The four million expatriate Indians in the six Gulf Cooperation Council states remit an incredible $5 billion annually, a study shows.
The statements of the Mukerjeas were recorded by the Enforcement Directorate, which is probing the money laundering angle in the case, while the CBI had only recorded Indrani's statement before a magistrate as per section 164 of the CrPC, they said.
Business is down to such an extent that last year these firms could not even meet RBI's capital norm of Rs 50 million for partnerships and Rs 100 million for public and private firms in this line of business.
India needs to sustain a GDP growth rate of 8 per cent to become a five trillion dollar economy by 2025, the Economic Survey has stated.
In a bid to move toward full float of rupee, the Reserve Bank of India on Tuesday announced a slew of measures such as doubling of resident individual remittances to $50,000 per year.\n\n
The Central Bureau of Investigation has started fresh questioning of the cousins of former IAF chief SP Tyagi in the Rs 3,600 crore AgustaWestland VVIP helicopter deal in light of claims by alleged middleman Guido Haschke that he had paid money to them.
Global bank HSBC has launched a new money transfer service for Indians living in the Gulf in a bid to boost its share of the multi-billion dollar India remittance pie.
Irrational behaviour, born out of incomplete understanding, biases, overconfidence, fear or greed, has led investors to make less than half of what they could have in the capital markets, says Erik Hon.
India's foreign exchange reserves grew marginally by $253 million to $141.45 billion for the week ended April 8, 2005.
Two midcap banking stocks have been on a roll; Centurion BoP on the news of its merger with Lord Krishna Bank merger, and IndusInd Bank, which might be looking at a foreign buyer.
The ICICI Bank, India's largest consumer lender, on Thursday launched commercial operations in Sri Lanka, with an eye on the growing bilateral trade and inward remittances market.
In the Anti Money Laundering (AML) Basel Index 2013 India has been ranked 93rd and 70th in 2012 and 2013 respectively out of 140 countries.
Prime Minister Narendra Modi asked G20 nations to freeze and repatriate unaccounted money hoarded abroad.
If you are planning for a long-term goal like your child's education in a foreign university, invest about 20% of your portfolio in foreign assets that can provide a hedge against the rupee's depreciation.
Kotak Mahindra Bank on Monday launched its online remittance service - FundstoHome - for non-resident Indians.
India's foreign exchange reserves grew by $297 million to $141.20 billion for the week ended April one 2005,
The probe is expected to take about three months.
Real time gross settlement has turned out to be a bane for banks as they are losing interest in remittances business and their golden goose -- float money -- is being killed.
NPA problem to continue for next 2-3 quarters: banks to FinMin
India Post may be keen to apply for payment bank licence.
Deposits by NRIs with persons other than authorised dealers or banks, out of inward remittances from overseas or by debit to NRE or FCNR(B) accounts, will not be permitted with immediate effect.
According to Trend Micro's January-March, 2014 Threat Round Up, as law enforcement agencies are slowly being ramped up, cyber criminals are adding more layers to ensure anonymity to conceal their identities to avoid arrest.
If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
Ongoing trade-war rhetoric between the US and China added some nervousness on the trading front coupled with extremely bullish dollar sentiment overseas.
Since trading in virtual currencies is not illegal, they traded in cash or through barter in some instances.
In yet another step to attract foreign money, the Reserve Bank of India (RBI) has allowed non-resident investors to acquire shares of listed Indian companies through stock exchanges under the foreign direct investment (FDI) scheme.
Exporters body FIEO said the slide in rupee, which closed at all-time low of 60.72 against the dollar, was a "serious" matter and asked traders to use derivatives to hedge the currency risk.
Credit rating agency Moody's Investors Services said on Monday that it had upgraded India's country ceiling for foreign currency debt to Ba1, the top of the speculative grade, from Ba2 due to a substantial improvement in the external liquidity.
A few adjustments can help foreign travellers and students reduce the impact of a falling rupee.
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