The Enforcement Directorate on Monday seized three offices in a prime location in Mumbai, valued more than Rs 41 crore, as part of a foreign exchange violation probe against a businessman whose name figured in the Panama Papers.
Most investments by Indian corporate houses in the overseas market is through countries that have either low tax rates or allow tax-free remittance of income. Much of the outward foreign direct investment (FDI) by India Inc done between April and December 2007 was directed to Singapore, the Netherlands and British Virgin Islands (BVI), according to the latest Reserve Bank of India data. RBI said the actual outward FDI in April-December 2007 grew 13 per cent at $10.11 billion.
Texas billionaire Allen Stanford and three of his companies were charged with "massive" fraud on Tuesday as federal agents swooped down on his US headquarters. A timeline of the 58-year-old businessman.
American Rai Benjamin got the track programme off to a roaring start as he stunned world record-holder Karsten Warholm in the 400 metres hurdles.
Britain has become the biggest foreign investor in India with an investment of 560 million, according to a report on investment flows by the Commonwealth Business Council (CBC).
Branson was cycling with his two children on the British Virgin Islands when he hit a hump in the road.
The company will also make a $500 million (Rs 2,000 crore) investment through the acquired company in the next 2-3 years to build and acquire WiMax networks across 50 countries. Worldwide interoperability for microwave access or WiMax is a telecommunications technology that provides wireless data over long distances through various mediums. This is the third acquisition by the company as it had acquired US-based ethernet services provider Yipes Holdings for $300 million.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
Celestial Overseas Ventures, a British Virgin Island-based investor, plans to acquire five per cent stake in electronics major BPL Limited, thus taking up the foreign equity component in the Bangalore-based firm to 5.57 per cent.\n\n\n\n
After the scandals of the 1990s, didn't investment banks put sexist employment practices behind them? Evidently not.
Let's take a look at the fabulous life of the flamboyant business magnate who recently turned 63.
Olympic champion Mutaz Barshim of Qatar cleared 2.35 metres to win the men's high jump to earn a bit of redemption after his disappointing bronze in Budapest.
Becoming the first casualty of the Panama Papers scandale, Iceland's Prime Minister Sigmundur David Gunnlaugsson resigned on Tuesday.
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
A leak of 11.5 million tax documents has revealed how the rich and powerful use tax havens to hide their wealth.
The Securities and Exchange Board of India's (Sebi's) investigation into the Hindenburg allegations is making slow progress when it comes to obtaining information from overseas regulators, particularly around ultimate beneficial ownerships of certain foreign portfolio investors (FPIs), said people in the know. "Establishing ultimate beneficial ownerships for FPIs is a very complex exercise. "Several jurisdictions allow omnibus structures where the end beneficiaries are not required to be captured or are based in some other geographies.
Meanwhile, the Board has given the names of Hardik Pandya and Dinesh Karthik as India's representatives in the World XI team that will play West Indies in a charity Twenty20 match at the Lord's on May 31.
The note guides taxman to avoid seeking voluminous details.
A whirlwind trip of the dark underbelly of global finance, covering everything from tax law changes to aiding criminals to decamp with money from bank accounts.
When Bastian Obermayer and Frederik Obermaier shone a light on the Pandora's Box that became famous as the Panama Papers, even they didn't know how it would shake up the murky world of finance, indeed the world itself.
The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
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.
The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
The quizzing of the 48-year-old daughter-in-law of superstar Amitabh Bachchan and Samajwadi Party MP Jaya Bachchan comes weeks after her husband Abhishek Bachchan was questioned by the agency in another case emerging from the same set of papers linked to the offshore leaks case, they said.
The government has questioned two members of Parliament whose names figured among a list of 498 persons with offshore bank accounts in locations like the British Virgin Islands.
FIPB rejects proposals from firms that have not divulged details of beneficial ownership or source of funding
British Virgin Islands, Mozambique, the Netherlands, Mauritius and Singapore were the top five nations where Indian firms made investment of $9.6 billion in the last three years.
The Indian Cricket Board has incorporated strict guidelines in their 19-page 'Request For Proposals' (RFP) from interested companies.
He also claimed that even the news report had not suggested any wrongdoing on his part.
Unlike earlier years, an Indian-American child did not win America's Scripps National Spelling Bee in 2021. 234 spellers, many of them Indian-American kids, will participate in the 2022 Bee, to be held from May 31 to June 2.
Among other major companies, Cox & Kings made a total investment of $39.95 million in four different WOS situated in Hong Kong, Singapore and the UK.
The ED had filed six cases in the Additional Chief Metropolitan Magistrate (Economic Offences Court-I) which had discharged the duo in two cases in 2015 and directed them to face the trial in other cases.
Plans to probe into financial details of more than 500 individuals, entities that might have secret offshore accounts at various places abroad
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.
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.
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