A total of 41 companies had applied for the permit
Short-term lending rate unchanged at 7.75 pc.
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.
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.
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."
The steep fall of the Rupee is not just making things scary for the Indian economy and economists.
Once formulated, this will be the fifth case against the ousted premier by the NAB.
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.
'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.
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.
'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 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.
Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.
Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
The former RBI Governor also emphasised on the need to boost economic productivity and attract investments.
It was primarily due to a higher trade deficit ($41.6 billion) brought about by a larger increase in merchandise import.
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.
Enforcement Directorate is jointly probing the case.
If you fail to carry out any transaction for 24 months through your bank account, it can be frozen.
You can remit abroad or in India. Both entail their own risks.
CAD refers to the difference between inflow and outflow of foreign exchange that has a bearing on exchange rate.
Sanjay Kumar Singh suggests key factors investors need to keep an eye on while choosing the direct investment route.
Payment banks may not be viable option to attain financial inclusion.
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.
Currently, only three have completed more than six months of operation in the space - Fino Payments Bank, Airtel Payments Bank and Paytm
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.
The central bank gave 11 entities licences to start payments banks.
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.
The investigating agency is examining the documents.
'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.'
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
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 ED, in its chargesheet filed against Michel in June 2016, had alleged that he received 30 million (about Rs 225 crore) from AgustaWestland.
The widening of the CAD on a year-on-year basis was primarily on account of a higher trade deficit at $50 billion
