ISRO is preparing for the PSLV-C62 mission launch on January 12 from Sriharikota, carrying the EOS-N1 satellite and multiple other payloads.
The Supreme Court's verdict directing Tiger Global to pay capital gains tax on its 2018 sale of Flipkart shares is unlikely to accelerate the selloff by foreign portfolio investors (FPIs). However, legal and tax experts say the ruling sharpens scrutiny around treaty benefits and could influence how offshore investors structure future India bets.
Air India and Air Mauritius on Monday announced expanding their codeshare partnership that will provide enhanced connectivity for India with South Africa, Reunion and Madagascar through Mauritius.
Mukherjee, who is in Port Louis on a three-day visit, said the Double Taxation Avoidance Convention cannot be seen in isolation, separate from the many strands that weave the tapestry of India-Mauritius relationship and efforts, and it should remain focused on realisation of the full potential of the bilateral ties.
The JWG has had eight rounds of meeting since it was set up in 2006 but no mutually agreeable solution has been arrived at.
Foreign portfolio investors (FPIs) from Mauritius may face higher scrutiny after the amendment in the India-Mauritius tax treaty introduced a principle purpose test (PPT) to prevent treaty abuse by taxpayers. The Mauritius government had in February decided to amend the double taxation avoidance agreement (DTAA) with India to align with the Organisation for Economic Co-operation and Development's proposal on base erosion and profit shifting. Although the agreement between India and Mauritius was signed on March 7, the protocol of the amendment was made public for the first time on Wednesday, said legal experts.
From the Sensex basket, Tata Motors, State Bank of India, Tata Steel, Power Grid, NTPC, Bajaj Finserv, Bajaj Finance and Asian Paints were the major laggards.
Engagement with neighbours is a strategic imperative, and not an option, asserts Rup Narayan Das.
The agreements and the memoranda of understanding were signed in the presence of Prime Minister Manmohan Singh, who is in Mauritius on a four-day visit, and his Mauritian counterpart Paul Reymond Berenger.
Talks not to resume till the island nation expedites revision of double-taxation avoidance agreement.
President Pranab Mukherjee on Tuesday met with Mauritian Prime Minister Dr Navinchandra Ramgoolam at the latter's official house, Clarisse House (but which he doesn't stay in, choosing to reside in his private home instead). The meeting, which lasted over 45 minutes, saw the two sides reinforce and re-establish their close ties.
Devas Multimedia has seized $87,457.47 cash that ISRO's commercial arm Antrix Corporation held in the US as it looked to enforce a $1.2 billion compensation it had won over a cancelled satellite deal, its lawyer said on Wednesday. Devas Multimedia America Inc had sought seizure of $145,000 but the actual recovery was $87,457.47 (a little less than Rs 70 lakh). This came after it secured a favourable order from the Eastern District Court of Virginia, Matthew D McGrill said.
India and Mauritius on Tuesday signed three memorandums of understanding during the three-day State visit of President Pranab Mukherjee. One MoU was on persons with disabilities and senior citizens, another on cooperation in the field of health and medicine, and the third was on cooperation in the field of tourism.
The government will use the Supreme Court order calling the 2005 deal between ISRO's commercial arm Antrix and privately-owned Devas Multimedia a fraud, to counter seizure of its properties, Finance Minister Nirmala Sitharaman said on Tuesday as she launched a blistering attack on the Congress for handing over airwaves used by the defence to the private firm for pittance. "It is a fraud of Congress, by Congress (and) for Congress," the minister told reporters as she read out paragraphs from the Supreme Court's January 17 decision allowing winding up of Devas Multimedia because of the fraud.
Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect $1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. "Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.
The new Supreme Court building in Port Louis is a symbol of India-Mauritius cooperation and shared values, the prime minister said in his address.
A French court has ordered freezing of an Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a USD 1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy.
Foreign portfolio investors (FPIs) who invest from Mauritius into Indian companies that dole out bonus debentures will get impacted by the tax avoidance provisions on bonus stripping. The FY23 Budget has extended these provisions - applicable only to MFs, so far - to shares and units of REITs, InvITs and AIFs. The move will especially affect large institutional investors who sell original units within nine months after the record date because the loss arising from sale of original units would have to be ignored for the purposes of computing taxable income and cannot be set off against any other capital gain.
The inflows came higher in March than in February of 2019-20 despite the lockdown for a week, reports Indivjal Dhasmana.
Being part of category-I implies lower compliance burden, simplified know-your-customer norms and documentation requirements, and fewer investment restrictions.
There is a growing concern that many entities are routing their investments into the country through Mauritius to reap undue tax benefits.
The government on Tuesday said it has received information related to black money from Mauritius and was examining it for appropriate action.
On Tuesday, the rupee lost 9 paise to close at 66.67 against the US dollar.
A tax authority has ruled that Mauritius-based companies will have not have to pay capital gains tax in the country, a decision that will encourage global business entities to route investment from the island nation.
Long accused of being a route for avoiding taxes for foreign investments into India, Mauritius says it has put additional safeguards in place to thwart such wrong perceptions and to boost its image as a preferred global financial centre.
Short of saying that it will not renegotiate the Double Taxation Awardence Treaty with India, Mauritius said on Tuesday there was a need for a balanced approach as the agreement has benefited both the countries since it was framed in 1983.
Mauritius on Monday said it would soon adopt the open sky policy and allow private airlines from India to use its air space.
The Jardine Fleming India Fund said on Tuesday that directors have decided again presenting shareholders with a proposal to liquidate the fund.
India told Mauritius that it will not take any decisions that will "adversely impact" bilateral relations while reassuring the country that amendments to the bilateral tax treaty would be made only after considering the legitimate interests of both sides.
In May, India and Mauritius signed a protocol to introduce in-principle taxation of capital gains in India in a phased manner.
Daughter of former deputy PM late Jagjivan Ram, Kumar, 72, was also the first woman to occupy the high office of the LS speaker
The amended India-Mauritius tax treaty has inserted a new clause allowing source-based taxation at 10 per cent on fees paid for technical and consultancy services.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
Foreign Direct Investment inflows from Mauritius have almost halved during April-January period of last fiscal to $4.11 billion on fears of impact of GAAR and possible re-negotiation of the tax avoidance treaty.
Mauritius promises India full-cooperation on tax treaty issues.
Spanish bank denies credit line to bail Sahara boss.
Signing of the pact will hopefully end stock market uncertainty that came with the mention of the M-name
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
The Supreme Court on Monday gave conglomerate Sahara another three months to come up with a final proposal to raise funds against its assets to secure bail for its founder Subrata Roy, who has been held in a New Delhi jail for more than a year. Sahara has made several failed attempts to raise $1.6 billion in bail money. Roy was jailed after Sahara failed to comply with a court order to refund billions of dollars to investors in a bond programme that was ruled illegal. The Supreme Court last week gave Sahara, a sprawling conglomerate that ranges from property to Formula One motor racing, a final chance to raise funds in order to bail out Roy. On Monday, the country's top court allowed Sahara to sell part of its Aamby Valley township outside Mumbai, which has luxury villas and a golf course, to raise funds.
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