Banks should not hesitate to fund jewellers: Prabhu
Mumbai, May 11: Union Commerce and Industry Minister Suresh Prabhu on Friday said lenders should not hesitate in funding the gems and jewellery industry.
"With 3 million new jobs on the anvil, the banks should not hesitate to fund the industry efforts which are bonafide, transparent and above board.
"Also considering the fact that the sector is on a growth spiral and in view of the potential the industry has in future, the banks should further step up lending efforts to legitimate players fuelling the trade," the Minister said.
Prabhu unveiled a white paper drafted by Gem and Jewellery Export Promotion Council (GJEPC) at the one-day seminar titled "Diamond and Jewellery Financing 2018: Mitigating Risks Effectively".
He hoped the active participation of banks, ECGC and other stakeholders would help in strategising for the development of the gems and jewellery industry that has "a proven track record of being labour intensive, continuous job creation and economic development".
"We will never encourage wrongdoers in the industry but will ask our financial system to support all genuine players in the gems and Jewellery sector. This is essential to help the industry realise the full potential."
Innovative financial instruments and risk coverage must be provided to all genuine businesses in the sector, he added.
The event -- organised by the gems and jewellery industry to find ways to reduce risks and infuse confidence into financiers -- was attended by leading banks and financial institutions including the SBI, Central Bank of India, IndusInd Bank, ECGC and others.
It also witnessed a huge turn out from the major industry players, a statement said.
"This is the only industry in India who has created arbitration mediums with the banks and parties in case of NPA to achieve recoveries," GJEPC Chairman Pramod Agarwal said.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
What is stopping govt from cancelling Revanna's diplomatic passport, asks Jairam Ramesh
New Delhi (PTI): Congress General Secretary Jairam Ramesh on Saturday asked the government what is stopping it from cancelling the diplomatic passport of suspended JD(S) MP Prajwal Revanna, who is accused of sexual abuse.
The 33-year-old Hassan MP reportedly flew to Germany soon after the Karnataka State Commission for Women chairperson Nagalakshmi Chowdhary wrote to Chief Minister Siddaramaiah to order a probe into the sexual allegations against him after scores of explicit videos and pictures went viral on social media.
In a post on X, Ramesh questioned how Prajwal was allowed to escape.
"What is stopping the PM from having the diplomatic passport to Prajwal Revanna cancelled? How and why was he allowed to flee the country like Vijay Mallya, Nirav Modi, and Mehul Choksi were?" the Congress leader asked.
Prajwal, the grandson of Janata Dal (Secular) patriarch and former prime minister H D Deve Gowda, has been accused of sexual assault after several videos allegedly featuring him with multiple women surfaced.
He is the NDA candidate from the Hassan Lok Sabha constituency, which went to polls on April 26. The JD(S) had formed an alliance with the BJP in 2023.
On Friday, one more rape case was registered against Prajwal, taking the number of cases pertaining to the alleged sexual abuse of several women to three, police sources said.
The FIR was registered against Prajwal on May 8 in Bengaluru, according to sources in the Special Investigation Team which was constituted for a probe after a huge cache of explicit videos allegedly showing the Hassan MP sexually abusing several women became public.
The first FIR pertains to molestation of his cook in Holenarasipura in Hassan. Prajwal's father and Holenarasipura MLA H D Revanna is also an accused in the case. The second case pertains to raping a JD(S) worker at gunpoint.
H D Revanna is currently lodged in the Central Jail at Parappara Agrahara in Bengaluru under judicial custody after a 20-year-old youth alleged that Revanna and his aide kidnapped his mother. The youth said his mother had figured in one of the videos where she was allegedly tied and raped by Prajwal.
The Ministry of External Affairs (MEA) on May 2 said that Prajwal travelled to Germany on a diplomatic passport and did not seek political clearance for the trip.
A Blue Corner notice of the Interpol seeking information on his whereabouts has also been issued against the Hassan MP.
