International airlines are offering affected passengers an option of refund, vouchers, discounts on future bookings, and the opportunity to hold tickets for up to two years following travel bans.
As stringent sanctions imposed by the European Union and US are crippling business and trade, desperate Russian oil companies are offering huge discounts to India, provided a payment mechanism to bypass the SWIFT ban is quickly approved by the government. According to sources familiar with the development, Russian oil firms are offering 25-27 per cent discount to the dated Brent crude prices. State-run Rosneft is one the biggest oil companies that supply crude to India.
Investors, including large corporations, view them as a potential hedge against uncertainty, and mainstream investment banks too are jumping into the game.
Sri Lanka's new Finance Minister Ali Sabry on Tuesday resigned, a day after President Gotabaya Rajapaksa appointed him after sacking his brother Basil Rajapaksa amidst the island nation's worst economic crisis.
CBI had registered a case under Section 120-B (criminal conspiracy).
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
The NSE International Exchange (NSE IFSC) on Monday said trading in select US stocks will soon be facilitated through its platform. The Exchange will soon announce the operational details and will launch the product at the earliest possible time, NSE IFSC said in a statement. It further said depositories, banks and brokers have already started working with NSE IFSC to enable these investment products for Indian investors.
Having exposure to international funds and gold is a must for those who have foreign currency-denominated goals.
President Gotabaya Rajapaksa on Monday fired Basil Rajapaksa from his post and invited the Opposition parties to join a unity Cabinet to tackle the raging public anger against the hardships caused by the economic crisis.
From March 3, investors in India will be able to trade in select US stocks through the NSE International Exchange (NSE IFSC), a wholly owned subsidiary of the National Stock Exchange (NSE). Investors can invest in NSE IFSC receipts on US stocks, which will be in the form of unsponsored depository receipts (DRs). For a start, this will include DRs of 50 US stocks such as Apple, Alphabet, Amazon, Tesla, Microsoft, Morgan Stanley, Nike, P&G, Coca-Cola, and Exxon Mobil. Indian retail investors will be able to transact on the NSE IFSC platform under the Liberalised Remittance Scheme (LRS) limits prescribed by the Reserve Bank of India (RBI), which currently stand at $250,000 per year.
Kerala will be one of those places where the line between tourism, a land, a people and their way of life will blur. It won't be tourism; it will be a visit to experience Kerala.
'... as has been happening in the last three weeks, then the foreign exchange reserves will not be comfortable to ensure that the rupee does not fall drastically.'
The hospitality sector has been hit very hard by the pandemic. In the past 18 months, it has lost business, first because of the harsh lockdowns and after that because of lack of demand due to the ensuing economic slowdown. Most hospitality businesses have sustained low revenues and losses since April 2020. Is this the classic case of a beaten-down cyclical sector that may be close to bottoming out?
The Government also defended the President's decision to enforce a state of emergency, that had given him sweeping authority to act in the interests of public security and preserving public order, including suspending any laws, authorising detentions and seizing property, saying it was declared after attempts were made to attack the President's Office and other public property.
The government's poor handling of the economic crisis where people currently endure long hours of power outages and scarcity of essentials has angered the public which planned country-wide protests on Sunday.
'I know margins are under pressure, but have banks begin to stoop so low to enhance their floats or slip in strange charges?' asks Keya Sarkar.
The investigation under FEMA was taken up by ED based on a reference received from RBI to investigate advance remittances received by certain entities for the purchase of the shares of Tamil Nadu Mercantile Bank through escrow mechanism maintained with Standard Chartered Bank, Mumbai.
India's current account swung to a deficit for the first time in the current fiscal, with the gap coming at $1.7 billion or 0.2 per cent of the GDP in the December quarter. In the current fiscal, as the pandemic impacted trade, the current account had been in surplus in the previous two quarters, at $15.1 billion and $19 billion, respectively, as per the data on balance of payments released by the RBI on Wednesday. The critical measure of a country's external strength now stands at a surplus of 1.7 per cent of GDP for the first nine months of the fiscal year as against a deficit of 1.2 per cent in the year-ago period. In the December quarter, there was a rise in the merchandise trade deficit to $34.5 billion from $14.8 billion in the preceding quarter, and an increase in net investment income payments.
Bankers say outward remittances is confusing but can still be attributed to perception of stability in Indian economy.
They said the notice was issued, after completion of the probe, under the Foreign Exchange Management Act (FEMA).
Ppolitical experts in Colombo said the ministers came under intense pressure from the public over the government's alleged "mishandling" of the economic crisis, triggered by the shortage in the foreign exchange reserve.
These are the highlights of RBI Governor Shaktikanta Das's statement and resolution of the Monetary Policy Committee (MPC):
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
The government is considering blocking internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening, said a source in the know. Two months ago, the government had said it intended to bring a Bill to ban private cryptocurrencies and introduce India's own digital currency in line with what China and other countries had done. This move is part of that. The government had also proposed to promote technology like blockchain. Industry, however, says banning decentralised currencies like bitcoin and ethereum is not possible.
According to the bill, Indians should not exceed 15 per cent of the population.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
Bangladesh might overtake India this year by per capita income in nominal dollars, but it is not yet close to becoming South Asia's economic powerhouse anytime soon, T N Ninan points out.
From road transport to health insurance, tax rules have changed from October 1.
The agency said in a statement that a provisional order has been issued under the Prevention of Money Laundering Act "attaching bank accounts of Amnesty International India Pvt Ltd (AIIPL) and Indians for Amnesty International Trust (IAIT)".
The new AIS is expected to make the taxpayer's task of filing ITR easier and faster, points out Bindisha Sarang.
The tax department surveyed the office of the news portal located at Sarvodaya Enclave in south Delhi on Friday along with that of another digital news platform Newsclick in Saidulajab area (south Delhi) on charges of alleged tax evasion.
With decline in number of fresh COVID-19 cases and easing of restrictions, the country's gross domestic product (GDP) will grow at 8.5 per cent in FY2021-22, according to credit rating agency Icra Ratings. It expects the gross value added (GVA) at basic prices (at constant 2011-12 prices) to grow at 7.3 per cent in FY2022. "The impact of the second wave of COVID-19 and the ensuing state-wise restrictions was seen across a variety of high frequency indicators in April-May 2021.
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
'For HNIs, shifting economic activities outside India by creating regional hubs for businesses is a better option.'
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
I kept insisting that Rs 100 notes were in short supply and there was an urgent need to augment the supply of 100 rupee notes while also rapidly bringing into circulation the proposed new Rs 500 notes. But this was easier said than done because all the note printing machines of the RBI were programmed for printing Rs 2,000 notes and required at least three weeks before the machines could print the new Rs 500 currency notes. The availability of currency paper posed another major bottleneck, and it had to be imported. It was decided to immediately start printing the Rs 500 notes. It was only when the supply of the new Rs 500 notes started improving and the process of change of cassettes at the ATMs gathered momentum that the situation began limping back to normal. A fascinating excerpt from former SBI chairman Rajnish Kumar's The Custodian of Trust: A Banker's Memoir, five years after demonetisation, November 8.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
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