Bank account details not in RTI ambit

Bank account details not in RTI ambit

New Delhi: The Central Information Commission has ruled out disclosure of information relating to bank accounts under the Right to Information (RTI) Act, saying that agreements entered into by banks with its customers were matters of “commercial confidence."

Bank is a commercial entity and the agreements that it has arrived at with other parties are a matter of commercial confidence.

“The bank holds such information concerning private persons in a relationship of trust," information commissioner Padma Balasubramaniam said in a recent order.

The commission said this while hearing an RTI request of Rajan Verma, a resident of Amritsar,.

Verma had sought from Canara Bank five-year details about all non-performing accounts at its Jalandhar branch. The commission dismissed the request. PTI

I-T raids on BPTP, Puravankara

New Delhi/Bangalore: The income -tax department on Thursday carried out raids on two real estate developers—Faridabad-based BPTP Ltd and Bangalore-based Puravankara Projects Ltd.

Income tax officials confirmed that BPTP was raided and the Bangalore I-T department said the raid on Purvankara was carried out by the Mumbai I-T department. Additional information was not available on either raids.

Income tax officials raided three offices of BPTP and the house of Kabul Chawla, the company’s chairman and managing director. “This was part of a routine investigation process," said Abhinandan Chatterjee, president and chief financial officer of BPTP. “The income tax people feel developers have a lot of money and so they are raiding the offices of developers." Shabana Hussain & Kavitha Srinivasan

Ranbaxy confirms recall of gabapentin

New Delhi: Drug maker Ranbaxy Laboratories Ltd declined to quantify the quantity of the nerve pain medicine—gabapentin—that it is voluntarily recalling in the US, the morning after a news report on the recall.

A Ranbaxy spokesperson, however, confirmed the recall, but declined to say whether the company was indeed recalling 73 million pills of 600mg and 800mg dosages of gabapentin.

‘The Economic Times’ first reported on Friday about the recall. The spokesperson said Ranbaxy “ found the presence of ‘related substances’ permitted in the products to be outside the approved specification limit."

Ranbaxy shares fell 2.82% on Friday on the Bombay Stock Exchange to close at Rs411.70, significantly more than the 0.4% decline in the benchmark Sensex index. Bhuma Shrivastava

Inflation remains near five-year low

New Delhi: India’s inflation held near a five-year low as the government subsidized fuel to protect consumers from record crude oil prices.

Wholesale prices rose 3.11% in the week ended 3 November from a year earlier, compared with a 2.97% gain in the previous week, the ministry of commerce and industry said on Friday.

Low inflation may not prompt the Reserve Bank of India to cut interest rates as the impact of higher global oil costs hasn’t been felt in the South Asian economy.

India on Friday revised the inflation rate for the week ended 8 September to 3.46% from 3.32%. Bloomberg

Essar OIl plans $6bn refinery expansion

New Delhi:Leading private sector oil refiner, Essar Oil Ltd, will invest $6 billion (Rs23,640 crore) to raise its refining capacity by 224% to 34 million tonnes per annum by 2010. To meet part of the funds needed for the expansion, the board of directors has approved the issue of global depository shares to the promoters on a preferential basis at a price of Rs200 per share. Meanwhile, group firm Essar Steel Ltd said it has applied for delisting of shares and its founders will buy shares from the shareholders for six months at a price of Rs48 a share. Utpal Bhaskar/Reuters

Trai issues norms on collection of dues

New Delhi: The Telecom Regulatory Authority of India (Trai) on Friday asked service providers to follow a transparent policy on the mode of recovery of dues from their customers in an effort to stop harassment of telecom users. The regulator issued guidelines to service providers prescribing a code of conduct for outsourcing agencies engaged by them for collecting dues. It also asked them to set up an effective complaint handling mechanism. The service provider has to ensure that outsourcing arrangement to an agency does not absolve them of their responsibility to fulfil their obligation to consumers , Trai said in a statement.PTI