Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
India's top financial bureaucrat denied on Monday that the government was seeking dollar loans to repay some of its offshore debt.
The hospitality sector has been hit very hard by the pandemic. In the past 18 months, it has lost business, first because of the harsh lockdowns and after that because of lack of demand due to the ensuing economic slowdown. Most hospitality businesses have sustained low revenues and losses since April 2020. Is this the classic case of a beaten-down cyclical sector that may be close to bottoming out?
The Reserve Bank of India (RBI) on Wednesday proposed to make interoperability mandatory for digital payments firms. It also allowed users to withdraw cash from e-wallets and fintech companies to process RTGS and NEFT transactions. The RBI expressed dissatisfaction over prepaid payment instruments' (PPIs') failure to migrate towards full-KYC (know your customer) PPIs, and therefore interoperability, even two years after guidelines were issued.
The Government also defended the President's decision to enforce a state of emergency, that had given him sweeping authority to act in the interests of public security and preserving public order, including suspending any laws, authorising detentions and seizing property, saying it was declared after attempts were made to attack the President's Office and other public property.
'This allows opportunities for (Chinese) entry into the domestic politics of Nepal, something that is also encouraged by Nepali politicians's willingness to play the China card (vis-a-vis India).'
Driven by a surge in remittances by expatriates and software exports, India's balance of payments saw a surplus of $1.90 billion on current account for the first quarter ending June 2004 as against a deficit of $637 million
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
Remittance into India from foreign countries has already seen a jump of 25% in the last two months
India's jewellery consumption in Sept quarter increases 5% to 193 tonnes.
As India gears up to honour its pravasis on January 9 to mark their contribution in the nation's development, rediff.com presents perspectives from eminent writers on the Diaspora. Kicking off the series is Ambassador T P Sreenivasan, who points out that the change of the Diaspora policy put in place by Rajiv Gandhi following the military coup in Fiji and his decision to stand by them, was the one defining moment in India's dealings with its overseas family.
It is high time to manoeuvre the rupee more effectively and predictably, even as it has to be recognised that such tweaking of the rupee needs to be accompanied by reforms to the real sector and factor markets.
The list includes Gautam Adani's brother Vinod Adani among others.
'If you give your ID and password to somebody else, how can anybody blame the technology for that problem?'
Besides low interest rates, a reduction in active Covid cases and strong high-frequency macro data have lifted the sentiment of both corporate India and the stock markets.
This misleading information claims remittance of such funds by overseas entities to banks in the country.
It will carry out most banking operations like accepting deposits but can't advance loans or issue credit cards.
There would be an increase in NRI investment in India post elections.
The key reason for the country's stagnating exports is its failure to build a strong manufacturing base, says T N Ninan.
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While the measures are aimed at moderating outflows, RBI added that genuine requirement beyond these limits will continue to be considered under the approval route.
With decline in number of fresh COVID-19 cases and easing of restrictions, the country's gross domestic product (GDP) will grow at 8.5 per cent in FY2021-22, according to credit rating agency Icra Ratings. It expects the gross value added (GVA) at basic prices (at constant 2011-12 prices) to grow at 7.3 per cent in FY2022. "The impact of the second wave of COVID-19 and the ensuing state-wise restrictions was seen across a variety of high frequency indicators in April-May 2021.
A more effective promotion of domestic manufacturing and mining could significantly reduce the trade deficit in key sectors, says T N Ninan.
"The Reserve Bank of India, has today once again clarified that remittance in any form towards participation in lottery schemes is prohibited under the Foreign Exchange Management Act, 1999," RBI said in a release.
India's current account surplus moderated to $15.5 billion or 2.4 per cent of the GDP in the July-September quarter of the current fiscal, the RBI said on Wednesday. The same was at $19.2 billion or 3.8 per cent of the GDP in the preceding three-month period on account of a rise in the merchandise trade deficit, the RBI said in a statement on 'Developments in India's Balance of Payments during the Second Quarter (July-September) of 2020-21'. It is for the third consecutive quarter that India's current account remained in surplus. In the last quarter of 2019-20, the surplus was $0.6 billion. Current account deficit/surplus reflects the difference between the outflow and inflow of foreign exchange in a country's current account.
The amounts were transferred from HDFC Bank to BoB.
It was primarily due to a higher trade deficit ($41.6 billion) brought about by a larger increase in merchandise import.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
Modi hailed the close defence cooperation between the two countries and welcomed the completion of the logistics agreement between the two navies.
US president Barack Obama new initiative to help millions of proud Indian-Americans directly invest in India's future.
Finance Minister Nirmala Sitharaman on Monday conveyed to Infosys CEO Salil Parekh in no uncertain terms the government's "deep disappointment and concern" over the continuing glitches in the new income tax filing portal and set September 15 as the deadline for the software major to resolve all snags. As glitches continued to mar the functioning of the portal even after over two months of its launch, Sitharaman summoned Infosys MD & CEO Parekh at her office here to know the reasons for not resolving the snags in the portal. A statement issued by the Income Tax Department said that during the meeting the finance minister emphasised that there is a need for putting in more resources and efforts on the part of Infosys so that the much delayed delivery of agreed services is ensured.
Public sector banking major Indian Overseas Bank on Wednesday launched an Internet-based online remittance product 'e-Cash Home', providing a fast channel for the United States-based non-resident Indians to remit money back home.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
India Inc reacted cautiously to allegations on Swiss a/cs.
'Unless we start making the products we need, we cannot become a developed country or call ourselves an economic power.'
In the aftermath of the Easter Sunday terrorist attacks, allegations have been made that the Muslim militants in Sri Lanka draw sustenance from India. An overarching impression is being created that the ISIS is gaining ground in India, points out Ambassador M K Bhadrakumar.
This licence will further enhance the niche role Doha Bank is playing and facilitating the movement of trade between Qatar and India.
As part of the service, UAE-based Indian immigrants can transfer money to their families based in India and the service would complement existing remittance channels and make transferring money internationally more affordable, Tata Communications said in a filing to the Bombay Stock Exchange. In the first phase, this service would be extended to over 27 lakh subscriber base of mobile services operator Idea Cellular in Kerala.
Addressing a G20 Summit session, Modi also presented his '5-I' vision to maximise digital technology for social benefit.
The new service, Pravasi, will offer banking solutions for NRIs in India and Oman, with services ranging from basic remittance service, investments in international and Indian funds, wealth management solutions to demat accounts in India and Oman for trading in shares and retirement solutions, the bank said.
There is positive correlation between crude oil prices and Indian equities and investors can expect more upside after the recent rally in Brent crude price.
