The total money of Indians fell by 45 per cent during 2016 to CHF 675.75 million, marking the biggest ever yearly decline in such funds.
Shares of most European banks are down significantly.
Reliance has no illegal Swiss Bank accounts.
Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, a highest of 6,811 cases were reported by the ICICI Bank.
Eight investment banks including HSBC and India's ICICI Securities and SBI Capital have submitted bids to manage a 10-per cent stake divestment in state-owned Coal India.
Within three trading sessions in May, foreign portfolio investors (FPIs) have pumped in Rs 9,461 crore into Indian equities. This follows net inflows worth Rs 7,936 crore in March, and Rs 11,631 crore in April. The trend, analysts said, could continue going ahead as the US Federal Reserve may soon halt its interest rate hike cycle, which will strengthen foreign fund inflows into emerging markets, including India.
Major global banks such as Standard Chartered, Barclays and HSBC have paid lesser amounts in advance tax in the third quarter of this fiscal compared to the year-ago period, while the domestic banks have paid higher amounts during the same period.
On Wednesday, the Modi sarkar placed a list of names of 627 Indian account holders in HSBC bank, Geneva in the black money case before the Supreme Court. While on the campaign trail, bringing back black money stashed away in foreign banks was one of the biggest election promises made by Narendra Modi. Rediff.com takes a look at some of the prime minister's tall assurances.
This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1997.
This is Chidambaram's third letter to Swiss Finance Minister Eveline Widmer Schlumpf within four months on this matter.
National Hydroelectric Power Corporation, the central power utility, has shortlisted five merchant banks for its initial public offering likely to hit the market in first quarter of FY08.
The Reserve Bank on Wednesday permitted wholly-owned subsidiary (WOS) of foreign banks to acquire domestic private sector banks as well as set up branches anywhere in the country.
The Indian markets have seen a good run in the last three months with the S&P BSE Sensex rising around 7 per cent and the Nifty50 moving up 7.5 per cent. The next leg of the market rally from here on, analysts suggest, will be driven by a growth in corporate earnings over the next few quarters. That said, they do not expect material / sharp downgrades to India Inc's earnings estimates despite headwinds for the economy.
Finance Minister Arun Jaitley on Friday said Switzerland has agreed to share information on Indians having illicit money in Swiss banks on independent evidence provided in each case to the Alpine nation.
A raft of banks could face tough questions in the sweeping US crackdown on alleged corruption in global soccer as prosecutors review how much they knew about millions of dollars in bribes flowing through the US banking system to accounts around the world.
Indian banks are the 2nd-fastest-growing ones.
The Supreme Court appointed Special Investigative Team, which is looking into the black money cases, on Thursday said it will go after the offenders "big or small" but also made it clear that the confidentiality of account holders abroad will not be violated.
In the case of Iran, the lifting of sanctions has paved the way for direct relations.
Kapoor told the ED that he was told by the then petroleum minister Murli Deora that the refusal to buy the MF Husain painting will not only prevent him from building a relationship with the Gandhi family but also prevent him from getting the Padma Bhushan award.
For stolen data, India had sought information about its taxpayers who had secret bank accounts in HSBC Geneva.
The churn in investment banks, though less muted than in the heydays of 2007, is gathering speed. "The pent-up desire to move is very high at the moment," says R Suresh, managing director at head hunting firm Stanton Chase.
With over 3,000 species of plants, 26 interconnected lakes and the 250-year-old Great Banyan Tree -- the largest in the world -- the Indian Botanic Garden is a veritable treasure, discovers Payal Singh Mohanka.
The Supreme Court on Tuesday said it was more interested in getting the black money stashed abroad back to the country than the disclosure of names of illegal account holders in foreign banks.
Foreign players like Citibank, Standard Chartered Bank, HSBC and ABN Amro Bank see opportunities to spread their wings in India after the ceiling on voting rights is lifted by the government.
Infosys' first non-founder CEO had been granted 232,329 RSUs at Rs 5 a unit.
The unearthing of capital flight of "black" money Indians have allegedly stashed away in Swiss banks could add $30 billion to the country's forex reserves, says a Bank of America Merrill Lynch report.
Paul is among the wealthy who hold legal accounts in Swiss HSBC Bank.
The uncertain macroeconomic environment may have prompted HDFC Bank to go slow on expanding its credit card portfolio.
According to a reliable source, the names of 'Preneet Kaur' and a name similar to one of Narayan Rane's sons allegedly feature on the HSBC list of Indians with Swiss bank accounts, says Sheela Bhatt/Rediff.com
Under the Goods and Services Tax, effective midnight of June 30, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now.
There were as many as 628 names in the HSBC list.
Indian equity markets had a good run in the first half of calendar year 2023 (CY23), with the S&P BSE Sensex and the National Stock Exchange Nifty50 hitting fresh 52-week highs. While the Sensex scaled up to a peak 64,718, the Nifty50 hit Mt 19,189. As the markets now prepare to enter the second half (H2) of CY23, all eyes are on global central banks, especially the US Federal Reserve, as to when they will pause and pivot as regards their interest-rate cycle.
Analysts are divided on their retail price inflation forecast, with some saying the first quarter numbers will overshoot the RBI target by as much as 60 bps while others are softer in their estimate. Consumer price inflation retreated from its 15-month peak of 7.4 per cent in July to 6.8 per cent in August, much lower than the market expectations, despite vegetable prices remaining elevated at 26.1 per cent. Food inflation eased to 9.9 per cent from 11.5 per cent, led by some cooling of inflation in vegetables, cereals, pulses and milk.
Stepping up the attack on the government on the black money issue, Aam Aadmi Party chief Arvind Kejriwal on Wednesday accused it of adopting a "selective" approach in punishing the guilty and said he will try to meet the Special Investigative Team probing the high-profile case to share some details.
There are still bumps in the road ahead for Swiss banks.
Ratnakar Bank to absorb RBS' employees involved in three businesses
rediffGURU Sunil Lala answers your MF-related queries.
Citigroup's Citibank arm is expanding keenly in India but is wary of taking stakes in local banks because of a cap on foreign equity and limits on voting rights, company officials said
