The Enforcement Directorate on Monday seized three offices in a prime location in Mumbai, valued more than Rs 41 crore, as part of a foreign exchange violation probe against a businessman whose name figured in the Panama Papers.
India Inc reacted cautiously to allegations on Swiss a/cs.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
He also claimed that even the news report had not suggested any wrongdoing on his part.
Keep track of your foreign remittances to avoid giving incorrect declarations as these could be held against you.
Led by a new generation of entrepreneurs, India's family offices are shifting from traditional investments in physical and tangible assets like real estate to investing in technology, healthcare, and retail stocks. This new wave of family offices is engaging in stock market investments, including pre-IPO placements and secondary market operations. "Born into a world of technology, the next generation, especially those born after 2000, view technology as equally crucial as finance for running a business.
'Exposure to small and midcap stocks exceeded desired levels in many portfolios, prompting rebalancing.'
India needs another shot of difficult reform, of the kind only possible at gunpoint. Mr Trump holds that gun to our heads now. A drastic reduction in tariff protection, other elements of sarkari wet-nursing will force entrepreneurial India to become competitive again, argues Shekhar Gupta.
Bankers say outward remittances is confusing but can still be attributed to perception of stability in Indian economy.
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
Indian investments in equity and debt account for the second-highest remittances outgo (about a quarter).
If investing in Bitcoin, adopt a three to five-year horizon and invest systematically to gain from its volatility.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
The quizzing of the 48-year-old daughter-in-law of superstar Amitabh Bachchan and Samajwadi Party MP Jaya Bachchan comes weeks after her husband Abhishek Bachchan was questioned by the agency in another case emerging from the same set of papers linked to the offshore leaks case, they said.
Currently, non-residents visiting India are not allowed to take out any Indian currency while leaving the country.
The government is considering blocking internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening, said a source in the know. Two months ago, the government had said it intended to bring a Bill to ban private cryptocurrencies and introduce India's own digital currency in line with what China and other countries had done. This move is part of that. The government had also proposed to promote technology like blockchain. Industry, however, says banning decentralised currencies like bitcoin and ethereum is not possible.
The amount of money Indians invested in foreign securities, property, and deposits in 2022 was likely the highest on record. At $2.1 billion, it was the largest spend for any 12-month period according to the Reserve Bank of India's (RBI's) data going back over a decade. The amount spent for each individual segment was also the highest.
The NSE International Exchange (NSE IFSC) on Monday said trading in select US stocks will soon be facilitated through its platform. The Exchange will soon announce the operational details and will launch the product at the earliest possible time, NSE IFSC said in a statement. It further said depositories, banks and brokers have already started working with NSE IFSC to enable these investment products for Indian investors.
Encouraged by foreign exchange reserves touching record levels, the Reserve Bank on Tuesday doubled the annual overseas investment ceiling for individuals to $2,50,000.
A portfolio can be rebalanced by either selling a portion of the outperforming asset class or by buying more of the underperforming asset class.
The impact of currency depreciation can also be mitigated by holding a portion of your investment portfolio in dollar-denominated assets.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
'I believe the modified scheme is much more beneficial and simpler.'
The list includes Gautam Adani's brother Vinod Adani among others.
Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion
'For HNIs, shifting economic activities outside India by creating regional hubs for businesses is a better option.'
To select the right platform, get the opinions of a few existing users or browse online for feedback. Select a platform that offers a seamless experience. Check that the platform you are going with is a regulated entity, suggests Sanjay Kumar Singh.
From March 3, investors in India will be able to trade in select US stocks through the NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange (NSE). Investors can invest in NSE IFSC receipts on US stocks, which will be in the form of unsponsored depository receipts (DRs). For a start, this will include DRs of 50 US stocks such as Apple, Alphabet, Amazon, Tesla, Microsoft, Morgan Stanley, Nike, P&G, Coca-Cola, and Exxon Mobil. Indian retail investors will be able to transact on the NSE IFSC platform under the Liberalised Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India (RBI), which currently stand at $250,000 per year.
RBI recently hiked LRS limit to $125,000 or Rs 7500,000 as on Aug 19 with $/rupee rate of 60
If you are planning for a long-term goal like your child's education in a foreign university, invest about 20% of your portfolio in foreign assets that can provide a hedge against the rupee's depreciation.
According to Subbarao, the pressure on the currency was inevitable.
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals.
The future of cryptocurrencies in India appears uncertain but that has not deterred young Indians from embracing the so-called 'fourth industrial revolution' world, where interconnectivity and smart automation, much of it relying on blockchain technology, drive human civilisation. Reserve Bank of India (RBI) Governor Shaktikanta Das has repeatedly warned of macroeconomic instability and even "serious consequences" if cryptocurrencies turn mainstream. The country's monetary authority wants a China-like total ban on crypto, not even allowing these currencies to be treated as investments. Though Parliament's website had listed the Cryptocurrency and Regulation of Official Digital Currency Bill as one seeking a total ban of cryptocurrencies in the country, it was not presented in the Winter Session. India now has the highest number of cryptocurrency investors in the world.
A leak of 11.5 million tax documents has revealed how the rich and powerful use tax havens to hide their wealth.
Dubai, Singapore, London are the top overseas markets for Indians
Non-reporting of overseas income by employers may be categorised as 'abetment' under the Act.
Sanjay Kumar Singh suggests key factors investors need to keep an eye on while choosing the direct investment route.
The measures to reduce the current account deficit should have focused far more on narrowing the trade imbalance, principally through export facilitation and linked FDI, says Nitin Desai.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
