Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
There is nothing to be worried about as bilateral ties are robust with solid foundations. Both are on the same page on the economic and defence/security ties bilaterally and globally and that shall continue irrespective of change in political dispensation in either country, points out Dr Rajaram Panda.
The Assam cabinet had on December 13 approved a proposal to close down all Madrassas and Sanskrit Tols (schools) however, the legislation brought in the assembly during the day did not contain anything related to the Sanskrit tols and the education minister also did not mention anything about it.
Ukraine is currently in the middle of a strategic offensive into Russia's Kursk region.
A group of influential lawmakers have introduced a bipartisan legislation in the US Senate to comprehensively overhaul the H-1B and L-1 visa programmes and usher in more transparency in the recruitment of foreign workers. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
Modi can abandon the path of Hindutva only at risk to his position within his own fraternity. But if he pursues a hard line, he faces the risk of being hauled up by his coalition-partners. For the first time in a decade, Modi is not in enviable situation, observes Nilanjan Mukhopadhyay.
In another move aimed at continuity, James Cleverly will stay in his post as Foreign Secretary despite not being a Sunak loyalist.
Applicants for Indian citizenship under the Citizenship (Amendment) Act 2019 (CAA) can submit any of nine documents, including valid or expired passport, ID cards and land tenancy records, to prove he or she is a national of Afghanistan or Bangladesh or Pakistan.
Sushmita Dev said it would have been better if there were more women MPs in the panel.
The outfit suggested that the government amend the Information Technology Act to classify all such content as pornography, which people should only be able to access by punching in their Aadhaar details or their fingerprints. Archis Mohan reports
Assocham on Monday said over $ 13bn are spent every year by about 450,000 Indian students on higher education abroad as they are not accommodated by domestic institutions. The primary reason for a large number of Indian students seeking professional education abroad is lack of capacity in Indian institutions. Over 150000 students every year go overseas for university education, which costs India a foreign exchange outflow of $10bn, which is sufficient to build new institutes.
'With the current situation in the global job market, students come back with an added burden of educational loans.'
"The provisions of the said bill are nothing short of draconian and promote gross incompetence and mockery of professionals currently working day and night and sacrificing their youth for this broken system," said the protesting doctors.
It will be in Modi's interest to reinvent his party, read the writing on the wall that voters wrote, and move ahead. He has little choice now. The country is watching, asserts Ramesh Menon.
His five-year rule saw the Babri Masjid demolition, the rise of the saffron forces and also the country being placed firmly on a new economic path, away from the Nehru years of public sector socialism.
They warned that the 'prime minister and his cabinet colleagues will be stopped from entering the state' if their interests were harmed.
Parliament proceedings were adjourned for the day on Monday following protests by the opposition which has been demanding a statement from Prime Minister Narendra Modi in the House on the Manipur issue. In the Rajya Sabha, the opposition kept insisting on a discussion under Rule 267 of the House.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
By passing this bill, Congress is showing that the US will not turn a blind eye to the suffering of the oppressed, House Republican Leader Kevin McCarthy said.
China represents the "largest threat" to Britain and the world's security and prosperity this century and there is evidence to suggest it has targeted countries from the US to India, UK prime ministerial candidate Rishi Sunak said on Monday.
Retail investors seem to have dipped into their mutual fund savings to meet pre-festival spending. According to data released by the Association of Mutual Funds in India (Amfi), investors pulled out Rs 6,578 crore from their systematic investment plan (SIP) accounts in September, the highest in the last 11 months. The redemptions were on the higher side during the previous festive season as well.
Modi wants the BJP to gets an additional 10% of the vote share from what it won in 2019. Plans are afoot to get new faces to replace MPs with poor chances of winning. Sources say more than 100 MPs are like to be axed, notes Modi biographer Ramesh Menon.
To meet this week on representation to HRD ministry for degree granting power, autonomy.
'The NRC had an effect on Assam and I think to cover up or make up for that, CAB has been brought in.'
'These new laws give complete (impunity) to the police.' 'Whatever little accountability the police had, all that is gone now.' 'There is no accountability mechanism against the police for abusing or misusing in the new laws.'
Debates on changing the name of India to Bharat continue to spark a crisis of identity without answering moot questions that stare us in the face. Ramesh Menon asks a few of those questions that do not have easy answers.
There will be a lot to repair and rejuvenate -- if that opportunity even presents itself, warns Rathin Roy.
After a 6.5-hour debate, the upper house clears the bill. Amit Shah said the bill is not anti-Muslim and Indian minorities have nothing to fear from its passage.
The highlights of the RBI's fourth monetary policy review of fiscal year 2022-23 announced by Governor Shaktikanta Das.
It will allow more transparency in policies and flexibility in premium payment, besides improving processing of claims.
The legislation was passed by 125 votes in favour and 61 against.
From 1952 to 1967, each of the three Lok Sabhas sat for an average of 600 days and more than 3,700 hours. In comparison, the 15th Lok Sabha -- from 2009 till 2013 -- has met for just 345 days and 1,331 hours, says Shreya Singh
Two US lawmakers have introduced a bill in the House of Representatives that aims at granting an automatic right to H-4 visa holders to work in the country, a move which will benefit the spouses of thousands of foreigners, including Indians, and also address the labour shortage affecting American businesses. H-4 visas are issued to dependent spouses and children who accompany H-1B, H-2A, H-2B, and H-3 visa holders to the United States. Many H-4 visa holders are highly skilled people in their own right and previously had careers of their own or worked to support their families.
Kovind, aged 76, was sworn in as the 14th President of India on 25 July, 2017.
'It is flabbergasting to think that this heavenly region has, for decades, been coveted by India's aggressive neighbours,' says Claude Arpi after a recent visit to Ladakh. 'Wanting to use the newly created infrastructure to defend the borders after the clash of 2020 with China and the resulting standoffs, the home ministry is keen to boost border tourism to show that these areas are controlled by India.'
Ramesh Menon, the veteran journalist suggests Prime Minister Narendra Damodardas Modi what he should do if he wants to win 2024 Lok Sabha elections.
The Indian position on the Russia-Ukraine war and the unconditional treaty between China and Russia appear to have caused some ripples in India-US relations and led to a reappraisal of India's usefulness to the US in the eventuality of a conflict with China, notes Ambassador T P Sreenivasan.
Indian businesses in the US have created about 91000 jobs in the US.
'The Kerala saga also requires a reappraisal of Nehru himself. 'The real Nehru is to be found somewhere between the syrupy panegyrics on him and the demonisation of him that is currently happening,' says Ambassador MK Bhadrakumar.
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