Payment banks may not be viable option to attain financial inclusion.
The ED, in its chargesheet filed against Michel in June 2016, had alleged that he received 30 million (about Rs 225 crore) from AgustaWestland.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
The central bank gave 11 entities licences to start payments banks.
The investigating agency is examining the documents.
The steep fall in rupee came on a day when the Reserve Bank of India in its first quarter review of monetary policy kept the all key rates unchanged but cut the gross domestic growth forecast to 5.5 per cent for FY'14 from 5.7 per cent earlier.
The rubber and tourism industries in the state, to which the bank has exposure, have been hit.
Faced with a rising number of customer complaints on excessive charges, the Reserve Bank of India has asked the Indian Banks' Association to come up with guidelines on what the reasonable charges should be.
Prime Minister Manmohan Singh on Friday said the government was conscious about the adverse effect of economic crisis on Indians employed abroad and was working on a project to provide social security net for the workers returning home.
RBI and Sebi should modify the structure of the currency futures market to permit settlement by delivery of dollars ONLY from an EEFC account, says Jamal Mecklai.
'A balanced head plus heart approach would be a full opening up of the economy including manufacturing and internal travel in the country but excluding COVID-19 hotspots,' recommends Jaimini Bhagwati.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
Ola was supposed to expand to the Netherlands, Kenya, Dubai, Israel, and Brazil.
There are some advantages of a falling rupee.
While chits and the formal financial sector are not 'largely substitutable', users like the commitment to savings that these enforce and the flexibility in borrowing, reports N Sundaresha Subramanian from New Delhi.
General Naravane's UAE and Saudi Arabia visits communicate India's long awaited arrival in the domain of integrated foreign policy where the diplomatic and the military domains both complement each other much more substantially, observes Lieutenant General Syed Ata Hasnain (retd).
Dhivya Suryadevara, chief finance officer of the US's largest automaker General Motors, comes in at the 4th spot, followed by Vimeo CEO Anjali Sud (14), cofounder and co-CEO of Robinhood, Baiju Bhatt (24) and Female Founders Fund founding partner Anu Duggal (32).
Diplomats agree that amid stormy relations with China and Pakistan, Modi has posted impressive foreign policy successes, notes Aditi Phadnis.
The key features of the product include a dedicated priority service platform, superior foreign exchange rates on inward remittances and lower service charges on banking services, a release said.
The ET report said that many workers from Meerut who were working in Dubai in some tile production units, were shocked to receive SMSes stating that their contracts had been terminated and they need not return to Dubai.
The measures to reduce the current account deficit should have focused far more on narrowing the trade imbalance, principally through export facilitation and linked FDI, says Nitin Desai.
A forensic probe has been ordered into alleged irregularities by the department of financial services.
New TDS-related law comes into force from April 1.
This was announced by External Affairs Spokesman Vikas Swarup in New Delhi on Sunday.
Bringing cheers to more than 1.5 million Cuban-Americans, the Obama Administration said on Monday it has lifted all restrictions related to the travel of family members to Cuba and removed restrictions on remittances to their family members in the island.
The global recession is beginning to seriously hurt international migration, and many migrants are forced to go home again.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
The sources said questioning revolved around accounts of IDS Tunisia and remittances received by it.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
The government on Friday said it has penalised Kingfisher Airlines with a fine of over Rs 26 crore (Rs 260 million) for delay in the payment of tax deduction at source (TDS).
The foreign agency has claimed four accounts held by the Jindals.
Most investments by Indian corporate houses in the overseas market is through countries that have either low tax rates or allow tax-free remittance of income. Much of the outward foreign direct investment (FDI) by India Inc done between April and December 2007 was directed to Singapore, the Netherlands and British Virgin Islands (BVI), according to the latest Reserve Bank of India data. RBI said the actual outward FDI in April-December 2007 grew 13 per cent at $10.11 billion.
Rajesh Bhayani highlights all that you need to know about the online currency.
The govt has a lot more to do then just open bank accounts for the poor in the Jan Dhan scheme.
Indian expatriates in the United Arab Emirates have demanded a compensation package from the Indian government as the appreciation of the Indian rupee had impacted their remittances back home. The demand follows a study conducted recently by the Centre for Socio-economic and Environmental Studies, Kochi, which had focused on the impact of rupee appreciation on the economy of Kerala.
Bandhan expects to have a loan portfolio of Rs 14,500 crore.
Finance Minister P Chidambaram said on Tuesday the inflow of foreign funds in the banking system was not disorderly and could be channelled for productive use. There was large inflow of capital mainly from export earnings, remittances, foreign direct investment, foreign institutional investments and private equity, he said.
The Central Bureau of Investigation is expected to question representatives of NGOs whose names have cropped up during its probe against a Home Ministry official Anand Joshi who was allegedly issuing notices of foreign remittances violations to voluntary groups in an arbitrary manner.
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Reliance, Birla Group, Airtel eye small finance banks.
Looking for crumbs from Obama doesn't say much for India Shining.
