Restricted access to market in plan to counter Beijing
NEW DELHI: With external affairs minister S Jaishankar speaking with his Chinese counterpart Wang Yi on Wednesday for the first time since the troop build-up along the Line of Actual Control (LAC) began several weeks ago, people familiar with developments said the focus is expected to remain on bilateral efforts to defuse the crisis.
India, however, is mulling economic measures, including limiting China’s access to its vast market, even as its armed forces went into a state of high alert to deal with any threat to national security following the escalation of the border conflict after 20 Indian soldiers were killed in a brutal clash with Chinese soldiers on June 15.
The army has strengthened its posture across the length of the LAC where reinforcements have been sent, the Indian Air Force is keeping its contingency plans ready and the navy is also on alert in the Indian Ocean region where scores of warships are ready for any task, three military officers said on Wednesday on the condition of anonymity.
On the economic front, at least 100 Chinese products are staring at anti-dumping action and future investments from China, including participation of its firms in big and important projects such as the 5G market, could be barred, four government officials said, asking not to be identified.
India will, however, not resort to any knee-jerk reaction. It will take well considered action at an appropriate time, necessary to protect integrity and sovereignty of the country and its national interest, the officials added.
“Hopefully, good sense will
MUMBAI:The Central Bureau of Investigation (CBI) registered a case against Mumbai Bharatiya Janata Party (BJP) general secretary Mohit Bharatiya and others for allegedly cheating Bank of India of ₹57 crore, officials said Wednesday.
The CBI teams conducted searches at five locations in Mumbai, including the residence and office of Bharatiya.
According to the CBI FIR, the accused diverted funds from the bank to different companies.
Bharatiya was the guarantor and managing director in Avyan Overseas Pvt Ltd, engaged in manufacturing and export of handcrafted gold jewellery to Dubai, Singapore, Hong Kong and other countries.
According to CBI, between 2013 and 2018, the Avyan Overseas and its managing director Bharatiya, along with an unknown public servant, entered into an agreement with the bank’s Mid Corporate Branch in Fort, with an intention to cheat through FB purchase/ Foreign Bills Negotiation Limit and Export Packaging Credit Limit facilities worth ₹60 crore (approx.) extended to the firm.
“In pursuance of the conspiracy, the said private company allegedly got it (₹60 crore) sanctioned and got it released. It was further alleged that after availing the said limits, the accused company diverted the funds and prepared forged and fabricated documents in support of the claim. An alleged loss to the tune of ₹57.26 crore (approx) was caused to Bank of India,” CBI spokesperson R K Gaur said.