The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
Finance Minister P Chidambaram said on Tuesday the inflow of foreign funds in the banking system was not disorderly and could be channelled for productive use. There was large inflow of capital mainly from export earnings, remittances, foreign direct investment, foreign institutional investments and private equity, he said.
The Department of Industrial Policy and Promotion is closely working with the Reserve Bank of India, DIPP's joint secretary Gopal Krishna told reporters in New Delhi at a Confederation of Indian Industry function.
Singapore has emerged as the most sought after destination for foreign direct investment by Indian companies, who invested over USD 500 million there in May.
Among the 30 Sensex firms, HCL Technologies, NTPC, Bajaj Finserv, Tech Mahindra, JSW Steel, Titan, Mahindra & Mahindra, Tata Steel, Larsen & Toubro and Tata Consultancy Services were the biggest gainers. Kotak Mahindra Bank, IndusInd Bank, Maruti and Hindustan Unilever were among the laggards.
Prime Minister Shigeru Ishiba's sudden resignation after only a year in office has thrown Japan into political turmoil, raising doubts about how the country will handle economic and regional challenges, observes Dr Rajaram Panda.
The government has no say in where the country's refiners source oil from because these are commercial transactions.
Amending the Foreign Exchange Management Regulations, the RBI said that its prior permission would not be necessary where the company whose shares are being transferred is engaged in any financial service.
Titan, HCL Tech and State Bank of India were also among the laggards. However, Hindustan Unilever, Asian Paints, ICICI Bank, Power Grid, HDFC Bank and ITC were the gainers.
In a major decision that will inject new vigour into print media, the government on Thursday allowed India editions of foreign magazines with news and current affairs content with 26 per cent foreign direct investment.
The net outward foreign direct investment went up from $9.1 billion in 2017-18 to $12.6 billion in 2018-19 and moved further north to $13 billion in 2019-20.
Some of the domestic biggies like Future Group, Reliance Retail and Aditya Birla Retail, while welcoming the government's move to allow 51 per cent FDI in multi-brand retail and completely open single-brand retail, said it will take time for foreign rivals to make presence felt on their own in the Indian retail landscape.
Clause on 30% sourcing from Indian SMEs a particular concern.
The Indian government on Wednesday permitted owners of the daily foreign newspapers to make 100 per cent FDI (foreign direct investment) in their facsimile editions published in India.
India will become the third largest economy by 2027-28, with a GDP of over $5 trillion, Finance Minister Nirmala Sitharaman said on Wednesday. Even going by conservative estimates, the size of the Indian economy will be $30 trillion by 2047, she noted. "It is possible that we will be the third largest economy by 2027-28, and our GDP will cross $5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least $30 trillion in terms of economy," Sitharaman said at the Vibrant Gujarat summit.
India could allow global online retailers such as Amazon.com Inc to sell their own products as early as next month, removing restrictions that could boost competition in one of the world's biggest, and most price-sensitive, retail markets.
Reliance 4IR Realty Development, a unit of Mukesh Ambani's Reliance Industries, paid a Rs 86.5 crore 'development fee' to license the Trump brand for a forthcoming real estate project in Mumbai.
The world's largest retailer Walmart on Wednesday said its investments in India will grow manifold if foreign direct investment regulations on multi-brand retail are relaxed in the country.
Japan and India signed a 5-point action agenda to increase bilateral trade and investment between the two nations.
The approval comes few days before the company has to clear statutory liabilities of up to nearly Rs 35,586 crore, of which Rs 21,682 crore is licence fee and another Rs 13,904.01 crore is spectrum dues.
Though international biggies are already in India, they are yet to formalise plans for front-end multi-brand retail.
The Maharashtra government has said the state is the most favourable investment destination in India, quoting the AT Kearney FDI Confidence Index Report.
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Net inflows were $18.4 billion for the rolling 12-month period ended January 2024 compared to $32.7 billion for the rolling 12-month period ended January 2023.
'The background for the Saudi-Pakistan agreement is the fact that the regional security order has collapsed due to the Israeli attack on Doha.' 'The Americans have largely abandoned their security guarantee for West Asia and the region has no choice but to look at alternatives.'
Sebi aims to stay proactive as HFT and quant firms like Citadel Securities, Optiver, Millennium, and IMC Trading are expanding rapidly in India, which is home to the world's largest derivatives market by contracts traded.
The Information and Broadcasting Ministry said on Wednesday the newspapers will be brought out by Wall Street Journal India Publishing Private limited, a wholly owned subsidiary of Dow Jones and Company Inc, USA.
Domestic chains rejoice at Cabinet's in-principle nod to 51% cap, most of them call it a positive development.
'Geopolitically and diplomatically it's a very difficult situation for India.'
The Confederation of All India Traders (CAIT) representing 70 million traders has written to Union Commerce Minister Piyush Goyal, drawing his attention to the alleged violations of laws and regulations by quick commerce (qcom) companies.
Foreign direct investment in India has seen unprecedented growth in the recent years. FDI's contribution in India's GDP too is on the rise.
The exports in 2022-2023 was $79 billion, compared to imports of $50 billion.
Showing the effect of the slowdown in global economic activity, the equity foreign direct investment (FDI) into India declined sharply to $13.9 billion in April-July 2023 from $22.04 billion a year ago. The net FDI, inflows minus outflows, declined from $17.28 billion in April-July 2022 to $5.70 billion in April-July 2023 on account of moderating gross FDI and a rise in repatriation. Gross FDI into India moderated to $22.0 billion during April-July 2023 from $29.6 billion a year ago, according to Reserve Bank of India data.
Domestic institutional investors (DIIs), mostly mutual funds and insurance companies, overtook foreign portfolio investors (FPIs) in ownership of NSE-listed companies in the March quarter of 2025. According to Prime Database, DIIs held a 17.62 per cent stake, up from 16.89 per cent in the December 2024 quarter.
Microsoft Corp has restored all services -- including email access -- to Russian oil giant Rosneft-backed Nayara Energy, just before a scheduled hearing in the Delhi high court over the service suspension.
Restricting air access to foreign carriers by not granting them more bilateral rights is akin to shooting yourself in the foot, as air transport is a wealth multiplier for India's economy, Emirates President Tim Clark said during a press conference held on the sidelines of the annual general meeting of the International Air Transport Association.
The sectors that received most of the investment during this period included manufacturing, financial services, business services, computer services, electricity, and other energy sectors.
