Whether one likes it or not, services constitute the value-addition sector that the country has to build on, using its comparative advantage in infotech and related skills, suggests T N Ninan.
'For the first time since I've been following Indian politics, one heard voters talking about India's role on the world stage and the fact that, due to Modi's leadership, India was once again a great power.'
The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. The source added that people should exercise caution in absence of a regulation to govern cryptocurrencies and so-called exchanges trading in them. "Caution is the word that should be in the minds of the people dealing with crypto. "In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said.
The RBI refuses to classify a cryptocurrency as an asset since it doesn't have future cash flow and its value is always fluctuating because of speculation. There is also no consumer protection, observes Tamal Bandyopadhyay, and hence the e-rupee trial run.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
For a non-Indian resident, any income earned and received outside India is not taxable in India.
Prime ministers turning up with such frequency to launch trains is an indication of the political mileage resident in public transport. Will our railways step out of the government's shadow? After all, they are the ones manufacturing trains and running them, notes Shyam G Menon.
Advertising firm Grey India Inc will hold 1,88,260 equity shares of Grey Worldwide (India) as a non-resident shareholder on repatriation basis and has ceased to be an overseas corporate body following an approval from the FIPB.
The depreciation in rupee may pose a problem for students who have taken loans from Indian lenders.
The popular National Electronic Funds Transfer (NEFT) system for online transfer of funds will remain unavailable for 14 hours from Saturday mid-night till Sunday afternoon due technical upgrade, the Reserve Bank of India said on Monday. National Electronic Funds Transfer (NEFT) is a nation-wide centralised payment system owned and operated by the Reserve Bank of India (RBI). It is available round the clock availability on all days of the year.
'NRI interest has gone up in the past three-four years.'
Chinese phone maker Xiaomi's India unit has been slapped with a Rs 653 crore notice for alleged evasion of import duty, as per an official statement. A show-cause notice has been slapped on Xiaomi India following recovery of documents during searches on its premises that indicated remittance of royalty and licence fee to US and Chinese firms under contractual obligations, the union finance ministry said on Wednesday. Replying to an email query, a Xiaomi spokesperson said, "At Xiaomi India, we give utmost importance to ensuring we comply with all Indian laws.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Asked about the report, MEA spokesperson Anurag Srivastava said, "The political judgements of Freedom House are as inaccurate and distorted as their maps."
A provisional order under the Prevention of Money Laundering Act has been issued by the federal probe agency as part of which a total of 33 bank accounts of the two organisations have been attached.
Exchange rates play an important factor in international fund transfers
New Delhi should resist any temptation to act as spoiler and instead should cooperate with its SCO partners in reaching a regional consensus behind the formation of an interim government in Kabul, argues Ambassador M K Bhadrakumar.
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.
Senior Congress leader Shashi Tharoor on Tuesday attacked the Centre over the glitches in the new income tax portal, alleging that even after spending Rs 4,200 crore on it, the government had "failed" to make it user-friendly and created a "mess" instead.
'In investing, you have to first make sure you don't make big mistakes.' 'I would advise small investors to be systematic, don't be arbitrary; don't be on either end of the risk spectrum.' 'Don't go from fixed deposit to option trading or crypto trading.'
Its entry will increase competition especially when WhatsApp too has received approvals to launch payment service.
'I believe the modified scheme is much more beneficial and simpler.'
Indians spent more on foreign investments during the past 12 months than they have since at least 2012.
According to the report, the magnitude of internal migration is about two-and-a-half times that of international migration.
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
In Kerala, the use of black ranges from such convenience to strictures by community and religion to fashion and personal choice. One would have to be really insecure or too fond of the well settled life to see black solely as a badge of protest, points out Shyam G Menon.
'By treating Nepali politicians as shabby buffoons to be pampered one day and collared another day, India badly exposed itself.' 'A belief got entrenched in the Nepalese mind that we are a dangerous neighbour,' observes Ambassador M K Bhadrakumar.
If Kerala wants to sustain its room for independent thinking and talk back to Delhi when needed, it should put its finances in order. Or - if one takes the North East example - Kerala's political posturing may end up commensurate with its financial dependence on others, suggests Shyam G Menon.
Sri Lanka on Tuesday deployed military personnel at State-run petrol pumps to monitor and manage fuel distribution amidst a shortage that led to serpentine queues of consumers outside filling stations.
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
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 dissidents, led by former president Sirisena's Sri Lanka Freedom Party, would leave the ruling Sri Lanka Podujana Peramuna coalition with its 14 Members of Parliament, party sources said after their meeting with the President on Monday.
Silverline seems symptomatic of how Kerala -- its claimed education, awareness and all -- overlooks its real problems, notes Shyam G Menon.
Basil had negotiated the Indian economic relief package to help Sri Lanka tackle the current foreign exchange crisis.
The investigation under FEMA was taken up by ED based on a reference received from RBI to investigate advance remittances received by certain entities for the purchase of the shares of Tamil Nadu Mercantile Bank through escrow mechanism maintained with Standard Chartered Bank, Mumbai.
The Delhi high court on Wednesday allowed Chinese smartphone maker Vivo to operate its various bank accounts frozen by the Enforcement Directorate in connection with a money-laundering probe subject to furnishing of a bank guarantee of Rs 950 crore within a week with the agency. Justice Yashwant Varma also directed the company to give details to ED about its remittances and issued notice to the investigating agency on Vivo's plea seeking quashing of the order freezing its various bank accounts. ED contended that presently the proceeds of crime have been quantified to Rs 1200 crore.
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.
International airlines are offering affected passengers an option of refund, vouchers, discounts on future bookings, and the opportunity to hold tickets for up to two years following travel bans.
Democratic Left Front politician Nanayakkara was among the 42 members who declared independence in Parliament from the ruling Sri Lanka Podujana Peramuna (SLPP) coalition.
