The government on Saturday lifted the ban on onion exports but imposed a minimum export price (MEP) of $550 per tonne, amid ongoing Lok Sabha elections in the country. Last night, the government imposed a 40 per cent duty on export of onions. In August last year, India had imposed a 40 per cent export duty on onions up to December 31, 2023.
A French court has ordered freezing of an Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a USD 1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy.
A summary of sports events and persons who made news on Sunday
Devas Multimedia has seized $87,457.47 cash that ISRO's commercial arm Antrix Corporation held in the US as it looked to enforce a $1.2 billion compensation it had won over a cancelled satellite deal, its lawyer said on Wednesday. Devas Multimedia America Inc had sought seizure of $145,000 but the actual recovery was $87,457.47 (a little less than Rs 70 lakh). This came after it secured a favourable order from the Eastern District Court of Virginia, Matthew D McGrill said.
The summit is being attended by more than 30 heads of state and top officials from the European Union and invited guest countries and 14 heads of international organisations.
Pakistan football team's arrival in Bengaluru for the SAFF Football Championship has been delayed due to a visa issue.
Lieutenant Commanders Dilna K and Roopa A will remain at sea for 8 months. They will rely on wind power, do the repairs on the boat themselves and navigate some the world's most treacherous waters.
An India-built naval patrol vessel for Mauritius that will help in better policing its vast exclusive economic zone was commissioned today by Prime Minister Narendra Modi who said it will make the Indian Ocean "more safer and secure".
An article on 'State of the Economy' in the monthly Bulletin also said the improvement in the outlook for agriculture and the revival of rural spending have turned out to be the bright spots in the evolution of demand conditions. Consumer price inflation ticked up in June 2024 after three consecutive months of moderation as a broad flare-up in vegetable prices halted the overall disinflation that had been underway, it said.
Treaty shopping by investors to be over if island nation budges on capital gains tax.
Market regulators of India and Mauritius inked a crucial agreement, on Thursday, for sharing of information on securities dealings, which would assist Sebi to dig deep into the securities scam of 2000-01 and prevent similar incidents in future.\n\n\n\n
Net inflows were $18.4 billion for the rolling 12-month period ended January 2024 compared to $32.7 billion for the rolling 12-month period ended January 2023.
Foreign investors have pulled out a massive Rs 22,000 crore from Indian equities so far this month, due to uncertainty surrounding the outcome of the Lok Sabha elections and outperformance of Chinese markets.
The first summit in South Asia, it will host the largest delegation of 43 heads of State and government as well as the heads of international organisations.
The government will use the Supreme Court order calling the 2005 deal between ISRO's commercial arm Antrix and privately-owned Devas Multimedia a fraud, to counter seizure of its properties, Finance Minister Nirmala Sitharaman said on Tuesday as she launched a blistering attack on the Congress for handing over airwaves used by the defence to the private firm for pittance. "It is a fraud of Congress, by Congress (and) for Congress," the minister told reporters as she read out paragraphs from the Supreme Court's January 17 decision allowing winding up of Devas Multimedia because of the fraud.
The Jardine Fleming India Fund said on Tuesday that directors have decided again presenting shareholders with a proposal to liquidate the fund.
Mauritius is back in the news, and as usual not for the right reasons.
From India's neighbourhood and extended neighbourhood, presidents of Sri Lanka, the Maldives, Iran, Seychelles and prime ministers of Nepal, Bangladesh, Bhutan, Myanmar, Mauritius have sent congratulatory greetings to Modi.
India on Monday promised Mauritius that it will remain a steadfast partner as the two nations advocated a rule-based architecture of global governance that will be a bulwark against challenges such as terrorism.
Air India will launch its direct flights from India to Mauritius from September 12, its chairman and managing director V Tulasidas said.
Having made no headway to amend a 26-year-old double taxation avoidance agreement with Mauritius, the finance ministry has hardened its stance against broadening India's economic engagement with the island nation.
'India should respect Maldivian nationalism and their desire to be not over-dependent on India.' 'India should not behave like a big brother towards Maldives as many times, we tend to behave like that.'
US short-seller Hindenburg Research had shared an advance copy of its damning report against Adani group with New York-based hedge fund manager Mark Kingdon about two months before publishing it and profited from a deal to share spoils from share price movement, according to market regulator Sebi. The Securities and Exchange Board of India (Sebi), in its 46-page show cause notice to Hindenburg, detailed how the US short seller, the New York hedge fund and a broker tied to Kotak Mahindra Bank benefited from the over USD 150 billion routs in the market value of Adani group's 10 listed firms post-publication of the report.
India is responding swiftly to the intended Chinese encroachment in a region it has seen as its traditional sphere of influence. The Indian Ocean is becoming the latest theatre of Sino-Indian rivalry, with China straining to breach India's old intimacy with island nations like the Maldives and Mauritius and sparking a diplomatic battle between the two countries.
Other forms of securities such as compulsorily convertible debentures (CCDs), optionally convertible debentures (OCDs) and some derivatives could remain out of the scope of the amendments
Veteran industrialist and former Tata Group chairman Ratan Tata is looking to sell all 77,900 shares of Brainbees Solutions Ltd, which owns omnichannel baby and mother-care product platform FirstCry, in the upcoming IPO. Tata became an investor in the company in 2016 by infusing Rs 66 lakh initially. He was allotted preference shares of the company.
Gandhi also said such controversies seem to play out every time his party raises concerns of "crony capitalism".
The Reserve Bank of India's rather sudden and unilateral decision to discontinue the Asian Clearing Union, a move that effectively stops settlements in dollars and the Euro, will most impact Mangalore Refinery, which sources 60 per cent of its crude needs from Iran.
In line with India's 'Neighbourhood First' policy, the largest share of aid portfolio has been granted to Bhutan with the allocation of Rs 2,068 crore.
With the Ram Mandir scheduled to open its doors to visitors in January, Ayodhya is expected to welcome travelers both from India and abroad.
Amidst panic in the stock market over double tax avoidance treaty with Mauritius, government on Monday said India "cannot impose arbitrarily" capital gains tax on investment routed through the island nation.
More than half of the Pakistan team arrived in Bengaluru only six hours ahead of their match against India on Wednesday due to unavailability of tickets on a single flight.
The Chinese financial giant, which had invested in One 97 Communications since 2015, has seen a sharp decline of 45 per cent, or Rs 2,125 crore, in its stake value since the Reserve Bank of India (RBI) took action against Paytm Payments Bank on January 31. One 97 shares closed at Rs 422.6 a share on Monday. The Chinese company, however, had sold its stake worth Rs 8,293 crore in three tranches over one year.
Besides doubts relating to round tripping of investments through Mauritius, the proposal was earlier rejected on the ground that there were no details about the offshore entity.
Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect $1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. "Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.
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