While the FPI limit on most bond issues would not be raised above 6 per cent, there would be some in which there would be no limits, reports Arup Roychoudhury.
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
They are making switch to the high-growth alternative investments fund industry, reports Pavan Burugula.
'The deal pipeline across products is robust for 2024.'
Equity benchmarks bounced back to end in the positive territory after trading lower for most part of the session on Thursday. The 30-share BSE Sensex climbed 223.60 points or 0.37 per cent to settle at 61,133.88. During the day, it had declined 431.22 points or 0.70 per cent to 60,479.06.
Non-uniform definition of control makes foreign investors wary, raise corporate governance issues.
The move came after a Mumbai court recently issued a non-bailable warrant against the former IPL commissioner.
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.
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
Such service providers were given time until the end of October to follow the law of the land.
Equity benchmarks recovered most of their intra-day losses and ended marginally lower on Tuesday amid buying in index majors Reliance Industries and Tata Consultancy Services. Helped by last minute buying activity in some of the index heavyweights, the 30-share BSE benchmark Sensex managed to trim most of its early declines and ended lower by 103.90 points or 0.17 per cent at 61,702.29. During the day, it had tumbled 703.51 points or 1.13 per cent to 61,102.68.
The impact of currency depreciation can also be mitigated by holding a portion of your investment portfolio in dollar-denominated assets.
The Enforcement Directorate (ED) has sought legal assistance from Singapore and Mauritius to take forward its probe in the alleged financial irregularities in the Indian Premier League tournament (IPL) and its former chairman Lalit Modi.
China's move to devalue its currency has exposed the fragility of its economy.
They were released from police custody on Wednesday after being questioned about their foreign exchange dealings.
These measures, under preliminary discussion with the central bank, come soon after Hexaware Technologies, an IT services company, recently said it was providing Rs 80-100 crore due to losses allegedly on account of foreign exchange transactions fradulently entered into by one of its officials with banks.
Andhra Pradesh secondary education minister K Parthasarathy was on Wednesday sentenced to two months' simple imprisonment by a court in Hyderabad in a 13-year-old case of Foreign Exchange Regulation Act violation.
The Reserve Bank of India on Friday opened a special window for cash-strapped state-owned oil firms to buy foreign exchange at market rates to provide them with more liquidity and manage exchange rates at the same time. As part of a two-pronged strategy to minimise the "potential adverse consequences for financial markets" due to the escalation in global crude prices, RBI also decided to conduct open market operations for oil bonds in the secondary market.
Domestic mutual funds (MFs) have underpinned demand for most public floats this year, dominated by small- and mid-sized initial public offerings (IPOs). Of the 24 IPOs that have hit the market so far this financial year (2023-24, or FY24), MFs have played the role of 'anchor investors' in 20. They have subscribed to over 40 per cent, or Rs 2,850 crore, worth of shares of the Rs 6,900 crore on offer in the anchor category, according to data provided by PRIME Database, a firm that tracks primary market data.
Rakesh Gangwal's holding is considered FDI even though the majority stake in Caelum is held by NRIs
Currently, banks are closed every second and fourth Saturday of a month. Why shouldn't they be shut every Saturday? When most customers carry their banks in their pocket (the app on the mobile phone), there is no need to keep banks open on Saturdays, argues Tamal Bandyopadhyay.
The Indian rupee slid to a fresh low of Rs 55.32 against the US dollar in the afternoon trade on Tuesday as foreign funds pulled out from emerging markets avoiding risky assets.
'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.'
'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?'
From a business perspective, local manufacturing of mobile handsets not only acts as a safeguard against possible barriers to cost-effectively importing handsets, but also ensures that domestic handset companies will be able to better serve Indian consumers, by reacting to changing trends and needs faster while ensuring that quality is maintained.
If any foreign account holder violates Indian laws, tax authorities can enforce repatriation of funds.
The lower quarterly profit was mainly due to rise in fuel costs, foreign exchange loss and lower yield
The Working Mechanism for Consultation and Coordination on India-China Border Affairs (WMCC) was established in 2012 as an institutional mechanism for consultation and coordination for the maintenance of peace and tranquillity in the border areas.
Forex dealers said dollar selling by exporters and a higher opening in the equity market also supported the rupee.
These sectors have underperformed the wider market over the past year and are seen having far more upside potential if the economy picks up thanks to Modi's reformist agenda.
Bhargavi Zaveri & Radhika Pandey explains how complexities of foreign exchange rules are used by India Inc to dispute contractual obligations.
On Thursday, the local unit had ended higher by 42 paise at 54.94, its highest closing since May 18 against the dollar on sustained FII inflows.
Benchmark indices Sensex and Nifty pared early gains to close marginally lower in highly volatile trade on Thursday due to losses in Larsen & Toubro and cautious trading ahead of the release of domestic inflation data. The 30-share BSE Sensex declined 35.68 points or 0.06 per cent to settle at 61,904.52 after hitting the crucial 62,000 mark in opening deals. During the day, it hit a low of 61,823.07 and a high of 62,168.22.
The problem here is that internal auditors are good at accounts, but they are not trained to track foreign exchange transactions
China's foreign exchange reserves look set to create a new record at $1 trillion at the end of this month or early November, posing new problems how to best manage it, economists said.
'Markets are not expensive; they are fairly priced.'
It has mostly been a one-way street for markets that have moved up sharply since July. The front-line indices - the S&P BSE Sensex and the Nifty50 - have gained 6.7 per cent and 7.3 per cent, respectively, in the past three months. The rally in mid- and small-caps has been sharper, with both indices surging 14 per cent and 9 per cent, respectively, during this period. This sharp run has made analysts at Jefferies cautious.
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals.
