Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
The funds officially held by Indians with banks in Switzerland now accounts for only 0.07 per cent of the total funds kept by all foreign clients in the Swiss banking system.
'Even with 3 lakh cases a day, we have saturated our resources.' 'It is scary to even think what will happen when the number doubles.'
The Enforcement Directorate arrested Yes Bank founder Rana Kapoor under money-laundering charges in Mumbai in the early hours of Sunday, officials said. The banker was held under the provision of the Prevention of Money Laundering Act (PMLA) around 3 am as he was allegedly not cooperating in the probe, they said.
If international crude oil prices zoom past the current level of about $90 per barrel and move towards $100 and beyond, middle-class consumers are not going to keep quiet about their discomfort, points out Arun Balakrishnan, former chairman and managing director, Hindustan Petroleum.
Amtek Auto was among the first list of 12 companies which were referred by the RBI in 2017 to respective banks for initiation of insolvency process for defaults.
The first 100 beneficiaries of such foreign vaccines shall be assessed for seven days for safety outcomes before it is rolled out for further immunisation programme within the country, the Union health ministry said.
'But India, increasingly, is not that far behind, which is a story I never expected to tell.'
Central banking is a science, not an art, Tamal Bandyopadhyay tells RBI Governor Shaktikanta Das.
CBI sources said a case has been registered against UK-based NRI Vipin Khanna, whose named had also figured in another defence deal probed by the agency. They said the kickbacks were allegedly paid in 2009 through subsidiaries of Embraer via a Singapore based company which is owned by the middleman.
Reserve Bank of India Governor Raghuram Rajan took charge of India's central bank when the rupee seemed to be in a tailspin while the country was facing runaway inflation.
There was no bilateral meeting between Prime Minister Modi and his Italian counterpart Matteo Renzi on the margins of the United Nations General Assembly in New York last year, External Affairs Ministry said on Wednesday.
While Karnataka reported five new cases, Delhi and Telangana reported four each, and Gujarat reported one fresh case of the Omicron variant.
'Those who come from outside are surprised at the relatively small strength of the RBI supervisory cadre, relative to the needs of the country and the needs of the financial sector.'
'Cyrus was always very different. He would think before acting.'
The department of economic affairs is said to be in discussions with various probe agencies, including the income tax department and the Enforcement Directorate, and bankers in drafting the final rules.
The charge sheet has now paved way for the CBI to approach authorities in the UK for deportation of Mallya.
Breaking his silence after a long time, to state the "factual position in response to the controversy unfortunately surrounding" him, Mallya said he had written letters to both the prime minister and the finance minister on April 15, 2016, to explain his side of the story. "No response was received from either of them," he said in a statement.
The days of a thousand cuts are over. These mini wars will remain under the threshold of undeniable war, but will escalate closer to that threshold when their big brother pushes in. Chinese aggression has changed the matrix, the strategies, and surely the objectives too, warns David Devadas.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
While law-abiding customers are harassed for KYC and have to comply with endless paperwork even to open and close accounts, DHFL could easily open nearly 260,000 fake home-loan accounts, reveals Debashis Basu.
Swiss authorities have always maintained that assets held by Indian residents in Switzerland cannot be considered as 'black money' and they actively support India in its fight against tax fraud and evasion.
A direction by Chief Justice of India S A Bobde, Justice B R Gavai, and Justice Surya Kant to the Karnataka high court asked the latter to expeditiously settle the matter of assets deposited before it by Mallya for liquidation, and thereby payment to creditors 'preferably not later than three months'. It will be interesting to see the view of the London high court, if the settlement of his dues to Indian creditors is imminent, reports Ashis Ray.
Assange is wanted in Sweden in relation to a 2010 rape allegation, which the Australian national denies.
The Western powers appear to regard Delhi as the most logical destination in the region in these extraordinary times -- as a counterpoint to the ascendance of political Islam and a rising red star over Afghanistan, observes Ambassador M K Bhadrakumar.
From next year, the 50,000 pounds prize, open to novels and short story collections translated into English and published in the UK, will be awarded annually on the basis of a single book.
Indian economy has good fundamentals and sizeable foreign reserves, RBI Governor Raghuram rajan said.
The countrywide vaccination drive was rolled out on January 16 with healthcare workers getting inoculated and vaccination of the frontline workers started from February 2.
Mallya's defence team is being led by the firm Joseph Hague Aaronson LLP. They have instructed barrister Clare Montgomery, a specialist in criminal, regulatory and fraud law, to argue in court on their behalf.
'The person who carried out the London attack... was a fighter from the Islamic State, and did so in response to calls to target citizens of coalition countries,' the ISIS statement read.
The Ministry of Home Affairs amended its guidelines on October 12 to include the chairman, managing director or chief executive officer of each public sector bank on the list of authorities who can issue requests for opening look-out circulars against whom an FIR is yet to be filed.
The Bengal outcome can have a marginal impact on national politics. Whereas elections in UP next year might still change the course ahead of the parliamentary poll in 2024, observes Virendra Kapoor.
US Secretary of State Mike Pompeo says China 'protects' violent Islamic terror groups from UN sanctions.
A robust dispute settlement system would help the government unlock tax revenues, and also aid ease of doing business.
'Why not simply make some more ventilators and find some more beds? How much would it cost?' asks Ambassador M K Bhadrakumar.
WikiLeaks founder Julian Assange should be freed, a UN panel ruled as it called on the UK and Sweden to compensate the whistleblower for his "arbitrary detention".
Here's everything you need to know about Barrack 12 at Arthur Road jail, where Mallya may be lodged As we await the next move, here's everything you want and need to know about Barrack 12 at Arthur Road Jail.
Though many students attended school, with letters of consent from their parents, some chose to continue education online with their guardians anxious about the pandemic situation and the emergence of a new strain of the novel coronavirus.
The watchdog says there were lapses in the tests
Confiscation of the tycoon's properties will start from February 5.
