'India has the potential to do a lot more to take advantage of the time today where we stand to gain, geopolitically and in terms of market attractiveness.'
Authorities will allow the country's taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes. This is even if they had settled the case under the direct tax dispute resolution scheme - Vivad se Vishwas - without deviating from the outcome of the scheme, said the Central Board of Direct Taxes (CBDT) on Monday. However, non-resident taxpayers, who opted for the resolution scheme, cannot go for MAP on the same issue, it clarified. MAP is an alternative dispute resolution mechanism under the tax treaties where competent authorities of two countries enter into discussions to resolve tax-related disputes.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
China has launched a host of reforms to halt the slow down of the economy, which is hovering around seven per cent with forecasts that it would dip down further.
For several years the Chinese authorities have been taking steps to internationalise the use of the yuan.
India's sprawling digital public infrastructure received a glowing endorsement from billionaire philanthropist Bill Gates on Wednesday as he praised the country's "great" digital network, reliable and low-cost connectivity, and said this will be the cheapest 5G market. Under the G20 presidency of India, a session on 'Building resilient and inclusive economies- the Promise of Digital Public Infrastructure' was held on Wednesday in New Delhi, where the Microsoft co-founder spoke of India's digital identity Aadhaar, its payment infrastructure, and rapid strides that the country has taken in bringing more people into formal banking system. "India in particular, by laying the groundwork for digital public infrastucture starting with identity system, allows people to build on top of that.
Cos ask US treasury to discuss data localisation norms with Indian officials at all platforms the two countries would meet, including G-20, US-India Strategic Dialogue, and IMF Annual Meet.
Chanda Kochhar, managing director of ICICI Bank, says the new government must take effective action bringing clarity around tax laws.
'China could place the currency on a par with global biggies. But it has to wait to be a serious challenger.'
The remittance is limited to 12 transactions a year per sender, with a maximum amount of Rs 50,000 per transaction with a normal transaction fee of Rs 50 for an amount less than Rs 5,000 and Rs 75 for amount above Rs 5,000. It will be implemented by commercial banks under the national electronic fund transfer system.
'While we may speculate about personality politics, the reality is that there are more important issues that drive the India-US relationship.'
Given the significant cross border trade of services with the US, the service regulations are of particular significance for India
Domestic deals were the flavour of the month as there were 20 such transactions worth $2.77 billion in June 2015.
The surge in deal value is largely due to the $12.9 bn Essar-Rosneft deal
Brazil, China, India, Indonesia, South Korea and Russia will account for more than half of all global growth.
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
Be extra careful while using credit cards because there is a risk of misuse
India's merger and acquisition scene for the first quarter of 2009 has been dismissal. Indian companies were involved in a total of 54 deals for this quarter--that is a decline of 60 per cent year-on-year and about 40 per cent drop on a sequential basis--says a Venture Intelligence report.
The Financial Intelligence Unit (FIU), the federal economic snoop agency under the Union finance ministry, sent 289 legal requests to its counterparts across the globe during 2018-19 as compared to 177 in 2017-18 and 138 in 2016-17.
Foreign Direct Investment flows to India in 2021 were 26 per cent lower, mainly because large M&A deals recorded in 2020 were not repeated, the UN trade body has said.
While Indians are increasingly using mobile platforms and technology for various financial transactions and purchases like bill payments, ticket bookings, entertainment, travel and banking transactions, cross border mobile remittance is yet to see the light of the day.
A CBTR pertains to transfer of funds through various channels abroad.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
Barry Eichengreen, professor of economics and political science, University of California, Berkeley, analyzes the transparency of the Reserve Bank of India, the growth rate of the Indian economy and why he feels globalisation can never be rolled back.
For last two months, much of the discussion, a large part of due diligence, agreement negotiations, etc, have happened remotely.
Emerging markets and Asia may be first in the firing line
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
Amid increasing popularity of virtual currencies in various parts of the world, the Reserve Bank of India (RBI) on Monday said it is open to exploring the possibility of a digital version of fiat currency. Host of private digital currencies, virtual currencies and cryptocurrencies have gained popularity in recent years, though Indian authorities continue to remain sceptical about them. "In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. "Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it," the RBI said in its booklet on 'Payment Systems in India -- Journey in the Second Decade of the Millennium'.
Employers want to know how you can add value to the organisation.
A proposal for creation of seven Customs Overseas Intelligence Network units is pending with the Ministry of External Affairs.
.jpg)
According to global deal tracking firm Dealogic, the deal value in the January to June period this year was the lowest first six months deal value recorded since 2009, when $1.09 trillion worth of transactions were announced.
In the corresponding period of the last year, there were 614 deals worth $ 27.7 billion.
Many industry executives have said the draft e-commerce policy is being perceived as nationalistic but not overly protectionist and it is providing preference to Indian players against foreign companies. This might have an impact on investment by large players such as Walmart and Amazon in the country, said the executives. They said e-commerce was a very small portion of the retail industry and at a nascent stage and did not require heavy hammer regulations. Though the policy talks about being equally applicable to foreign and domestic players, it mentions that foreign direct investment (FDI) takes precedence over the e-commerce policy in any area of overlap.
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
As a consequence of this designation, US citizens are generally prohibited from engaging in transactions with Salahuddin and all of Salahuddin's property and interests in property subject to United States jurisdiction are blocked.
The government is looking to plug loopholes in the Indian customs law provision that allows tax exemptions for gifts up to Rs 5,000 and trade samples up to Rs 10,000 sent to India from abroad.
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.
The Bill suggests an insolvency regulator.
The Supreme Court had ruled in Vodafone's favour in 2012.
US major lost its first mover advantage, now wants to secure its investments in the country.
