The year 2020 could see the worst global economic fallout since the Great Depression in the 1930s, with over 170 countries likely to experience negative per capita income growth due to the raging coronavirus pandemic, IMF Managing Director Kristalina Georgieva said on Thursday. Georgieva made the remarks during her address on 'Confronting the Crisis: Priorities for the Global Economy' in Washington, DC, ahead of next week's annual spring meeting of the International Monetary Fund and the World Bank.
Higher imports and moderating exports growth has lead to the widening of the CAD.
Inoperative accounts are those accounts where contributions are not made for more than 36 months. The Employees Provident Fund Organisation has stopped crediting interest in these inoperative accounts.
Higher crude oil prices also translate into better corporate earnings for India's top companies
The Enforcement Directorate has begun a probe into the source of alleged foreign funds received in the accounts of journalist Syed Mohd Ahmad Kazmi arrested in connection with the bomb attack on an Israeli embassy vehicle.
Overseas Indian Affairs Minister Vayalar Ravi said the diaspora community has been contributing significantly to India's economy by sending billion of dollars in remittances and government is launching the scheme to support them on their return to the country.
The Enforcement Directorate on Monday questioned the wife of journalist Syed Mohammed Ahmad Kazmi, arrested in the Israeli diplomat car bombing case, in its probe into the source of alleged foreign funds received by the couple.
A total of 41 companies had applied for the permit
Post Office has 1,54,000 rural branches.
Kerala, which largely depends on remittances of around two million Malayalis working in the Gulf, has now become a thriving job market for workers hailing from Assam, West Bengal, Bihar and Orissa.
The Board of Control for Cricket in India on Saturday refuted allegations that it violated India's foreign exchange regulations while conducting the second edition of the Indian Premier League in South Africa in 2009, insisting that all the payments were "bona fide and legitimate".
Short-term lending rate unchanged at 7.75 pc.
Sanjay Kumar Singh suggests key factors investors need to keep an eye on while choosing the direct investment route.
Once formulated, this will be the fifth case against the ousted premier by the NAB.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
'There will be no flying unless the company pays us substantial salaries and provides a road map,' the National Aviators Guild, the pilots union, said in a message to its members.
India cannot afford to be complacent about a possible Pakistan resort to military options across the LoC, warns Rana Banerji, who headed the Pakistan desk at the Research and Analysis Wing, India's external intelligence agency.
The steep fall of the Rupee is not just making things scary for the Indian economy and economists.
Speaking in the Rajya Sabha in 2010, whilst moving certain amendments to the FCRA, Home Minister P Chidambaram said that the government would like to ensure "that the foreign money does not dominate social and political discourse in India. There is enough money within India."
In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
Commonwealth Bank of Australia on Wednesday opened its first Indian branch in Mumbai and became the only Australian bank to operate a full Indian banking licence.
'Organising Committee Commonwealth Games 2010 Delhi would like to state that we have followed due diligence in making all payments, getting the clearances from the Executive Board and from Reserve Bank of India for incurring the expenditure in foreign currency. All remittances happened against this clearance,' OC spokesperson Lalit Bhanot said in a statement.
It was primarily due to a higher trade deficit ($41.6 billion) brought about by a larger increase in merchandise import.
Touted as underworld's biggest money launderer Tanveer Jaffery, 65, funnelled crime lords' dirtycash through banks and his 'Remittance to Pakistan' money transfer firm, which let people send funds home to Pakistan through website R2PK.com, the Daily Mirror reported.
"While you can approach money transfer agencies apart from banks to receive money, only a bank can help you send outward remittances," says Ravi Menon, head of foreign exchange at Cox and Kings.
'Make sure you provide enough support (income, nutrition, healthcare, and housing) to migrants stuck (and their households), so they are not compelled to seek work or migrate back.' 'Otherwise, the risk of contagion is extreme.'
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
CAD refers to the difference between inflow and outflow of foreign exchange that has a bearing on exchange rate.
The former RBI Governor also emphasised on the need to boost economic productivity and attract investments.
'By treating Nepali politicians as shabby buffoons to be pampered one day and collared another day, India badly exposed itself.' 'A belief got entrenched in the Nepalese mind that we are a dangerous neighbour,' observes Ambassador M K Bhadrakumar.
Enforcement Directorate is jointly probing the case.
India will catch up with China's growth at 7 per cent during 2016-17, the World Bank has forecast, saying India's economy has recovered in the wake of the economic reform measures taken by the new Indian government, falling oil prices and lower interest rates.
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
If you fail to carry out any transaction for 24 months through your bank account, it can be frozen.
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
You can remit abroad or in India. Both entail their own risks.
The widening of the CAD on a year-on-year basis was primarily on account of a higher trade deficit at $50 billion
