The amended India-Mauritius tax treaty has inserted a new clause allowing source-based taxation at 10 per cent on fees paid for technical and consultancy services.
"My consultations with President (Rajkeswur) Purryag have been frank and cordial. We reviewed the co-operation between our governments and discussed regional and global issues of common interest," President Pranab Mukherjee wrote in the visitors' Book after meeting the President of Mauritius.
Vedanta may become a majority stakeholder in Cairn India.
The government on Tuesday confirmed that a French court has ordered the freezing of certain Indian assets in Paris on a petition by Britain's Cairn Energy, which is seeking to recover $1.72 billion from New Delhi after winning an arbitration against retro tax. Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Rajya Sabha said the government has filed an appeal against an international arbitration tribunal overturning levy of Rs 10,247 crore in back taxes on Cairn Energy. "Yes sir, an order has been passed by a French Court freezing certain Indian government properties in the case pertaining to Cairn Energy," he said.
Remarks from Indian External Affairs are significant as it comes after China slammed Quad and said the formation of "exclusive cliques" targeting other countries runs counter to the trend of the times and is "doomed to fail".
The proceedings of Lok Sabha and Rajya Sabha were adjourned for the day on Tuesday amid continuous protests by opposition members over the Pegasus snooping row and farm laws, as they demanded that discussions be taken up on the issues in the House.
FIPB rejects proposals from firms that have not divulged details of beneficial ownership or source of funding
The overall FDI policy landscape is changing and can do so faster, says
Phantom FDI refers to investments that pass through shell companies that have no real business activities and are tailor-made to cut tax liabilities.
America's top infectious disease expert Dr Anthony Fauci has said that the new COVID-19 Omicron variant is in 'fluid motion' in South Africa and the US scientists are in 'very active' communication with their colleagues in that country to test the strain, get facts and find out whether or not it evades the antibodies.
India conceded a late goal to be held to a 1-1 draw by lower-ranked St Kitts and Nevis but it was enough for the home side to clinch the Tri-Nation football tournament in Mumbai on Thursday.
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
Even as Sebi probed, OFCD money moved across the globe, Aamby Valley (Mauritius) at centre of global transactions; All transactions legal, no Sebi bar on doing business: Sahara
Equity inflows worth $3.7 billion came from the sunny Caribbean jurisdiction in 2019-20, a 267 per cent increase from the $1 billion registered in 2018-19 making it India's 10th largest source of FDI.
Kovind, who is on his first visit to Ayodhya after the landmark 2019 Supreme Court verdict paved the way for the construction of the temple, also offered prayers at the Hanumangarhi shrine, about 2 km away.
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
'Cyrus was always very different. He would think before acting.'
'It has taken us 15 years to get to where we are. It obviously doesn't happen overnight.'
Tamil Nadu, Telangana and West Bengal reported their first COVID-19 variant Omicron cases on Wednesday, four more persons each tested positive in Maharashtra and Kerala.
Saisuresh Sivaswamy, who is accompanying President Pranab Mukherjee on his trip to Mauritius, reports on the spectacular celebrations of the 45th anniversary of independence of the island nation
Wajitpura village in Bihar's Patna district is gearing up to welcome a special visitor. The mehman (guest) is the rashtrapati (president) of a country once known as mirich desh by residents of rural Bihar and Uttar Pradesh many decades ago.
Capital gains tax is no longer exempt even for investors coming via Mauritius, hence FPIs are now classifying it as interest income to save on taxes.
HAL is poised to sell the Philippines at least seven Dhruv Advanced Light Helicopters and eight Dornier 228 aircraft for Rs 30 billion, reports Ajai Shukla.
Though India's airlines are certainly bleeding, they haven't yet faced the ignominy of shutting down.
The key sectors that received the maximum foreign investment during the nine months of the fiscal include services, computer software and hardware, telecommunications, chemicals, and the automobile industry.
Prime Minister Narendra Modi on Saturday returned home after wrapping up his two-day Sri Lanka visit, the first by an Indian premier in over 25 years.
Singhvi said Fadnavis and senior BJP leader Nitin Gadkari should answer as to why Ssingh made these many calls to the Maharashtra BJP office and who was his boss.
Prime Minister Narendra Modi's ambitions abroad may run the risk of foundering on constraints at home.
Afsar Dayatar/Rediff.com captures on video an unusual basketball camp held in Mumbai recently.
The I-T department said NuPower's balance sheet did not substantiate the high premium paid by Singapore-based DH Renewables for its shares, and suspects it could be a case of round-tripping of unaccounted income by NuPower.
The Janata Dal-United president was, however, dismissive of any such suggestion and told reporters after the meeting that "too much was being read into" the meeting which, he insisted, was a usual interaction between the prime minister and a chief minister.
Key sectors that received maximum FDI include services, computer software and hardware, telecommunications, trading, chemicals, and automobile.
'The announcement has come too late. This should have been done years ago.'
The Padma Vibhushan for this year has been awarded to a total of seven prominent personalities, while 16 have been given the Padma Bhushan, 118 have been given the Padma Shri on the 71st Republic Day this year, they said.
Shareholder advisory companies are raising eyebrows at the ICICI Bank board not being aware of Firstland's investment in NuPower
Check out India's schedule on Day 7 of the Commonwealth Games in Gold Coast, on Wednesday.
While the UN report said that FDI inflows rose 6 per cent in 2018 to $ 42 billion, the government's own data for the entire FY19 period has shown that inbound equity investments declined for the first time in six years in FY19.
The Board of Control for Cricket in India handed a three-month suspension to Uttar Pradesh left-hander Rinku Singh for playing in an unsanctioned T20 league in Abu Dhabi, which has now led to his withdrawal from the India 'A' team.
The Enforcement Directorate, on Friday, issued a show-cause notice to actor Shah Rukh Khan, his wife Gauri, actor-friend Juhi Chawla and others for alleged loss of Rs 73.6 crore foreign exchange in a FEMA case related to the Indian Premier League.
