'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
One of the biggest ways in which recent government actions have been seen as investor-unfriendly is New Delhi's decision to unilaterally revisit almost every Bilateral Investment Treaty it has signed with other countries, says Mihir S Sharma.
India and Russia on Tuesday set a target of $100 billion in annual trade volume by 2030 and vowed to develop a robust bilateral payment settlement mechanism using national currencies. The two sides also inked a total of nine agreements to further broadbase cooperation in a range of areas including in the economic domain following summit talks between Prime Minister Narendra Modi and Russian President Vladimir Putin.
Seeking to further strengthen bilateral economic relations, Prime Minister Narendra Modi on Sunday said India and the US will "restart" discussions on the Social Security Agreement and resume talks on Bilateral Investment Treaty.
'We can hope to see a lot of creation of jobs in the days to come.'
From toys, footwear and furniture to insulated flasks, smart meters, and air coolers - the Central government over the last decade has mandated higher standards for production and imports of such items. Sample this: Till 2014, there were 14 Quality Control Orders (QCOs) covering 106 products. By the latest count, there are 156 QCOs on 672 products.
Moody's Investors Service on Thursday said India is likely continue to face challenges in raising longer-term growth potential and creating enough jobs for its young population in the absence of higher trade openness. In its report on South Asia sovereigns, Moody's said compared with other South Asian economies, India appears to be in a better position to deepen its integration in global value chains, attract FDI and increase exports. The country has better macroeconomic fundamentals, more stable politics and a more developed export sector.
Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
Abu Dhabi national carrier had bought 24 per cent stake in Jet Airways for $379 million in April.
The Centre will invest around Rs 200 crore over five years for the exploration and development of these mines.
The government has signed Bippas with 72 nations.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
The government's annual Economic Survey on Friday strongly defended new farm laws, saying they herald a new era of market freedom which can go a long way in improving lives of small and marginal farmers in India. These legislations were designed "primarily" for the benefit of "small and marginal farmers", which constitute around 85 per cent of the total number of farmers and are the biggest sufferer of the "regressive" APMC-regulated market regime, the survey said. The pre-budget document defended the farm laws in the backdrop of long-running farmers' agitation at various borders of the national capital seeking repeal of these legislations expressing concern that they are pro-corporate and could weaken government regulated mandis, also called Agriculture Produce Marketing Committees (APMCs).
Telecom operator Bharti Airtel on Friday said it has signed an agreement to buy Vodafone's 4.7 per cent stake in Indus Towers on the condition that the proceeds will be used for investment in Vodafone Idea and clearing its dues towards the mobile tower company. Debt-ridden Vodafone Idea (VIL) has been unable to pay dues to Indus Towers and both VIL and promoter Vodafone have proposed a payment plan to clear the outstanding amount by July 15. In the meantime, VIL has committed to pay certain minimum amount each month to Indus Towers.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
Four Canadian ministers of Indian origin are traveling with Prime Minister Trudeau.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Pragmatism and flexibility is a virtue. An untethered and short-term approach to policymaking is a flaw, argues Mihir S Sharma.
Modi's hopeful rhetoric has not yet turned into concrete policy reform
The UK government made its first major commitment to support UN Security Council reforms and India's permanent membership within it as part of a refreshed defence and foreign policy review tabled in Parliament on Monday.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Embattled retailer Future Retail Ltd (FRL) on Tuesday moved the Supreme Court to avert insolvency proceedings over missing a loan repayment deadline, even as its independent directors rejected an Amazon-supported offer to sell the company businesses at less than a third of what Mukesh Ambani's Reliance is offering. India's second-largest retailer, which operates multi-brand retail chains such as Big Bazaar, Easyday and Heritage, failed to pay Rs 3,494.56 crore to lenders by the due date of December-end and sought a 30-day grace period to resolve the situation. Unable to find money, it moved the apex court seeking to restrain its lenders from declaring the company a defaulter, which can invite initiation of insolvency proceedings.
West Asian carriers are up against Air India and IndiGo in the battle for seats on lucrative international routes.
"Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said.
The Delhi high court on Thursday upheld the Singapore Emergency Arbitrator's (EA) order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected to by US-based e-commence giant Amazon.
The retrospective tax controversy was highlighted by Vodafone, but Cairn Plc's continuing problems point to the impact this law has had on FDI in India's oil and gas sector.
Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi high court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor, a contention denied by the US-based e-commerce giant which said it was interested in salvaging FRL. FRL contended before a bench of Chief Justice D N Patel and Justice Jyoti Singh that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down and it's more than 25,000 employees would be without any livelihood. Senior advocate Harish Salve, appearing for FRL, told the court that the US-based e-commerce giant was only concerned that the Mukesh Ambani group company should not get the shops as they are a competitor of Amazon.
His visit to India followed a few cancelled plans since he took office in July 2019 due to the coronavirus pandemic crisis, with the two leaders holding several virtual talks and eventually meeting in person on the sidelines of the COP26 climate summit in Glasgow last November.
During his first official visit to India, Canadian Prime Minister Stephen Harper indicated that he would like the two countries to sign the civilian nuclear agreement and the foreign protection promotion and investment agreement.Disappointed by the lackluster visit, Canadian journalists accompanying Harper are wondering why the two countries haven't signed the nuclear agreement so far, in spite of discussing such an agreement at length since a long time.
Modi also made a call for European Union unity and said India would play a positive role in enhancing that through Germany.
Did you know that the Government of India has granted certain tax exemptions to start-ups for a prescribed period?
Admiral Colombage said that President Gotabaya Rajapaksa would have an India first approach as the key to strategic security.
'Stand-alone' trip to North American nation and a strong track record in Gujarat open doors to business.
An international tribunal has ruled that the Indian government had acted "unfairly" and "inequitably" in annulling a contract between Devas and ISRO's commercial arm Antrix.
Bhargavi Zaveri & Radhika Pandey explains how complexities of foreign exchange rules are used by India Inc to dispute contractual obligations.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
United Nations Secretary-General Antonio Guterres said on Monday that he has been in 'very close contact' with India and other countries on mediation efforts towards bringing an end to the war in Ukraine.
Against the backdrop of objections by some MPs, Civil Aviation Minister Ajit Singh on Tuesday strongly defended the Rs 2,058 crore (Rs 20.58 billion) Jet-Etihad deal, saying those opposing it were "long on politics and short on facts".
Courts in five countries including the US and the UK have given recognition to an arbitration award that asked India to return $1.4 billion to Cairn Energy plc - a step that now opens the possibility of the British firm seizing Indian assets in those countries if New Delhi does not pay, sources said. Cairn Energy had moved courts in nine countries to enforce its $1.4 billion arbitral award against India, which the company won after a dispute with the country's revenue authority over a retroactively applied capital gains tax. Of these, the December 21 award from a three-member tribunal at the Permanent Court of Arbitration in the Netherlands has been recognised and confirmed by courts in the US, the UK, Netherlands, Canada and France, three people with knowledge of the matter said.
