Enforcement Directorate attaches assets of Joyalukkas group owner

New Delhi

Assets worth over Rs 305 crore of the owner of prominent Kerala-based jewellery group Joyalukkas were attached by the Enforcement Directorate on Friday in a FEMA case linked to alleged transfer of “huge cash” to Dubai by the company through hawala channels. PTI

New Delhi

Reliance Retail to open 50 Gap stores by December

Reliance Retail plans to open 50 exclusive stores of American apparel brand Gap by the end of this year, said a top company official. As part of the strategy, Gap’s offering would consist of Indian preferences in designs and colours and select patterns, said Reliance Retail president & CEO, Fashion & Lifestyle, Akhilesh Prasad. PTI

Mumbai

RBI puts restrictions on withdrawal at Maha bank

The RBI on Friday put several restrictions on Shankarrao Mohite Patil Sahakari Bank, Akluj in Maharashtra, including a Rs 5,000 cap on withdrawal per customer, in wake of its deteriorating financial position. PTI

Mumbai

Forex reserves drop by $5.68 bn to $561.26 bn

Forex reserves dropped by $5.681 billion to $561.267 billion for the week ended February 17, the RBI said on Friday. This is the third consecutive week of a drop in the reserves. PTI

Berlin

Germany’s BASF to fire 2,600 employees

Chemicals maker BASF said on Friday it plans to cut around 2,600 jobs in a cost-cutting drive spurred in part by the impact of high energy prices. AP