Exchange rates play an important factor in international fund transfers
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Large state-run entities and business houses will not be allowed to set up small finance banks, which will have to comply with statutory reserve requirements.
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
Giving more freedom to individuals travelling abroad, they may soon be allowed to spend $2 lakh overseas in a year as against the present ceiling of $75,000.
There are allegations that Wal-Mart put money into the domestic multi-brand retail chain despite a ban.
If net forex outflows turn out to be relatively high in the next few years, the rupee could depreciate beyond Rs 80 to a dollar by 2022. The causal reasons could, for example, include unmet expectations of FPI and FDI investors about the performance of the Indian economy, sharp rise in prices of imported oil and decrease in FX remittances. The RBI has to ask itself whether guaranteeing future rupee-dollar exchange rates on FX forward contracts is a reasonable way to use its risk-bearing capacity, says Jaimini Bhagwati.
According to the report, the magnitude of internal migration is about two-and-a-half times that of international migration.
Higher imports and moderating exports growth has lead to the widening of the CAD.
Barring rice, spices, iron ore and pharmaceuticals, all the remaining 26 key sectors registered negative growth in May. Imports too plunged 51 per cent to $22.2 billion in May.
The year 2020 could see the worst global economic fallout since the Great Depression in the 1930s, with over 170 countries likely to experience negative per capita income growth due to the raging coronavirus pandemic, IMF Managing Director Kristalina Georgieva said on Thursday. Georgieva made the remarks during her address on 'Confronting the Crisis: Priorities for the Global Economy' in Washington, DC, ahead of next week's annual spring meeting of the International Monetary Fund and the World Bank.
Inoperative accounts are those accounts where contributions are not made for more than 36 months. The Employees Provident Fund Organisation has stopped crediting interest in these inoperative accounts.
The Enforcement Directorate has begun a probe into the source of alleged foreign funds received in the accounts of journalist Syed Mohd Ahmad Kazmi arrested in connection with the bomb attack on an Israeli embassy vehicle.
Higher crude oil prices also translate into better corporate earnings for India's top companies
Overseas Indian Affairs Minister Vayalar Ravi said the diaspora community has been contributing significantly to India's economy by sending billion of dollars in remittances and government is launching the scheme to support them on their return to the country.
The Enforcement Directorate on Monday questioned the wife of journalist Syed Mohammed Ahmad Kazmi, arrested in the Israeli diplomat car bombing case, in its probe into the source of alleged foreign funds received by the couple.
A total of 41 companies had applied for the permit
Post Office has 1,54,000 rural branches.
Kerala, which largely depends on remittances of around two million Malayalis working in the Gulf, has now become a thriving job market for workers hailing from Assam, West Bengal, Bihar and Orissa.
The Board of Control for Cricket in India on Saturday refuted allegations that it violated India's foreign exchange regulations while conducting the second edition of the Indian Premier League in South Africa in 2009, insisting that all the payments were "bona fide and legitimate".
Short-term lending rate unchanged at 7.75 pc.
Once formulated, this will be the fifth case against the ousted premier by the NAB.
Sanjay Kumar Singh suggests key factors investors need to keep an eye on while choosing the direct investment route.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
'There will be no flying unless the company pays us substantial salaries and provides a road map,' the National Aviators Guild, the pilots union, said in a message to its members.
The steep fall of the Rupee is not just making things scary for the Indian economy and economists.
Speaking in the Rajya Sabha in 2010, whilst moving certain amendments to the FCRA, Home Minister P Chidambaram said that the government would like to ensure "that the foreign money does not dominate social and political discourse in India. There is enough money within India."
In an interview to Business Standard, Rangarajan says CAD will be brought under control at around two per cent of the gross domestic product.
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.
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
The allegations of DDT evasion is connected to some transactions the Indian entity has made while buying shares of the company from the Mauritius and US companies of Cognizant.
'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.
India cannot afford to be complacent about a possible Pakistan resort to military options across the LoC, warns Rana Banerji, who headed the Pakistan desk at the Research and Analysis Wing, India's external intelligence agency.
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.
It was primarily due to a higher trade deficit ($41.6 billion) brought about by a larger increase in merchandise import.
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.
CAD refers to the difference between inflow and outflow of foreign exchange that has a bearing on exchange rate.
'Make sure you provide enough support (income, nutrition, healthcare, and housing) to migrants stuck (and their households), so they are not compelled to seek work or migrate back.' 'Otherwise, the risk of contagion is extreme.'
