'Vijay Gokhale's appointment as foreign secretary can be regarded as a certain 'adjustment' that could make a difference to the poor climate of India-China relations,' says Ambassdor M K Bhadrakumar.
Worried over excessive outflow of foreign exchange as royalty and fees for technology transfer and use of brand names, Commerce and Industry Minister Anand Sharma wrote to Finance Minister P Chidambram on the matter.
Penalties for non-disclosure or inaccurate disclosure of these details can be severe.
The guidance is certain to cause severe anxiety and uncertainty for the hundreds of thousands of international students who are studying in the country and for those who were preparing to arrive in the US to begin their education when the new academic session begins in September.
The Centre is pushing for bilateral trade with Cuba and its settlement in rupee as a part of its strategy to internationalise the domestic currency. A delegation from Cuba, including officials from its central bank, met Indian government officials and banks last month to discuss bilateral trade and settlement using the Reserve Bank of India's (RBI's) payment mechanism in rupee, said people aware of the matter. Since the Cuban nation has opened up its economy and is looking to implement reforms to attract investments from India, Cuban banks have evinced interest in opening special rupee vostro accounts (SRVAs) with Indian banks.
UK's largest retailer Tesco, Singapore Airlines and Etihad queued up to invest in India as a persistent UPA threw open more sectors to foreign investments with indications of more big ticket deals to be announced in the new year.
Announcing the hotline, the Chinese defence ministry said as agreed upon by the defence departments of China and Japan, the two sides have recently completed the construction of a direct telephone line for the sea and air liaison mechanism and will maintain communication on the arrangement for the launch.
The Central Board of Direct Taxes has advised its field formations to scrutinise all cases in which companies have amortised foreign exchange losses under the one-time discretion allowed by the government through an amendment to Accounting Standard 11 (AS-11).
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
In a much-needed relief for foreign students looking to study in the US, the Biden administration has announced they can now apply for a visa up to a year before their academic term begins.
Did you know that the Government of India has granted certain tax exemptions to start-ups for a prescribed period?
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.
To spur war among lenders to grab existing loans
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.
ED has initiated action against these account holders in Mumbai, Delhi and other cities.
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 and the US agreed to continue their cooperation in the areas of defence, space and clean energy as External Affairs Minister S Jaishankar met Secretary of State Antony Blinken here, amid a simmering diplomatic row between India and Canada over the killing of a Khalistani separatist.
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.
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).
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.
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 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.
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.
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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.
To get same tax treatment as FIIs; rules on search & seizure and consent settlement cleared
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.
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.
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.
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.'
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 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.
The event will aim at drawing foreign investment in startups and push local partnerships.
