Intentar ORO - Gratis
RBI fines 4 PSUs for late reporting
Mint Mumbai
|August 02, 2023
The Reserve Bank of India (RBI) has imposed late submission fees (LSF) of ₹2,000 crore on ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for delayed reporting of their overseas investments, two people familiar with the development said.
The move may impact the overseas work commitments of these four state-run energy majors, prompting efforts by them to secure an extension from RBI, which has imposed a late submission fee of ₹500 crore each on the four firms.
State Bank of India (SBI) is the authorized dealer (AD) bank for these public sector undertakings’ (PSUs’) foreign transactions. It is the work of the AD bank to report and reconcile their overseas direct investments (ODIs) within the requisite timelines.
The oil ministry, the nodal ministry for these PSUs, believes the responsibility for reporting these transactions lies with SBI, not the PSUs.
Esta historia es de la edición August 02, 2023 de Mint Mumbai.
Suscríbete a Magzter GOLD para acceder a miles de historias premium seleccionadas y a más de 9000 revistas y periódicos.
¿Ya eres suscriptor? Iniciar sesión
MÁS HISTORIAS DE Mint Mumbai
Mint Mumbai
America should think before it slams its door on immigration
The benefits of it are subtle but compelling enough to keep it going
3 mins
October 09, 2025
Mint Mumbai
Fintechs must design for all, says RBI governor
increase transparency and awareness in consent management and data sharing under the account aggregator framework,\" he said.
1 mins
October 09, 2025
Mint Mumbai
Road builders sweat as highway tenders dry up
After a prolonged slowdown in orders, India's road construction giants are keeping their fingers crossed for a long-awaited revival.
2 mins
October 09, 2025
Mint Mumbai
Competitive exams in India: Are we testing the right parameters?
Their focus is on skills that often have nothing to do with requirements of the actual roles on offer
3 mins
October 09, 2025
Mint Mumbai
JSW tweaks auto top deck before EV, truck launch
Sajjan Jindal-led JSW Group has introduced a series of changes to the boards of at least two ofits auto companies and changed the holding company of its component business between August and September, as the conglomerate gears up to launch cars and trucks next financial year.
2 mins
October 09, 2025
Mint Mumbai
India pulls several anti-dumping levies on China, others
New Delhi has quietly allowed the expiry of anti-dumping duties on a range of goods from several countries including China, signalling a recalibration in its approach to trade protection.
2 mins
October 09, 2025
Mint Mumbai
Ombudsman rules, but are health insurers playing fair?
How to enforce ombudsman awards, challenge cancellations, ensure uninterrupted coverage
4 mins
October 09, 2025
Mint Mumbai
Design products accessible to all, RBI governor tells fintechs
Fintechs in India have a clear mandate from the head of the country's central bank: design products that are accessible, inclusive, and tailored for underserved populations.
2 mins
October 09, 2025
Mint Mumbai
Airtel's chief flags regulatory overreach in telecom sector
Telcos face disproportionate regulatory burden compared to other digital players, Vittal said
2 mins
October 09, 2025
Mint Mumbai
Advertisers push for transparency standards in ad sales
Some of the advertising industry's largest players have joined forces to propose new standards for transparency in the digital auctions that increasingly dominate ad sales.
4 mins
October 09, 2025
Translate
Change font size