The people of Indian descent account for a vast majority (about 70 per cent) of Mauritius population.
Mauritius FDI source for India during Apr-Dec.
The RBI is of the view that it cannot carry out satisfactory due diligence for granting registration because the funding is from a jurisdiction that has been identified by FATF as having weak measures to combat money laundering and terrorist financing.
From a few rain gauges in 1875 to rivalling the world's best weather agencies, the India Meteorological Department (IMD) has weathered its way to becoming a global leader in forecasting.
The visiting minister said that trade and economic relations between the two countries are constantly gaining momentum.
The medals tally at the Paris 2024 Paralympics.
Now, funds from Mauritius interested in India will have to weigh paying capital gains taxes that could range from zero to as much as 20 per cent
Mauritius and Singapore account for the bulk of the $278 billion in foreign equity investments since 2000
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
It is believed that a large majority of them are third country investors which use the Double Taxation Avoidance Convention with Mauritius for saving capital gains tax.
The average value of retail digital payments dropped 48 per cent from Rs 8,769 in March 2021 to Rs 4,560 in March 2024 due to a growing preference to use digital modes of transactions for small value payments, according to the Reserve Bank of India's (RBI) report on the trend and progress of banking in India.
As per the Budget proposals, migration of a fund to a fund in IFSC will not be regarded as transfer if done on or before March 31, 2023. Transfer of units will be tax neutral. Grandfathered investments of the fund to continue to enjoy capital gains exemption on future sale by the IFSC fund. There is no impact on carry forward of losses for the investee company.
Mauritius has rejected compensation of Rs 500 crore to plug loopholes in double taxation avoidance treaty. Mauritius accounts for nearly half of all foreign direct investment (FDI) inflows to India. With the tightening of tax laws, India attempted to amend the treaty. Due to the treaty, India was suffering over Rs 4,000 crore loss annually for some years in terms of revenue foregone on account of the capital gains exemption for investors routing their funds through Mauritius.
Food and grocery delivery major Swiggy on Thursday filed its updated draft papers with capital markets regulator Sebi to raise funds through its much anticipated initial public offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth Rs 3,750 crore and an offer-for-sale (OFS) of 18.52 crore equity shares by existing shareholders, according to the updated draft red herring prospectus (UDRHP). Market sources have pegged the company's IPO size at over Rs 10,000 crore.
The only family Meghana lived with after losing her parents and brother in the tsunami was her dog, Alex. When Alex died after 13 years, she took her ashes to where her own family lay under the ocean. "I wanted her to join the rest of my family and that is one of the best things I have done."
Withdrawing a blanket ban on overseas shipments of non-basmati white rice, the government on Saturday imposed a floor price of $490 per tonne and exempted the commodity from export duty. Exports of non-basmati white rice have been banned since July 20, 2023 to boost domestic supply. "The export policy for non-basmati white rice (semi-milled or wholly milled rice, whether or not polished or gazed) ...is amended from prohibited to free, subject to MEP (minimum export price) of $490 per tonne with immediate effect and until further orders," the directorate general of foreign trade (DGFT) said in a notification.
Mauritius wanted extension of the benefits limitation clause in India's treaty with Singapore, which we were quite willing to extend, for our price
Singapore is the favoured destination as it has traditionally had a stable fund management regime; also, its tax treaty with India is similar to that of Mauritius
Megahna Rajsekhar survived the tsunami and was rescued by an unknown tribal man. 14 years later she tracked him down to say thank you.
Net foreign direct investment (FDI) in India, inflows minus outflows, declined 38.4 per cent year-on-year to $15.41 billion in the first 10 months of this financial year due to an increase in the repatriation of capital. According to the Reserve Bank of India's data in the March 2024 bulletin, FDI in India was $25.53 billion and outflows were $10.11 billion in April 2023-January 2024. In the same period last year, FDI inflows stood at $36.75 billion and outflows at $11.75 billion.
Signing of the pact will hopefully end stock market uncertainty that came with the mention of the M-name
The much-awaited talks between India and Mauritius over renegotiation of their tax treaty may begin soon, with India pushing for changes in the clause on the treatment of the capital gains tax.
In order to tap the hospitality industry in Mauritius, major Indian hotel chains are aggressively setting up hotels in the country.
Mauritius on Friday said it has exchanged information related to over 170 cases with India over three years, and the two countries have made big progress on the double taxation avoidance treaty since 2006.
Foreign direct investment in India jumped 47.8 per cent to $16.17 billion in April-June this fiscal on healthy inflows in services, computer, telecom and pharma sectors, according to government data. FDI inflows were at $10.94 billion in April-June 2023-24. The data showed that overseas inflows in May rose to $5.85 billion and in June to $5.41 billion from $2.67 billion and $3.16 billion, respectively, in the year-ago period.
The BJP has accused the Congress of politicising the death of former prime minister Manmohan Singh and levelling "baseless allegations" of disrespect and mismanagement at his State funeral. The Congress has countered by alleging that the government's arrangements for the funeral were a "shocking display" of disrespect. The row comes as the Congress alleges that the Centre did not allow news agencies except for DD (Doordarshan) to cover the funeral, did not provide enough space for Singh's family around the pyre, and did not stand up for the national flag during the gun salute. The BJP has refuted all of these charges.
A special quiz to mark the occasion of Ganesh Chaturthi.
The mortal remains of former prime minister Dr Manmohan Singh were consigned to flames at the Nigambodh Ghat in New Delhi on Saturday amid the chanting of religious hymns. The funeral pyre was lit by his eldest daughter Upinder Singh.
Company analysts and tax experts say neither the foreign direct investment nor the portfolio investment by large institutions will be affected.
The decks have been cleared for Pakistan football team for its participation in the SAFF Football Championship after receiving visas travel to India on Monday.
'Marquez is trying to instil his philosophy, and that's going to take time. In every camp, we're getting closer to what he wants from us as a team. With time, training, and the level of coaching he has, I have no doubt we'll be a strong team in the qualifiers.'
The government has set up two income tax overseas units at its missions in Singapore and Mauritius and will create such units in eight more countries to facilitate exchange of information on tax-related issues, Parliament was informed on Tuesday.
During his stay, the PM will hold wide-ranging talks on bilateral, regional and international issues with Mauritian Prime Minister Paul Raymond Berenger.
With Mauritius slated to become a duty-free market within the next one year, the island-nation could be one of the most preferred business destinations for Indian entrepreneurs.
'Overall it's time that the federation focuses on how to take Indian football forward. You cannot just have Vision 2046 on paper and not implement things.'
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