Mauritius has decided to do away with the visa system for Indian tourists in the island country from October 2004 to give a fillip to tourism.
Overseas Indian Affairs Minister Vayalar Ravi stated that the focus areas of the PBD in Mauritius would be to deliberate ways and means of further strengthening economic engagement, role of youth in maintaining the vital PIO links and cultural heritage as well as look at mutual areas of exploration where Mauritius could serve as a gateway for doing business with Africa.
The Securities and Exchange Board of India (Sebi) has permitted 100 per cent contribution from non-resident Indians (NRIs) and overseas citizens of India (OCIs) in the corpus of foreign portfolio investors (FPIs) based out of Gujarat International Finance Tec-City (GIFT City), the country's international financial services centre (IFSC). However, the Indian diaspora is yet to fully embrace this new route. The regulator allowed this route to enhance the fund ecosystem at GIFT City and attract genuine investments from overseas Indians.
Foreign investors continued their relentless selling in the Indian equity markets in August, offloading shares worth Rs 21,201 crore due to the unwinding of the yen carry trade, recession fears in the US and ongoing geopolitical conflicts. This came after an inflow of Rs 32,365 crore in July and Rs 26,565 crore in June, data with the depositories showed.
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There is a growing concern that many entities are routing their investments into the country through Mauritius to reap undue tax benefits.
Mauritius promises India full-cooperation on tax treaty issues.
President Pranab Mukherjee is deeply satisfied with his three-day visit to Mauritius, Saisuresh Sivaswamy reports.
Modi is likely to hold separate bilateral meetings with the foreign leaders.
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Nepalese Prime Minister Pushpa Kamal Dahal 'Prachanda', Bhutanese Prime Minister Tshering Tobgay and Prime Minister of Mauritius Pravind Jugnauth are set to be invited to Modi's swearing-in ceremony.
Sharif was the only prime minister from India's neighbourhood who wasn't invited to the swearing-in ceremony in New Delhi.
The people of Indian descent account for a vast majority (about 70 per cent) of Mauritius population.
The government on Tuesday said it has received information related to black money from Mauritius and was examining it for appropriate action.
In May, India and Mauritius signed a protocol to introduce in-principle taxation of capital gains in India in a phased manner.
India told Mauritius that it will not take any decisions that will "adversely impact" bilateral relations while reassuring the country that amendments to the bilateral tax treaty would be made only after considering the legitimate interests of both sides.
Foreign Direct Investment inflows from Mauritius have almost halved during April-January period of last fiscal to $4.11 billion on fears of impact of GAAR and possible re-negotiation of the tax avoidance treaty.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
The Centre is in talks with Mauritius with regard to the long-pending revision of the bilateral tax treaty.
Short of saying that it will not renegotiate the Double Taxation Awardence Treaty with India, Mauritius said on Tuesday there was a need for a balanced approach as the agreement has benefited both the countries since it was framed in 1983.
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The initiative was made public by Bihar Roots Foundation president Goorooduth Chuttoo, who is accompanying Mauritius Prime Minister Navinchandra Ramgoolam, who is on a three-day visit to Bihar.
Other documents might be needed for investors from other nations
An athlete at the Commonwealth Games is in a 'serious' condition at a Gold Coast hospital after contracting malaria, organisers said on Friday.
After two months of net outflow, foreign investors turned buyers in June, infusing Rs 26,565 crore in Indian equities, driven by political stability and a sharp rebound in markets. Looking ahead, attention will gradually shift towards the budget and Q1 FY25 earnings, which could determine the sustainability of FPI flows, Vipul Bhowar, Director, Listed Investments, Waterfield Advisors, said.
Mukherjee, who is in Port Louis on a three-day visit, said the Double Taxation Avoidance Convention cannot be seen in isolation, separate from the many strands that weave the tapestry of India-Mauritius relationship and efforts, and it should remain focused on realisation of the full potential of the bilateral ties.
Maldives President Mohamed Muizzu has accepted the invitation to attend Prime Minister Narendra Modi's swearing-in ceremony in New Delhi over the weekend, according to a media report on Friday.
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Dismissing the notion that Mauritius is a tax haven, the island nation's Vice Prime Minister Ramakrishna Sithanen on Tuesday said he has not received any complaints from India about routing investments via his country to evade taxes.
Amruta Khanvilkar takes a break in Mauritius and explores the exotic island with her sister, Aditi Khanvilkar Bakshi.
Weeks after confusion over three Mauritius-based funds whipsawing shares of Adani group firms, billionaire Gautam Adani on Monday said that "twisted narrative" seems to imply that companies have regulatory powers over their shareholders and can compel disclosures. Shares of port-to-energy group nosedived last month after reports that accounts of three of the six Mauritius-based funds that have invested most of their money in Adani group firms had been frozen by the national share depository. The three funds owned about $6 billion of shares across the conglomerate.
President Pranab Mukherjee on Monday left for Mauritius on a three-day visit during which he will be the chief guest at the national day celebrations of that country.
The JWG has had eight rounds of meeting since it was set up in 2006 but no mutually agreeable solution has been arrived at.
Mauritius President Rajkeswur Purayag failed to control his emotional tears when he visited Bihar's Wajidpur village, the land of his great grandfather, on Sunday.
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