The IMF on Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection. This is reflective of the "momentum" from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment, the International Monetary Fund (IMF) said. "Growth in India is projected at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection," it said in its latest update of the World Economic Outlook.
With one of its members, Pradip Burman, being named as an account holder in a foreign bank in the black money issue, Dabur India promoter family, Burmans on Monday said the account complied with all legal requirements.
In a shocking revelation, WikiLeaks founder Julian Assange said black money mainly comes from India.
Switzerland on Thursday said it would share data of black money allegedly stashed away by Indians in Swiss banks in accordance with the tax treaty between the two countries.
In the case of Iran, the lifting of sanctions has paved the way for direct relations.
Some other tax authorities are looking at the allegations.
Rajya Sabha MP Kapil Sibal on Friday described the electoral bonds scheme as a 'very big scam' and demanded that a special investigation team (SIT) be set up with court-appointed officials to probe the alleged quid pro quo and wrongdoings under it.
Both countries have been working on administrative assistance.
Switzerland says it is not a tax haven.
He said this in Parliament rebutting reports last month, which quoted the Swiss National Bank, the country's central bank, as saying in its annual report that Indian deposits had risen by 50 per cent in 2017.
Senior Bharatiya Janata Party leader L K Advani has apologised to Congress president Sonia Gandhi for a party-appointed task force report, which had alleged that she and her late husband Rajiv had accounts in Swiss banks.
Taking the United Progressive Alliance government to task for its "masterly inactivity" on black money front, senior BJP leader L K Advani on Friday demanded a white paper on the issue of making public names of Indian account holders in Swiss banks.
The approval given to UBS earlier was kept on hold till it completed certain transactions. Now that the bank has completed them, it can start a branch, RBI deputy governor Leeladhar told reporters on the sidelines of a function organised by the Union Bank of India.
In another jolt to the famed Swiss banking industry, the US has started a formal probe against Credit Suisse for allegedly helping wealthy Americans to evade taxes.
The amendments should be submitted by year-end.
Attributing to people familiar with the development, The Wall Street Journal reported that UBS AG's brokerage unit in the US is laying off nearly 200 employees, including about 25 managing directors.
The discussions on renegotiating the Double Taxation Avoidance Agreement, which comes in the wake of India seeking details of the black money stashed in Swiss banks, was earlier scheduled to be held in December.
India has made a fresh request to Switzerland seeking bank details and names of Indians having unaccounted money in Swiss banks, as the government expands its efforts to combat the menace of black money.
Move will be a setback for India which wants information on black money probe based on leaked data
Swiss police in February searched HSBC offices in Geneva as part of its probe.
It is strange that the wealthy evade taxes even though the marginal utility of the money saved amounts to little and tax rates in countries, including India, have dropped
Swiss National Bank shocked the currency markets on Thursday by abolishing their currency -- franc's three year-old cap of 1.20 per euro
Zheng Qinwen saw off a spirited challenge from Diana Shnaider to secure a hard-fought 7-6(5), 6-3 win in their Pan Pacific Open semi-final on Saturday and set up a title clash against American Sofia Kenin.
One of India's leading banks -- Syndicate Bank -- on Friday launched an innovative project to sell gold coins exclusively imported from Switzerland.
Paul is among the wealthy who hold legal accounts in Swiss HSBC Bank.
Rahul also held a 75-km long road show and a Nukkad Sabha in Haridwar.
UBS said on Wednesday it will pay $1.2 billion to the U.S. Department of Justice and the Commodity Futures Trading Commission, 160 million pounds ($260 million) to Britain's Financial Services Authority (FSA) and 59 million Swiss francs ($65 million) to Swiss regulator Finma.
In this regard, AIG has entered into an agreement with Aabar Investments PJSC to sell its subsidiary, the insurance firm said in a statement on on Monday. According to UK daily The Telegraph, the Swiss subsidiary would be sold for about $254 million.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
Switzerland made sure of a place in the last 16 of the World Cup, but had to survive some anxious moments in Wednesday's 2-2 draw with Costa Rica before finishing second behind Brazil in Group E.
The government sought to dismiss reports that the 'Make in India' logo was inspired by a Swiss bank advertisement, saying the symbol has a "vibrant and dynamic" lion as against a "dull and boring" picture in Switzerland's ad campaign.
The bank is expected to report a pre-tax profit of $21 bn.
Switzerland's other major big bank, UBS, said in August it was trimming 3,500 jobs to save 2 billion francs annually.
Given that Twelve Final Days doesn't really delve into the genesis of Roger Federer, the ups and downs of his career, the assumption is that it is meant for people who are already familiar with his work, observes Deepti Patwardhan.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
Many requests are pending with the Swiss authorities.
Swiss entities keen to invest in India, says envoy .
Rejecting allegations of stashing away unaccounted money in Swiss accounts, Jet Airways on Friday said there is no account in the name of its Chairman Naresh Goyal in HSBC Bank, Geneva, though he is entitled to have bank accounts outside India as he is a Non-Resident Indian.
The drastic cost-saving drive unveiled by the bank would trim its workforce by nearly 16 per cent from the current strength of 64,000 people.
His business successes which started with the international distribution rights for the Bollywood blockbuster movie 'Sangam' in 1964 made him one of the richest in Britain but it was the Bofors scam that made Srichand Parmanand Hinduja famous, or rather infamous, back home. SP Hinduja, as he was known, died in London on Wednesday after a prolonged illness. He was 87, a family spokesperson said. Born in a business family in Karachi, British India, he and his two younger brothers were accused of receiving payments totalling Rs 64 crore in illegal commissions to help Swedish gunmaker AB Bofors secure an Indian government contract.
