News digest: PNB scam, Oscars 2018, Tata stocks, services PMI, and more

With less than a month left for revising income-tax (I-T) returns for 2016-17, the I-T department has unearthed a giant fraud in multiple cities, where government employees allegedly claimed huge tax

Rs 127-billion fraud fallout: Foreign banks stop selling gold to PNB 

Punjab National Bank’s (PNB’s) gold import business has taken a hit after the Nirav Modi swindle. Foreign banks are not willing to sell gold to the scam-tainted public sector bank, said sources. 

Foreign banks selling gold to PNB are not willing to take risks. Concerns about weak compliance after it was struck by fraudulent letters of undertaking (LoUs) linger, said people in the know. 

Several banks, including PNB, are nominated agencies for gold imports on behalf of traders and bullion refiners. In recent months, PNB has emerged as one of the