MMRDA inks deals with Dubai, Qatar to boost finance hub

In a bid to boost the proposed International Financial Services Centre (IFSC) in Mumbai, the Mumbai Metropolitan Region Development Authority (MMRDA) has signed Mous with Dubai and Qatar. The agreements with Dubai International Financial Centre (DIFC) and Qatar Financial International Centre (QFI) are to share the best financial practices for development of IFSC in Bandra-kurla Complex.

The primary objective of these Mous is to share financial practices and promote South Asia Middle East (SAME) region as a robust financial services corridor. Earlier this week a delegation of UPS Madan, metropolitan commissioner, MMRDA, travelled to Dubai and Qatar to meet with senior officials from both these centres and signed these Mous.“this marks an important step in our pursuit of developing a robust financial corridor. The Mous will strengthen the cooperation between India and these regions, and will facilitate mutually beneficial developments of the financial services industry,” said UPS Madan, metropolitan commissioner, MMRDA.

Meanwhile, the process of making a plan and seeking approvals for the IFSC, which will be located in the plush business district of Bandra-kurla Complex, is already underway. The master plan for the Mumbai IFSC is currently being prepared.

“These Mou’s will establish a better network to develop co-services and improve the way increasing demand of investors in this region is dealt with. Both DIFC and QFC have considerable experience as they function as full service IFSCS today and Mumbai IFSC will gain immensely from their experience,” said a statement from the MMRDA.

A gang of eight allegedly duped around 800 people in Mumbai, Thane and Navi Mumbai by asking them to invest in their company promising to double their money in three years. Vinay Fadnis, the suspected mastermind, was arrested last week.

All eight are from Pune and the main accused. Fadnis allegedly owns the company — Fadnis Group of Investments — that the gang operated under.

Its office is near Vrindavan bus stop at Naupada in Thane. According to the police complaint, the company duped around 800 people between 2008 and 2013.

A police officer from the Economic Offence Wing, Thane, said, “We have recorded statements of more than 45 people who said that the gang cheated more than 800 people who invested in the company. We have also found that the company had its headquarter in Pune. We will send our team there to investigate.”

The gang lured victims by promising 10% returns in one year, 11.30% in two and 12.30% in three, said the EOW officer.

They allegedly promised to return the doubled amount in three years and stalled investors for another year owing to documentation and other legal formalities.

When they stopped responding to the investors’ calls, a few victims got together and filed a complaint on Thursday in the Economic Offence Wing at Thane.

“One of the main accused has been arrested by Mumbai Naka police station in Nashik. We suspect that the other accused are hiding in remote areas of Maharashtra,” added the officer.

The complaint has been forwarded to Naupada police station.

The state government has decided to reserve 67% of seats in private and deemed insti tutes for candidates domiciled in Maharashtra.

A person who is born in Maha rashtra or has lived in the state for 15 years has domicile status.

For the first time, 25% of the seats in deemed medical and den tal institutes will be reserved for candidates from the Scheduled Castes (SC), Scheduled Tribes (ST), Vimukta Jati Nomadic Tribes (VJNT) and Other Back ward Classes (OBC). This reser vation was earlier available only in government institutes.

The state government released a government resolution (GR) giving clear demarcations of domicile quotas in government private and deemed institutes was released on Thursday even ing.

“The state fills 50% of seats in private and deemed institutes All these will be reserved for stu dents with state domicile. Plus 50% of the management seats wil also be reserved for those with state domicile, taking the tota reservation for them in private institutes to 67%,” said Dr Pravin Shingare, director of Directorate of Medical Education & Research (DMER).

But students from the state will not be given seats from the NRI quota, said officials.

Shingare added that this rule will apply to seats in undergradu ate and post graduate medica and dental courses.

Earlier this week, state medi cal education minister Girish Mahajan announced that the gov ernment was considering keep ing aside 85% of seats in deemed medical and dental institutes for candidates from Maharashtra.

The DMER in its proposal had sought to reserve 50% of seats in PG courses and 85% of seats in UG courses in deemed universi ties for state students.

“The state wants to give more opportunities to students from Maharashtra,” said Rajagopa Devara, secretary, medical edu cation department.

He added that this rule wil apply to both deemed and private medical and dental institutes in the state.