Granting partial relief to foreign companies operating in the country, the Supreme Court on Thursday reversed the judgment of the Karnataka high court that there was an obligation in each and every case of remittance made to foreign payees to deduct tax at source and only the issue of proportionality of the tax could be decided by the revenue department under Section 195 (2) of the Income Tax Act.
College is where the manicured view of the world provided by one's family, encounters new trends. It is the dawn of exploration. Wishing for a sanitised bubble on campus appears hypocritical. The correct strategy, one would assume, is to weed out the violence while retaining the right to political debate, argues Shyam G Menon.
Indian investments in equity and debt account for the second-highest remittances outgo (about a quarter).
Beginning with the bird's eye view of itself -- a narrow state of hills, rivers and high population density, in a tapering part of the Indian subcontinent. It can be a beautiful place shaped by aesthetic founded in appropriate lifestyle and progressive views, or a junkyard shaped by money and what money buys. The choice is Kerala's, notes Shyam G Menon.
"His (Chidambaram) arrest is good news. He is now cornered from all sides," Indrani Mukerjea told reporters in a sessions court where she was produced to attend trial in the case of killing of her daughter Sheena Bora.
Bank strike continued for day-two on Tuesday, led by nine unions of public sector banks (PSBs) in the country, opposing government's policy to privatise the lenders. Customers will be inconvenienced to get services such as cash withdrawals, deposits, cheque clearances, remittance services. Government transactions related to treasury as well as business transactions will also be impacted. United Forum of Bank Unions (UFBU), an umbrella body of nine unions, had given a strike call for March 15 and 16.
"The Reserve Bank of India, has today once again clarified that remittance in any form towards participation in lottery schemes is prohibited under the Foreign Exchange Management Act, 1999," RBI said in a release.
Public sector banking major Indian Overseas Bank on Wednesday launched an Internet-based online remittance product 'e-Cash Home', providing a fast channel for the United States-based non-resident Indians to remit money back home.
"The PMJDY has been the foundation stone for the Modi government's people-centric economic initiatives. "Whether it is direct benefit transfers, Covid-19 financial assistance, PM-KISAN, increased wages under MGNREGA, life and health insurance cover, the first step was to provide every adult with a bank account, which PMJDY has nearly completed," Nirmala Sitharaman said on the sixth anniversary of the scheme.
As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts was at Rs 1,00,495.94 crore as on July 3.
Whether one likes it or not, services constitute the value-addition sector that the country has to build on, using its comparative advantage in infotech and related skills, suggests T N Ninan.
Addressing a G20 Summit session, Modi also presented his '5-I' vision to maximise digital technology for social benefit.
As the Pakistan government is struggling to fix the country's crumbling economy, a drop in it's demand for export and uncertainty about remittances pose a risk to its external outlook, the IMF said.
The RBI cracked down on offshore foreign exchange trading by Indians through online trading websites.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
As part of the service, UAE-based Indian immigrants can transfer money to their families based in India and the service would complement existing remittance channels and make transferring money internationally more affordable, Tata Communications said in a filing to the Bombay Stock Exchange. In the first phase, this service would be extended to over 27 lakh subscriber base of mobile services operator Idea Cellular in Kerala.
There is positive correlation between crude oil prices and Indian equities and investors can expect more upside after the recent rally in Brent crude price.
When contacted whether Letters Rogatory have been sent, CBI sources said "it is in the process".
'Mere fundamentals will not do the trick,' cautions former commerce secretary Rahul Khullar.
The new service, Pravasi, will offer banking solutions for NRIs in India and Oman, with services ranging from basic remittance service, investments in international and Indian funds, wealth management solutions to demat accounts in India and Oman for trading in shares and retirement solutions, the bank said.
India Inc reacted cautiously to allegations on Swiss a/cs.
Individuals may soon get to invest in overseas commodity and equity derivatives.
Meridian Tech Pte has its development centre in Hyderabad.
The review will help all the banks find if there is any loophole.
E-commerce firms and sellers including Amazon and eBay have made recommendations to the government for a differentiated policy framework for e-commerce in the revised Foreign Trade Policy (FTP) which is expected to come into effect from April 1, 2021. This is because the existing policies on exports have catered largely to traditional, offline and business-to-business exports. Suggestions have been made to the government that through the FTP, it is important to create a conducive policy framework for e-commerce exports that lowers the entry barrier for small businesses to start exporting, according to the industry sources.
Providing access to unbanked areas in the country has been high on the agenda of RBI, as almost 40 per cent of the population doesn't have a bank account.
Anand Rathi recently carried out a research on the behaviour of the economy and CAD.
'It could tempt investors to pick stocks that are not fundamentally sound.'
The banks used for the fraud include ING Vysya Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, IndusInd Bank, Dhanlaxmi Bank, YES Bank and DCB Bank.
Despite the uncertainty surrounding the future of the Unique Identity (UID) project, or Aadhaar, the Reserve Bank of India (RBI) is testing a mobile-based payments system linked to this platform.
Reserve Bank carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms
Non-resident individuals (NRIs) have also been allowed to apply for the niche banking licence, provided they plan to return to India.
Asked about the report, MEA spokesperson Anurag Srivastava said, "The political judgements of Freedom House are as inaccurate and distorted as their maps."
The Central Bureau of Investigation on Monday questioned former Indian air force Chief S P Tyagi and two others in connection with alleged irregularities in the AgustaWestland helicopter deal.
Priyadarshini Maji evaluates the impact that payment banks are likely to have on your financial life.
'This prime minister thinks he knows everything.' 'He has to consult, he has to talk and he has to mobilise the best people, but having seen him function, I have no expectations from him.'
Its entry will increase competition especially when WhatsApp too has received approvals to launch payment service.
The searches are in connection with alleged violation of foreign direct investment norms that is linked to an earlier case of revocation of Foreign Contribution (Regulation) Act licence of the NGO by the Union home ministry in 2010, the ED said.
Payment for imports do not require these two forms.
Banking operations including cheque clearance across the country got affected on Monday as bankers under the aegis of the United Forum of Bank Unions have gone on a nationwide strike to protest against the proposed privatisation of two state-owned lenders.
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