Income Tax dept will launch over 100 fresh prosecution complaints.
India's private sector activity contracted further in August, reflecting faster contractions of both manufacturing and services output, amid decline in new orders and tough economic conditions.
The RBI left interest rates unchanged, saying there was no substantial development on inflation or fiscal fronts to warrant a fresh reduction.
India's services sector activity expanded in May and the pace was the fastest in three months, driven by uptick in new orders, an HSBC survey said on Wednesday.
Nearly two million e-mandates for recurring payments have been registered with banks and card networks after the Reserve Bank of India (RBI) made it mandatory from October 1 to take prior consent of a customer before debiting her account, sources in know of the matter said. Industry estimates peg the recurring transactions at approximately 2.5 per cent of the total volume of transactions, and about 1.5 per cent in terms of value. Of these, around 75 per cent of domestic recurring transactions, and about 85 per cent international recurring payments are below Rs 5,000.
With the Financial Intelligence Unit deciding to probe three major banks for alleged money laundering, it is interesting to note that the same agency also conducted a probe in the HSBC money laundering case.
Bumper liquidity as a result of global central bank stimulus measures should prevent a sharper downturn.
Chances of a rate cut in April improve if core inflation continues to ease, growth falling below the projected 7.2% for FY19 and if the global trade slowdown exacerbates.
It, however, remains to be seen how much money Softbank actually puts in, what the implied equity valuation is and if the e-commerce venture is included in the Jio entity.
August witnessed the fastest pace of growth in new business orders since February.
The index, however has remained above the 50 mark - below which it indicates contraction - for more than three years now.
India's manufacturing sector witnessed a slowdown in July - the weakest growth rate since November - because of moderation in domestic and export orders amid sagging global economy, an HSBC survey said.
Terrorist groups and drug mafias often use middlemen, who open several accounts in a bank under a number of assumed identities, says Vicky Nanjappa
According to HSBC, the RBI will keep the policy rate on hold next week, although it is likely to cut the CRR by 0.25 per cent to address the lingering liquidity tightness.
With the rapid growth of the emerging markets, the global economy is experiencing a seismic shift, points out the latest study by HSBC. Titled, 'The World in 2050', the report highlights that the economic shift is likely to continue.
It was Sindhu's third successive loss to Marin, who had won both the Super 1000 events in Thailand in January before finishing runners-up at the HSBC BWF World Tour Finals.
The monsoon has so far disappointed and if rainfalls do not increase soon it will push up inflation as well as the subsidy bill, further limiting the room for RBI rate cuts, an HSBC report says.
The survey, commissioned by HSBC last year, covered 16,000 people.
The CBI also told the court that it has sought Interpol's help in seeking access to overseas bank accounts of the Mukerjeas
If you are looking for a change, and have been considering to move oversees, this survey can help you find the best foreign country to live and work in.
Naina Lal Kidwai, Country Head, HSBC India and the first Indian woman to have graduated from the Harvard Business School, in 1982 speaks about the importance of hard work, women in IIM classrooms and more.
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
India's manufacturing PMI rose to 54.5 in December, 2014, while in the corresponding period a year ago it stood at 50.7, just above the crucial 50 mark which separates growth from contraction.
Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
HSBC's purchasing managers' index was released on Tuesday.
It has been in force since October 2011.
Similarly, 51 per cent of 105 market participants polled by RBS said they do not expect a CRR cut in the quarterly policy announcement next Tuesday.
The Indian team, comprising Olympic hopefuls PV Sindhu, Saina Nehwal and B Sai Praneeth, have been allotted training timings. The players also had their first gym session in the afternoon.
The finance ministry has received over 600 names of Indians who have accounts in HSBC Bank's Switzerland branch, from the government of France.These names were obtained by the French government after an employee of HSBC Bank became a whistleblower. He took refuge in France and brought along a long list of account holders who have allegedly stashed money in the Swiss branch of HSBC Bank. Now the Indian government is sitting tight on those names.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
In 2008, Josephine Bhasin's bank accounts at HSBC India were valued at $8.3 million.
The IRS uses a John Doe summons to obtain information about possible tax fraud by people whose identities are unknown.
The data leak obtained by 'The Australian' newspaper has revealed how the alleged CPC members are employed with some of the world's biggest corporations in the areas of defence, banks and pharmaceutical giants manufacturing coronavirus vaccines.
Former minister responds to Sheela Bhatt/Rediff.com's questions.
ATP, WTA cancel China events, including Shenzen Finals
Tamal Bandyopadhyay takes a close look at some of the magic figures in the banking sector
'Spends are likely to increase from the current levels because recovery is yet to fully be over.'
The Special Investigation Team (SIT) on black money today rejected an HSBC whistleblower's claim that Indian authorities are not using a "lot of information" on illicit funds, saying he has created a "hue and cry" and not replied to its earlier requests.
Former Dabur director gave sketchy details of investors and his employer after two years of tax summons.
Make sure you have a firm investment policy in place - one that clearly spells out which product to buy for each goal, why to buy, when to buy and when to sell.
