Similarly, FDI from Cyprus too increased by about three-times to $879 million in the last financial year from $296 million in 2018-19.
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.
The Central Bureau of Investigation on Friday told the Supreme Court that 15 accused, including Chidambaram, his son Karti and some companies have been chargesheeted in the case.
The raids come as Rajasthan is witnessing an intense power tussle between chief minister Ashok Gehlot and his deputy Sachin Pilot.
Cases with the Omicron variant have already been detected in Karnataka and Gujarat.
The top posts on social media from your favourite Bollywood celebrities.
Zee Entertainment last week witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka. Besides, Dish TV also faced a similar call earlier this month. The trouble at Zee Entertainment can be gauged from the fact that this is a unique company wherein the promoters own just 3.99 per cent, but fully control the firm.
PNs allow such investors (primarily hedge funds, other leveraged investors and high net worth individuals) to enter and exit the India market without the need to register and establish settlement facilities and other requirements. Since it has been difficult for regulators to know those using PNs, questions on the source of such funds have risen.
The Budget has relaxed a few safe harbour rules that aim to make it easier for fund managers overseeing offshore India-focused funds to relocate to the country.
According to the Biden-Harris Transition, 'the president-elect noted that he looks forward to working closely with the prime minister on shared global challenges, including containing COVID-19 and defending against future health crises, tackling the threat of climate change, launching the global economic recovery, strengthening democracy at home and abroad, and maintaining a secure and prosperous Indo-Pacific region'.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
Saina Nehwal and P V Sindhu are on a collision course at next week's World Championships in Basel, Switzerland, as they have been placed in the same half after the world governing body re-conducted the women's singles draw.
Most of those who tested positive either recently arrived from African countries or were in contact with such people.
HSBC is likely to raise up to Rs 2,450 crore (Rs 24.50 billion) by selling its stake in Axis Bank and YES Bank, said senior bankers familiar with the development.
Any form of entanglement with India or the US on the strategic plane will be anathema to Sri Lanka's Rajapaksa rulers, observes Ambassador M K Bhadrakumar.
Citigroup is likely to reduce its stake in Housing Development Finance Corporation (HDFC) to below 10 per cent, according to three people familiar with the development.
The S&P BSE Sensex ended down 156 points at 25,597.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
The main sectors that receive the maximum foreign inflows include services, computer software and hardware, telecommunications, trading, construction, automobile, and power.
Companies wanting to consider treaty benefits and deducting tax at a lower rate will have to examine the qualitative factors. They will have to consider whether FPIs are liable to tax and whether they are the beneficial owner of dividend income.
India's shuttlers made it to the mixed team semi-finals after a resounding 3-0 victory over Mauritus at the Commonwealth Games, in Gold Coast, on Saturday.
'Rationalising TDS on dividends for FPIs to reduce it to treaty rates ranging from 5 to 15 per cent, depending on the country of residence of FPIs from current rate of 20 per cent will provide a big cash flow relief for FPIs.'
The actor has been asked to be present before the adjudicating authority of the case here on August 23, they said.
An Air France flight from Mauritius to Paris was forced to make an emergency landing in Kenya early on Sunday after a suspicious package was found on board, Kenyan police said.
Swiss brokerage UBS joins European banking peer HSBC in shutting down its offshore derivative business
At Rediff Labs, we analysed the data on military expenditure by Stockholm International Peace Research Institute.
The Adanis', which already has won the bids to run six Airport Authority-built non-metro airports in Lucknow, Jaipur, Guwahati, Ahmedabad, Thiruvananthapuram and Mangalore, bid to enter the country's second busiest airport by buying out Bid Services Division Mauritius from MIAL was stalled after GVK chose to exercise its first right of refusal, and matched the Rs 1,248-crore offer that the Adanis made to the Bidvest in March.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years. It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013 and 2017, as per the Swiss National Bank (SNB) data.
Indian companies having their management in the country would be taxed in India as per Indo-Mauritius Double Taxation Avoidance Convention Agreement even if they are incorporated in Mauritius
This is the first time an Indian shipyard has been commissioned to design and build a warship to specifications formulated by a buyer country. This marks an important first landmark in the Bharatiya Janata Party-led government's drive to increase defence exports.
Realising that a 'taxing' calendar can drain you completely, rising Indian golfer Shubhankar Sharma is now focussing on improving his mental toughness ahead of the new season, during which he is set to make his Major debut.
Media Firm Zee Entertainment Enterprise Ltd (ZEEL) sold its sports channel Ten Sports to Sony Pictures Networks for a US$ 385-million (about Rs 2,579 crore) in an all cash deal.
After a long hiatus of more than 20 months, the government had on November 26 announced the resumption of scheduled international commercial flights from December 15.
Despite average performances from Bobby Deol and Mugdha Godse, much of the credit goes to the production team.
In a statement, the PMO said three vaccines are in advanced stages of development in India, out of which two are in Phase II and one is in Phase-III. It further said Indian Scientists and research teams are collaborating and strengthening the research capacities in neighbouring countries such as Afghanistan, Bhutan, Bangladesh, Maldives, Mauritius, Nepal and Sri Lanka.
The Finance Ministry further said decision on seven FDI proposals has been deferred.
The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs 2,326.72 crore (Rs 23.26 billion).
Interestingly, the shares sold by Citigroup Global Mauritius in the open market through the block deal counter of the Bombay Stock Exchange have been bought by another private fund house Credit Suisse (Singapore) at the same price.
The government is planning to comprehensively revise tax treaties with as many as 25 nations, including Switzerland and Mauritius, and re-negotiate with 51 others, to trace black money.
