There have been several positive signals in Bharti Airtel with revenue market share (RMS) growth, better visibility of profits from Africa, and enough free cash flow to pursue deleveraging. Airtel's 4G and 5G data subscriber net additions were 5.6 million in Q1FY24, and 24.5 million in the last 12 months. Airtel currently has 230 million data subscribers on 4G/5G, which is about 70 per cent penetration of its base of 339 million subscribers.
The Union government will soon make amendments to the foreign trade policy (FTP) to enable exporters to claim export benefits for settling trade in rupees. These benefits are, so far, available for export payments received in foreign currencies. After the Reserve Bank of India (RBI) unveiled a mechanism to settle international trade transactions in the local currency on Monday, exporters have been demanding that the Ministry of Commerce and Industry come up with a clarification on the matter.
The US dollar jumped in overseas market on Wednesday.
The Indian rupee could soon get a unique symbol, with the finance ministry holding a public competition for a design. The finance ministry, which has called for entries by April 15, would shortlist five designs. The five designers would have to make a presentation to the jury members, before a final decision is announced. But even if the design was not selected, the five shortlisted entries would be entitled to a prize of Rs 25,000 each.
Foreign arms of many Indian firms under lens, have to seek approval to launch certain products
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals.
Breaking the streak of continuous fall in outstanding amounts, non-resident Indian (NRI) deposits rose for the first time in the financial year to $134.54 billion in October 2022. The figure was $133.67 billion in September. Reserve Bank of India (RBI) data showed that NRI deposits were in shrinking mode for the first six months of FY23. They fell to $133.67 billion in September from $139 billion in March.
The Enforcement Directorate (ED) on Friday said it has issued show-cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than Rs 5,551 crore.
The Reserve Bank of India's (RBI's) decision on Wednesday to relax restrictions on banks operating in the International Financial Services Centre (IFSC) related to the repatriation of idle funds in foreign currency accounts (FCA) could give a fillip to trading in foreign stocks at the GIFT City.
The government has decided to postpone the release of the new Foreign Trade Policy (FTP) and extend the existing one by six months on account of global uncertainties and currency fluctuations. The government was scheduled to announce the new FTP by the end of September. The current policy was to end on September 30.
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
Nepalese officials had alleged that the four entered Nepal for the smuggling of narcotics. They also claimed to have recovered 'brown sugar', a pistol and a machine used to print fake currency notes from Govinda Singh.
Chief Justice of India (CJI) D Y Chandrachud on Tuesday said the greatest challenge before the Indian judiciary is to eliminate barriers to accessing justice and make sure that the judiciary is inclusive and accessible to the last person in the line.
Bankers say outward remittances is confusing but can still be attributed to perception of stability in Indian economy.
India is expected to contribute 15 per cent to the global growth in 2023, an International Monetary Fund (IMF) official said on Tuesday. "Both India and China are expected to contribute 50 per cent of the global growth in the upcoming year (2023). "However, the share of India's contribution to global growth is expected to be around 15 per cent," Krishna Srinivasan, director, Asia and Pacific Department (APD) at IMF said at a roundtable with reporters from south Asian countries.
Futures contracts of the rupee against the dollar listed on the Dubai Gold
Reserve Bank Governor Shaktikanta Das on Wednesday said in the wake of appreciating US dollar, the movement of rupee has remained least disruptive as compared to its peers, and the size of foreign exchange reserve is comfortable. On a financial year basis (from April to October 2022), the rupee has appreciated by 3.2 per cent in real terms, even as several major currencies have depreciated, he said while announcing the latest set of bi-monthly monetary policy. "The story of the rupee has been one of India's resilience and stability," the Governor said while pointing out that the appreciation of the US dollar this year, which precipitated large-scale depreciation of all major global currencies including the Indian rupee, has drawn wide attention.
Global risk aversion and India's widening current account deficit have dragged the rupee close to all-time low.
Agency sleuths claimed he was arrested after they obtained some "vital leads" into the narcotics case registered against Rajput's live-partner Rhea Chakraborty and others.
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
Arvind Panagariya heads the government's main economic advisory body.
Benchmark indices Sensex and Nifty declined in early trade on Wednesday due to selling in financials, oil and IT stocks amid weak global trends.
This currency volatility is also a problem faced by countries such as Brazil, Korea and Thailand, which are putting up restrictions by increasing taxes to stop speculative inflows into their country.
Once more women assume leadership roles and join the nation-building process, he said, adding they will become a guarantee of the country's bright future.
Passengers entering India will now have to declare Indian currency exceeding Rs 25,000 and LCD, LED or Plasma televisions.
On November 8, 2016, Prime Minister Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy.
'Global investors expect the rupee to be more vulnerable in the downturns in the future than ever before,' notes Apoorva Javadekar.
