Latest news with #LetterofCredit
Time of India
12-07-2025
- Business
- Time of India
Tata Steel executes first fully digital import transaction using e-Bill of Lading
Tata Steel completed its first paperless import transaction under a Letter of Credit, fully backed by digital processes, the company announced on Friday. The company carried out first digitized import shipment of coal using an Electronic Bill of Lading (eB/L) with full bank integration. In its efforts towards fully digitised and sustainable global trade, the company used eB/L for its coal import shipment from Queensland , Australia to Dhamra Port in Odisha , India. The transaction, backed by digital platform provider ICE Digital Trade's eBL solution, involved coordination between Tata Steel India, ICICI Bank , TS Global Procurement, and Standard Chartered Bank (Singapore). Electronic Bill of Lading (eB/L) is a digital version of the traditional paper document used in global shipping. Tata Steel aims to make its supply chain eco-friendly, as a step to fulfil its sustainability objective of achieving Net Zero by 2045. Live Events "This is a big step forward in making our supply chain smarter and more eco-friendly. By embracing eB/L, we are cutting through traditional bottlenecks and setting a new standard for how goods move globally. It reflects our commitment to building a supply chain that is not just efficient and secure, but also environmentally responsible," said Peeyush Gupta, Vice President - TQM, GSP & Supply Chain, Tata Steel. The digital transaction in imports and exports enables faster access to documents and higher compliance, the company said. 'This successful integration of banks and digital documentation marks a leap in trade finance. It enables faster access to documents, brings efficiency, and ensures higher compliance - everything a modern finance ecosystem needs," said Sandeep Bhattacharya, Vice President - Financial Control & Business Analytics, Tata Steel. By removing the need for physical courier services and paperwork, the new system significantly speeds up documentation and reduces risks. The company is taking several measures towards digitisation and environmental sustainability as it executed a blockchain-enabled, paperless trade transaction of steel export to a customer in UAE in 2021. Later in the year in November, the Company executed a blockchain-enabled paperless export order with a metals major in Bangladesh. Banks play a significant role in such transactions as overseas tech-enabled transactions pave the way for future foreign trade . 'The eB/L solution represents ICICI Bank's commitment to transform international trade through technology-driven innovation and strategic global partnerships, while adhering to industry-standard compliance. This is also part of our journey from Bank-to- Bank Tech—an evolution from a traditional bank to a tech-led Bank Tech institution," said Anubhuti Sanghai, Head of Transaction Banking, ICICI Bank. Digitisation of trade finance reduces timelines, eliminates risks and improves transparency in the process. 'The success of this landmark transaction marks a significant milestone in the digitisation of trade finance, significantly reducing timelines, eliminating risks and improving transparency. This achievement underscores our commitment to driving innovation and efficiency in global trade, while delivering greater speed, security and transparency to clients," said Maisie Chong, Global Head, Standard Chartered Bank. Tata Steel is working on more blockchain-based paperless transactions in geographies like Bangladesh, Europe, and the Middle East covering three different shipment modes - Road, Breakbulk, and Containers.
India Gazette
25-06-2025
- Business
- India Gazette
ED raids 10 places in Delhi-NCR, Punjab in Rs 988 crore bank fraud case
New Delhi [India], June 25 (ANI): The Enforcement Directorate (ED) on Wednesday conducted searches at 10 premises across Delhi-NCR and Punjab in the case of Shilpi Cables Technologies Ltd (SCTL) linked to cheating and defrauding the IDBI bank limited and other consortium banks to the tunes of Rs 988 crores, sources said. Since morning, raids have been underway at nine places in Delhi and NCR and one in Punjab's Ludhiana in the case, which the ED took on the basis of the Central Bureau of Investigation (CBI) FIR of bank fraud. The case involves the promoters of Shilpi Cables Technologies Ltd (SCTL) and their associates cheating and defrauding IDBI Bank Limited and other consortium banks to the tune of Rs 988 crores. Sources privy to the development told ANI that the premises planned to be covered in the search action belong to the entities and persons closely associated with the promoters, Shilpi Cables Technologies Ltd. 'Some entities are being indirectly controlled and operated by Manish Goel (MD of SCTL),' said the sources, adding further, 'Several persons being covered in the search have been office holders in SCTL and have been involved in various activities like rotation of funds and infusion cash through various dummy entities into the entities beneficially owned and controlled by Manish Goel.' As per officials, a large portion of the money availed from banks devolving Letter of Credit was transferred abroad using fake transactions. (ANI)
India.com
25-06-2025
- Business
- India.com
ED Raids 10 Places In Delhi-NCR, Punjab In Rs 988 Crore Bank Fraud Case
The Enforcement Directorate (ED) on Wednesday conducted searches at 10 premises across Delhi-NCR and Punjab in the case of Shilpi Cables Technologies Ltd (SCTL) linked to cheating and defrauding the IDBI bank limited and other consortium banks to the tunes of Rs 988 crores, sources said. Since morning, raids have been underway at nine places in Delhi and NCR and one in Punjab's Ludhiana in the case, which the ED took on the basis of the Central Bureau of Investigation (CBI) FIR of bank fraud. The case involves the promoters of Shilpi Cables Technologies Ltd (SCTL) and their associates cheating and defrauding IDBI Bank Limited and other consortium banks to the tune of Rs 988 crores. Sources privy to the development told ANI that the premises planned to be covered in the search action belong to the entities and persons closely associated with the promoters, Shilpi Cables Technologies Ltd. "Some entities are being indirectly controlled and operated by Manish Goel (MD of SCTL)," said the sources, adding further, "Several persons being covered in the search have been office holders in SCTL and have been involved in various activities like rotation of funds and infusion cash through various dummy entities into the entities beneficially owned and controlled by Manish Goel." As per officials, a large portion of the money availed from banks devolving Letter of Credit was transferred abroad using fake transactions.
Hindustan Times
18-06-2025
- Business
- Hindustan Times
UCO bank fraud: CBI court refuses to discharge Topworth director
MUMBAI: A special CBI (Central Bureau of Investigation) court refused to discharge Abhay Lodha, the director of Topworth Steels and Power Pvt Ltd, from a cheating and criminal conspiracy case for allegedly causing losses worth ₹74 crore to UCO Bank. The FIR was registered against M/s Akshata Mercantile Private Ltd (AMPL) and unknown UCO Bank officials after the company submitted four bills worth ₹74 crore under Letter of Credit (LC), which were diverted to Topworth Steels. The case was registered based on a complaint by the general manager and zonal head of the public sector bank, alleging that the office bearers of AMPL and certain bank officials cheated the bank to the tune of ₹74.82 crore. As per the CBI, UCO bank had discounted bills worth ₹74.82 crore, which was diverted by AMPL to Topworth Group of Companies. One of the receiving companies refused to accept these bills stating that the documents were not as per LC. The bills remained unpaid, causing a loss of ₹74.82 crore to UCO bank. The prosecution alleged that the request letters were prepared at the behest of Lodha. The discharge plea observed that Lodha was falsely implicated in the case since he is neither the director nor engaged in the day-to-day affairs of AMPL. Merely because Lodha was the guarantor to the LC does not implicate him in the conspiracy, submitted the defence, adding that there was no evidence to show on record that funds were being diverted. However, the court observed that even if Lodha is not the director of AMPL, the investigating officer had collected material to show that AMPL was a company of the Topworth group, of which Lodha was the chairman. 'He has direct control over the business affairs of M/s. AMPL. Throughout the investigation, it was revealed that Mr Abhay Lodha was the prime accused and without his indulgence, the crime could not have been committed,' the court said. In an order passed on June 12, the court further said that the material placed on record shows that there was criminal intent behind certain acts of Lodha with regard to the bank.
Time of India
11-05-2025
- Business
- Time of India
Global traders track Indo-Pakistan tensions amid delays at ports
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Foreign importers are seeking updates from their Indian suppliers on the elevated geopolitical tensions with Pakistan amid slow cargo movement in certain ports, while some banks are taking longer to check documents related to shipments bound for Turkiye, exporters said, though ruling out any major concern in trade."There were alerts for ports such as Chennai due to which cargo movement slowed a bit but there were no major issues," said Rafeeque Ahmed, chairman of Farida Group, one of India's largest shoe manufacturers and said American clients are worried because Chinese goods are not going there due to higher tariffs and they had pegged their hopes on Indian exports . The US government had raised tariffs on Chinese goods to a combined 145%, making imports from India more attractive.A Gujarat-based exporter of readymade garments said it had inquiries and visits from buyers to place new orders of products which they used to source from China earlier as higher American tariffs on Chinese goods made Indian products more attractive."As soon as the escalations started, they got worried. Buyers who were in India left immediately and those who planned to come, cancelled their trips at the last moment," the exporter said, adding overseas clients are regularly taking updates regarding the situation."Banks are taking more time to clear the Letter of Credit (LoC) for goods bound to Turkiye. They are checking and verifying such documents more," said a Delhi-based exporter of apparel. Turkiye has been actively supporting Pakistan, especially in the latest border escalation. It has supplied drones and other military equipment to to a Kolkata-based yarn and fabric exporter, there were small concerns on outward export traffic due to restrictions on ports. "No one expects the tensions to go on for long but local markets are feeling the pinch," he said."It is too early to say but if the tensions continue then freight rates and insurance costs may go up," said Sanjay K Jain, managing director, TT Ltd, a textile maker.
