The amended India-Mauritius tax treaty has inserted a new clause allowing source-based taxation at 10 per cent on fees paid for technical and consultancy services.
"My consultations with President (Rajkeswur) Purryag have been frank and cordial. We reviewed the co-operation between our governments and discussed regional and global issues of common interest," President Pranab Mukherjee wrote in the visitors' Book after meeting the President of Mauritius.
Vedanta may become a majority stakeholder in Cairn India.
Hectic fundraising through IPOs will continue next week, with three firms -- One97 Communications, owner of Paytm; Sapphire Foods India, which operates KFC and Pizza Hut outlets; and Latent View Analytics -- are set to launch their initial share-sales to collectively mop up about Rs 21,000 crore. This comes after five companies successfully concluded their public offerings (IPOs) this week. Those five firms are - FSN E-Commerce Ventures, which runs online marketplace for beauty and wellness products Nykaa; Fino Payments Bank; Policybazaar parent entity PB Fintech; decorative aesthetics supplier SJS Enterprises; and microcrystalline cellulose maker Sigachi Industries.
FIPB rejects proposals from firms that have not divulged details of beneficial ownership or source of funding
The overall FDI policy landscape is changing and can do so faster, says
As the Tata group inches closer to taking over Air India in January 2022, the $242-billion conglomerate will also inherit a stake in Kerala's Cochin airport. The Tatas would become the only airline to have an operational stake in a major Indian airport. The airport is a strategic hub connecting India to Middle East nations - home to the largest share of Indian migrant workers. In addition to Air India and Air India Express, private carrier Indigo also uses Cochin to ferry the lucrative 'Malayali Gulf traffic' to multiple locations like Jeddah, Riyadh, Sharjah, Dubai, Abu Dhabi, Doha, Kuwait and Bahrain, among others. According to regulatory filings, Air India has a three per cent stake in Cochin International Airport.
The government on Tuesday confirmed that a French court has ordered the freezing of certain Indian assets in Paris on a petition by Britain's Cairn Energy, which is seeking to recover $1.72 billion from New Delhi after winning an arbitration against retro tax. Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Rajya Sabha said the government has filed an appeal against an international arbitration tribunal overturning levy of Rs 10,247 crore in back taxes on Cairn Energy. "Yes sir, an order has been passed by a French Court freezing certain Indian government properties in the case pertaining to Cairn Energy," he said.
Phantom FDI refers to investments that pass through shell companies that have no real business activities and are tailor-made to cut tax liabilities.
Remarks from Indian External Affairs are significant as it comes after China slammed Quad and said the formation of "exclusive cliques" targeting other countries runs counter to the trend of the times and is "doomed to fail".
The proceedings of Lok Sabha and Rajya Sabha were adjourned for the day on Tuesday amid continuous protests by opposition members over the Pegasus snooping row and farm laws, as they demanded that discussions be taken up on the issues in the House.
India conceded a late goal to be held to a 1-1 draw by lower-ranked St Kitts and Nevis but it was enough for the home side to clinch the Tri-Nation football tournament in Mumbai on Thursday.
Even as Sebi probed, OFCD money moved across the globe, Aamby Valley (Mauritius) at centre of global transactions; All transactions legal, no Sebi bar on doing business: Sahara
America's top infectious disease expert Dr Anthony Fauci has said that the new COVID-19 Omicron variant is in 'fluid motion' in South Africa and the US scientists are in 'very active' communication with their colleagues in that country to test the strain, get facts and find out whether or not it evades the antibodies.
Equity inflows worth $3.7 billion came from the sunny Caribbean jurisdiction in 2019-20, a 267 per cent increase from the $1 billion registered in 2018-19 making it India's 10th largest source of FDI.
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
Kovind, who is on his first visit to Ayodhya after the landmark 2019 Supreme Court verdict paved the way for the construction of the temple, also offered prayers at the Hanumangarhi shrine, about 2 km away.
Saisuresh Sivaswamy, who is accompanying President Pranab Mukherjee on his trip to Mauritius, reports on the spectacular celebrations of the 45th anniversary of independence of the island nation
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
Wajitpura village in Bihar's Patna district is gearing up to welcome a special visitor. The mehman (guest) is the rashtrapati (president) of a country once known as mirich desh by residents of rural Bihar and Uttar Pradesh many decades ago.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
Capital gains tax is no longer exempt even for investors coming via Mauritius, hence FPIs are now classifying it as interest income to save on taxes.
Tamil Nadu, Telangana and West Bengal reported their first COVID-19 variant Omicron cases on Wednesday, four more persons each tested positive in Maharashtra and Kerala.
'Cyrus was always very different. He would think before acting.'
Prime Minister Narendra Modi on Saturday returned home after wrapping up his two-day Sri Lanka visit, the first by an Indian premier in over 25 years.
The key sectors that received the maximum foreign investment during the nine months of the fiscal include services, computer software and hardware, telecommunications, chemicals, and the automobile industry.
Prime Minister Narendra Modi's ambitions abroad may run the risk of foundering on constraints at home.
HAL is poised to sell the Philippines at least seven Dhruv Advanced Light Helicopters and eight Dornier 228 aircraft for Rs 30 billion, reports Ajai Shukla.
Though India's airlines are certainly bleeding, they haven't yet faced the ignominy of shutting down.
The Janata Dal-United president was, however, dismissive of any such suggestion and told reporters after the meeting that "too much was being read into" the meeting which, he insisted, was a usual interaction between the prime minister and a chief minister.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
Afsar Dayatar/Rediff.com captures on video an unusual basketball camp held in Mumbai recently.
Singhvi said Fadnavis and senior BJP leader Nitin Gadkari should answer as to why Ssingh made these many calls to the Maharashtra BJP office and who was his boss.
Key sectors that received maximum FDI include services, computer software and hardware, telecommunications, trading, chemicals, and automobile.
'The announcement has come too late. This should have been done years ago.'
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
The Padma Vibhushan for this year has been awarded to a total of seven prominent personalities, while 16 have been given the Padma Bhushan, 118 have been given the Padma Shri on the 71st Republic Day this year, they said.
Check out India's schedule on Day 7 of the Commonwealth Games in Gold Coast, on Wednesday.
While the UN report said that FDI inflows rose 6 per cent in 2018 to $ 42 billion, the government's own data for the entire FY19 period has shown that inbound equity investments declined for the first time in six years in FY19.
