News Capsule October 6, 2022


WHO warns against 4 cough syrups from an Indian manufacturer after 66 children die. Jet Airways finally gets the nod from lenders to take-off after months of delays. Trouble in crypto kingdom as ET learns rich Indians buying up property with crypto asstes in Dubai could face regulatory and legal pitfalls ahead. In global news, more missiles from North Korea after U.S. aircraft carriers returned to the region.

Roopsha Dasguupta
This is the daily news podcast from the economic times. It's October 6, and here are the top stories we are tracking. A warning coming from the World Health Organization about for Indian cough syrups after 66 children died in Gambia the UN health agency alerted the public that for cough and cold syrups made by made in pharmaceuticals in India have been potentially linked with acute kidney injuries and deaths among children. The four syrups Promethazine Oral Solution, Kofexmalin Baby Cough Syrup, Makoff Baby Cough Syrup and Magrip N Cold Syrup are made by the Haryana based made in pharmaceuticals. lab analysis conducted by the health watchdog found that the cough syrups contain unacceptable amounts of diethylene glycol and ethylene glycol as contaminants, substances that are toxic to humans. Reports indicate India's APICs drug regulatory authority, the central drugs standard control organization that CD s CEO has already launched an investigation into the matter, after it was informed about the issue on September 29. ET exposes how to buy homes built on cryptos could be a legal trap on many grounds. Many well the Indians are paying in cryptocurrencies to buy properties in Dubai, with leading realtors in the emirate accepting the digital coins to cut deals. In the process. Many may have committed, perhaps unwillingly, multiple offenses. First, the transfer of Cryptos from the private wallet of a resident Indian to the wallet of a real estate company in Dubai, or an intermediary hired by the developer to convert the cryptos is an irregular cross border transaction and a violation of the Foreign Exchange Management Act. That's FEMA. Also buying a property abroad without a matching fund remittance through banking channels is against RBI regulation, et learns exclusively from a top developer in Dubai, that Cryptos can be transferred to buy properties in Dubai, and that many Indians have paid in Cryptos to buy homes there. But the crackdown for Indian authorities could be hard, as many Indians prefer to own properties through a company that is set up in a free trade zone FTZ said in Dubai and there is no system of sharing the information with Indian authorities on an automatic basis. Good news for Jet Airways Economic Times learns that the lenders two Jet Airways have agreed to waive two preconditions to facilitate the takeover of the airline by the Jalal kal rock Consortium. In return the consortium agreed last week to make the first tranche of its payment to lenders to get the stalled deal moving forward. The 15 month delay after the National Company Law tribunal NCLT had approved the plan has made lenders wary of the consortiums promises. A person close to the Cal rock Jalon consortium has agreed to start repaying lenders and the first tranche will be released soon without elaborating on either the amount or the timeframe. In global news, North Korea fired ballistic missiles into the sea on Thursday in the direction of Japan after the return of a US aircraft carrier to the region and a UN Security Council meeting. In response to the knots recent launches. The missile launch was the sixth in 12 days and the first since North Korea fired and intermediate range missile. IRBM over Japan on Tuesday, which prompted joint South Korean and US missile drills during which one weapon crashed and burned. You have been listening to Roopsha Dasgupta, tune into et play Economic Times latest platform for all audio content

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