In the US, it is obligatory for any citizen to provide details regarding any financial transaction he or she may have carried out overseas.
The race to get a New Umbrella Entity (NUE) licence for digital payments may get crowded. As many as six consortiums are said to be in the fray to apply for an NUE licence, which would create a for-profit National Payments Corporation of India (NPCI)-like body for retail payments. A consortium led by Financial Software and Systems (FSS), a leading provider of payment products and payment processor, is in talks and may file an application to the RBI for an NUE license, said sources aware of the development. The other constituents of this group include Indian Bank, Central Bank of India, India Post Payments Bank, National Bank for Agriculture and Rural Development (Nabard), and a few small finance banks.
One of India's main export destinations, the euro zone, is struggling to revive its economy and battling disinflation.
Tamal Bandyopadhyay takes a close look at some of the magic figures in the banking sector
While selling started in April, it has intensified this month, with FPIs pulling out $1.1 billion and $2.5 billion from equities and debt market, respectively
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.
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
India Inc reacted cautiously to allegations on Swiss a/cs.
The Sensex closed the day at 27,490, higher by 479 points and the Nifty ended at 8331.95, up 150.45 points.
Forecast of normal monsoon and a good harvest will boost the purchasing power of gold among farmers in India, said a report from the leading Asian investment bank, HSBC.
The survey showed firms passed on a greater cost burden to consumers. Prices charged rose at their fastest pace since October.
The US Federal Reserve has decided to keep its stimulus programme intact and this in turn will lead to some respite for the battered emerging market economies, but it should also be borne in mind that tapering is inevitable in the medium term.
Business houses don't think twice about blacklisting a newspaper.
Recent tribunal rulings open prospects of large haircuts and barriers to auctioning of personal guarantees, among other issues
As the government submitted a list of 627 foreign account holders to the Supreme Court on Wednesday, the spotlight is on family of former Maharashtra chief minister, former minister in the UPA government, a Mumbai-based corporate among others. Vrishti Beniwal reports
What the reserves offer for now is improved import coverage of about 13 months, almost double the 2013 level of less than seven months. And, ammunition to arrest a rapid rupee slide, says Anup Roy.
Chandra, who will turn 69 years old on Saturday, becomes non-executive director with immediate effect.
That prompted manufacturers to add jobs for the first time since June.
Foreign exchange reserves jumped $1.17 billion to touch a new record high of $355.46 billion.
The HSBC Manufacturing Purchasing Managers' Index, compiled by Markit, fell to 52.4 in August from 53.0 in July but chalked up its tenth month above the 50 mark that divides growth from contraction.
The country is biding time to assess the mood of the next Indian government.
Switzerland has been making efforts to strengthen its bilateral cooperation with India .
The survey showed firms' confidence regarding future business grew at the slowest pace in a year last month.
Such schemes need 3-5 yrs to take advantage of dollar and market risk.
Burman held an undisclosed, yet, active account in an HSBC branch in Zurich
Assessment of the 427 account holders associated with HSBC list will be completed by March 21, 2015.
The HSBC Services Purchasing Managers' Index , compiled by Markit, fell to 50.6 in August from 52.2 in July.
RBI recently hiked LRS limit to $125,000 or Rs 7500,000 as on Aug 19 with $/rupee rate of 60
Restrictions on buying land are among barriers holding up projects worth almost $300 billion
For stolen data, India had sought information about its taxpayers who had secret bank accounts in HSBC Geneva.
The Sensex ended up 244 points at 28,504 on strong global cues.
The US on Friday issued orders to ban popular Chinese social media apps TikTok and WeChat from Sunday to safeguard national security, weeks after India banned them, saying they were prejudicial to sovereignty, integrity and security of the country.
FY17 GDP growth faces cash crunch heat
Former Dabur director gave sketchy details of investors and his employer after two years of tax summons.
Can we find fault with RBI for not intervening enough in the market? Actually no, say some experts. A correction in rupee was long overdue.
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.
The survey also showed that both input and output prices rose at a slower pace during the month.
FDI inflows into India were $34 billion in 2014, up 22%.
Bumper liquidity as a result of global central bank stimulus measures should prevent a sharper downturn.
A major criticism of the new law is that it can become an instrument of abuse as it confers the tax enforcement authorities with strong discretionary powers, says Paranjoy Guha Thakurta.
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