The a/c holder will have to mention the date of opening of foreign a/c.
In a relief to industry, the government has accepted a parliamentary panel's recommendation on allowing cartels to opt for the settlement scheme under the Competition Amendment Bill, according to official sources. The proposed Bill seeks to introduce a clause for settlement and commitment that offers any enterprise against which an inquiry has been initiated to file an application for settlement. The Parliamentary Committee on Finance had suggested including cartels in the scope for settlement "as a pragmatic recourse to the whole process".
Opposition, including Bharatiya Janata Party, Left and other parties, on Tuesday walked out of the Lok Sabha, charging the government with indulging in one scam after another and saying they would not be party to the passage of the Finance Bill and the Railway Budget.
21 banks have launched United Payments Interface application.
The government's step could push investors to choose riskier equity, or to fall back on bank deposits, thereby negatively impacting the debt market which actually needs to grow, points out T N Ninan.
The biggest fear many of the e-commerce firms have is the possible requirement to change business models overnight, which would drastically increase costs as well as disrupt businesses.
According to the bill, Indians should not exceed 15 per cent of the population.
'He is exposing the failings of the BJP, which is rankling the party.'
Don't let knotty financial issues weaken your marital bond. Heavy liabilities of one partner have the potential to sour a new relationship. So, develop a plan for how you will deal with these.
Banks may become more cautious in extending loans, as more and more farmers may take loans, relying on the assurance that a debt relief commission will back them in the event of default.
Chief Information Commissioner R K Mathur rejected the contention of the ministry that details of the amount, reference numbers, dates of bills raised by Indian Air Force and Air India for the foreign visits undertaken by the Prime Minister are scattered across various records and files and collation of information in the manner sought by the appellant would involve searching of voluminous records by a significant number of officials.
'Day by day, the queues will shorten.'
Union Minister of State for Personnel, Public Grievance and Pension, V Narayanasami on Thursday said the Centre would bring a comprehensive electoral reform bill in keeping with the recommendations of the second administrative reform commission.
BBPS allows you to pay electricity, telephone, water supply, gas and DTH bills. Its scope will be expanded to include other payments like school and university fees, government taxes, insurance premiums, mutual fund investments, even credit card bills.
Seeking to make inroads in Chhattisgarh, Aam Aadmi Party leader Arvind Kejriwal on Saturday announced 10 'guarantees' for the upcoming assembly polls in the Congress-ruled state including free electricity, monthly 'samman rashi' for women and Rs 3,000 monthly allowance for the unemployed.
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
It makes it mandatory for companies to spend on social welfare and seeks to bring in greater transparency.
The insurance Bill seeks to increase the cap on shareholding of foreign investors
Investors need to evaluate how they stack up against other high credit quality fixed-income options before putting money in them.
While India won't be immune to global spillovers, we need to create the macro preconditions for sustained growth. Policy agility, prudence, and resilience will be key, suggests Sonal Varma.
We are certainly for digitisation. I do not have opinion about demonetisation. I still don't, says Bill Gates.
The black money bill got the nod of the Rajya Sabha on Wednesday.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
'Tax dodging through tax havens is one of the ways multinational corporations and the super-rich in India are using to evade taxes.'
India's trade account could come under pressure and there could be an inflation push if crude oil prices remain above the $90 per barrel (Brent) for a prolonged period since India imports over 85 per cent of its oil and roughly 50 per cent of its gas. A rebound in economic activity is bound to lead to higher fuel demand. While India is the third-largest importer of crude, it is a net exporter of refined products, which helps to compensate to some degree.
Animal's violence isn't for the fainted-hearted unless you have an appetite for Korean style mayhem, like Sukanya Verma.
Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law. The authorities are learnt to have questioned the car dealers to explain the services they provided general insurance companies. The investigators suspect car dealers pitched for insurance schemes that give them commissions in excess of those insurance regulations permit.
After having gone out on a limb over the creation of Telangana, the UPA government is expected to go for the kill and do whatever it takes to pass the bill in Lok Sabha. But the question remains whether the Congress would really be able to push the bill in the noise and confusion. Renu Mittal reports.
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
Until now, these platforms were either working through an investment advisory (IA) or stockbroking licence.
The banking system's liquidity slipped into deficit for the first time in the current financial year (2023-24) due to the imposition of the Incremental Cash Reserve Ratio (I-CRR) for banks and outflows from goods and services tax (GST) payments, according to dealers. Reserve Bank of India (RBI) data shows it injected Rs 23,644 crore on August 21. The last time liquidity was in deficit was on March 27, when the RBI injected Rs 45,575 crore.
Cardiac patients whose proposals for a regular health insurance plan get turned down should apply for a cardiac-specific plan.
Strange souls see a research report on an Indian conglomerate as part of a vast conspiracy to Keep India Down. There is only one possible response to this: Grow up. Nobody in the West cares enough about India or Adani to put all the effort into creating a giant conspiracy that links together BBC documentaries and short-sellers, points out Mihir S Sharma.
'Why is the RSS trying to destroy the indigenous culture of Assam and its language?' 'If these migrants settle in Assam, they will overwhelm the 47 per cent of people who speak Assamese.'
Is the latest mobile or car or a house the goal? If so, the savings and investments should be aimed at catering to it. The amount needed has to be worked out, and money needs to be saved, accordingly, suggests Sarbajeet K Sen.
'The message is not clear whether we are wanted.' 'All this could adversely impact our strategy in India and also investments.'
he government will allow holders of black money abroad to declare their wealth.
A newly opened building in the diamond hub of Surat in Gujarat has surpassed the Pentagon as the world's largest office building, according to a report in CNN. Surat Diamond Bourse, billed as a "one-stop destination" for over 65,000 diamond professionals, including cutters, polishers and traders, will welcome its first occupants in November, the report said. It features a succession of nine rectangular structures spilling out from - and interconnected via - a central "spine", and the sprawling 15-storey complex has been built across more than 35 acres.
GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
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