India will have to show more willingness to import, and since Biden will not encourage sale of oil and gas to bridge the gap, it means there has to be more meaningful duty reduction in other areas even if Delhi baulks at a Free Trade Agreement so soon after walking out of RCEP.
DRs have shares as an underlying asset and are typically issued by a bank, known as the depository bank, on behalf of a company.
The Saifee Burhani Upliftment Trust bought Hotel Raunaq Afroz, Shabnam Guest House and six rooms in Damarwala building.
The department of economic affairs, in its Monthly Economic Review for September, said critical reforms undertaken by the government will put India to a strong and sustainable growth path in the long run.
Interest on NRE accounts is tax-free, but the I-T department creates hurdles to tax these accounts.
The apex court also expressed anguish over the Uttar Pradesh government failure to come out with a vision document to preserve and protect the Taj Mahal.
The approvals would be handled independently by administrative ministries of different sectors.
Prime Minister Narendra Modi said on Monday that the partnership between India and Germany could serve as an example of success in a complex world as the two sides inked several agreements focused on sustainable development under which India would receive USD 10.5 billion assistance by 2030 to boost the use of clean energy.
India has been in touch with all parties concerned as part of overall global efforts to bring down the tensions.
India and China on Tuesday agreed to hold the next round of the Senior Commanders meeting at an early date to achieve complete disengagement from all friction points in eastern Ladakh to create conditions for the restoration of normalcy in bilateral ties.
'If the RBI liability is extinguished and they no longer remain legal tender, then those Rs 500 and Rs 1,000 notes are worthless paper.' 'Then why should it be a criminal offence to keep that paper?'
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
Theoretically, Modi, who understood corporate finance, committed no crime by raising debt to fund a growing business. In fact, he did a tidy job of it, but his operation started to see the ground underneath it give way in January 2018. A fascinating excerpt from Pavan C Lall's Flawed: The Rise And Fall Of India's Diamond Mogul Nirav Modi.
An expert committee appointed by the Supreme Court said it cannot conclude any regulatory failure around Adani Group's stock rallies, and that Securities and Exchange Board of India (SEBI) has 'drawn a blank' in its probe into alleged violations in money flows from offshore entities into the conglomerate.
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.
'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.'
Banks and friendly neighbourhood jewellers can serve as good channels to provide liquidity for gold deposits with built-in incentives for them, suggests Harsh Roongta.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
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.
FinMin had, recently, notified changes in FDI rules that made prior approval of the government mandatory for foreign investments from countries that share a land border with India. Hong Kong was ranked 14th on the list of countries with FDI flows to India, contributing $4.2 billion between April 2000 and December 2019, the data from DPIIT shows. India received FDI worth $2.34 billion from China in the same period.
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.
Penalty must act as a deterrent. If it is too low, it could encourage the regulated entities to lap up penalty instead of complying with the norms, suggests Tamal Bandyopadhyay.
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.
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 rupee appreciated by 0.27 per cent in June against the dollar.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The Commission observed vulnerability of junior untrained staff on probation and their misuse by senior officials.
