The money sent home by Indians from West Asian countries took a beating in 2020-21 due to the pandemic. On the other hand, overseas Indians in advanced nations - the United States, United Kingdom and Singapore - emerged as important sources of remittance, according to a Reserve Bank of India (RBI) survey. Indians working in informal sectors in West Asia seem to have been impacted the most due to the lockdowns and subdued crude oil prices as well as slower pace of migration in recent years.
Chief Economic Adviser V Anantha Nageswaran on Thursday said cryptocurrencies are akin to 'a world of Caribbean pirates' in the absence of a centralised regulatory authority and are yet to pass the test of a fiat currency. He said that the government is pursuing a 'high-wire balancing act' to ensure that the gains in growth, inflation, and rupee stability of the last four years are not frittered away. He said the recent development in Terra-Luna cryptocurrency, which witnessed a massive meltdown last month, is a 'very important cautionary tale'.
Kv Kamath has big plans as BRICS Bank chief.
The CBI has shared its findings with the Enforcement Directorate.
The main issue has been that of a higher Asset Management Ratio as has been prescribed by the Monetary Authority of Singapore for qualifying full banks from India.
If tweets can do so much, why do we need an independent regulator and multiple committees discuss and recommend policy?
'We have collected Rs 83,702 crore in deposits in five days.'
On reforms in pipeline, she said the government is for universal right to minimum wages and wants to remove regional disparity through a national floor wage.
Under pressure from India and other countries for sharing account details of suspected tax offenders, Swiss banks have said any information exchange would be according to the conditions set out by the Organisation for Economic Cooperation and Development (OECD), the grouping of mostly developed nations.
Your money is protected by the Deposit Insurance and Credit Guarantee Corporation.
For the first time in our economic history a government has thought about more than 50 per cent of our economic activity instead of the five per cent represented by the Sensex companies, observes IIM-B professor R Vaidyanathan.
Crypto exchanges have been asked to furnish details this month itself.
Here's the full text of Prime Minister Narendra Modi's address to a joint session of the United States Congress, delivered on Thursday.
At a time when crackdown on tax havens has acquired a political colour, data shows that Swiss banks held securities worth $3.35 trillion in 2008, with over half managed on behalf of foreign entities.
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
Banking assets of emerging nations are likely to overtake that of G7 economies by the year 2050, with India likely to emerge as the third largest domestic banking market in the world in the next three decades, says PricewaterhouseCoopers.
Borrowing from BRICS bank will help India avoid other kinds of politics emanating from the West. Overall, the BRICS institutions will necessarily adopt alternative ways of doing things based on their own cultural and socio economic needs, says M K Venu.
No violation of rules or regulations were found in the transfer of land by businessman Robert Vadra's Skylight Hospitality to realty major DLF, the Haryana government has told the Punjab and Haryana high court in Chandigarh.
The airlines' losses globally are expected to be down from $52 billion in 2021 to $9.7 billion this year and industry-wide profit should be on the horizon in 2023, Director General of IATA Willie Walsh said in Doha on Monday. International Air Transport Association (IATA) represents some 290 airlines comprising 83 per cent of global air traffic. Walsh, in his inaugural speech at the 78th annual general meeting of IATA here, said that while the outlook for airlines globally is positive, the business environment remains challenging.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
Significantly, for the first time, the FATF put Myanmar in the "high risk jurisdictions subject to a call for action", often referred to as the watchdog's black list.
The central government's exposure remains at over Rs 60,000 crore, the original amount proposed in Budget 2008-09.
Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, on Monday denied having a foreign bank account and said he was shocked to find his name in the list.
Tamal Bandyopadhyay discusses his latest book Bandhan: The Making of a Bank at Bandhan headquarters in Kolkata.
The International Monetary Fund (IMF) on Tuesday slashed India's growth forecast for 2022-23 (FY23) by 80 basis points to 7.4 per cent, citing less favourable external conditions and rapid policy tightening by the central bank. In its update to the April World Economic Outlook, the IMF said that though a global recession in 2022 was ruled out with a growth estimate of 3.2 per cent, the balance of risks was squarely to the downside, driven by a wide range of factors that could adversely affect the global economic performance. "The risk of recession is particularly prominent in 2023, when in several economies growth is expected to bottom out, household savings accumulated during the pandemic will have declined, and even small shocks could cause economies to stall.
For online fraud, approach cyber cell and file a complaint.
The Reserve Bank of India (RBI) on Thursday paved the way for niche banking by issuing draft guidelines for setting up payment banks and small banks.
The theory that all banned notes will come back into the system may not be true. Anup Roy finds out.
RBI, Sri Lankan central bank agree on $1.5 bln currency swap deal.
Asserting that it is for the first time that BRICS has taken a collective position on strengthening and reforming multilateral systems, Prime Minister Narendra Modi said, "We have to ensure that BRICS is more productive in the next 15 years".
Of $90 billion remittances that India is expected to receive in 2022, only $27.4 billion has come in the first half of the year.
"There are clearly two sides. On one side, there is an organisation of patriots in the form of BJP and on the other side, tukde-tukde gang have come together under the leadership of the Congress. It is for the people of Karnataka to decide now whether they are with the patriots or those who support people who want to divide this country," he added.
Bollywood actor Nora Fatehi was on Thursday questioned for nearly five hours by Delhi Police's Economic Offences Wing for investigation in connection with an extortion case linked to alleged conman Sukesh Chandrashekhar, officials said.
With the Japanese government taking a lead in funding the megapolis' many signature infrastructure projects, the World Bank has evinced interest in funding the proposed Charkop-Dahisar and Wadala-Teen Hath Naka Metro projects.
From promoters losing their firms to consumers realising there are no free lunches, 2019 was a year of getting real,says Shailesh Dobhal.
The move comes a day a day after Patel community members living in the US announced a "boycott" of Modi's upcoming visit there.
The niche banks - small finance and payments banks -have been set up to further the regulator's objective of deepening financial inclusion.
Stepping up efforts to clean Ganga at Varanasi, the government has signed a loan agreement of Rs 552 crore (Rs 5.52 billion) with the Japan Bank for International Cooperation for an ambitious project, the Lok Sabha was informed on Friday.
The AAP claimed that Sisodia would be arrested on Monday and alleged the move was initiated in view of the forthcoming assembly elections in Gujarat where it is in a direct contest with the BJP.
