Watch: New bill for defaulters; new watchdog for auditors

Two weeks after the Rs 12,700 crore fraud came to light at Punjab National Bank, there have been rapid developments in the case.

Firstly, the cabinet has cleared a new bill to avoid wilful defaulters like Vijay Mallya and alleged fraudsters like Nirav Modi from fleeing the country.

Not just that--- the cabinet has also announced the creation of a new regulating authority for auditors called the National Financial Reporting Authority or NFRA. The finance minister made it clear that this new body will not supersede the Indian Chartered Accountants Association or ICAI in any way.

Amidst all this, the key accused in the PNB fraud Nirav Modi has written a letter to Punjab National Bank--- in this letter he has offered what he claims is a "concrete" repayment plan.

Watch accompanying video to unpack all these 3 important news points and interviews of Injeti Srinivas, Secretary of Corporate Affairs & Vishesh Chandiok National Managing Partner at Grant Thornton India LLP.