Airlines to pay more fine

New Delhi, March 25: Air passengers will now get a higher compensation that could amount up to Rs 1 crore in the event of death, injury, loss of baggage or inordinate delay in flights, with an amended legislation coming into force. Indian airlines will have to pay a compensation that is equivalent to the rates paid by their global counterparts. The amount will be based on special drawing rights and current exchange rates.

Punj Lloyd

New Delhi, March 25: Punj Lloyd today said its group CEO Jayaram Prasad Chalasani and chief financial officer Shamik Roy had resigned from the company. The company, however, did not disclose any information about their successors. Punj Lloyd said Shiv Punj, son of chairman Atul Punj, had been appointed as the additional director with immediate effect.

Bank post

New Delhi, March 25: The finance ministry is in the process of filling the vacant post of non-executive chairman in nine PSU banks, including Punjab National Bank, Oriental Bank of Commerce, Uco Bank and Corporation Bank. After splitting the post of chairman and managing director in August, the Centre appointed non-executive chairmen in five PSU banks.

Tax forms

New Delhi, March 25: The finance ministry is likely to notify by first week of April new income tax return forms for the assessment year 2016-17, which will more or less be similar to the one that was filed by assessees last year.

OBC rates

New Delhi, March 25: The Oriental Bank of Commerce today cut interest rates for deposits of less than Rs 1 crore across maturities in a range of 0.25-0.5 per cent, effective from Monday.