The sluggish legal system in India makes it extremely difficult for law-enforcing agencies in the ministry of finance to punish violations of foreign exchange laws. Unfortunately, it is not just FEMA. The Prevention of Money Laundering Act too has significant infirmities, say Paranjoy Guha Thakurta and Pranati Mehra.
Sikka has influenced the company to break away from the old mould in more ways than one.
The project is awaiting clearances from the DGCA.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
From farmers to cement, steel, logistics, transportation and automobiles, the back-end is struggling to get going due to the liquidity crisis.
Is North Korea really dismantling its nuclear programme? Rajaram Panda explains the many challenges to denuclearise the Korean Peninsula.
Finance Minister Arun Jaitley witll spearhead the campaign with BJP President Amit Shah as its chief strategist.
'Let me talk about young Indian startups with their hearts in the right place and how they are proving that innovations that represent 'affordable excellence' -- breaking the myth that 'affordability' and 'excellence' cannot go together -- is indeed possible!' says Dr R A Mashelkar, the eminent scientist, in this fascinating feature.
Co-founder of Twitter Biz Stone tells us what he learned from his enterprising entrepreneurial journey.
'My mantra is simple. If a customer demands something, we have to deliver at the speed he wants. No customer will wait for us. That is where local top-quality talent comes in,' says the MD of Bosch India.
The ongoing vicious game between Delhi and the so-called 'separatist' militias has severely blighted the Nagas' life and gutted their dignity, says Ravindra Narayan Ravi
The Forbes 30 Under 30 list is harder to get into than Stanford or Harvard University. Meet the desis who made the cut this year.
E-commerce is awash in money, raising concerns about whether this is just another unsustainable internet trend headed for a bust.
The entire selection process of the IOC chairman was shrouded in mediocrity and mystery.
The local labour force is streaming out of the region, creating a vacuum that makes it easier for the Bangladeshis to fill in, says R N Ravi
The announcement of the formation of the BRICS bank will have as much an impact about how the non-G7 countries manage their economies and their foreign reserves, as it does on the intellectual discourse. The development priorities and agenda which was hitherto set by western experts responding mostly to western priorities and notions will now have to compete with an intellectual tradition that is and can be very different, says Mohan Guruswamy.
On the occasion of Chinese New Year, we bring you a look at what 2015, the Year of the Sheep has in store for you!
Besides a great idea, it takes pluck, and some luck, to get going.
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