The government on Tuesday confirmed that a French court has ordered the freezing of certain Indian assets in Paris on a petition by Britain's Cairn Energy, which is seeking to recover $1.72 billion from New Delhi after winning an arbitration against retro tax. Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Rajya Sabha said the government has filed an appeal against an international arbitration tribunal overturning levy of Rs 10,247 crore in back taxes on Cairn Energy. "Yes sir, an order has been passed by a French Court freezing certain Indian government properties in the case pertaining to Cairn Energy," he said.
A significant 69% respondents indicated keen interest to travel in 2021 post ease in restrictions with 18% ready to travel immediately post unlock and 51% within 3-6 months.
Foreign direct investment into India increased by 60 per cent to $4.44 billion in April as against $2.77 billion in the same month last year, government data showed on Wednesday. Total FDI, including equity, re-invested earnings and capital, rose 38 per cent to $6.24 billion in April this year, as against $4.53 billion in April 2020, as per the data. "During April, 2021 FDI equity inflows amounting to $4.44 billion were reported in the country which is an increase of 60 per cent over the FDI equity inflow of April, 2020 ($2.77 billion)," the commerce and industry ministry said in a statement.
Shares of the six listed Adani group stocks tumbled for the fourth day on Thursday, resulting in Rs 1.59 trillion market cap loss this week. Adani Power, Adani Total Gas and Adani Transmission hit their 5 per cent lower trading limit for a fourth straight day.
Zee Entertainment last week witnessed shareholder activism that saw an open call for the ouster of promoters and the incumbent management led by Punit Goenka. Besides, Dish TV also faced a similar call earlier this month. The trouble at Zee Entertainment can be gauged from the fact that this is a unique company wherein the promoters own just 3.99 per cent, but fully control the firm.
The report claims that the military experts who have analysed the evidence collected by its Investigative Unit say an airstrip under construction in Agalega will almost certainly be used for maritime patrol missions by the Indian Navy.
Foreign direct investments (FDI) into the country grew 19 per cent to $59.64 billion during 2020-21 on account of measures taken by the government on the fronts of policy reforms, investment facilitation and ease of doing business, the commerce and industry ministry said on Monday. Total FDI, including equity, re-invested earnings and capital, rose 10 per cent to the "highest ever" of $81.72 billion during 2020-21 as against $74.39 billion in 2019-20. "FDI equity inflow grew by 19 per cent in 2020-21 ($59.64 billion), compared to 2019-20 ($49.98 billion)," the ministry said in a statement. In terms of top investor countries, Singapore is at the top with 29 per cent share.
The clarification by the National Securities Depository (NSDL) - which is tasked with monitoring foreign portfolio investor (FPI) investment in domestic stocks - that the accounts of top investors in Adani group stocks remain 'active' has helped prevent a $500-million selloff of shares. Analysts said a freeze of the FPI accounts, as reported by some media outlets, could have prompted global index providers to cut weighting of four Adani group companies from their global indices. Brian Freitas, an analyst at independent research provider Smartkarma, said if the FPI accounts were indeed frozen, FTSE and MSCI would have reduced weighting of Adani group companies at the next rebalance, since it would have meant that the large part of the free float was not tradeable.
Though India's airlines are certainly bleeding, they haven't yet faced the ignominy of shutting down.
Markets regulator Sebi and the Directorate of Revenue Intelligence (DRI) are probing some Adani Group companies for alleged non-compliance with rules, the government told Lok Sabha on Monday. Minister of State for Finance Pankaj Chaudhary in a written reply to a question said accounts of three of the six Mauritius-based funds, that have invested most of their money in Adani Group firms, were frozen in 2016 over the issuance of Global Depository Receipt (GDR) by certain listed firms. No freeze was ordered for their holding in other firms.
Alert to the looming threat from the 'Omicron' variant, states began to re-tighten curbs and urgently trace people who arrived from abroad in the last one month while a demand to not allow flights from the affected countries was made by Delhi Chief Minister Arvind Kejriwal and Karnataka Chief Minister Basavaraj Bommai.
After a long hiatus of more than 20 months, the government had on November 26 announced the resumption of scheduled international commercial flights from December 15.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
Intensifying its efforts, the Indian Navy has deployed nine warships to bring liquid oxygen and other medical supplies from several countries in Persian Gulf and south-east Asia as hospitals across India continued to reel under acute shortage of the life-saving gas following a massive surge in COVID-19 cases.
France on Sunday delivered to India 28 tonnes of ready-to-use medical supplies including eight large oxygen plants while the US sent to India a third flight that brought over 1000 oxygen cylinders
The medical equipment and other supplies were brought to Delhi in a C-5M Super Galaxy, one of the largest strategic airlift aircraft of the US Air Force.
The plan was to expand further, add more branches and also eventually become the third bank in India to start a wholly owned subsidiary after Singapore's DBS Bank and State Bank of Mauritius, but those plans never materialised due to lack of scale and rising non-performing assets in the country.
The combativeness reflects her insistence not to meekly acquiesce to what has been going on in Raisina Hill for years or decades, observes Kartikeya Tanna.
Antigua and Barbuda received 1,75,000 doses of COVID-19 vaccines out of which 40,000 were donated to the country under the 'Vaccine Maitri' initiative.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell, annual data from Switzerland's central bank showed on Thursday. The increase in aggregate funds of Indian clients with Swiss banks, from 899 million Swiss francs (Rs 6,625 crore) at the end of 2019, reverses a two-year declining trend and has taken the figure to the highest level in 13 years. It stood at a record high of nearly 6.5 billion Swiss francs in 2006, after which it has been mostly on a downward path, except for a few years including in 2011, 2013 and 2017, as per the Swiss National Bank (SNB) data.
The proceedings of Lok Sabha and Rajya Sabha were adjourned for the day on Tuesday amid continuous protests by opposition members over the Pegasus snooping row and farm laws, as they demanded that discussions be taken up on the issues in the House.
'Reenaji said they would be giving Rs 1.5 lakh to everyone, as the budget was very low.' 'So I blurted out, "Madam, do lakh toh hone chahiye".'
Prime Minister Modi has said India's vaccine production and delivery capacity will be used for the benefit of all humanity to fight the COVID-19 pandemic. He said last week India was ready to do everything possible for a healthy planet.
Out of the 45 lakh doses, the Hyderabad-based vaccine maker will be supplying over eight lakh to some of the friendly countries such as Mauritius, Philippines and Myanmar, free of cost as good will gesture sources added.
Foreign portfolio investors (FPIs) have pumped in a whopping $33.8 billion into domestic equities and debt till February 15 this fiscal year -- the highest since FY15 when it was nearly $46 billion --taking their net outstanding investments to a record $592.5 billion, as per a report. Of the total FPI assets of $592.5 billion, $537.4 billion were in equities and $51.38 billion in debt, according to the data collated by Care Ratings. The maximum holding is in financial services sector at $191.3 billion, followed by software ($76.1 billion), oil & gas ($50 billion), automobiles & auto components ($26.9 billion, pharmaceuticals & biotechnology ($22.8 billion), sovereign ($21.7 billion--debt), household & personal products ($20.2 billion), capital goods ($19.8 billion), food, beverages & tobacco ($15.7 billion) and insurance ($13.4 billion).
'The Modi government's lack of foresight has compelled India to become an importer of vaccines today and even now, their "vaccine strategy is flawed and discriminatory'
Companies wanting to consider treaty benefits and deducting tax at a lower rate will have to examine the qualitative factors. They will have to consider whether FPIs are liable to tax and whether they are the beneficial owner of dividend income.
Choubey said till February 4 total 81 AEFIs, which is 0.096 per cent of the total beneficiaries who have been administered Covaxin, have been reported.
'Rationalising TDS on dividends for FPIs to reduce it to treaty rates ranging from 5 to 15 per cent, depending on the country of residence of FPIs from current rate of 20 per cent will provide a big cash flow relief for FPIs.'
In a tweet, Prime Minister Narendra Modi said India is deeply honoured to be a 'long-trusted' partner in meeting the healthcare needs of the global community and that supplies of the vaccines to several countries will commence on Wednesday, and more will follow in the days ahead.
India is losing over $10.3 billion (about Rs 75,000 crore) in taxes every year owing to global tax abuse by MNCs and evasion by private individuals, a report said on Friday. The State of Tax Justice report said globally countries are losing a total of over $427 billion in taxes each year to international corporate tax abuse and private tax evasion. This is costing countries altogether the equivalent of nearly 34 million nurses' annual salaries every year -- or one nurse's annual salary every second.
While Gupta, 60, can rightfully bask in the glory he has achieved for his bank in the subcontinent, his peers in foreign banks will have to revisit their India play, especially the local incorporation model, says Raghu Mohan.
According to the Biden-Harris Transition, 'the president-elect noted that he looks forward to working closely with the prime minister on shared global challenges, including containing COVID-19 and defending against future health crises, tackling the threat of climate change, launching the global economic recovery, strengthening democracy at home and abroad, and maintaining a secure and prosperous Indo-Pacific region'.
The South Asian nations could script a new history of cooperation and prosperity that could serve as an example for other nations, notes Dr Rahul Mishra.
It's #ThrowbackThursday time and the perfect opportunity to look at some fabulous flashback filmi pictures on social media.
The new Supreme Court building in Port Louis is a symbol of India-Mauritius cooperation and shared values, the prime minister said in his address.
In a statement, the PMO said three vaccines are in advanced stages of development in India, out of which two are in Phase II and one is in Phase-III. It further said Indian Scientists and research teams are collaborating and strengthening the research capacities in neighbouring countries such as Afghanistan, Bhutan, Bangladesh, Maldives, Mauritius, Nepal and Sri Lanka.
Singhvi said Fadnavis and senior BJP leader Nitin Gadkari should answer as to why Ssingh made these many calls to the Maharashtra BJP office and who was his boss.
The net outward foreign direct investment went up from $9.1 billion in 2017-18 to $12.6 billion in 2018-19 and moved further north to $13 billion in 2019-20.
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.
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