Prices of perishable items could spike in the near term.
The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
Rising bilateral trades, growing consumer wealth and high confidence level will push India to the top league of trading nations.
Government is planning to initiate proceeding against those holding over Rs 5 crore in HSBC Geneva.
Mumbai, the financial capital of India, has emerged as the most risk-averse city, according to a survey, conducted by HSBC India.
The bank has been at the centre of the black money and tax evasion scandal.
A probe by the New York State's key banking regulator, the Department of Financial Services, has found deficient money laundering controls in outsourcing of work by StanChart to India, thus exposing the US financial system to terror financing and other risks.
Forum president M G Rahatgaonkar and Member Jyoti Mandhale observed in their order that the complainant had not filed the complaint within the specified time frame (the case pertains to 2006) and hence it was being disposed off.
According to the global financial services major, inflation may remain sticky, with a possible El Nino effect on the monsoon likely to push up food prices and geopolitical uncertainties seen pumping up global commodity rates.
Investors may have to wait a little longer for Unified Payments Interface (UPI)-based block mechanism in the secondary market even as the market regulator has set the effective launch date as January 1, 2024. Several brokerage firms said they may take a few months more to implement it. Investors will be able to register for this facility only if the stock broker has opted for the UPI block facility.
According to the Financial Times, Credit Suisse will be trimming its workforce by 10 per cent leading to job loss for 650 employees, while HSBC said it was slashing 500 jobs. Credit Suisse has been impacted by the loan writedowns, which has led to two quarters of losses for Switzerland's second-largest bank this year, the report said.
The Hongkong and Shanghai Banking Corporation is in the process of setting up a non-banking financial company to cater to new market segments
Ashvin Desai of San Jose has been indicted by a federal grand jury on three counts of tax evasion, two counts of willfully aiding preparation of false tax returns and three counts of failing to file reports of Foreign Bank and Financial Accounts, the Justice Department said.
The cash was reported missing while being ferried to various ATMs in Delhi.
The investigative arm of the country's anti-monopoly watchdog has recommended action against two multinational banks for making false promises to their credit card customers and violating the Reserve Bank of India guidelines.
I-T, FinMin approach Switzerland and France for access to full transaction activity of these entities from the period accounts were opened.
Sandwiched between demonetisation, GST and other smaller policy changes, Gross Value Added or GVA may be a more reliable measure of economic activity over the next few quarters.
Ask rediffGURU Ulhas Joshi your mutual fund queries.
The Hongkong and Shanghai Banking Corporationon Friday announced it will acquire the Indian business of Royal Bank of Scotland worth $1.8 billion, a move that will help the British giant gain greater exposure in the country.
Rejecting allegations of stashing away unaccounted money in Swiss accounts, Jet Airways on Friday said there is no account in the name of its Chairman Naresh Goyal in HSBC Bank, Geneva, though he is entitled to have bank accounts outside India as he is a Non-Resident Indian.
The New Delhi District Consumer Disputes Redressal Forum pulled up the bank saying that HSBC's act was not only 'motivated by commercial gains', but also by a 'malicious mind' to 'settle scores' with the complainant, who was a former employee, for challenging his termination in a labour court.
State Bank of India's earnings growth may turn lacklustre in the near-term, warn analysts. This, they said, could be due to margin compression and likely lower fee income over the next one year. "While the cost of deposits is repricing sharply across the system, there will be relatively lower yield expansion going ahead as most of the back-book has been repriced and there is a high competitive pressure on yields.
The SIT found and reported that there was no amount shown in almost 289 HSBC Geneva entries, while 122 of them were repeated twice in the same list.
rediffGURU Sunil Lala answers your MF-related queries.
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.
rediffGURU Ulhas Joshi recommends five factors you need to look at to evaluate the performance of two schemes.
India and Swtizerland have a tax treaty under which specific information on tax evaders can be shared. But as the HSBC Bank accounts have been opened before 2011 -- when the treaty became effective -- the I-T department has asked HSBC account holders to give an undertaking under the secrecy laws.
The monopoly of the state-owned State Bank of India in managing provident fund totalling about Rs 2.5 lakh crore (Rs 2.5 trillion) on Tuesday ended with government allowing three private players including ICICI and HSBC a piece of the cake.
According to the report, the demand for materials needed for infrastructure projects like metals, minerals, buildings and transport equipment is expected to increase as the country invests in building its civil infrastructure.
The Reserve Bank is planning to extend wholesale Central Bank Digital Currency (CBDC) for transactions for interbank borrowing or call money market, sources said on Tuesday. The pilot in the wholesale segment, known as the Digital Rupee -Wholesale (e-W), was launched on November 1, 2022, with the use case being limited to the settlement of secondary market transactions in government securities. "RBI is now planning to go into the interbank borrowing market.
Gaganjeet Bhullar added to his growing reputation with a four-under par 68 that saw him jump from overnight 46th to tied 27th at the midway stage of the US $7 million WGC-HSBC Champions in Dongguan, China, on Friday. The 24-year-old Bhullar is three-under 141 for 36 holes and a good showing over the weekend will boost his ranking further.
The Hong Kong and Shanghai Banking Corporation in India has reported a 32 per cent rise in net profit (after extraordinary expenses) to Rs 197.8 crore (Rs 1.98 billion) for the fiscal ended March 31, 2004.
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The subdued labour market is likely to recover.
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