The larger amount of black money either goes into domestic real estate or bullion, or is round-tripped back into India anyway.
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.
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.
Mauritius is biggest route for investment into India.
'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'
India told Mauritius that it will not take any decisions that will "adversely impact" bilateral relations while reassuring the country that amendments to the bilateral tax treaty would be made only after considering the legitimate interests of both sides.
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.
It's #ThrowbackThursday time and the perfect opportunity to look at some fabulous flashback filmi pictures on social media.
Signing of the pact will hopefully end stock market uncertainty that came with the mention of the M-name
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
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.
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'.
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.
'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".'
The people of Indian descent account for a vast majority (about 70 per cent) of Mauritius population.
Foreign Direct Investment inflows from Mauritius have almost halved during April-January period of last fiscal to $4.11 billion on fears of impact of GAAR and possible re-negotiation of the tax avoidance treaty.
Mauritius promises India full-cooperation on tax treaty issues.
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.
Long accused of being a route for avoiding taxes for foreign investments into India, Mauritius says it has put additional safeguards in place to thwart such wrong perceptions and to boost its image as a preferred global financial centre.
The raids come as Rajasthan is witnessing an intense power tussle between chief minister Ashok Gehlot and his deputy Sachin Pilot.
Amid tax treaty uncertainties, India's share of the number of investments made by global companies through Mauritius has almost halved in the past two years even as Africa's share has surged significantly.
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.
Similarly, FDI from Cyprus too increased by about three-times to $879 million in the last financial year from $296 million in 2018-19.
The inflows came higher in March than in February of 2019-20 despite the lockdown for a week, reports Indivjal Dhasmana.
Mauritius is also promising a host of other benefits to Indian companies routing their investments to African nations.
Adani group is in talks to acquire a 50.5 per cent stake held by GVK Group in Mumbai International Airport (MIAL) and another 23.5 per cent of minority partners, Airports Company South Africa (ACSA), and Bidvest Group, two sources with knowledge of the matter said.
President Pranab Mukherjee was on Wednesday conferred the honorary degree of Doctor of Civil Law by the University of Mauritius. In a ceremony attended by President Rajkeswur Purryag and Prime Minister Dr Navinchandra Ramgoolam, Mukherjee was conferred the honour by Sir Ramesh Jewoolall, chancellor of the university.
India and Mauritius on Tuesday signed three memorandums of understanding during the three-day State visit of President Pranab Mukherjee. One MoU was on persons with disabilities and senior citizens, another on cooperation in the field of health and medicine, and the third was on cooperation in the field of tourism.
President Pranab Mukherjee on Monday left for Mauritius on a three-day visit during which he will be the chief guest at the national day celebrations of that country.
President Pranab Mukherjee will be the chief guest at the national day celebrations of Mauritius on March 12 as part of his second state visit abroad.
The amendment would help check round-tripping of funds and boost the domestic consumption, Jaitley added
Modi said the two countries should resume their discussions on Comprehensive Economic Partnership Agreement.
Talks not to resume till the island nation expedites revision of double-taxation avoidance agreement.
The JWG has had eight rounds of meeting since it was set up in 2006 but no mutually agreeable solution has been arrived at.
Mauritius President Rajkeswur Purryag is among the 15 persons and organisations selected for the Pravasi Bharatiya Samman awards for this year.
Mauritius President Rajkeswur Purayag failed to control his emotional tears when he visited Bihar's Wajidpur village, the land of his great grandfather, on Sunday.
Eminent Indian-origin academician Srikant Datar has been named as Dean of Harvard Business School, succeeding Nitin Nohria and becoming the second consecutive dean hailing from India to lead the prestigious 112-year-old institution. Datar, an alumnus of University of Bombay and Indian Institute of Management, Ahmedabad, is the Arthur Lowes Dickinson Professor of Business Administration and the senior associate dean for University Affairs at Harvard Business School (HBS). He will assume charge as the school's next dean on January 1, president Larry Bacow said.
Overseas Indian Affairs Minister Vayalar Ravi stated that the focus areas of the PBD in Mauritius would be to deliberate ways and means of further strengthening economic engagement, role of youth in maintaining the vital PIO links and cultural heritage as well as look at mutual areas of exploration where Mauritius could serve as a gateway for doing business with Africa.