While RBI's foreign exchange reserves have swelled to over $400 billion, it has a 'sell' position of $981 billion.
Some radio taxi operators are avoiding service tax payments, forcing the revenue department to take necessary steps, including coercive measures, to recover the dues, Finance Minister Arun Jaitley said.
The Gujarat government, which sought a probe into the role of activist Teesta Setalvad's NGO, is now targeting her main funding source, the US-based NGO, Ford Foundation.
ITC's first foreign venture in the hotel space - a premium and luxury mixed-use development - has been "adversely impacted" by Sri Lanka's economic crisis, the firm said. The $300-million project under WelcomHotels Lanka (Private) Limited (WLPL), a wholly-owned subsidiary of ITC, comprises a luxury hotel and a super-premium residential apartment complex on 5.86 acres of prime sea-facing land in Colombo. In its latest annual report for financial year 2021-22 (FY22), ITC mentioned that the project's construction was running on schedule till the third quarter (Q3) of FY19, but was adversely impacted due to disruptions in the aftermath of the terror incidents in 2019 and thereafter by recurrent waves of the Covid-19 pandemic.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
Central banking is a science, not an art, Tamal Bandyopadhyay tells RBI Governor Shaktikanta Das.
Clamping down on the delays in repatriating foreign exchange earnings, the Reserve Bank of India (RBI) has tightened norms for special economic zones (SEZs), asking them to realise and bring back full value of goods and services to India within a year from the date of export.
Market regulator Securities and Exchange Board of India has said one FPI can hold a maximum of 10 per cent of a company's equity shares, while existing overseas investor classes such as foreign institutional investors, sub-accounts and qualified foreign investors need to convert to the new FPI regime eventually.
Most large fund houses, such as HDFC MF, ICICI Prudential AMC, Reliance MF, Reliance MF, Birla SunLife MF and SBI MF, have the backing of large banks or financial institutions, giving them reach and understanding, they say.
"The day Crime Branch took Raj Kundra to his Mumbai home for the searches, the Shilpa Shetty was questioned too. Shilpa was very upset after the interrogation. She and Kundra had a huge argument where she shouted and asked him what was the need of doing such a thing and why he did everything. The Crime Branch team had to intervene between the couple to pacify the actress," the sources said.
"We will complete the transformation within May 2007 and are talking to select foreign exchanges for a possible partnership," Bombay Stock Exchange Ltd managing director and CEO Rajnikant Patel said.
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.
Equity markets would be mainly driven by global trends and foreign fund trading activity in the holiday-shortened week, analysts said. The BSE and the National Stock Exchange have listed March 7 (Tuesday) as a holiday on account of Holi. However, stock brokers' association ANMI has urged the government, exchanges and Sebi to shift the holiday to March 8 from March 7.
Notwithstanding concerns about lofty valuations, smallcaps recorded their most significant monthly gain in nearly three years in November. The National Stock Exchange Nifty Smallcap 100 finished the month with a 12 per cent gain, the most since February 2021 when it rose by 12.2 per cent. After declining by 4.1 per cent in the preceding month, the Nifty Midcap 100 rose by 10.4 per cent, the most since July 2022.
Overseas investors, as well as other key stakeholders, such as brokers, custodians, and clearing corporations, are yet to iron out critical issues, even as the shift towards a shorter trade settlement cycle approaches new phases. Several industry players said foreign portfolio investors (FPIs) are still facing impediments over the trade confirmation timelines, foreign exchange (forex) bookings, and pre-funding requirements. This could potentially act as a roadblock when it comes to moving entirely to the new T+1 settlement cycle from next year.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
It is learnt that Pandove had applied for indemnity under Rule 34 of BCCI constitution where the organisation pays on behalf of the member if he is slapped with a penalty while discharging his function.
With response tepid so far from domestic investors, these funds might soon approach FIPB for approvals.
The depreciation in rupee may pose a problem for students who have taken loans from Indian lenders.
The meeting was attended by Sebi executive director Usha Narayanan, Sebi wholetime member Prashant Saran and Reserve Bank chief general manager foreign exchange department Salim Gangadaran among others.
The Rupee is expected to weaken further against the dollar.
The tourism department will set up a 24x7 centre to address problems faced by visitors during the mega event scheduled from October 3 to 14.
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).
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.
Foreign portfolio investors (FPIs) are likely to get a reprieve from the Securities and Exchange Board of India (Sebi) in case of a passive or unintended breach of the thresholds that trigger additional disclosure norms. According to sources, FPIs whose single group exposure exceeds 50 per cent of their corpus will get 10 trading days to bring down their exposure below the prescribed level, without triggering the stricter disclosure norms. If total equity exposure of an overseas fund exceeds Rs 25,000 crore and it doesn't wish to provide additional disclosures, it will have three months to pare its exposure.
Reserve Bank Governor Shaktikanta Das on Monday said despite the latest headwinds arising from the Jackson Hole summit leading to extreme volatility, our banking system and financial markets are strong enough to withstand such pressures. Taking the markets by surprise, US Fed chair Jerome Powell had told the annual Jackson Hole summit of central bankers and economists last week that he would have to keep raising federal fund rates to tame inflation, which remains the biggest challenge to the world's largest economy. He also warned of the pains that such monetary policy actions would create on growth and jobs.
In a memorable year for the equity market, Dalal Street investors added a whopping Rs 81.90 lakh crore to their wealth in 2023 as a raft of positive factors powered a stellar rally in stocks. Experts said India's strong macroeconomic fundamentals, political stability owing to the BJP's success in recent elections in three significant states, optimistic corporate earnings outlook, signals from the US Federal Reserve about three prospective rate cuts next year and heavy retail investors participation played a major role in fuelling the stock market rally in 2023. In the year 2023, the 30-share BSE Sensex jumped 11,399.52 points or 18.73 per cent.
FIIs pump in $1.4 billion in March, after pulling out $2.9 billion in Jan-Feb.
Company's strategy is to 'milk the brand' as much as it can, as well as to look at an early transition.
Enforcement Directorate is jointly probing the case.
India's inclusion in JP Morgan's bond index can channel billions of dollars into India. How will the government securities market handle it?
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.
In order to attract inflow of foreign currency, the Reserve Bank on Tuesday simplified rules governing investments by non-resident Indians (NRIs) portfolio investments like equities and debt.
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.
This month, advertisements for managing directors and the senior management team for the National Bank for Financing Infrastructure and Development or NaBFID, should be out, signalling the start of a financial institution (FI) like no other the country has ever had. For this and other reasons government managers associated with the NaBFID project are convinced it should remain a 100 per cent government-owned entity. This is somewhat different from what former economic affairs secretary Tarun Bajaj said when the NaBFID Bill was being tabled in Parliament earlier this year: "To begin with, it will be 100 per cent government owned.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
Encouraged by foreign exchange reserves touching record levels, the Reserve Bank on Tuesday doubled the annual overseas investment ceiling for individuals to $2,50,000.
To first take a position that the currency would be managed, and then to witness it fall, is a grave loss of credibility for any government, and for any central bank.
The ruble has recouped most of its losses and become the top-performing currency globally. It continues to gain and is up 60 per cent against the US dollar from its lows in the first week of March. The ruble appreciated to 83 to the dollar intraday on Tuesday against a record low of 139 on March 7.
Hundreds of millions of dollars were invested in publicly traded Adani group stocks through Mauritius-based 'opaque' investment funds by partners of promoter family, the Organised Crime and Corruption Reporting Project (OCCRP) alleged on Thursday. The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to $150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani group has denied all allegations. Citing review of files from multiple tax havens and internal Adani Group emails, OCCRP said its investigation found at least two cases where the "mysterious" investors bought and sold Adani stock through such offshore structures.
