Probe found that HSBC's Anti-Money Laundering Compliance Department was highly inadequately staffed.
'Facilitating conversion of well-run NBFCs into banks is urgently needed.'
The FATF "strongly" urges Pakistan to swiftly complete its action plan when the last set of action plan items are set to expire.
A majority of the companies said the law, aimed at jobs with a monthly salary cap of Rs 50,000, will result in them leaving Haryana or growing their operations in other states and abroad.
Amid oxygen shortage and a faltering health system in the country, India is seeing over 300,000 cases daily.
Overseas funds have been spooked by several policy measures taken by the government in the past few years
BSE Bankex and Telecom indices led the fall.
In a major development in the fight against black money, multilateral grouping OECD today unveiled a 'single global standard' for automatic exchange of financial account information by various countries including India and Switzerland.
The Gujarati's intolerance for diversity can be seen in India's hard nationalism which is showing itself in Kashmir and the North East, observes Aakar Patel.
According to experts, work from home, volatility in stock markets worldwide, and redemption pressures compelled investors to defer new investment plans.
Mumbai airport is the largest gateway for movement of pharma and agro products in the country.
The Chinese investor in the parent firm of Koo, India's answer to Twitter, is on its way out after other investors have pledged to buy out its 9 per cent stake, Koo's co-founder and CEO Aprameya Radhakrishna said.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
The USIBC has encouraged a streamlined implementation of the GST.
United Nations proscribed terrorist Lakhvi, 61, who was on bail since 2015 in the Mumbai attack case, was arrested by the Counter-Terrorism Department of Punjab province on Saturday.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said. Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
Audi's strategy seems to point to pushing technology to directly connect with consumers using digital platforms and marketing to synchromesh into one seamless experience, says Pavan Lall.
'We don't trade with any business where we have specific concerns,' a De Beers spokesperson said.
Here's what could be ahead for India: A $10-trillion economy by 2030-32, a Sensex at 1,00,000 by 2025, monthly GST revenues at Rs 2 trillion by 2024-25, 100 new unicorns by 2025, and poverty below 5 per cent by 2030, predicts R Jagannathan.
Firms have to adhere to strict compliance requirements mandated by global parents
India and the US inked a tax information sharing agreement under FATCA which will enable automatic exchange of financial information.
Capital markets regulator Sebi on Tuesday asked listed companies to work towards splitting the roles of chairman and managing director before the April 2022 deadline, as the new directive is not aimed at weakening the position of promoters. Listed entities were initially required to separate the roles of chairperson and MD/CEO from April 1, 2020 onwards. However, based on industry representations, an additional time period of two years was given for compliance. The regulation will now be applicable to the top 500 listed entities by market capitalisation, with effect from April 1, 2022.
While Prime Minister Modi grapples with serious matters of State so very successfully, may I urge that he focus just a bit of attention on the economy, says Manoj Mohanka.
FY22 will be the year to rebuild with the IMF projecting output growth at 11.5 per cent, economic survey at 11.0 per cent and the RBI's Monetary Policy Committee at 10.5 per cent.
Citing the impact of the second wave of the pandemic over the economy and consumer sentiment, Swiss brokerage Credit Suisse has lowered its nominal GDP growth forecast by 150-300 bps to 13-14 per cent, but expects a stronger recovery in the second half as it sees the lockdowns having limited impact on tax collections. Last month, Neelkanth Mishra, the co-head of equity strategy for Credit Suisse Asia Pacific, and India equity strategist, had told PTI that he expected the real GDP to fall to 8.5-9 per cent in FY22 due to the more severe pandemic attack. The virus case load has crossed the 25-million mark, death toll from the same is nearing 2.9 lakh mark, which is one of the highest in the world as the test positivity rate has been around 15 per cent for long.
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A non-compliance with FATCA entails 30 per cent withholding tax on certain US source payments.
The Delhi high court on Wednesday held that wearing of a mask while driving alone in a private vehicle was mandatory during COVID-19, noting that the face covering is like a 'suraksha kavach' amid the pandemic.
If Walmart is spinning success stories of Indian manufacturers in global markets, Amazon is taking 'Make in India' to the world, bolstered by its 'Global Selling Programme'
Industry must take strong collective action to protect the reputation it enjoys in global markets, says Kiran Mazumdar Shaw.
Rihanna, who has frequently spoken out on issues such as LGBTQIA+ rights and racism, is the fourth most followed person, with 101.3 million followers, on Twitter after former US president Barack Obama and singers Justin Bieber and Katy Perry. Her tweet on India's farmers received hundreds of thousands of retweets and likes.
A day after the Reserve Bank of India (RBI) lifted its ban on HDFC Bank on issuing new credit cards, the country's largest private sector lender on Wednesday said it had resources and plans in place to "further reinforce pole position in the credit card segment" and that it would "come back with a bang". "We will aggressively go to the market, with not just our existing suite of credit cards but also new offerings in the form of co-brands and partnerships," Sashidhar Jagdishan, managing director and chief executive officer of HDFC Bank, said in a letter to his employees. The bank's management had earlier indicated that the lender had been sourcing liability customers aggressively over the past few months.
India has too many small companies and this is inefficient. It should instead have only a handful of very large players running its economy and these giants can then compete with the world, observes Aakar Patel.
The proposals are mostly based on a report submitted by Justice B N Srikrishna in July 2018. The draft Bill has since gone through at least two updates based on inputs received from industry, report Yuvraj Malik and Peerzada Abrar.
Aircraft lease rentals are fixed costs and account for around 15 per cent of an airline's expense and since these are paid in dollars are also subject to currency fluctuations.
The list in 2018 contained about 7,600 names. It has been reduced to under 3,800 in the past 18 months, according to Castellum.AI, a New York-based regulatory technology company. About 1,800 of the names have been removed since the beginning of March, according to data collected by Castellum.
In an address at the Council of Heads of Government meeting of the eight-member SCO, Vice President Venkaiah Naidu said the most important challenge faced by the region is terrorism, particularly cross-border terrorism, and that India remained concerned about threats emerging from ungoverned spaces as well.
Cos ask US treasury to discuss data localisation norms with Indian officials at all platforms the two countries would meet, including G-20, US-India Strategic Dialogue, and IMF Annual Meet.
Besides job loss, the exit of the American cult bike maker would also lead to a loss of up to Rs 130 crore for the brand's dealer partners in the country.
The Trump administration has announced new restrictions on H-1B non-immigrant visa programme which it said is aimed at protecting American workers, restoring integrity and to better guarantee that H-1B petitions are approved only for qualified beneficiaries and petitioners, a move which is likely to affect thousands of Indian IT professionals.
