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The Reserve Bank of India (RBI) has tightened customer due diligence (CDD) norms by requiring banks and regulated entities to adopt a risk-based approach for periodic updating of Know Your Customer (KYC) information. The amendments to the Master Direction on KYC follow government instructions related to money laundering rules, unlawful activities, and the prevention of weapons of mass destruction. The RBI has also updated instructions in line with recommendations from the Financial Action Task Force. The amended provisions will come into effect immediately.

The company is undergoing an insolvency resolution process after it failed to clear vendor dues and other debt.

Ministry of Corporate Affairs has informed that the amount lying with Investor Education and Protection Fund, as on March 31, 2023, is Rs 5,714.51 crore, Minister of State for Finance Bhagwat Karad said in a written reply in Rajya Sabha.

ED has further informed that as on August 2, 2023, proceeds of crime of fugitive economic offenders, amounting to Rs 34,118.53 crore have been attached, out of which assets amounting to Rs 15,838.91 crore have been confiscated and assets amounting to Rs 15,113.02 crore have been restituted to the public sector banks, he said.

These wilful defaulters include fugitive Mehul Choksi’s Gitanjali Gems Limited, Rishi Agarwal’s ABG Shipyard Limited, REI Agro Limited, and Era Infra Engineering Limited.