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.
There are some advantages of a falling rupee.
Diplomats agree that amid stormy relations with China and Pakistan, Modi has posted impressive foreign policy successes, notes Aditi Phadnis.
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.
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.
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.
New TDS-related law comes into force from April 1.
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.
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.
Those taking up a job abroad should notify their bank about the change in status and open appropriate NRI accounts
The sources said questioning revolved around accounts of IDS Tunisia and remittances received by it.
The foreign agency has claimed four accounts held by the Jindals.
The government on Friday said it has penalised Kingfisher Airlines with a fine of over Rs 26 crore (Rs 260 million) for delay in the payment of tax deduction at source (TDS).
Rajesh Bhayani highlights all that you need to know about the online currency.
Most investments by Indian corporate houses in the overseas market is through countries that have either low tax rates or allow tax-free remittance of income. Much of the outward foreign direct investment (FDI) by India Inc done between April and December 2007 was directed to Singapore, the Netherlands and British Virgin Islands (BVI), according to the latest Reserve Bank of India data. RBI said the actual outward FDI in April-December 2007 grew 13 per cent at $10.11 billion.
The govt has a lot more to do then just open bank accounts for the poor in the Jan Dhan scheme.
Bandhan expects to have a loan portfolio of Rs 14,500 crore.
The Central Bureau of Investigation is expected to question representatives of NGOs whose names have cropped up during its probe against a Home Ministry official Anand Joshi who was allegedly issuing notices of foreign remittances violations to voluntary groups in an arbitrary manner.
Indian expatriates in the United Arab Emirates have demanded a compensation package from the Indian government as the appreciation of the Indian rupee had impacted their remittances back home. The demand follows a study conducted recently by the Centre for Socio-economic and Environmental Studies, Kochi, which had focused on the impact of rupee appreciation on the economy of Kerala.
Finance Minister P Chidambaram said on Tuesday the inflow of foreign funds in the banking system was not disorderly and could be channelled for productive use. There was large inflow of capital mainly from export earnings, remittances, foreign direct investment, foreign institutional investments and private equity, he said.
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Reliance, Birla Group, Airtel eye small finance banks.
Finance Minister Arun Jaitley said the magnitude of the alleged black money transfer through state-owned BoB will only be known after completion of the multi-disciplinary probe.
Kotak Mahindra Bank to have a 19.9% stake in the proposed banking venture.
Looking for crumbs from Obama doesn't say much for India Shining.
Officials said the agency has sought property details on ten serving and retired officials of the ministry of defence and the IAF.
These are the Zipp money centres which are being introduced for the first time in the country by the Commonwealth Business Council (CBC), a forum formed in 1997 and which has inclusive banking interventions as one of its key projects. The money centres have already brought banking to the doorstep in many villages and far-flung areas in one district in Uganda where CBC started the project.
Vaiko, who was present in the court, said he never sought any leniency.
The Reserve Bank of India (RBI) has advised the public not to succumb to the temptation of fictitious offers of large funds through e-mails from unknown entities.The RBI clarified that under FEMA restrictions on transfer of funds also apply to lottery-like schemes functioning in different names such as money circulation scheme or remittances for the purpose of securing prize money/awards etc.
The Reserve Bank of India is expected to do a balancing act by further liberalising limits on the foreign exchange outflow to tackle the capital inflow and its impact on inflation. The central bank was likely to raise the limit on corporate investment abroad and the ceiling on individual remittances overseas. RBI has liberalised limits on the overseas investment by companies from 200% to 400% of their networth. Liberalisation is proposed since India has good forex situation.
Experts say Indian students will have to accept that international space for them is shrinking.
Latest data from the Swiss National Bank showed that money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion
The Reserve Bank of India has restricted individuals from utilising the facility of $1,00,000 scheme for maintaining any kind of speculative positions in overseas markets.
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
Gurucharan Singh's Dhawan Creative apparently clocked trades 10 times its capital in a few months.
A wide import-export gap led to India's current account deficit rising to $5.4 billion in the third quarter of 2007-08, despite a higher surplus of earnings from software services, tourism and remittances from abroad.A sharp rise in trade deficit due to rise in imports caused the current account deficit to rise by $1.7 billion from $3.7 billion in the corresponding quarter last year, the Balance of Payment Data released by the Reserve Bank showed.
Ajit Balakrishnan offers a New Year resolution for our policy-makers.
India's foreign exchange reserves touched $301.23 billion by the end of February 2008. Over $102 billion have been added to the reserves since the beginning of the financial year (April 2007) due to huge capital flows, and remittances as well as weakening of dollar. The reserves stood at $294.61 billion at the end of February 22, 2008. The forex kitty swelled by $6.62 billion, amongst the largest accretion to reserves in a span of a week.
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