Reserve Bank of India has turned down Hongkong and Shanghai Banking Corporation Ltd's plans to pick up about 20 per cent stake in UTI Bank by restricting its approval for acquisition of only 14.6 per cent stake
Aiming to intensify government's drive on black money, the PMO has asked the revenue department to look for ways other than bilateral tax treaties to bring back funds stashed abroad.
Insurance companies are seeking a separate deduction limit of Rs 1 lakh for insurance premium payment under Section 80C of the Income Tax Act in the upcoming Union Budget to bring in more people under the ambit of insurance. The insurers also want reduction in the goods and services tax (GST) rate of 18 per cent currently applied on health insurance products to 5 per cent to make such products more affordable to common people. Finance Minister Nirmala Sitharaman will present the Union Budget for 2022-23 on February 1.
The government will investigate every Indian name appearing in an unprecedented leak of financial records, known as the 'Pandora Papers', which alleged that many world leaders have secret offshore stores of wealth.
'The company's transition from an individuals-driven private firm to a board-driven listed public one will be carried out in a well-thought-through and well-executed manner.'
India's flag carrier Air-India has shortlisted three companies to act as advisors for its initial public offer to finance the fleet acquisition and is awaiting the government's nod for the IPO, a spokesman of the airline said on Thursday.
Swiss banks seek fresh undertakings from Indians.
Asian countries are home to some of the wealthiest expatriates in the world and about 25 per cent of the highest paid foreign assignees' prefer to live in India, a report has said.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
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Business leaders met Manmohan Singh to discuss the problems facing the country.
The HSBC Services Purchasing Managers' Index eased to 53.0 in March from February's eight-month high of 53.9.
Raman's hacking expertise is much in demand -- and not from criminal elements. Indian firms and multinationals like ABN Amro Bank, Aditya Birla Group, Bank of Maharashtra, Bombay Dyeing, HSBC, ICICI Bank, Indiabulls, Centurion BOP, Citibank, India Infoline, Ispat Industries and Kotak Group proactively seek his services. Raman's hacking expertise is much in demand -- and not from criminal elements.
Indo-UK business ties are becoming a two-way affair with Indian companies contributing to the growth of the British industry
The index monitoring new business fell to a six-month low of 51.6 from March's 53.5, prompting some firms to cut jobs.
The move to ban Rs 500 and 1000 notes may not curb the root cause of black money.
SpiceJet, India's second-largest private airline, kicked off the process of hiving off its logistics business to its subsidiary SpiceXpress as it looks to raise much-needed capital. On Tuesday, the company sought its shareholders' approval to complete the process and to raise up to Rs 2,500 crore via a qualified institutions placement (QIP). It is in talks with multiple private equity investors as it tries to sell shares in the logistics arm to raise money.
Many Indian companies provide outsourcing services to various American entities, including large banks and financial institutions.
So long as there are concerns about world trade, growth and oil prices, the domestic market will remain volatile.
In the case of Iran, the lifting of sanctions has paved the way for direct relations.
India funds have seen almost $1 billion of outflows in the last three weeks, says Brad Durham, MD, EPFR.
'If such inflows materialise, what will be the effect on the rupee's value -- and therefore on exports growth, the only sustainable path to recovery?', asks Mihir S Sharma.
The resolution plan has to be put to work this month itself. Jet has a debt of over Rs 8,000 crore and needs to make repayments of up to Rs 1,700 crore by the end of March.
Industry asked the government to be 'brave and bold' and said that it will rise to the occasion.
India has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in Swiss banks, as the government expands its efforts to combat the menace of black money.
CEOs of leading banks say third straight rate hike by RBI inevitable, though not desirable.
For India startups, pulling in the reins now may enable them to live longer - even if it means shedding their unicorn status, says Una Galani.
Indian banks are the 2nd-fastest-growing ones.
The Swiss Finance Ministry spokesperson further said the treaty states that "such persons or authorities shall use the information 'only' for such purposes.
Indian parents are willing to make tremendous sacrifices when it comes to educating their children.
USAID looks forward to working with each to make financial inclusion a long-lasting and sustainable reality in India.
World champion shuttler P V Sindhu on Thursday donated Rs 5 lakh each to the Chief Minister's Relief Funds of Telangana and Andhra Pradesh to fight the dreaded COVID-19 pandemic, which has claimed over 21,000 lives globally. The number of positive cases in India has surpassed the 600-mark, while 13 deaths have been reported so far, prompting the government to put the country under lockdown till April 14 to halt the spread of the virus.
Though fundraisings for startups still rank amongst the biggest deals struck this year, the average ticket size has fallen sharply, says Una Galani.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
One Rank One Pension (OROP) will have a significant impact on the country's fiscal bill and the overall cost will be around Rs 16,000 crore.
A new framework has been put in place for automatic exchange of information between Switzerland and India to help check the black money menace with effect from January 1, 2018. The funds held by Indians through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown. It is now at second-lowest level in 20 years.
'Spends are likely to increase from the current levels because recovery is yet to fully be over.'
Thirteen companies have joined the Rs 1-trillion-plus market capitalisation club this year, so far. This even as the benchmark Sensex has gained less than 3 per cent on a year-to-date basis, underscoring the bullish undercurrent in the broader market. The trend shows a harsh second wave of Covid-19, subsequent lockdowns, and hit to the economic activity has made little dent into India Inc or shareholders' wealth. At the start of the year, there were 29 companies with a market value of more than Rs 1 trillion.
Ratnakar Bank to absorb RBS' employees involved in three businesses
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