The government has made pan card mandatory for all transactions above Rs 1 lakh.
Only five Indian companies would be in a position to choose most available redemption options for their foreign currency convertible bonds (FCCBs), due for redemption this year, according to a report by Fitch. The rating agency said of the $7 billion FCCBs, 20 per cent were likely to face a default, owing to the stressed liquidity position of the companies.
Country's foreign exchange reserves dropped by $2.063 billion to $ 335.729 billion in the week to March 13.
Revision in the context of an ongoing global review affecting financial institutions: Moody's
For financial sector companies setting up shop in India, as of now the go-to regulators are obviously Sebi and the RBI with carve-outs for IRDAI or possibly PFRDA. But this could change soon with the International Financial Services Centres Authority, observes Subhomoy Bhattacharjee.
Be careful about what and how you spend using your credit card while travelling abroad.
Mumbai-based business process outsourcing firm Firstsource plans to sell US-based MedAssist, a health care business it acquired in 2007. Firstsource had paid $330 million for the acquisition.
India received $70 billion in remittances during 2014.
Analysts expect the central bank to remain watchful of inflation.
As much as technology makes life easier it also gives rise to some loop holes which might burn a hole in pocket at times.
Heightened volatility makes the debt rollovers difficult.
Buoyed by excellent response in December, hopes to raise a total of 1 billion to refinance notes due end-2018.
This is prime minister's second visit to Bhutan and the first since his re-election.
Around $1.54 billion was raised by 60 companies through the automatic approval route, which does not require the approval of RBI or the government, while $520 million was raised by the Exim Bank under the approval route, to meet its lending requirements abroad.
The Reserve Bank of India (RBI) has said it expects several companies which have raised money through foreign currency convertible bonds (FCCBs) to face severe funding problems in the next two years due to lacklustre equity markets.
The Directorate of Revenue Intelligence on Saturday slapped the charges of Foreign Exchange Management Act and Customs Act violation against Pakistani Sufi Singer Rahat Fateh Ali Khan and his manager Maroof in connection with recovery of huge undeclared foreign currency from them at the New Delhi airport.
Rahat had reportedly told his interrogators that Event Manager Chitresh had allegedly handed over money to him at the airport before boarding the Emirates Delhi-Lahore-Dubai flight.
United Spirits Ltd (USL), flagship spirits company of the UB Group, has finally decided on foreign currency convertible bonds (FCCBs) to raise as much as $225 million (Rs 1,190 crore). The plan is to raise up to $175 million, plus an over-allotment option of $50 million.
Pakistani singer Rahat Fateh Ali Khan and two of his troupe members were released on Monday evening pending investigations into recovery of foreign exchange case.
Round-the-clock customs clearance at eight major ports, reduction in bank charges on foreign currency and concessional loans are among the measures announced by the government to cut transactions cost.
Reliance Industries has doubled the average life of its debt to around 7.5 years.
Foreign currency assets surged $2.541 billion to $284.571 billion in the period.
Rise in reserves was predominantly on account of increase in FCAs
Because of lower ratings, these companies would have to pay higher rates if they raised money directly.
The rupee weakened to 62.58 against the US dollar in the early trade on Thursday.
'Amendments in the past have created fear. This will take it further.'
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.
The minimum size of each bid would be $10 million and in multiples of $1 million thereafter.
The famous Shri Saibaba Sansthan Trust has witnessed a steady rise in its fortunes in the form of donations from devotees over the last few years, a senior official of the organisation said on Friday.
'Organising Committee Commonwealth Games 2010 Delhi would like to state that we have followed due diligence in making all payments, getting the clearances from the Executive Board and from Reserve Bank of India for incurring the expenditure in foreign currency. All remittances happened against this clearance,' OC spokesperson Lalit Bhanot said in a statement.
After cheap toys, consumer goods and other manufactured products, cheaper loans could be the next major Chinese import into India, and the credit may go to a potential FCCB crisis looming large over Indian corporates.
The Himachal Pradesh government on Tuesday said it has not received any information from the Centre regarding any 'clean chit' given to Karmapa Ogyen Trinley Dorji in connection with the recovery of foreign currency.
Pakistani sufi singer Rahat Fateh Ali Khan was questioned on Friday by the Directorate of Revenue Intelligence officials for allegedly carrying $ 1.24 lakh (about Rs 60 lakh) of undeclared foreign currency.
Official sources said the ED will focus on the event managers and will also issue summons to them under the Foreign Exchange Management Act (FEMA) to explain how they got the foreign exchange that was paid to the singer.
The Himachal Pradesh government is now moving to acquire the land of Gyuto Monastery, the transit home of Karmapa Ugyen Trinley Dorje, as the probe into seizure of large amount of foreign currency from the monastery brought fresh focus on benami deals by the community members.
The singer is currently in the news for all the wrong reasons.
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In the previous week, total reserves increased by $950.9 million to $313.536 billion.
A trust backed by Karmapa Ugyen Trinley Dorje could have amassed benami property and illegally stashed foreign currency worth Rs 20 crore, investigators claimed.
Bank accounts of a trust backed by Karmapa Ugyen Trinley Dorje and its trustees have been frozen in connection with the probe into the seizure of a huge amount of foreign currency from a transit home of the Tibetan spiritual leader. "It (freezing of bank accounts) is part of the investigation process as bank accounts were being thoroughly screened for money transactions," Inspector General of Police P L Thakur said on Friday.
Indian companies raised over $3.41 billion overseas in December through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), the Reserve Bank of India (RBI) has said.
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