Foreign direct investment in India dipped by 5.6 per cent year-on-year to $10.9 billion in October-December quarter of this fiscal due to global economic uncertainties, according to the government data. FDI inflows during October-December 2023-24 stood at $11.55 billion.
The Union Cabinet on Wednesday approved the signing of a comprehensive economic cooperation agreement, a kind of a free trade pact, between India and Mauritius which is aimed at liberalising norms to boost two-way commerce
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
Absconding diamond jeweller Mehul Choksi has been detained in Belgium following an extradition request by Indian probe agencies for his alleged involvement in the Rs 13,000 crore PNB bank loan 'fraud' case, official sources said Monday. The action against the diamantaire was taken on Saturday.
The country was, in February, put on the list of jurisdictions that require increased monitoring. These are done to counter money-laundering, terrorist financing, and proliferation financing in a more efficient manner.
Foreign portfolio investors (FPIs) who invest from Mauritius into Indian companies that dole out bonus debentures will get impacted by the tax avoidance provisions on bonus stripping. The FY23 Budget has extended these provisions - applicable only to MFs, so far - to shares and units of REITs, InvITs and AIFs. The move will especially affect large institutional investors who sell original units within nine months after the record date because the loss arising from sale of original units would have to be ignored for the purposes of computing taxable income and cannot be set off against any other capital gain.
The RBI is of the view that it cannot carry out satisfactory due diligence for granting registration because the funding is from a jurisdiction that has been identified by FATF as having weak measures to combat money laundering and terrorist financing.
Being part of category-I implies lower compliance burden, simplified know-your-customer norms and documentation requirements, and fewer investment restrictions.
Market observers also said the approvals depended a lot on the funds themselves, and the extent to which they followed the new norms introduced last year.
Nearly Rs 258 crore was incurred on 38 foreign visits of Prime Minister Narendra Modi between May 2022 and December 2024, according to data shared by the government.
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
Two men have been arrested for trying to drive their car into the security convoy of visiting Mauritius Prime Minister Pravind Jugnauth in Mumbai in an inebriated condition, the police said on Wednesday.
The two sides signed a maritime security agreement after extensive talks between Prime Minister Narendra Modi and his Mauritian counterpart Pravind Jugnauth.
Here is the complete list of tariffs imposed by US President Donald Trump on Wednesday.
Soros, a Hungarian-American political activist, and his organisations like OSF have been accused by the ruling BJP of acting against India's interests. His utterances during the Adani-Hindenburg controversy also drew criticism from the party.
As per the Budget proposals, migration of a fund to a fund in IFSC will not be regarded as transfer if done on or before March 31, 2023. Transfer of units will be tax neutral. Grandfathered investments of the fund to continue to enjoy capital gains exemption on future sale by the IFSC fund. There is no impact on carry forward of losses for the investee company.
India head coach Manolo Marquez expressed his disappointment and anger following the 0-0 draw against Bangladesh in the AFC Asian Cup qualifying round match, stating that his team has taken- two or three steps back, since his first match in charge last year.
Marquez had only two training sessions with the team before naming a 26-member squad featuring new and returning players as India adapts to life after Sunil Chhetri's retirement.
The US replaced Mauritius as the second largest source of foreign direct investment into India during 2020-21 with inflows of $13.82 billion, according to government data. Singapore remained the top source of foreign direct investment (FDI) into the country for the third consecutive fiscal at $17.41 billion. During the last financial year, India attracted $5.64 billion in FDI from Mauritius, according to the data by the Department for Promotion of Industry and Internal Trade (DPIIT).
Uttar Pradesh Chief Minister Yogi Adityanath on Wednesday dismissed concerns regarding faecal contamination in the waters at Triveni Sangam, stating that continuous monitoring and purification processes ensure its quality.
Condolences have poured in from across the globe, including from the United States, Canada and Sri Lanka following the demise of former Prime Minister Manmohan Singh.
Lieutenant Commanders Dilna K and Roopa A have successfully crossed the most dangerous passage in their historic 8-month sailing expedition around the globe.
In order to tap the hospitality industry in Mauritius, major Indian hotel chains are aggressively setting up hotels in the country.
Uttar Pradesh Chief Minister Yogi Adityanath slammed the opposition Samajwadi Party over the 2013 Kumbh Mela arrangements, accusing the then chief minister Akhilesh Yadav of appointing a "non-Sanatani " as the in-charge of the religious congregation in Prayagraj. Adityanath highlighted the presence of dignitaries, including the President, Prime Minister, and heads of state from 74 countries, at the recent Maha Kumbh, contrasting it with the "chaos, corruption, and pollution " of the 2013 event. He also criticized the opposition's criticisms of the Maha Kumbh arrangements, arguing that everyone found something in accordance with their nature and character. Adityanath refuted allegations of discrimination against any community at the Maha Kumbh, emphasizing the unity and inclusivity of the event.
Market regulator Sebi on Tuesday said foreign investors from Mauritius will continue to be eligible for FPI registration with increased monitoring as per international norms. The announcement comes after the tax haven was put on the "grey list" of Financial Action Task Force (FATF) -- an inter-governmental policy making body that sets anti-money laundering standards.
Enforcement Directorate officials said on Friday they are probing a 'complex network' of agents and facilitators in India, Canada and the US who help Indians illegally enter the US via 'bogus' admissions in Canadian colleges.
Modi said the two countries should resume their discussions on Comprehensive Economic Partnership Agreement.
Mauritius-based Hinduja group firm IndusInd International Holdings (IIHL) has informed the administrator of Reliance Capital that it is ready with its equity contribution of Rs 2,750 crore in cash to acquire the bankrupt firm, but it wants certain conditions to be met in accordance with the resolution plan before transferring the amount. IIHL has also filed an application with the Mumbai Bench of the National Company Law Tribunal (NCLT), seeking directions for the administrator and the committee of creditors (CoC) to complete all pending activities to close the transaction and not let the lenders invoke the bank guarantees provided by the firm earlier.
Mauritius is also promising a host of other benefits to Indian companies routing their investments to African nations.
Foreign direct investment (FDI) inflows into India have crossed the $1 trillion milestone in the April 2000-September 2024 period, firmly establishing the country's reputation as a safe and key investment destination globally. According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), the cumulative amount of FDI, including equity, reinvested earnings and other capital, stood at $1,033.40 billion during the said period.
Mauritius is biggest route for investment into India.
Prime Minister of Mauritius Navinchandra Ramgoolam arrived in Patna on Monday on a three-day tour to Bihar.
Mauritius on Monday said it would soon adopt the open sky policy and allow private airlines from India to use its air space.
'...despite all his horses, elephants, tanks and swords.' 'A determination to hold fast to Sambhaji Maharaj's father, Chhatrapati Shivaji Maharaj's thoughts, ideals, and principles.'
Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of money laundering allegations into Adani Group, US-based short seller Hindenburg Research claimed citing media report - a charge that the conglomerate vehemently denied. In a post on X, Hindenburg cited "newly released Swiss criminal records reported by Swiss media outlet" to state that "Swiss authorities have frozen more than $310 million in funds across multiple Swiss bank accounts as part of a money laundering and securities forgery investigation into Adani, dating back as early as 2021."
Amid tax treaty uncertainties, India's share of the number of investments made by global companies through Mauritius has almost halved in the past two years even as Africa's share has surged significantly.
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
A major earthquake of 6.3 magnitude hit Mauritius early on Monday morning. There have been no reports on the casualties and losses yet.
