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Wells Fargo & Co, seeking to wipe away the tarnish of US government bailout funds, kept pace with rival banks by announcing a $10.4 billion share sale to help repay the Troubled Asset Relief Program. The San Francisco-based bank plans to return all of the $25 billion that taxpayers invested last year, according to a company statement issued on Monday.

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Bajaj Auto, Honda sales surge in November
Bajaj Auto, India’s second largest bike maker, today posted a growth of 84 per cent in motorcycle sales in November at 242,390 units, against a dismal tally of 131,681 units recorded in the same month a year ago.
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Govt slaps Rs 32 cr penalty on telcos for unverified users

The government has slapped a penalty of Rs 32 crore on mobile operators for failing to adhere to the subscriber verification norms in 2008-09. - Centre to invest Rs 9,000 cr in Vizag Steel expansion - Ketan Parekh moves SC seeking permission to travel abroad - Nalco to invest Rs 25,000 cr despite profit drop - Financial city to initially attract banking, insurance - RNRL asks SC to dismiss govt"s petition on RIL gas - US body to work with Andhra govt We have imposed penalty on all the mobile operators, including BSNL and MTNL, for failing to meet the subscriber verification condition. The total amount charged comes to Rs 32 crore for the last fiscal, a Department of Telecom official said. With a penalty of Rs 1,000 for each unverified subscriber, the number of such users comes to about 3.2 lakh. And with the country"s mobile subscriber base growing fast, this figure is expected to swell further, say industry experts. Earlier in April this year, DoT introduced a graded penalty system under which operators pay Rs 50,000 per subscriber if more than 20 per cent of their user base is without valid identity documents. However,the penalty continues to be Rs 1,000 per user if the mobile operator"s unverified subscriber base is less than 5 per cent of its user base in each of the circles.


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