Tag: Income Tax Departments

Will honour bonafide commitments, says PNB on Nirav LOUs

Punjab National Bank (PNB) on Monday said it will honour all its “bonafide commitments” under the Letters of Undertaking (LOUs) and Foreign Letters of Credit (FLCs) in connection with the colossal banking fraud involving billionaire jewellers Nirav Modi and Mehul Choksi. LOUs have been used to defraud PNB, the country’s second-largest bank, to the tune …

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February 19, 2018