A combination of factors, including heavy investments in US Treasury bonds and dollar sales at a healthy profit, facilitated the Indian central bank in transferring a record surplus of Rs 2.11 trillion to the government for 2023-24 (FY24). The RBI's dollar purchases increased in FY24, supported by robust capital inflows endorsing the economy's health.
In an extensive exercise to track overseas bank accounts of Indians and round-tripping of funds, top investigating agencies in the country are gathering actionable intelligence on chartered accountants, brokers, legal firms and professionals involved in these areas.
'Investing abroad helps mitigate currency risk for foreign-currency denominated goals, such as children's higher education and international travel.'
Global firm Accenture's fourth quarter results prove that the worst is behind for the Indian information technology (IT) sector, said analysts on Friday (September 27). While the pace and the broadness of recovery is debatable, they said Accenture's results and revenue growth guidance for the next financial year (FY25) reduce downside risks for Indian IT companies.
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
Trade links with Israel have strengthened in the past few years, even as the value of goods exchanged with Iran has diminished. Iran accounted for $3.9 billion worth of India's exports in the four quarters ending December 2019, compared to $3.6 billion to Israel. However, India's exports to Iran dropped to $1.2 billion as of December 2023, on a rolling four-quarter basis, while exports to Israel grew to $6.1 billion in the same period.
Ratan Tata: A Life, the much awaited biography, reveals that after a year of 'parallel running', Tata began having second thoughts about Cyrus Mistry's 'suitability'. 'Mistry targeted Ratan, the man who had elevated him from virtual oblivion into the mainstream of the Tatas...'
For Indian parents, sending a child abroad for a three-year degree could deplete 48% of their retirement savings, while a four-year degree may consume up to 64%.
"I condemn is the strongest terms the statement he has made about Sikhs not being able to wear turbans and kadas," the BJP leader from the Sikh community said.
At nearly 82 per cent of GDP, India's public debt is very high, but the country doesn't face debt sustainability issue on account of high growth rate and higher share of local currency debt, NCAER Director General Poonam Gupta has said. Participating in an event organised by NCAER, Gupta said India's high debt levels are sustainable for now because of higher real or nominal GDP and as most of the debt is held in rupee.
The flow of deposits from non-resident Indians (NRIs) hit a four-year low in the financial year 2020-21 mainly due to contraction in foreign currency deposits, latest data released by the Reserve Bank of India (RBI) shows. Total NRI deposits during FY21 were $7.3 billion as compared to $8.6 billion in FY20 - the lowest since 2016-17, when such deposits had contracted by $12.3 billion. Indian banks have three kinds of deposit accounts where NRIs or PIOs (persons of Indian origin) can park their funds: non-resident external-rupee account (NRE); non-resident ordinary rupee account (NRO); and foreign currency non-resident bank account (FCNR [B]).
'The biggest risk to the Indian markets from a 12-18-month view is that the current government does not get re-elected, or loses in a way that is not represented at all in the next central government.'
India abstained in the United Nations General Assembly on a resolution that demanded Israel end its unlawful presence in the Occupied Palestinian Territory within 12 months, with Delhi underlining that it is a strong advocate of 'dialogue and diplomacy' and efforts should be made towards 'building bridges', 'not furthering divides'.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
For India to view the new Sri Lankan leadership only through the prism of the past or through their narrow view on China, is fraught with possibilities that should be avoided, asserts N Sathiya Moorthy.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'If you look at where inflation (headline and core) is today in India and where the rates are, there's clearly room to cut rates.'
As Prabhakaran was leaving his house, Rajiv Gandhi called his son Rahul and asked him to fetch his (Gandhi's) bulletproof jacket. He put the jacket on Prabhakaran's back and remarked with his usual charming smile: "Take care of yourself."
With the absence of any major immediate domestic trigger in sight, investors would focus on global trends and trading activity of foreign investors for further cues in a holiday-shortened week ahead, analysts said. Movement of global oil benchmark Brent crude and rupee-dollar trend would also guide the market. "This week is a truncated one with no major triggers expected. However, we anticipate sector-specific movements amid budget-related buzz.
The Indian rupee is expected to trade between 80 and 84 against dollar in the first three months of 2023 with support from overseas inflows though worsening current account deficit (CAD) and reduced interest rate differential between the US and India pose challenges. According to a Business Standard Poll of 10 participants, most said the rupee could gain strength in January due to foreign inflows, and the Reserve Bank of India (RBI) is not expected to allow the currency to depreciate ahead of the Union Budget scheduled on February 1. The rupee depreciated 10.15 per cent in 2022, its worst performance since 2013 as the war in Europe and the interest rate increase by the US Federal Reserve prompted investors to flee emerging markets.
'Trump's disregard for norms and institutions could prove very costly for America's social fabric.'
Investors should view the increase in the LTCG tax rate in conjunction with the increase in capital gains exemption from Rs 1 lakh to Rs 1.25 lakh, which will provide some relief.
The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court in connection with the probe into alleged black money accounts in HSBC Bank in Geneva.
'Over the next 12 months, it will be difficult to make 15 to 20 per cent return in the markets as the valuations appear stretched.'
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Concerned over the fallout of the Red Sea crisis and severe shortage of containers against the backdrop of a steep decline in merchandise exports in August, the Union government is pulling out all the stops to find a solution. To begin with, the government has devised a strategy aimed at boosting container supply and supporting exporters.
Bangladesh was the largest source of foreign tourists, accounting for 21.4 per cent of all arrivals.
New initiatives to boost cooperation to ensure stability in the Indo-Pacific, ways to find peaceful solutions to the conflicts in Ukraine and Gaza and addressing concerns of the global South will be the focus of Prime Minister Narendra Modi's three-day visit to the US beginning Saturday.
The size of Reserve Bank's balance sheet increased by 11.08 per cent to Rs 70.47 lakh crore as on March 2024, leading to the highest-ever dividend payout to the government, according to the central bank's annual report. In actual terms, the increase was Rs 7,02,946.97 crore over Rs 63.45 lakh crore as on March 2023.
In a condolence message sent to the families of the victims of the fire incident in Mangaf, the Emir expressed his sincere sorrow and deep sympathy to the families of the victims and wished a fast recovery to the injured.
'Hi friends, from #Melodi', this is how Italian Prime Minister Giorgia Meloni captioned a small selfie video showing her camaraderie with Prime Minister Narendra Modi.
The chief adviser alleged elections held under Hasina's regime were "rigged blatantly and generations of young people grew up without exercising their voting rights."
'We are confident that over the next few years the government will strike a fine balance between populist measures and growth, and manage coalition partners well.'
A statement by the foreign office in Islamabad said that Pakistan has always demonstrated its commitment to peace in the region but its desire for peace should not be misconstrued.
Reports (not denied by India) that the USA had 'for the first time provided real-time details to their Indian counterparts on the Chinese positions and force strength in advance of a PLA incursion' into Tawang at the LAC in December 2022, helping India thwart China's expansionist designs, show how operationally effective the USA-India friendship has become on the ground. A engaging excerpt from Sreeram Chaulia's must-read new book, Friends: India's Closest Strategic Partners.
'...you evaluate three key factors before committing your money.'
It seems that the West is sending a signal to India that it can return to old hostilities unless India toes their line on Russia. It is no surprise that India is being compared with Putin's Russia in terms of targeting 'dissidents' as the West calls these Khalistani terrorists, asserts Colonel Anil A Athale (retd).
From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers. Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, ICICI Bank and IndusInd Bank were among the laggards.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances