finance Corporation (IRFC), state-owned NTPC is also considering raising funds through masala bonds, or rupee-denominated bonds issued in capital markets abroad.

An NTPC official said the company was planning to raise such bonds to part-finance its capital expenditure. Recently, the company’s board had approved a proposal to raise debt from foreign bond markets. “Depending on market conditions and requirement, the company will look at an offering of global rupee bonds soon, after the guidelines on this are notified,” the official said, adding discussions on the issue were in preliminary stages.

NEW DELHI: The government has decided to cancel a coal block attached to the Sasan ultra mega power project of the Anil Ambani group in line with the Supreme Court's directive forbidding commercial use of surplus coal from such units for other plants.

The decision, which also forbids the use of coal from other mines of the 4,000 MW project for other plants, ends the special dispensation given earlier to Reliance Power's Sasan Project that would have helped the company fuel the Rs 21,000 crore Chitrangi power project.

A report by the Comptroller and Auditor General (CAG) has said the Mukesh Ambani-promoted Reliance Jio Infocomm got undue advantage of Rs 3,367.29 crore after the department of telecommunications (DoT) allowed the company to offer voice services by using broadband wireless access spectrum (BWA).

Reliance Industries in 2010 acquired Infotel Broadband, which had won pan-Indian BWA spectrum in auctions to be used for 4G services.

To protect investors from illegal mobilisation of funds, the Securities and Exchange Board of India (Sebi) has barred four companies and their directors from raising money by issuing securities.

The move follows Sebi receiving a complaint against these companies -- Bishal Horticulture & Animal Projects, Bishal Distillers, Bishal Agri-Bio Industries and Bishal Abasan India -- alleging illegal mobilisation of funds.

NEW DELHI: Country's largest power producer NTPC is planning to raise rupee denominated 'Global INR' bonds worth USD 1 billion to finance its capital expenditure.

NEW DELHI: Country's largest power producer NTPCBSE -0.18 % is planning to raise rupee denominated 'Global INR' bonds worth USD 1 billion to finance its capital expenditure.

The first year of the new Bharatiya Janata Party (BJP) government is one of the best years for India in terms of liberalisation and economic reforms, a top US expert has said.

“While we cannot claim this has been a perfect year in terms of liberalising the economy, it has been one of the best years on record. Certainly well ahead of the first year of either the Vajpayee or the Singh governments,” said Rick Rossow, senior fellow and Wadhwani Chair at the Center for Strategic and International Studies – a prominent think-tank.

The BSE Sensex surged over 574 points to trade above the 27,000 level while the Nifty reclaimed the 8,200 mark in the afternoon trade today as funds and retail investors went about creating fresh positions, driven by the government’s decision to refer MAT issue to a high-level committee.

Besides, a rebound in the rupee from the 20-month low also boosted sentiment.

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