Who else will take on the might of Microsoft, Google, and Amazon if not the Adanis, Ambanis, Birlas, or Tatas?, asks R Jagannathan.
The senior counsel appearing for the former MP claimed she was being "hounded", and information on issuance of summons to her by the agency was published by the media even before she received it.
The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
Among the Sensex firms, Kotak Mahindra Bank, Bajaj Finserv, Bajaj Finance, Adani Ports, Trent, State Bank of India, Titan and Tata Consultancy Services were the laggards. However, Maruti, Infosys, NTPC, Asian Paints, Eternal and Hindustan Unilever were among the biggest gainers.
Several mutual funds (MFs) have recently approached the Reserve Bank of India (RBI) as they renew efforts to increase their overseas investment limit. In June 2022, the capital markets regulator Securities and Exchange Board of India (Sebi) permitted MFs to invest in foreign stocks within the aggregate mandated limit of $7 billion after a correction in stocks. One of the proposals shared with the RBI is to link MFs' foreign investment limit to the country's foreign exchange reserves.
Even as illegal purchase of land violating Foreign Exchange Management Act (FEMA) is haunting Goa government, an ad hoc committee was told that the state can restrict the sale of land to foreign nationals under Foreigners Rule, 1946.
'As long as Sebi maintains transparency and market stability, the Jane Street episode is unlikely to deter long-term foreign capital.'
Experts say the robust filing suggests the second half of the year will see large-scale issuances, provided the markets remain supportive.
Amending the Foreign Exchange Management Regulations, the RBI said that its prior permission would not be necessary where the company whose shares are being transferred is engaged in any financial service.
Moitra, who was expelled from the Lok Sabha in December for "unethical conduct", has been renominated by her party from West Bengal's Krishnanagar seat in the upcoming Lok Sabha polls.
The adjudicating authority of the Enforcement Directorate ED has adjudicated a show cause notice issued to Amnesty India International Pvt Ltd (AIIPL) and its CEO Aakar Patel for contravention of the provisions of Foreign Exchange Management Act and imposed a penalty of Rs 51.72 crores and Rs 10 crores respectively on them, the probe agency announced on Friday.
The Enforcement Directorate (ED) has filed a money laundering case against Trinamool Congress leader Mahua Moitra and businessman Darshan Hiranandani in connection with an alleged cash-for-queries scam case, official sources said Tuesday.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
Equity investors would track global market trends, inflation data and trading activity of foreign investors for further cues this week, analysts said. Moreover, progress of monsoon and developments related to trade talks would also be monitored by investors, experts noted.
An Enforcement Directorate (ED) investigation into alleged foreign exchange law violations by edtech major Byju's and its CEO and co-founder Raveendran Bjyu is in the final stages of completion following which a show cause notice could be served to them, official sources said Tuesday. The central probe agency had in April searched two business and one residential premises, including that of the registered company of Byju's -- Think & Learn Pvt. Ltd. -- under the provisions of the Foreign Exchange Management Act (FEMA).
About 281 cases have been taken up for investigation by the Directorate of Enforcement regarding suspected violations of foreign direct investment (FDI) norms all over the country during April 2019 to March this year, Parliament was informed on Wednesday. Necessary action as per provisions of Foreign Exchange Management Act, 1999 (FEMA) has been taken, which includes issuance of show cause notices, adjudication and imposition of penalty, Minister of State for Commerce and Industry Som Parkash said in a written reply to the Lok Sabha. In these cases, following the due process of adjudication, penalties of more than Rs 2,600 crore have been imposed under the FEMA, he said, adding the Reserve Bank of India (RBI) has done compounding of contraventions of FDI related FEMA provisions in total of 1,421 cases across the country during the last three years.
With general government debt now approaching three-quarters of GDP, and only incremental reform efforts visible, Pakistan risks prolonging its economic stagnation unless fundamental governance, regulatory, and industrial overhauls are undertaken.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Reserve Bank of India (RBI) has started winding down its short position in the dollar forward book, after a gap of seven months, on the back of a softening dollar, while infusing funds via open market operations (OMOs) to counter the resulting liquidity drain.
Sections in the US State Department and Pentagon have always felt more comfortable dealing with all powerful Pakistani generals instead of elected civilians, points out Rana Banerji, who headed the Pakistan desk at RA&W.
From the Sensex constituents, Adani Ports, Tata Steel, Kotak Mahindra Bank, UltraTech Cement, Bajaj Finserv and Titan were among the biggest gainers. In contrast, Power Grid, Trent, NTPC, Maruti, HCL Tech and Bharat Electronics were among the laggards.
Defence Minister Rajnath Singh, in his meeting with Chinese counterpart Dong Jun in Qingdao on June 26, proposed that India and China should solve the "complex issues" under a structured roadmap comprising steps to de-escalate tensions along the frontiers and rejuvenate the existing mechanism to demarcate the borders.
India on Monday asserted that its friendly ties with the Maldives will continue as Prime Minister Narendra Modi and President Mohamed Muizzu unveiled a blueprint for comprehensive economic and maritime cooperation, signalling a reset of the relationship that had hit a rough patch last year due to anti-New Delhi rhetoric.
While liquidity in the banking system has turned surplus in the last few weeks, it could go back to deficit again, mainly due to corporate advance tax outflows. The net liquidity surplus of the banking system rose to touch Rs 1 trillion on Tuesday on the back of government spending, according to the data released by the Reserve Bank of India.
Even as the Income Tax department is probing the financial dealings of the money-spinning Indian Premier League, the Enforcement Directorate (ED) will look into the alleged murky international deals of the Twenty20 tournament. Official sources said the Mumbai wing of the ED had conducted a discreet inquiry into the finances of Rajasthan Royals in 2008 and had prepared a report of alleged Foreign Exchange Management Act (FEMA) violations.
A multibagger stock multiplies its original investment several times, delivering returns of 100%, 200%, or even higher. The excitement of finding such wealth creators is undeniable, but the process of identifying them is far from simple. It requires a careful blend of research, patience, and the right set of tools.
In the last 11 years, India and the world witnessed what he stood for, what he promised and did not deliver, and what he actually stood for and practised without fearing how history would judge him. Modi's tenure has been punctuated with headline-grabbing decisions, symbolic gestures, and stage-managed moments that continue to define his leadership and India's politics, points out Ramesh Menon.
One must wonder whether Mr Modi's efforts to wine and dine the Big Two of today's world were seen as a sign of weakness rather than a proffered arm of friendship, points out R Jagannathan.
Initially, we will look to take a small batch of a few hundred students, with a plan to increase this to 5,000 students in the next five years, and eventually 10,000 by 2036.'
Red Square and VDNKh easily rank among the most striking places I've visited -- both for their historical significance and architectural splendour.
My admiration for Russian culture, vision and ambition grew with every step as I clocked the miles, Nitin Sathe tells us after a visit to Moscow and St Petersburg.
India and China have agreed to rebuild ties and resume people-to-people exchanges, including resuming direct flights and the Kailash Manasarovar Yatra this year. The two countries also discussed the resumption of dialogue mechanisms to address each other's concerns and move relations to a more stable path. The meeting comes after a period of strained relations following the Galwan Valley clashes in 2020.
Foreign investors continue to show confidence in the country's equity market, infusing Rs 14,167 crore so far this month, largely driven by favourable global cues and robust domestic fundamentals. Notably, this inflow has come despite the ongoing military tensions between India and Pakistan.
The Jane Street-Sebi saga is more than a legal dispute -- it's a litmus test for India's ambitions as a global financial hub.
India and China celebrated the 75th anniversary of their diplomatic relations on Tuesday, with leaders from both countries exchanging congratulatory messages. The anniversary comes as the two countries are working to restore ties after a four-year freeze due to the military standoff in eastern Ladakh. Both countries have expressed a willingness to enhance strategic mutual trust and step up cooperation in various fields. The two sides are also exploring ways to rebuild ties and promote people-to-people exchanges.
Last October's circular meant that downstream investment by such funds by way of subscription or acquisition of shares would have been considered "indirect foreign investment" if their investment manager or sponsor is owned or controlled by a non-resident. The finance ministry has now said that mutual funds that invest more than 50 per cent in equity shall be omitted from the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
The Budget should undertake further reductions in import tariffs and seriously consider an announcement of India's intention to join one or both of the two Asian mega-regional free trade agreements, suggests Shankar Acharya, former chief economic adviser to the Government of India.
They said the 32-year-old actor has been asked to appear before the central probe agency next week in Mumbai.
The 49-year-old Trinamool Congress leader was called for questioning twice earlier by the central agency, but she did not depose citing official work and sought deferment of the notice.
The UGC chairperson stressed that foreign varsities with campuses in the country can only offer full-time programmes in physical mode and not online or distance learning.
