Market regulator Sebi on Tuesday said foreign investors from Mauritius will continue to be eligible for FPI registration with increased monitoring as per international norms. The announcement comes after the tax haven was put on the "grey list" of Financial Action Task Force (FATF) -- an inter-governmental policy making body that sets anti-money laundering standards.
'Marquez is trying to instil his philosophy, and that's going to take time. In every camp, we're getting closer to what he wants from us as a team. With time, training, and the level of coaching he has, I have no doubt we'll be a strong team in the qualifiers.'
India play out 1-1 draw with Vietnam in international football friendly
In order to tap the hospitality industry in Mauritius, major Indian hotel chains are aggressively setting up hotels in the country.
Head coach Manolo Marquez will seek his first win with Team India in an international friendly against Vietnam in Nahm Din, Vietnam on Saturday which was originally planned as a Tri-Nation tournament before Lebanon's withdrawal.
Modi said the two countries should resume their discussions on Comprehensive Economic Partnership Agreement.
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Mauritius is also promising a host of other benefits to Indian companies routing their investments to African nations.
'Overall it's time that the federation focuses on how to take Indian football forward. You cannot just have Vision 2046 on paper and not implement things.'
Mauritius is biggest route for investment into India.
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Prime Minister of Mauritius Navinchandra Ramgoolam arrived in Patna on Monday on a three-day tour to Bihar.
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The Securities and Exchange Board of India (Sebi) has permitted 100 per cent contribution from non-resident Indians (NRIs) and overseas citizens of India (OCIs) in the corpus of foreign portfolio investors (FPIs) based out of Gujarat International Finance Tec-City (GIFT City), the country's international financial services centre (IFSC). However, the Indian diaspora is yet to fully embrace this new route. The regulator allowed this route to enhance the fund ecosystem at GIFT City and attract genuine investments from overseas Indians.
Foreign investors continued their relentless selling in the Indian equity markets in August, offloading shares worth Rs 21,201 crore due to the unwinding of the yen carry trade, recession fears in the US and ongoing geopolitical conflicts. This came after an inflow of Rs 32,365 crore in July and Rs 26,565 crore in June, data with the depositories showed.
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.
Mauritius on Monday said it would soon adopt the open sky policy and allow private airlines from India to use its air space.
Amid tax treaty uncertainties, India's share of the number of investments made by global companies through Mauritius has almost halved in the past two years even as Africa's share has surged significantly.
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.
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Modi is likely to hold separate bilateral meetings with the foreign leaders.
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A major earthquake of 6.3 magnitude hit Mauritius early on Monday morning. There have been no reports on the casualties and losses yet.
Nepalese Prime Minister Pushpa Kamal Dahal 'Prachanda', Bhutanese Prime Minister Tshering Tobgay and Prime Minister of Mauritius Pravind Jugnauth are set to be invited to Modi's swearing-in ceremony.
Sharif was the only prime minister from India's neighbourhood who wasn't invited to the swearing-in ceremony in New Delhi.
With Mauritius slated to become a duty-free market within the next one year, the island-nation could be one of the most preferred business destinations for Indian entrepreneurs.
Talks not to resume till the island nation expedites revision of double-taxation avoidance agreement.
State-run Mahanagar Telephone Nigam, which had acquired the licence to offer telecom services in Mauritius in 2004, has started operations with international long distance services to begin with.
Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company Law Tribunal (NCLT) order dated February 27, the payment for the acquisition was to be made within 90 days from the NCLT's approval of the resolution plan and after receiving all legal and regulatory clearances.
Mauritius has decided to do away with the visa system for Indian tourists in the island country from October 2004 to give a fillip to tourism.
Overseas Indian Affairs Minister Vayalar Ravi stated that the focus areas of the PBD in Mauritius would be to deliberate ways and means of further strengthening economic engagement, role of youth in maintaining the vital PIO links and cultural heritage as well as look at mutual areas of exploration where Mauritius could serve as a gateway for doing business with Africa.
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After two months of net outflow, foreign investors turned buyers in June, infusing Rs 26,565 crore in Indian equities, driven by political stability and a sharp rebound in markets. Looking ahead, attention will gradually shift towards the budget and Q1 FY25 earnings, which could determine the sustainability of FPI flows, Vipul Bhowar, Director, Listed Investments, Waterfield Advisors, said.
Mauritius promises India full-cooperation on tax treaty issues.
There is a growing concern that many entities are routing their investments into the country through Mauritius to reap undue tax benefits.
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