Even though option to invest as a company is available, many FPIs have chosen trust route to enjoy less tax or zero tax through tax havens such as the Cayman Islands and Luxembourg.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
The investments were a mix of issuance of guarantees ($2.53 billion), loan ($257.60 million) and of equity ($232.59 million).
'An explanation perhaps lies in the culture of revisions that has grown deep roots in the government data collection system,' notes A K Bhattacharya.
Doval had moved court against the magazine, the author of the article Kaushal Shroff and Congress leader Jairam Ramesh for holding a press conference on January 17 reiterating the 'baseless and unfounded facts' as narrated in the article.
The article claimed that Vivek Doval was running a hedge fund whose promoters are of dubious antecedents.
Sebi has also been asked to put in place a mechanism to monitor the beneficial owner of P-notes
Singapore is the favoured destination as it has traditionally had a stable fund management regime; also, its tax treaty with India is similar to that of Mauritius
The inflows came higher in March than in February of 2019-20 despite the lockdown for a week, reports Indivjal Dhasmana.
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
Vodafone further said it has "always been confident" that no tax is due on the company. The government in August enacted a law to end all retrospective taxation imposed on indirect transfer of Indian assets. The rules under the law seek to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets and also refund the amount paid in these cases without any interest. Asked if the company has filed an application with the Indian government to settle the retrospective tax dispute, a Vodafone spokesperson said, "We can confirm we have filed an application".
Mandarin Oriental New York, the premium luxury hotel a subsidiary of Reliance Industries is acquiring, is known for its much-in-demand ballroom, five-star spa and eating and drinking venues, including MO Lounge. Liam Neeson and Lucy Liu are among regular guests. Set up in 2003, 248-rooms-and-suites hotel towering over Central Park is an iconic luxury hotel located at 80 Columbus Circle, directly adjacent to the pristine Central Park and Columbus Circle.
Looking to suck out every dollar available, cricket was suffering from an overkill and the coronavirus-forced break should be used to introspect whether the game is heading in the right direction, says West Indies fast bowling great Michael Holding. The 66-year-old cricketer-turned-commentator personally believes hitting the pause button for a while was necessary amid excessive commercialisation of the sport.
The Enforcement Directorate on Friday said it has issued a show cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic cryptocurrency start-up and its directors Nischal Shetty and Hanuman Mhatre, along with the company, have been named in the notice issued by the central probe agency after completion of investigation. The agency issued a statement saying that it stumbled upon the transactions of the company during an ongoing money laundering probe into the "Chinese-owned" illegal online betting applications.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
'There is a Jack Warner or two in every Caribbean parliament today.'
The House of Commons petitions committee has confirmed that 77,000 signatures were added fraudulently and have been removed.
Vivek Doval had filed a defamation case against Jairam Ramesh and Caravan Magazine for their alleged defamatory statements and articles against him. Additional Chief Metropolitan Magistrate Sachin Gupta heard the matter on Saturday.
Abdulqawi Ahmed Yusuf of the International Court of Justice is appointed as the 3rd arbitrator in Voda tax row.
Check out India's schedule on Day 1 of Commonwealth Games.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday.
Several defendants charged in a wide-ranging corruption case involving soccer's global governing body FIFA are in talks with US officials about possibly pleading guilty, a US prosecutor said on Monday.
Plans to probe into financial details of more than 500 individuals, entities that might have secret offshore accounts at various places abroad
The absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
The money stashed away in tax havens is estimated at between $5.6 trillion and $32 trillion, numbers to make your eyes pop, asserts T N Ninan.
This may mean easier access, simplified KYC and documentation requirements, and fewer investment restrictions for a majority of FPIs, especially broad-based funds and pooled vehicles that were earlier part of Category-II.
Check out India's schedule on Day 6 of the Commonwealth Games in Gold Coast, on Tuesday.
The Supreme Court-appointed SIT on Friday called for effective norms to curb betting in cricket and a stronger set of norms for P-Notes, while also making a case for bringing donations to educational and religious bodies under tax net.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
In a major development in the fight against black money, multilateral grouping OECD today unveiled a 'single global standard' for automatic exchange of financial account information by various countries including India and Switzerland.
Phantom FDI refers to investments that pass through shell companies that have no real business activities and are tailor-made to cut tax liabilities.
Australia have moved to the top of the Test and T20I rankings for men while England continue to lead the men's ODI rankings after the annual update carried out on Friday, which eliminates results from 2016-17. In the latest update, that rates all matches played since May 2019 at 100 per cent and those of the previous two years at 50 per cent, Australia (116) have taken over from India as the top ranked side in the MRF Tyres ICC Men's Test Team Rankings with New Zealand (115) remaining in second place. India are now third with 114 points.
Mallya showed his net worth at Rs 615 crore, mainly in shares and bonds.
India has challenged in a Singapore court a verdict of an international arbitration tribunal that overturned its demand for Rs 22,100 crore in back taxes from Vodafone Group Plc, sources said on Thursday. An international arbitration court had on September 25 rejected tax authorities' demand for Rs 22,100 crore in back taxes and penalties relating to the British telecom giant's 2007 acquisition of an Indian operator. Two sources privy to the development said India had 90 days to file an appeal against the tribunal award, and the same was done in a Singapore court earlier this week.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 14-year-high of 3.83 billion Swiss francs (over Rs 30,500 crore) in 2021 on a sharp surge in holdings via securities and similar instruments while customer deposits rose as well, annual data from Switzerland's central bank showed on Thursday.
British oil firm Cairn Energy Plc on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a retrospective tax demand.
Avista helped some companies restructure their debt in such a way that overseas investors had to take a steep haircut
Jamaica's former world champion Yohan Blake sailed into the final of the 100 metres at the Commonwealth Games on Sunday, living up to his top billing on the opening day of the athletics at the Gold Coast.
Who is the hottest of them all? Vote for your favourite!
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances