Commonwealth Bank of Australia on Wednesday opened its first Indian branch in Mumbai and became the only Australian bank to operate a full Indian banking licence.
The widening of the CAD on a year-on-year basis was primarily on account of a higher trade deficit at $50 billion
'Organising Committee Commonwealth Games 2010 Delhi would like to state that we have followed due diligence in making all payments, getting the clearances from the Executive Board and from Reserve Bank of India for incurring the expenditure in foreign currency. All remittances happened against this clearance,' OC spokesperson Lalit Bhanot said in a statement.
Touted as underworld's biggest money launderer Tanveer Jaffery, 65, funnelled crime lords' dirtycash through banks and his 'Remittance to Pakistan' money transfer firm, which let people send funds home to Pakistan through website R2PK.com, the Daily Mirror reported.
"While you can approach money transfer agencies apart from banks to receive money, only a bank can help you send outward remittances," says Ravi Menon, head of foreign exchange at Cox and Kings.
The ED, in its chargesheet filed against Michel in June 2016, had alleged that he received 30 million (about Rs 225 crore) from AgustaWestland.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
The former RBI Governor also emphasised on the need to boost economic productivity and attract investments.
Ola was supposed to expand to the Netherlands, Kenya, Dubai, Israel, and Brazil.
Enforcement Directorate is jointly probing the case.
The Panama Paper leaks were originally revealed by the International Consortium of Investigative Journalists on April 4, 2016, following which, the government had set up the MAG to probe the matter.
The rubber and tourism industries in the state, to which the bank has exposure, have been hit.
India will catch up with China's growth at 7 per cent during 2016-17, the World Bank has forecast, saying India's economy has recovered in the wake of the economic reform measures taken by the new Indian government, falling oil prices and lower interest rates.
If you fail to carry out any transaction for 24 months through your bank account, it can be frozen.
Dhivya Suryadevara, chief finance officer of the US's largest automaker General Motors, comes in at the 4th spot, followed by Vimeo CEO Anjali Sud (14), cofounder and co-CEO of Robinhood, Baiju Bhatt (24) and Female Founders Fund founding partner Anu Duggal (32).
The investigating agency is examining the documents.
Payment banks may not be viable option to attain financial inclusion.
You can remit abroad or in India. Both entail their own risks.
The central bank gave 11 entities licences to start payments banks.
The measures to reduce the current account deficit should have focused far more on narrowing the trade imbalance, principally through export facilitation and linked FDI, says Nitin Desai.
While chits and the formal financial sector are not 'largely substitutable', users like the commitment to savings that these enforce and the flexibility in borrowing, reports N Sundaresha Subramanian from New Delhi.
Sebi said Thapar-promoted and -related entities owed Rs 1,723.19 crore as receivables to the company, while connected parties owed another Rs 462.74 crore.
The steep fall in rupee came on a day when the Reserve Bank of India in its first quarter review of monetary policy kept the all key rates unchanged but cut the gross domestic growth forecast to 5.5 per cent for FY'14 from 5.7 per cent earlier.
Diplomats agree that amid stormy relations with China and Pakistan, Modi has posted impressive foreign policy successes, notes Aditi Phadnis.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
Faced with a rising number of customer complaints on excessive charges, the Reserve Bank of India has asked the Indian Banks' Association to come up with guidelines on what the reasonable charges should be.
Prime Minister Manmohan Singh on Friday said the government was conscious about the adverse effect of economic crisis on Indians employed abroad and was working on a project to provide social security net for the workers returning home.
RBI and Sebi should modify the structure of the currency futures market to permit settlement by delivery of dollars ONLY from an EEFC account, says Jamal Mecklai.
There are some advantages of a falling rupee.
A forensic probe has been ordered into alleged irregularities by the department of financial services.
This was announced by External Affairs Spokesman Vikas Swarup in New Delhi on Sunday.
The key features of the product include a dedicated priority service platform, superior foreign exchange rates on inward remittances and lower service charges on banking services, a release said.
The ET report said that many workers from Meerut who were working in Dubai in some tile production units, were shocked to receive SMSes stating that their contracts had been terminated and they need not return to Dubai.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
New TDS-related law comes into force from April 1.
The sources said questioning revolved around accounts of IDS Tunisia and remittances received by it.
Bringing cheers to more than 1.5 million Cuban-Americans, the Obama Administration said on Monday it has lifted all restrictions related to the travel of family members to Cuba and removed restrictions on remittances to their family members in the island.
The global recession is beginning to seriously hurt international migration, and many migrants are forced to go home again.
Rajesh Bhayani highlights all that you need to know about the online currency.
Vaiko, who was present in the court, said he never sought any leniency.
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