'What is forgotten but is actually as important for a society's long run success is morality.' 'Morals and trust are the nuts and bolts of an economy.' 'Without those you can get short run success, but not long-run development.'
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
Such listings will help internationalise our currency, give us economic heft, compel best in class regulations and further develop the professional-services ecosystem., says Amit Tandon.
A total of Rs 396 crore has been mopped up, as on August 20 against Rs 407 crore collected in the same period last year. This was despite the expansion of the levy to online e-commerce players from this financial year.
This is the first time that this important nodal national agency for economic intelligence has obtained data on suspected offshore stash of Indians as, till now, such information was only received by the exclusive wing of the Central Board of Direct Taxes.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
Whether it is Sri Lanka, Maldives, or Nepal, quietly but steadily, India has been reclaiming some of the ground it had lost to China, observes Aditi Phadnis.
After staging a strong recovery from COVID-induced slowdown in 2021, India's exports are likely to extend the growth story to the New Year also on increased demand in the global markets, boost in domestic manufacturing due to production-linked incentive schemes and implementation of some interim trade pacts. Expectations of positive growth in the country's exports are also backed up by the outlook of the World Trade Organisation (WTO) which predicts a 4.7 per cent expansion in the global merchandise trade volume in 2022. Exporters believe that the outbound shipments would cross $400 billion mark in this fiscal going by the current momentum and may reach $475 billion in 2022-23.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
The government may soon give the green light to bilateral trade between Russia and India in their national currencies to avoid any trade disruptions, multiple people aware of the matter said. While the Department of Commerce has recommended the proposal, an announcement is likely to be made by the finance ministry after further deliberations between the Department of Economic Affairs and Department of Financial Services. "The finance ministry will take a call on how to peg the two currencies," a senior government official told Business Standard. In the past, the two nations have had rupee-rouble trade, and when such an arrangement is implemented again, it will bypass the sanctions imposed on Russia by the West.
In 2016, there were 580,000 Indians in the US as resident non-immigrant. Of these, 440,000 were temporary workers, which includes those on H-1B visas and 140,000 were students.
The rupee appreciated by 0.27 per cent in June against the dollar.
It is going to be a long-term proposition for India -- which has a decades-old relationship with Moscow -- to reorient its foreign policy away from Russia, the US has said, insisting that re-aligning one's approach is not like flipping a light switch.
State-run Bank of Baroda and Oriental Bank of Commerce are among those facing scrutiny.
NRIs could run into difficulties if they possess discontinued currency notes amounting to a high value.
Over 23,000 Indian students, mostly studying medicine, are reportedly stuck back home due to COVID visa restrictions.
Days after the Supreme Court observed that the 'success rate' in cases taken up by the Central Bureau of Investigation is perceived low, the agency has informed it that it has achieved the conviction rate of about 65-70 per cent, and would try to raise it to 75 per cent by August 2022.
Reconstruction efforts after the Russia-Ukraine war will be dominated by the heft of the membership of major nations across international organisations. India is hamstrung because it does not play host to any major global institution nor does it hold positions of significant influence in the ones in which it has membership. As a result, the world's sixth largest economy is obliged to follow the rules set by most of them.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
About Rs 8.33 crore cash has been seized from Delhi, Rs 2.5 from Bengaluru and Rs 60 lakh from Mysuru till now, a senior official said.
According to sources, the directorate has sent a letter to Flipkart on the basis of complaints received after the Big Billion Day sale on October 6.
Amid growing concerns of surging COVID-19 cases, the US has announced that it will waive the in-person interview requirement for a range of visa applicants during the entire year in 2022, including for H-1B workers and students, many of whom are from India. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
China on Thursday played down what appeared to be a tense conversation between President Xi Jinping and Canadian Prime Minister Justin Trudeau on the sidelines of the G20 summit a day earlier, saying the conversation is "candid, normal" and should not be interpreted as criticism or threat.
"We share important interests with India. We share important values with India. And we know India has a relationship with Russia that is distinct from the relationship that we have with Russia. Of course, that is okay," Price told reporters at his daily news conference on Friday.
Industry players credit Sebi's first woman chairperson with putting special emphasis on cyber security, use of tech and data, areas where Sebi is trying to 'stay ahead of the curve'.
The average age of those who died was 80.3, and 90 per cent of the fatalities were aged 65 or over, the Hong Kong-based South China Morning Post reported.
In a rare face off, captains of the auto industry have hit out at the government for not walking the talk. At an industry event in the capital on Wednesday, R C Bhargava, chairman of India's largest carmaker Maruti Suzuki, and Venu Srinivasan, chairman of TVS Motor, questioned the government's intent to support the auto sector. Revenue secretary Tarun Bajaj sat in the audience listening, before his turn came to counter them.
Modi also reached out to traders, saying their past records will not be checked by the income tax department if they join the formal economy by getting themselves registered under the GST regime.
To check black money menace, the Cabinet on Tuesday approved a new bill that would give more powers to the tax department in tracking illicit wealth stashed abroad and provide for strict penal actions for such offence.
The claims were made after the Income Tax department had on July 6 raided 36 premises of the Bengaluru-based Micro Labs Ltd. across nine states.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
The country's largest insurer LIC on Tuesday listed its shares at a discount of 8.11 per cent at Rs 872 per share on the NSE. On the BSE, the shares got listed at Rs 867.20 apiece, down 8.62 per cent over the issue price of Rs 949 a share. LIC had fixed the issue price of its shares at Rs 949 apiece after a successful initial public offering, which fetched Rs 20,557 crore to the government.
A combination of externalities such as global trade wars and slowing growth, continuing glitches in accessing offsets under the GST regime, which has created a liquidity crunch for smaller exporters, and the growing competitiveness of smaller countries are causing the slowdown.
Braverman, 42, resigned from the cabinet of former prime minister Liz Truss last week, having breached the ministerial code by sending secure information from her private email.
The accused -- Lemos, his wife Valany and Ryan D'Souza -- were convicted on Sunday by the Dubai Misdemeanours Court in the 515 cases filed against them
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RBI's forex swap window for oil marketing companies addresses an urgent issue but what happens when the dollars have to be returned?
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
The rupee had lost 31 paise to close at one-month low of 61.07 on Wednesday on sustained dollar demand from banks and importers.
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