Reserve Bank yesterday asked payment system providers in the country to adhere to the new Foreign Accounts Tax Compliance Act (FATCA) in connection with transactions to the US.

Entities that are non-compliant with FATCA could attract hefty penalty up to 30 per cent from the US tax authorities.

Through a notification, the RBI asked all payment system providers, system participants and prepaid payment instrument issuers to "take note of the contents" of the circular issued on December 30, 2014 on ‘Inter-Government Agreement (IGA) with United States of America (US) under FATCA – Registration’.

Use environment friendly agrochemicals: Punjab Min * Chandigarh: Punjab Agriculture Minister Tota Singh today laid emphasis on use of environment friendly agrochemicals in a sustainable manner for long-term benefits.

He advised for closer linkage between the industry, academia and the farming community.

On the occasion, he also released a ‘Knowledge and Strategy Paper’ on issues concerning agri sector.

Rane Engine Valves Q3 net loss at Rs 3.18 cr * Auto-component maker Rane Engine Valves, part of Rane Group, registered a Rs 3.18 crore net loss for the third quarter ending December 31, 2014.

The Chennai-based company had reported a net loss of Rs 28.41 lakh during the year ago period.

Total income for the October-December period slipped to Rs 59.89 crore, from Rs 64.64 crore registered during the same period of last year.

Saurabh Sanyal takes over as the Secy General of PHD Chamber * Saurabh Sanyal has been appointed the Secretary General of the PHD Chamber of Commerce and Industry.

Sanyal was serving as the Executive Director of the Chamber since May 2013.

He has been planning and implementing infrastructure projects at national and international levels in construction, Power/Energy sectors in Africa, SAARC countries and across India, a statement said.