Banks have raised concerns over the new international trade settlement in rupee, fearing that facilitation of such a mechanism could result in them facing the ire of economic sanctions by the West, people aware of the matter said. Large banks with overseas operations have sought clarity and assurance from the Reserve Bank of India (RBI) that they will not be targeted with sanctions for facilitating rupee trade with a sanction-hit country such as Russia. The present payment mechanism is a shift from earlier such arrangements, like the one with sanction-hit Iran, which involved banks facilitating settlement of international trade that did not have business in the sanctioned nation.
Pakistan will remain on the 'grey list' of the Financial Action Task Force (FATF) until it further demonstrates that action is being taken against Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who are listed as global terrorists by the United Nations, the global anti-money laundering and terror financing watchdog said on Thursday.
Pakistan is yet to comply with 13 conditions out of the 27-point Action Plan of the FATF including curbing terror financing, enforcement of the laws against the proscribed organisations and improving the legal systems.
'Rather than experimenting with CBDCs, we must come up with a very simple and straight design.' 'Dematerialise your currency/cash and with that dematerialised rupee allow all the transactions digitally.'
The current estimate, however, largely covers only the cost of infrastructure such as pipes, construction of borewells, overhead costs among others and not the expenditure to be incurred on operation and maintenance.
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
Prime Minister Narendra Modi on Sunday chaired a high-level meeting to review India's security preparedness and the prevailing global scenario in the context of the ongoing conflict in Ukraine, government sources said.
This is a challenge India's political establishment will have to face unitedly, without looking for electoral benefit, warns Vir Sanghvi.
Political analysts believe that an aggressive Harris, 55, who aspires to be the first woman vice-president in history, will easily prevail over Pence, 61, during the only vice-presidential debate and help Biden, 77, to widen his lead over Trump, 74.
The Assam government has set up an eight-member committee to prepare a framework for implementation of all clauses of the 36-year-old Assam Accord, especially the Clause-6 report prepared by a central panel pertaining to protecting the cultural, social and linguistic identity and heritage of the indigenous people, officials said on Saturday.
Yellen, 74, was confirmed by the Senate in a broad bipartisan support of 84-15 votes on Monday. Both the Democratic and the Republican parties have 50 members in the 100-seat Senate.
The Enforcement Directorate questioned former Jammu and Kashmir chief minister Omar Abdullah for five hours on Thursday in connection with a case related to the purchase of a building by the J&K Bank about 12 years ago when he was in office, officials said in New Delhi.
The statue, which is across the road from the Indian Embassy, was vandalised on the intervening night of June 2 and 3, prompting the Indian embassy to register a complaint with the local law enforcement agencies. The incident happened during the week of nationwide protests against the custodial killing of Floyd in Minneapolis on May 25.
The committee will submit its report in two months and its chairperson can invite any expert of any institution in the country to help in the probe into the April 10 tragedy, a notification by Jharkhand tourism department said.
Over the past several weeks, the Trump administration has come out in support of India against China.
'Wisdom demands Modi moves to restore the critical institutions of the State and dial back on the cult building around his persona,' say Sonali Ranade and Shealja Sharma.
The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code (IBC), lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance to take over the beleaguered housing finance firm. According to sources, shares of DHFL would be delisted post acquisition as per the IBC guidelines and Sebi delisting norms.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
Lakhvi, who was on bail since 2015 in the Mumbai attack case, was arrested by the Counter-Terrorism Department.
Indian society may be more advanced than we think it is, notes Ajit Balakrishnan.
At a closed-door meeting with global investors, the largest asset manager in the country boasted of its nearly Rs 37 trillion assets under management (AUM) - 16.6 times that managed by the second-largest insurer SBI Life. The numbers are as of March 31, 2021. The assets of LIC are 1.2 times the net assets of the entire Indian mutual fund industry, which had AUM of Rs 31.43 trillion as of March 31, 2021 (about Rs 37.3 trillion until November this year). The standalone assets that LIC manages are equal to 18.7 per cent of India's GDP and worth more than gross domestic product (GDP) of the UAE, Bangladesh, Malaysia, Singapore, Hong Kong, South Africa, New Zealand, and Pakistan.
"We call on Pakistan to stop cleansing their own minorities including Hindus, Christians, Sikhs, Buddhists and others," Bhat said.
Former Union minister and Congress leader Rajeev Shukla was re-appointed chairman of the powerful IPL Governing Council on Monday, ending a month-long suspense over the selection for the top post in the cash-rich Twenty20 league.
The Congress Legislature Party, which met at a private hotel in Bengaluru on Sunday evening, passed a unanimous resolution authorising the party chief to pick its leader.
The demand for action by Pakistan was made through a joint statement issued after the 2+2 ministerial attended by the US Secretary of State Antony Blinken and Defence Secretary Lloyd Austin, Defence Minister Rajnath Singh and External Affairs Minister S Jaishankar.
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
Sunak joins fellow Indian-origin candidate Suella Braverman, the UK Attorney General who is among the early Tory MPs to announce her plan to contest.
The trade deal, officials say, can lead to an effective trading bloc against the China-led Regional Comprehensive Economic Partnership.
As the United States focuses on the Indo-Pacific, in particular the Quad, the Biden administration needs to address India's ties with Russia and its 'downward trend of democratic values and institutions', said a report by the Democratic Party of the Senate Foreign Affairs Committee.
For Yoginder, it is a release from pain. But for us, his friends, it is the loss of a warm and generous life companion, says Nitin Desai of his 50-year association with the eminent economist who passed into the ages on December 6, 2022.
It could be a matter of concern that foreign shareholders of the NSE are registered in tax havens such as Mauritius and Cyprus.
Moitra brought two birthday caps in the House to press her argument that the businessman being most talked about had "topi-pehnau-ed" the government.
As Madhya Pradesh goes to polls, all eyes will be on 29 key assembly seats, out of the total 230, where the contest will be keenly watched.
While Rs 37,461.01 crore has been allocated for higher education, Rs 56,386.63 crore has been earmarked for school education.
The report from the first request is scheduled to be delivered to Congress on December 15 this year.
Investors are pushing back more often against companies' resolutions on what is paid out to top executives. In the first four months of financial year 2022-23 (FY23), there have already been five such rejections, according to shareholder voting data from tracker Adrian, a platform maintained by the proxy advisory firm Institutional Investor Advisory Services India (IiAS). Two of these have been at multiplex chain PVR and direct-to-home company Dish TV India.
Heeding to demands made by several states, the GST Council on Friday put on hold a decision to hike the tax rate on textiles to 12 per cent and referred to a panel of state ministers to recommend rate by February, Union Finance Minister Nirmala Sitharaman said. The panel, the highest decision-making body for indirect taxes, met under emergency provisions after states made a request for deferring the tax rate hike on textiles, from the current 5 per cent, to be effective from January 1, 2022. Currently, the tax rate on manmade fibre (MMF) is 18 per cent, MMF yarn 12 per cent, while fabrics are taxed at 5 per cent.
Expenditure on health in India is at a global low of 1.2% of GDP.
The finance minister asked lenders to identify eligible borrowers and reach out to them and urged for quick implementation of a sustained resolution plan for the revival of every viable business.
