Audit firms such as KPMG believe zero complaints may be an indicator of the lack of requisite mechanism to allow for such reporting
The improved outlook on the Government of India announced by rating agency Moody's might need to be viewed with some scepticism. There is no doubt the performance of the Indian economy has sharply improved from the deep trough it hit last year. But the ability of the second largest global ratings agency to assess an upside and downside before events make everyone wise about India has been dismal for a long time, as the chart shows.
Its entry will increase competition especially when WhatsApp too has received approvals to launch payment service.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
A global group of government anti-money-laundering agencies said that financial institutions have not done enough to police suspicious financial activity by officials at soccer's global governing body FIFA.
The Street is never short of hope and events to look forward to
Move to increase 90-day window to 120 days to give more time to borrowers to service loans.
India may adopt norms similar to the US Federal Reserve model, which regulates conglomerate-led banks in the country.
Gokarn was the first Indian central banker who regularised warnings to the government, through the monetary policy statement, on the need to reduce fiscal deficit.
Any shift in investor sentiment may result in speculators fleeing the gold market, driving its price down sharply, quickly. One significant risk for gold is a near-term reversal in the dollar, which recently fell to a two-year low.
Proceeds of the crime had been siphoned off and laundered or concealed, or layered and integrated into the main financial system through the acquisition of properties. His wife Bindu Kapoor has been charged with being aware of the source of monies that were being routed through these companies.
With the disruption caused by the second wave of Covid-19 pandemic, the 'fear of unknown' is looming over the government's privatisation drive. Although there is a lot of uncertainty and unpredictability on how things will unfold, the government is hopeful of completing the transactions listed in the Budget with a delay of one to two months, said a top government official. However, "there are many unknown factors now, and we do not know whether there could be a third wave. But we are trying to carry on with our work", the official said." Since there is a lot of uncertainty, the estimates will have to be revised as rating agencies are revising their outlook for growth.
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
The analyst community tracking the Indian IT services industry took special note of Accenture's first quarter (Q1) performance, which showcased the rapid growth of its consulting business that outperformed its outsourcing business. Bookings indicate that the trend will continue. Consulting bookings increased 41.6 per cent year-on-year (yoy) to $9.4 billion, higher than the 17.6 per cent growth in outsourcing to $7.4 billion. The management commentary was also more bullish on the consulting business.
Chief Economic Advisor Krishnamurthy Subramanian said India's economy will witness a decline in the current fiscal, but the drop will be limited if there is an economic recovery in the October-March period.
A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
The Japan International Cooperation Agency has submitted the final report on the feasibility study of the proposed high-speed rail system on the Mumbai-Ahmedabad route to the Railway Minister, estimating the ambitious project would cost Rs 98,805 crore.
News of all that's transpired on and off the football field.
The Pune-based vaccine major has entered into a collaboration with the University of Oxford and AstraZeneca to manufacture the vaccine.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
Cos ask US treasury to discuss data localisation norms with Indian officials at all platforms the two countries would meet, including G-20, US-India Strategic Dialogue, and IMF Annual Meet.
The US president, who has expressed disappointment over China's handling of the COVID-19 pandemic, claimed that it was the "incompetence" of Beijing that led to the mass killing across the globe.
India has been seeking global action against Pakistan for allowing terror safe havens in its territories, and has been pressing for punishing Pakistan-based terrorists involved in a series of attacks in India, including the 2008 Mumbai attack.
The trend holds true globally as well, but with lower levels of inequality among the sexes, where on average, hourly wages of women are 16 per cent less than those of men.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
The Enforcement Directorate (ED) has filed a money-laundering case against renowned cardiologist Dr Naresh Trehan and others in connection with allotment of land for the Medanta Hospital in Gurgaon, officials said on Wednesday.
The issue of black money has been a matter of great debate in India and Switzerland has been long perceived as one of the safest havens for the illicit wealth
Of the three major Budget announcements related to the banking sector, privatisation of PSBs is the most audacious, says Tamal Bandyopadhyay.
Consumers are paying an exorbitant 180 per cent tax on petrol, and 140 per cent on diesel in Delhi and in most other towns in India. Little wonder then that the central government expects a staggering Rs 3.46 trillion by levying excise duties on retail sale of the two fuels this year, and Rs 3.2 trillion the next. States would generally have had reason to cheer, as they command a 41 per cent share in Centre's tax revenues. But as the Centre has raised excise duties in the form of "cess," the revenue proceeds are by nature not shareable with states.
A key lesson for the pharmaceutical sector in this case is to not downplay the significant impact that regulatory non-compliance can have on operations.
Standard & Poor's Ratings Services, the international rating agency, has said that India is the second-fastest growing economy in the world with an average growth rate of more than 8 per cent over the past three years.
For the near term, Gill will have to improve relations with the Reserve Bank of India, which have been strained in recent times. He will also need to strengthen the bank's asset quality and improve governance standards and internal processes.
India is one of the five countries where instances have been found that trade accounts of diamond business are being used to launder illegal funds to the tune of millions of dollars, according to a report by a global financial crimes combating body.
These top level changes have come soon after Flipkart co-founder and Group CEO Binny Bansal resigned over allegations of serious personal misconduct in November.
While the FPI limit on most bond issues would not be raised above 6 per cent, there would be some in which there would be no limits, reports Arup Roychoudhury.
In a bid to gain a bigger share of the customer's wallet, banks are ramping up their cross-selling initiatives.
Recalibrating data of past years using 2011-12 as the base year instead of 2004-05, the Central Statistics Office estimated that India's GDP grew by 8.5% in the financial year 2010-11 and not at 10.3% as previously estimated.
According to a UN report, people live long, healthy lives in these 12 countries.
G20 summit noticeably lacked in responses to illicit financial flows, one of the largest drags on development worldwide
The 13 firms under consideration had nearly a million employees as of March 2018, including contractual and temporary workforce.
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