Round-tipping creates the opportunity for exporters to source funds at a much cheaper cost, which they divert to some other business.
'If they are not, then the Modi government should order a JPC immediately.'
In India 24-carat gold is used mostly in coins and bars
The total cost will include expenses related to crew, fuel, navigation, landing and parking charges.
The threshold for identification of BOs of FPIs on controlling ownership interest is 25 per cent in case of companies and 15 per cent in case of partnership firms
CBI has alleged that Rana Kapoor entered into a criminal conspiracy with Kapil Wadhawan, DHFL director-promoter for round-tripping of funds where loans from Yes Bank to DHFL landed in companies owned by Kapoor's daughters, DoIT Urban Ventures.
The United States has described as "discriminatory and restrictive" the Indian government not allowing American carriers operate chartered flights on Indo-US routes even though Air India was doing so under the Vande Bharat Mission.
The Securities and Exchange Board of India (Sebi) has deferred the diktat requiring foreign investors to disclose their mobile number, email addresses and income details to depositories, a move believed to be aimed at curbing practices such as round tripping and money laundering. "Based on the representations received from MIIs (market infrastructure institutions), Sebi has decided to extend the deadline for making 6-KYC attributes mandatory for new accounts opened by 1 month to July 1, 2021. "Participants are accordingly requested to take note of the above and ensure compliance," NSDL said in a note on Tuesday. The regulator is also meeting custodians this week to thrash out a solution and address investors' concerns.
Equity inflows worth $3.7 billion came from the sunny Caribbean jurisdiction in 2019-20, a 267 per cent increase from the $1 billion registered in 2018-19 making it India's 10th largest source of FDI.
The spotlight is back on the hawala trade in diamonds.
No-frills carrier SpiceJet on Tuesday put on sale 1 lakh seats on its select domestic flights for just Re 1.
Similarly, FDI from Cyprus too increased by about three-times to $879 million in the last financial year from $296 million in 2018-19.
Holidayers, including those who would head overseas between April and June, are set to escape to the hills, beaches, and resorts in the country. This is to fend off the heat and beat the pandemic blues, indicates the initial bookings and online search trends.
Prime Minister Anerood Jugnauth has termed the issue as an aberration in the "very special" ties with India and hoped that revision of their tax treaty won't harm its interests.
Two entities under the Union ministry of commerce report differing figures for import of cut and polished diamonds for the first eight months of the financial year.
If there is a morality tale here, it is that debt and death spare no king.
Only those who stick to the old I-T regime will get this benefit.
Senior Congress leader Jairam Ramesh also asked the RBI to make public details of FDI inflows from Cayman islands since demonetisation.
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
Tigerair has announced few free tickets for Singapore flights
If your children live abroad, rely more on financial assets as they are easier to liquidate and move across borders.
The amendment would help check round-tripping of funds and boost the domestic consumption, Jaitley added
Move can also bring a huge change in the way business is done in India, where firms use multiple current accounts, often for even individual projects, making them difficult to monitor.
It is suspected that some portfolio managers at these banks, which have significant presence in Indian financial markets, could have helped their Indian clients to route their money back into India in disguise of foreign funds through use of investment vehicles across various jurisdictions.
Sarvesh Agrawal of Internshala offers a detailed guide on the application process.
To avoid taxes, assessee resorted to complex structuring - especially from and through tax havens.
Despite recent developments that have accelerated the impending extradition of fugitive diamantaire Nirav Modi, who has been in custody in London's Wandsworth Prison for over two years, the last month has seen his uncle Mehul Choksi dominate the headlines instead with his circus-like exhibition in the Caribbean that has involved red herrings such as a "girlfriend", to whom his wife seemed to have no objection, and possibly concocted stories of being kidnapped and manhandled. Choksi was widely regarded as Modi's Svengali in Mumbai when he returned from Belgium to expand his business. He had fled to Antigua well before news around how Modi finagled thousands of crores from Punjab National Bank (PNB) and other institutions through a series of allegedly coordinated and fraudulent actions involving letters of undertaking, or LoUs.
ED and Directorate of Revenue Intelligence have detected a significant increase in the outflow of Indian money, specifically into four countries --Thailand, Dubai, Singapore and Hong Kong.
In an extensive exercise to track overseas bank accounts of Indians and round-tripping of funds, top investigating agencies in the country are gathering actionable intelligence on chartered accountants, brokers, legal firms and professionals involved in these areas.
Rup Narayan Das reveals the towering Odisha leader's role in improving national security after the 1962 War with China.
Thousands of supporters walked to the stadium from the city centre before the Premier League game, which was preceded by two minutes' silence for the Thai billionaire. Vichai died in a helicopter crash after City's last home match two weeks ago.
Low cost air-carrier IndiGo has flagged off its maiden foray into the international market.
Rafa Benitez's much-changed side with a youthful streak had looked set to coast through when Sean Longstaff's deflected shot put them ahead after 56 seconds and Callum Roberts volleyed home a second four years since his only other Newcastle appearance.
Bans protected cell companies, seeks broad-based holdings.
If you, like us, are wondering what you can really do with that sort of money, this list might come handy!
Having made no headway to amend a 26-year-old double taxation avoidance agreement with Mauritius, the finance ministry has hardened its stance against broadening India's economic engagement with the island nation.
