Life Insurance Corporation (LIC) may require at least five more years to comply with the minimum public shareholding of 25 per cent beyond the current exempted timeline of 2027. Formal communication in this regard had been shared recently with the finance ministry, underlining LIC's roadmap, plans of further dilution of stake, current norms around public float, and challenges ahead, a government source familiar with the matter said. "Going forward, we will have to take a call, along with Sebi (Securities and Exchange Board of India) and the Department of Economic Affairs on the roadmap for minimum public shareholding (MPS).
Did you know that the Government of India has granted certain tax exemptions to start-ups for a prescribed period?
The Indian Navy, which was earlier looking towards the US for design expertise, technical know-how and operational practices, is now considering the advantages of working with the Royal Navy.
The government on Wednesday extended the tenure of Enforcement Directorate Director Sanjay Kumar Mishra by a year till November 18, 2022, days after the Centre brought ordinances to allow ED and Central Bureau of Investigation directors to occupy the office for up to five years.
China on Tuesday announced that its Defence Minister General Li Shangfu will visit India this week to attend the meeting of SCO defence ministers from April 27 during which he is expected to hold talks with his Indian counterpart Rajnath Singh on ending the prolonged eastern Ladakh standoff which has severely strained bilateral ties.
The Enforcement Directorate has begun a "preliminary enquiry" into the financial transactions that took place in connection with the Antrix-Devas deal.
Forex dealers said besides continued demand for the American currency from importers, increased capital outflows by foreign funds kept pressure on the rupee.
Startup founders need to sit up and think about how not to take stardom for granted and how not to disappoint their fans who have stood in long queues for those precious selfies with popular entrepreneurs, notes Nivedita Mookerji.
To spur war among lenders to grab existing loans
ED has initiated action against these account holders in Mumbai, Delhi and other cities.
Close on the heels of the alleged money laundering by farm owner Hasan Ali Khan through Switzerland-based bank UBS, Europe's biggest bank by assets, another Swiss bank, Credit Suisse, has come under scrutiny of the Enforcement Directorate (ED), which investigates foreign exchange violations.
The counsel for the Centre said the proposal has been sent to the economic affairs department for further approvals, which would also be processed and the petitioner can apply for requisite visa permits.
While the rupee depreciation in 2012 persuaded many companies in taking hedges against their foreign currency loans, industry analysts feel it might not be sufficient to counter the swift slide in the value of the local currency.
India's high commission in Canada said on Wednesday that the country's officials will resume processing some types of visa applications for Canadians applying from across the country as well as abroad.
'Countries like Israel said openly that they will hunt people down. We have no such policy.' 'We have always been following the legal process of getting them (people wanted by India) through extradition.'
Do not declare them under Income Tax.
The finance ministry on Monday said the ability of the Reserve Bank to intervene in the forex market to arrest the fall in rupee is limited, even as the Indian currency declined to a 32-month low of Rs 51.50 per US dollar in the early trade.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
Speaking about the issue in India in March 2012 at a media conclave, Kissinger defended his use of unparliamentary language while referring to Prime Minister Indira Gandhi.
To get same tax treatment as FIIs; rules on search & seizure and consent settlement cleared
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Gold prices on Tuesday rose by Rs 227 to Rs 28,418 per 10 gm in futures trade, largely on speculative positions created by participants amid a firming trend at the spot market.
China sits on a mountain of United States treasury debt, reinforcing its position as the world's number one holder of US treasury securities with a total of $895.2 billion. China's foreign exchange reserves too stood at a mammoth $2.45 trillion at the end of March 2010.
With a sole mandate of inflation targeting, RBI wears many hats.
The Working Mechanism for Consultation and Coordination on India-China Border Affairs (WMCC) was established in 2012 as an institutional mechanism for consultation and coordination for the maintenance of peace and tranquillity in the border areas.
Despite the government's hectic efforts to avoid voting on the no-confidence motion against Khan, the joint Opposition succeeded in its month-long efforts to oust Khan from the prime minister's office as 174 members of the 342-member National Assembly voted against him in the wee hours of Sunday after a day of high drama.
With little clarity on the list of companies that have mark-to-market losses on derivatives transactions, banks are now asking their corporate banking departments to scan the books of borrowers and also seek details of their foreign exchange exposure. Within this pie, banks are segregating companies with turnover of Rs 30-40 crore (Rs 300-400 million) to Rs 100 crore (Rs 1 billion) and those which are above this threshold.
The income tax authorities have put banks and companies disclosing losses in their foreign exchange derivative structures under the scanner. Banks and companies have been called to explain the extent of losses and structures initiated in both Indian and overseas markets through their branches and subsidiaries. The income tax department will then ascertain whether banks and companies entered into transactions to hedge their portfolio or for purely speculative purposes.
When contacted, Raninder said said he has nothing to hide and was willing to cooperate on the issue.
The event will aim at drawing foreign investment in startups and push local partnerships.
The external affairs ministry's files, as distinct from those of the ministry of defence or the agencies, at least from before 1974 should be declassified. And if select files that are more than 40 years old are not to be declassified, the ministry should follow explicit guidelines to justify taking such a view, says Jaimini Bhagwat.
While the FPI limit on most bond issues would not be raised above 6 per cent, there would be some in which there would be no limits, reports Arup Roychoudhury.
Each dept could handle a designated area.
Central banking is a science, not an art, Tamal Bandyopadhyay tells RBI Governor Shaktikanta Das.
Sitharaman also said different departments of the government are working to provide relief to industry, which could be severely impacted by the fast-spreading virus.
This is because no prosecution complaint has been filed in any of these cases under the Black Money Act.
Emigration, probably Kerala's top foreign exchange earner since the '70s, is now declining says the study by the Non-Resident Keralites' Affairs Department, a state government agency in Thiruvananthapuram set up to look after the NRIs.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
The Swiss Finance Ministry spokesperson recently confirmed that a meeting is expected in the coming weeks, but did not disclose any further details.
The Enforcement Directorate on Wednesday said it has arrested two persons in Chennai for alleged illegal exchange of Rs 6 crore in old notes "in connivance with" sand-mining baron J Sekhar Reddy as part of its money laundering probe post demonetisation.
