Linking PAN & Aadhaar before March 31, is mandatory
It is mandatory to link Permanent Account Numbers (PAN) to Aadhaar by March 31, 2023. The last date to link Permanent Account Number (PAN) to Aadhaar is nearing soon. According to the Central Board of Direct Taxes (CBDT), the apex … Continued
ITR filing deadline for FY 2020-21 extended to December 31, 2021
The government on Thursday extended the deadline to file income tax return (ITR) for FY 2020-21 by 3 months to December 31, 2021 from September 30, 2021. The extension of the deadline is for those individuals whose accounts are not … Continued
India’s Forex reserves rise to lifetime high of $621.5 billion
The country’s foreign exchange reserves increased by $889 million to a lifetime high of $621.464 billion in the week ended August 6, 2021, RBI data showed on Friday. In the previous week ended July 30, 2021, the reserves had … Continued
Cabinet approves MoU between ICAI and Chartered Accountants Australia and New Zealand
This provides an opportunity to the ICAI members to expand their professional horizons and to foster working relations between the two accounting institutes.The Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ) will … Continued
International Taxation: Decoding DTAA & Foreign Tax Credit
WHAT IS DOUBLE TAXATION OF INCOME? When the same income is taxed more than once, due to levying of tax by two or more jurisdictions, on the same income asset or financial transaction, this results in double taxation. This may … Continued
Forex reserves increase by over $100 billion since March lockdown; hit lifetime high at $572 billion
Amid a severe hit to the Indian economy by the Covid pandemic in the past eight months, the country’s foreign exchange reserves increased by more than $100 billion since the Covid-induced lockdown was enforced in March-end. From $469.9 billion in … Continued
RBI notifies Discontinuation of Returns/Reports under Foreign Exchange Management Act
For improving the ease of doing business in India and to reduce the cost of compliance, RBI has made a review of requirements of submission of various forms and reports under FEMA and has decided to discontinue submission of 17 … Continued
Google to invest in people and partnerships in India as it catches up with Azure, AWS in cloud
Technology behemoth Google is investing heavily in people and partnerships to grab a larger share of the Indian Cloud market, as it takes on global rivals Microsoft, IBM and Amazon Web Services in the country, a top company executive said. … Continued
Govt approval must for all FDIs from neighboring countries including China, in same lines as made by several countries
The government has amended the Foreign Direct Investment (FDI) policy to discourage opportunistic investment in Indian companies by neighbouring countries in the midst of the Coronavirus pandemic. This comes after China’s central bank recently raised stake in Housing Development Finance … Continued
GSTN updates facility to claim Refund of ‘Excess Payment of Tax’
The Goods and Services Tax Network (GSTN) has updated a new functionality enabling the taxpayers to claim refund on account of excess payment of tax. “Facility to claim refund on account of excess payment of tax has been enabled on … Continued
Qatar looks to Asia for investment in its new post-blockade era
Qatar is looking to Asia for foreign investment in a “new era” for the country, following the blockade by a number of major Arab nations in June last year. Yousuf Mohamed Al-Jaida, the CEO of the Qatar Financial Center, a … Continued
Indian Economy seems to be on way to recovering from Demonetisation Disruptions, says IMF
IMF has underscored the significance of reforms in other key sectors like education, health and improving the efficiency of the banking and financial systems. The Indian economy now seems to be on its way to recovering from disruptions caused … Continued
Private equity investors bring in deals worth $983 mn in January: Thornton
Private equity (PE) investors announced deals worth $983 million in January, a 23 per cent rise in value terms over last year, driven by big ticket transactions, says a Grant Thornton report. According to the assurance, tax and advisory firm, … Continued
Forex reserves rise to $421.72 bn
India’s foreign exchange reserves rose by $1.96 billion to $421.72 billion on February 16, compared to the previous week. Foreign currency assets (FCAs), which form a key component of reserves, rose by $1.925 billion from the previous week to $396.572 … Continued
Qatar economy resilient, continues to perform well, says Seetharaman
Qatar’s economy has proven its resilience and continues to perform well amid the blockade, improving local liquidity and gaining the confidence of international investors, said Doha Bank CEO Dr R Seetharaman. “The blockade (on Qatar by a quartet of nations) … Continued
Foreign investors pump $3 billion into capital markets, forex at record high in January
Foreign portfolio investors (FPIs) have invested a phenomenal $3 billion (close to Rs 18,000 crore) in India’s capital markets this month on expectations of high yields as corporate earnings are expected to pick up with the economy gathering momentum after … Continued
Investment in participatory notes hits 6-month high of Rs.1.5 lakh cr in December
According to SEBI data, the total value of P-note investments in Indian markets – equity, debt, and derivatives – increased to ₹1,52,243 crore at December-end from ₹1,28,639 crore at the end of November. Investments in domestic capital markets through participatory … Continued
Foreign investors pump $3 billion into capital markets, forex at record high in January
Foreign portfolio investors (FPIs) have invested a phenomenal $3 billion (close to Rs 18,000 crore) in India’s capital markets this month on expectations of high yields as corporate earnings are expected to pick up with the economy gathering momentum after … Continued
PE investments jump 55% to all-time high of $24 bn across 591 deals in 2017
Private equity firms invested $23.8 billion across 591 deals in 2017, making it the biggest year for PE investments in India, says a report. According to deal tracker Venture Intelligence, the investment value is 39 per cent higher than the … Continued
FPIs pump over Rs 19,700 crore in November, highest in eight months
Foreign investors pumped over Rs 19,700 crore into the country’s stock markets in November, the highest in eight months, mainly due to government’s plan to recapitalise PSU banks and surge in India’s ranking in the World Bank’s ease of doing … Continued
CBDT signs first ever two Indian APAs with Netherlands in Nov-2017
CBDT signs first ever two Indian APAs with Netherlands in Nov-2017. The total number of APAs entered into by the CBDT has gone up to 186 Press Information Bureau Government of India Ministry of Finance 01-December-2017 11:53 … Continued
M&M opens $230-m manufacturing facility in Detroit
Automotive major Mahindra & Mahindra broke fresh ground as an Indian multinational when it inaugurated its factory in the original Land of Automobile Manufacture, Detroit. As Executive Chairman, Anand Mahindra, and the Lt. Governor of Michigan, Brian Calley, cut the … Continued
CBDT signs 7 more unilateral APAs with taxpayers
The Central Board of Direct Taxes (CBDT) has signed seven more advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The seven APAs signed over the last month pertain to … Continued
India should prioritise public banking sector reforms: IMF
India must prioritise implementation of public banking sector structural reforms, enhance the efficiency of labour and product markets, and modernise agriculture sector to accelerate its growth, the IMF said Friday. The country’s growth is expected to accelerate in the medium-term … Continued
India growing pretty robustly: World Bank President Jim Kim
India has been growing “pretty robustly”, World Bank President Jim Yong Kim has said as he predicted a strong global growth this year. Speaking at the Bloomberg Global Business Forum meeting here on Wednesday, Kim also called for more cooperation … Continued
FDI likely to rise further after GST: Moody’s
India is likely see increased foreign direct investment (FDI) inflows on the back of reforms such as introduction of the goods and services tax and the bankruptcy code, international ratings agency Moody’s said in a report on Monday. “Combined with … Continued
Nuclear deal between India and Japan opens up new vistas of cooperation
Prime Minister Shinzo Abe is visiting India nearly two months after operationalisation of the historic Indo-Japan civil nuclear deal, which has added a new dimension to bilateral ties that could scarcely be imagined in the wake of the 2011 Fukushima … Continued
India, Japan Ink 15 Agreements Including Aviation, Trade and Science
India and Japan on Wednesday signed 15 deals in key areas, including civil aviation, trade, science and technology, and skill development. The pact in the area of disaster risk management, entered into between the Ministry of Home Affairs and the … Continued
FPI inflows: India’s forex reserves all set to hit whopping $400 bn mark; here is how long it took and why
India’s foreign exchange reserves have climbed tantalizingly close to the $400-billion mark on September 1 on the back of strong foreign portfolio investments into the Indian market, especially the debt segment The reserves are hitting the psychological threshold also because … Continued
World Bank accepts many of Modi govt’s reform claims, big thumbs-up likely next month
The government expects a double-digit improvement in India’s rank in the global index on ease of doing business, likely to be announced by the World Bank next month. A senior official told ET that the World Bank had shared its … Continued
SEBI warns of rising external debt risks as masala bonds surge
The rupee-denominated bonds, popularly known as masala bonds, are likely to add to the nation’s external liabilities even if they don’t hold any risks to currency movement, a top Sebi official said on Wednesday. “When money flows into the country … Continued
CBDT signs 4 more APAs with taxpayers in August
The Central Board of Direct Taxes (CBDT) signed four more advance pricing agreements (APAs) in August with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The four APAs entered into during August, 2017 pertain … Continued
July GST collections of Rs 92,000 crore exceeded target: Finance Minister Arun Jaitley
Goods and services tax (GST) collections have exceeded estimates in the first month of the landmark levy’s rollout despite a significant number of assessees not having filed returns yet. “We seem to be comfortable… The redline has been crossed in … Continued
Forex reserves in India set to hit $400 bn mark; gain strongest in Asia
India’s foreign exchange reserves are set to hit the $400-billion mark. It already touched a new high of $393.61 billion as on August 11, 2017, and the pace of forex reserves accretion has been the strongest since 2005. The gain … Continued
SME lending: YES Bank ties up with US-based OPIC, Wells Fargo
YES Bank has teamed up with the Overseas Private Investment Corporation (OPIC) and Wells Fargo on an agreement to lend up to $150 million to small and medium enterprises (SMEs) in India. Under the agreement, OPIC will provide $75 million … Continued
Foreign exchange reserves in India hit record high of $382 bn, grows 6% in 2017
Foreign exchange reserves touched a record high of $381.96 billion as on June 16, compared $381.16 billion in the previous week, the Reserve Bank of India said in its weekly statistical supplement on Friday. Foreign currency assets (FCAs), the largest … Continued
PE/VC investments hit 10-year high at $3.1 bn in May
Private equity and venture capital (PE/VC) investments have recorded the highest monthly investments in the past 10 years at $3.1 billion in May 2017. For the third consecutive month in a year, the investment flow crossed the $2-billion mark. … Continued
Central Board of Direct Taxes cuts profit margin for safe harbour rules
Given the lukewarm response to the safe harbour mechanism for transfer pricing, Central Board of Direct Taxes (CBDT) on Thursday cut the operating profit margin for information technology-enabled services, knowledge process outsourcing services (KPOs) and research and development (R&D) related … Continued
Foreign investors pour in $4.2 billion in May, mostly in Debt
Foreign investors have pumped $4.2 billion in the country’s capital market in May due to finalisation of GST rates for bulk of the items and prediction of a normal monsoon. Interestingly, most of the funds have been invested in the … Continued
FDI in services sector up 26% to $8.68 billion in FY17
FDI inflows in the services sector rose by about 26% to $8.68 billion in 2016- 17 with the government taking steps to improve ease of doing business and attracting foreign investments. The services sector, which includes banking, insurance, outsourcing, research … Continued
Finnish companies looking for new opportunities in India
India is becoming one of the favorite destinations for investments in manufacturing, clean tech, infrastructure and hi-tech for Finnish companies. Nina Vaskunlahti, Ambassador of Finland to India, in an interview with BusinessLine said, “There is increasing interest in economic cooperation, … Continued
Sensex crosses 30,000 mark, Nifty ends at record 9,351.85
With mixed positive sentiments among investors and unabated funds inflows in both global and domestic rallies, markets created yet another milestone in the stock trading history on Wednesday. The benchmark Sensex ended with new and all-time high of 30,133.35 for … Continued
UrbanClap receives Rs 20 Crore as NCD from Trifecta Capital
Home service startup UrbanClap has raised Rs.20 Crore of debt funding from California-Based Trifecta Capital through Non-Convertible Debentures. A Non – Convertible debenture or NCD do not have the option of conversion into shares and on maturity, the principal amount … Continued
Medical tourism is forex top spinner
Medical tourism has been the largest contributor to India’s total health services exports, accounting for 70 per cent of the total revenues of $890 million earned in 2015-16, according to the first comprehensive government survey on the sector. Asian countries, … Continued
SoftBank infuses Rs 1,675 crore in Ola Cabs; fresh funds to help Bengaluru co take on rival Uber
Japanese investor SoftBank has pumped in about Rs 1,675 crore in fresh funding in Indian transportation startup Ola to give it more muscle to take American rival Uber head-on. SoftBank subsidiary SIMI Pacific Pte picked 12,97,945 shares valued at Rs … Continued
India eases rules to allow merger of Indian companies with foreign firms
India will allow local companies to merge with overseas firms, easing rules to help home-grown businesses restructure their expanding global operations, and pave the deck for more listings of securities on capital markets abroad. “Until now, only inbound mergers were … Continued
SEBI set to block P-Note route for NRIs to prevent laundering of black money
The regulator plans to put in place a clear bar on non-resident Indians (NRIs) and entities owned by them and resident Indians subscribing to participatory notes, a move aimed at preventing possible round-tripping or laundering of black money. The Securities … Continued
India Inc’s March M&A deal tally jumps 4-fold to $28 billion
India Inc’s M&A deal tally in March rose four-fold to $27.82 billion, led by the Vodafone-Idea merger, taking the overall figure to $31.54 billion in the first quarter of 2017, says a report. Overall deal activity in the January-March quarter … Continued
FIPB approves 9 FDI proposals worth Rs 659 crore
Inter-ministerial body FIPB has approved nine investment proposals, including those of Netmagic Solutions and Vodafone, totaling a foreign investment of Rs 659 crore. “Based on the recommendations of the Foreign Investment Promotion Board (FIPB) at its meeting held on February … Continued
Forex reserves up $2.67 bn to $366.78 bn
India’s foreign exchange reserves surged by whopping $2.671 billion to $366.781 billion for the week ended March 2017 on account of increase in foreign currency assets, the Reserve Bank said today. In the previous week, the reserves had risen by … Continued
India, Russia to set up $1 bn fund to promote business:Nirmala Sitharaman
India and Russia are setting up a USD 1 billion fund to promote mutual investments in infrastructure and technology projects, Commerce and Industry Minister Nirmala Sitharaman has said. Both the countries would contribute USD 500 million to the fund, Sitharaman … Continued
Gujarat’s foray into B2B ecommerce gives big push to small units
Gujarat government has entered into B2B ecommerce space as it allowed UK-based cloudbuy.com to develop B2B marketplace for accelerating its growth in state business by supporting SMEs and larger organisations via digitalisation. According to a top official from the industry … Continued
FDI in services sector up 77.6% to $7.55 billion in nine months of FY17
Foreign investments in the services sector increased 77.6% to $7.55 billion in the first nine months of the current fiscal, helped by government steps to improve ease of doing business. The sector, which includes banking, insurance, research and development (R&D), … Continued
Fresh transfer pricing trouble for MNCs
A new provision for secondary adjustment in transfer pricing, announced in the Union Budget for 2017-18, is likely to affect the cash flow of multinational corporations (MNCs) and the dividend distribution tax paid by their Indian subsidiaries. The provision has … Continued
FIPB clears 15 FDI proposals worth Rs12,000 crore, defers 6
Inter-ministerial body, foreign investment promotion board (FIPB) on Tuesday approved 15 investment proposals, including that of Apollo Hospitals, Hindustan Aeronautics Ltd, Dr. Reddy’s Laboratories and Vodafone, envisaging foreign investment of Rs12,200 crore. “15 out of 24 FDI proposals were approved … Continued
Japan logs biggest current account surplus since 2007
Japan attained its second-biggest current account surplus on record in 2016, Ministry of Finance data showed on Wednesday, just days before the US and Japanese leaders meet for talks with trade surpluses and currency valuations expected to be high on … Continued
The govt has revised 40 tax treaties for information
India has revised 40 treaties for avoidance of double taxation so that the information exchanged with partner nations on tax matters can also be utilised for other purposes including criminal proceedings, Parliament was informed today. “Treaty partner countries have been … Continued
Tax avoidance rules: POEM norms to take effect from April, 2017
Confirming that India’s so-called POEM regulations — which are meant to ascertain the residential status of companies and use it to curb tax avoidance — will take effect from April 1, the Central Board of Direct Taxes (CBDT) on Tuesday … Continued
CBDT tightens screws on shell companies
The Central Board of Direct Taxes (CBDT) on Tuesday issued the much-awaited “guiding principles” for determination of a Place of Effective Management (PoEM) of a company, scotching speculation that the Budget may see its removal from the statute book. Put … Continued
India’s share of global economy to increase: Lars Heikensten, Executive Director, Nobel Foundation
India’s share of global economy to increase: Lars Heikensten, Executive Director, Nobel Foundation Lars Heikensten, executive director of the Nobel Foundation, said he expects India’s share of the global economy to increase while commenting on the role of the country … Continued
UAE firm launches world’s 1st offsite manufacturing park in TN
The world’s largest and first fully integrated industrial park has been opened in Tamil Nadu by a NRI-owned multinational group based in the UAE that specialises in innovative offsite manufacturing technology. KEF Infra, the infrastructure subsidiary of KEF Holdings yesterday … Continued
Transfer pricing treaty for investors from cyprus
The government on Monday afternoon clarified that according to the amended Cyprus treaty, investors need to pay only 10% tax with retrospective effect from November 1, 2013, instead of the 30% tax they have already paid. While bringing in clarity … Continued
SoftBank to invest $1 billion in US venture OneWeb as part of $50 billion pledge
SoftBank Group Corp has agreed to invest $1 billion in US. satellite venture OneWeb Ltd, marking the first tranche of a $50 billion US. investment the Japanese telecoms and technology company’s founder Masayoshi Son pledged to President-elect Donald Trump. … Continued
Philippines fastest-growing economy in developing Asia
The Philippine economy grew at its fastest pace in three years last quarter, underscoring the nation’s resilience to global risks as investment surged and consumers spent more. Gross domestic product increased 7.1% from a year earlier, the Philippine Statistics Authority … Continued
Foreign direct investment jumps 77.5% to $5.15 billion in September
With the government relaxing FDI policy and taking steps to improve ease of doing business, the Foreign Direct Investment in the country increased by 77.5 percent to USD 5.15 billion in September this year. In September 2015, the FDI had … Continued
PM Narendra Modi, Shinzo Abe sign landmark India-Japan Civil Nuclear Deal
Prime Minister Narendra Modi, today met with Japan Prime Minister Shinzo Abe and signed the Civil Nuclear Deal between India and Japan. PM Narendra Modi, after signing the deal said, “Our strategic partnership is not only for the good & … Continued
DIPP notifies 100% FDI in more financial services
DIPP notifies 100% FDI in more financial services The commerce and industry ministry notified 100 percent foreign direct investment in ‘other financial services’ carried out by NBFCs. The move will help attract foreign capital into the country. “The government … Continued
Ease of doing business: India banks on ‘remarkable work’ to improve World Bank ranking
As the World Bank looks set to release its annual ranking of countries in the ease of doing business later this week, India expects to improve its position from last year’s 130 out of 189 economies. The optimism stems from … Continued
Foreign VCs can now invest in unlisted firms sans RBI nod
Foreign venture capital entities can now invest in unlisted Indian companies without Reserve Bank of India approval. The venture capital firm will, however, have to be registered with market regulator SEBI. The investment can be made in an Indian company … Continued
FPI inflows top Rs. 20,000 cr in Sept, at 11-month high
Foreign investors pumped in more than Rs. 20,000 crore into the capital market in September, making it the highest net inflow in 11 months. This also marks the third consecutive month of positive inflows (equity and debt). The trend is … Continued
Forex reserves hit fresh all-time high, cross $371 billion
The country’s forex reserves continued to scale new highs, with the week to September 9 adding $3.513 billion to the kitty, which hit a new life-time peak of $371.279 billion, RBI data showed today. The reserves had increased by $989.5 … Continued
FPIs infuses $1 billion in capital markets in September
Foreign investors have pumped in nearly Rs 6,800 crore (USD 1 billion) into the country’s capital markets so far this month, driven by global and domestic factors. The latest infusion comes on top of a whopping inflow of Rs 25,904 … Continued
Kaya acquires “beneficial interest” in 2 UAE skincare firms
Skincare firm Kaya Ltd today said it has acquired majority “beneficial interest” in UAE’s Minal Medical Centre and Minal Specialized Clinic Dermatology for an undisclosed sum. “Kaya Middle East, DMCC, a foreign subsidiary of Kaya Ltd has entered into an … Continued
British Columbia first foreign govt to issue masala bond
Canada’s Province of British Columbia has become the first foreign government entity to issue a masala bond by floating Rs 500 crore rupee denominated overseas bonds on the London Stock Exchange. The bond raised $75 million (about Rs 500 crore) … Continued
Second instalment of FDI reforms cleared
The Union Cabinet today approved the second instalment FDI of reforms, which the Centre has announced in June covering diverse sectors including Defence, food-processing, single brand retail and broadcasting. The ex-post-facto approval for the reforms in the Foreign Direct Investment … Continued
FPI equity buys in India touch $5.4 bn this year
Foreign portfolio investors (FPIs) have bought equities worth $5.4 billion in the Indian markets in 2016 so far, according to data obtained from Bloomberg. This makes India the third biggest destination for FPIs after Taiwan and South Korea which have … Continued
Commerce ministry eases rules to promote exports
The commerce ministry has relaxed certain norms to promote outbound shipments and manufactured products from export-oriented units (EoUs), software technology parks of India (STPIs) and electronic hardware technology parks (EHTPs). The norm of mandatory warehousing requirement for EoUs and software … Continued
Forex reserves at record high of $ 365.74 billion
Continuing the rising trend, forex reserves increased by USD 253.6 million to touch record high of USD 365.749 billion in the week to August 5, the Reserve Bank said today. The reserves increased despite decline in foreign currency assets (FCAs), … Continued
Xiaomi, Foxconn to set up two more units in India
Chinese smartphone maker Xiaomi today said it is looking to set up two more manufacturing facilities in India through its Taiwanese contract manufacturer Foxconn Technology Group. Manu Jain, Xiaomi’s India Chief, said they are in talks with various state governments … Continued
CBDT signs bilateral APAs with Japanese trading firm arm
The Central Board of Direct Taxes has signed bilateral advance pricing agreements with Indian arm of a Japanese trading company, a move that will help bring down transfer pricing disputes relating to intra-group transactions. “The Central Board of Direct Taxes … Continued
FDI inflows rise 7% to $10.55 bn in Q1
Foreign direct investment (FDI) inflows grew 7 per cent to $10.55 billion during the first quarter against $9.88 billion in January-March 2015. According to the Department of Industrial Policy and Promotion (DIPP) data, the sectors, which attracted maximum FDI during … Continued
Foreign capital flow into EMs climbs to $25 billion
Emerging markets (EMs) have witnessed an inflow of $25 billion from foreign portfolio investors in this month so far, says a report. Equity flows were the dominant driver this month, with an estimated $14.6 billion in inflows, while debt flows … Continued
Cairn India to invest in existing projects
Cairn India, the petroleum exploration arm of London-listed Vedanta Resources, plans to continue investing in its existing projects to enhance domestic hydrocarbon production despite tough operating conditions and uncertain economic environment mainly because of strong demand outlook for the commodities. … Continued
Central Board of Direct Taxes (CBDT) signs seven Unilateral Advance Pricing Agreements (APAs)
The Central Board of Direct Taxes (CBDT) entered into seven (7) Unilateral Advance Pricing Agreements (APAs) today, i.e., 18th July, 2016, with Indian taxpayers. Some of these agreements also have a Rollback” provision in them. The APA Scheme was … Continued
Government disburses Rs 1,433 crore as interest subsidy to exporters
Government has disbursed Rs 1,433 crore up to March under the interest subsidy scheme to exporters, the Commerce Ministry today said. The Centre’s interest equalisation scheme, announced last December, reduces cost of capital by allowing 3 per cent interest subsidy … Continued
Temasek scouts for more investments in India
Temasek Holdings, Singapore government’s investment company, will continue to scout for investments across consumption-oriented segments in India this year, even as it’s open to opportunities from other sectors. In the previous year, the company’s bigger investments were in consumption-oriented segments … Continued
No World Recession From Brexit But Risks High, Says IMF’s Lagarde
International Monetary Fund chief Christine Lagarde said that Britain’s shock vote to quit the European Union has injected significant uncertainty into the global economy but is unlikely to cause a world recession. But in an exclusive interview with AFP, she … Continued
Brexit offers lifeline on $800 billion emerging company debt
Britain’s vote to exit the European Union (EU) has thrown a lifeline to emerging-market companies facing an $800 billion wall of maturing debt. By hindering the Federal Reserve’s plan to raise interest rates, the referendum result has led to speculation … Continued
PE exits set to see new record through IPOs this year
With RBL Bank and Aster DM Healthcare planning to raise Rs 1,500 crore and Rs 1,600 crore, respectively, through initial public offerings (IPOs) this year, private equity investors are set to make a record exit using the primary market route. … Continued
JPMorgan Chase & Co gets RBI approval to open 3 new branches
JPMorgan Chase & Co today said it has received Reserve Bank’s approval to open three more branches in the country. The bank will open new branches at New Delhi, Devanahalli (near Bengaluru) and Paranur (near Chennai) in the next few … Continued
ASUS betting big on India market
Peter Chang, Regional Head (South Asia) of ASUS and Country Manager (ASUS India), at the opening ceremony of India’s first exclusive Republic of Gamers (ROG) store in Kolkata, on Friday Ashoke Chakrabarty. Taiwanese laptop and smartphone-maker Asus is looking to … Continued
Cisco steps up India investments
Global networking major Cisco, which has set aside a corpus of $280 million for funding early stage start-ups in India, has invested in Kolkata-based Videonetics Technology Pvt Ltd, a video surveillance firm that designs, develops and provides ultra-modern surveillance products … Continued
Indian solar energy to get $1 bn from World Bank
The World Bank Group signed an agreement with the International Solar Alliance (ISA), consisting of 121 countries, led by India. It has committed to provide $1 billion support to Indian solar energy projects. The World Bank-supported projects include solar rooftop … Continued
India jumps 19 places in World Bank’s logistics performance index
India’s logistics performance at its key international gateways has improved in the last two years, according to a World Bank report released on Tuesday. In the World Bank’s biennial measure of international supply chain efficiency, called Logistics Performance Index, India’s … Continued
Amazon India sees 250% annual growth in sellers
US-based Amazon on Friday said it had witnessed a 250 per cent year-on-year growth in bringing new sellers on board, as it looks to tap into the booming e-commerce market in India. The company, which is making multi-billion dollar investments … Continued
China’s debt more than double its GDP
China’s total borrowings were more than double its gross domestic product (GDP) last year, a government economist said, warning that debt linkages between the state and industry could be “fatal” for the world’s second largest economy. The country’s debt has … Continued
Airtel teams up with Singtel to expand data business in 325 cities globally
Bharti Airtel and Singapore Telecommunications (Singtel) have combined resources to form an Internet Protocol Virtual Private Network (IP VPN) to deliver high-speed, secure data network coverage to enterprise customers in Asia-Pacific, the Middle East, Africa, Europe and the US. The … Continued
Indian real estate may attract $2 bn investment from Japan
Japanese developers and private equity investors are looking to enter Indian property market and could invest at least USD 2 billion over the next three years in residential as well as industrial projects, says JLL. Realty consultant JLL India … Continued
US, Europe combined infra spending less than China’s
Despite a crying need for better infrastructure, investment in it has actually fallen in 10 major economies since the financial crisis, including the US, according to a new study by the McKinsey Global Institute. Meanwhile, China is still going gangbusters … Continued
S&P: Renewable energy biz high-growth area in India
Renewable energy business is a high-growth area in India, though falling asset prices and competitive bidding for new power purchase agreements may lead to volatility in returns on investments, S&P Global Ratings said today. “We believe the renewable energy … Continued
FIPB clears FDI proposals worth Rs 710 crore
Foreign Investment Promotion Board (FIPB) today approved four FDI proposals entailing overseas investment of about Rs 710 crore. The proposals approved included Advanced Enzyme Technologies’ foreign investment worth Rs 480 crore, a Finance Ministry official said. The Board also cleared … Continued
US firm 8minutenergy to build solar facility in India
A US renewable energy company, 8minutenergy Renewables LLC, will set up 4 GW of solar power capacity in India.“8minutenergy Renewables will pursue a 4 GW solar photovoltaic project pipeline in India,” a statement from the White House said. “These utility-scale … Continued
Modi impact! Switzerland to ease tax info exchange norms on stolen data
Switzerland today said it will relax norms for providing information to foreign nations seeking banking details about their citizens on the basis of ‘stolen data’, a move that would benefit India in its fight against the black money menace. … Continued
India Agri Business Fund invests Rs 100 crore in Parijat Ind
Rabobank-promoted private equity fund ‘India Agri Business Fund II’ has invested around Rs 100 crore in agrochemical firm Parijat Industries to acquire a minority stake. Rabo Equity Advisors, the investment advisors for PE fund ‘India Agri Business Fund II’, announced … Continued
India, US to expand economic cooperation, break down trade barriers
India and the US today vowed to expand economic relation between the two nations and explore new opportunities to break down barriers to facilitate movement of goods and services. The leaders of the two countries resolved to pursue US- India … Continued
Japan banks enter ranks of biggest energy lenders
Japanese banks, known for the risk-aversion that spared them the worst of the credit crisis, have quietly grown into some of the world’s largest energy lenders. Mitsubishi UFJ Financial Group Inc (MUFG), Japan’s largest bank, disclosed last month it has … Continued
After Italy & Greece, PE seeks to partner Indian lenders for bad loan portfolio
Storied asset manager KKR & Co has approached lenders like State Bank of India and ICICI Bank with a proposal to manage and create value from their loan portfolios to under-performing Indian companies. The American private equity investor will build … Continued
SEBI to make it easier for fund managers to move to India
To make it easier for the foreign fund managers keen to relocate to India, markets regulator SEBI is considering allowing them to function as ‘Portfolio Managers’ under an easier regulatory regime. The move assumes significance in the wake of the … Continued
No funding for Adani project, says Australia PM
There will be no government funding for Adani’s $21.7-billion coal mine project, Australian prime minister Malcolm Turnbull said on Friday as he sought to assure a protester in fish costume that he took climate change “as seriously as you”. Turnbull … Continued
Danish companies keen to take part in Make in India
Denmark-based companies such as Danfoss, Grunfdfoss, sRamboll, Novo Nordisk and Novozymes are eyeing the benefits of Narendra Modi’s Make-in-India programme to set up their base in the country. Indian ambasssador to Copenhagen Rajeev Shahare said Denmark has embarked on … Continued
Japanese investors keen on India’s infra growth story: Arun Jaitley
TOKYO: Japanese conglomerate SoftBank and a number of investors here have shown keen interest in investing in India’s “infrastructure growth story”, Finance Minister Arun Jaitley said today as he kicked off his 6-day visit to Japan aimed at attracting investments … Continued
FinMin eases reporting rules for FATCA
The finance ministry has eased certain rules in reporting by financial institutions to comply with an agreement between India and the US for implementing the Foreign Account Tax Compliance Act (FATCA). Financial institutions had told the government it was difficult … Continued
Intangible MNC assets may be taxed in case of a global merger and acquisition
A recent clarification by the government has created a stir among some multinationals which are concerned that their Indian entities might be taxed even in case of a global merger and acquisition with another global company. More so, the worry … Continued
Tanzania plans to invest $1.9 billion each year in energy projects by 2025
Tanzania plans to invest $1.9 billion each year by 2025 in energy projects in a bid to end power shortages and boost industrial growth in East Africa’s second-biggest economy, its prime minister said. Tanzania aims to boost power generation capacity … Continued
EU seeks to make it easier to buy online from other countries
Online retailers would be banned from stopping a customer in one EU country buying from a website based in another, under a proposal issued on Wednesday to make it easier for consumers to shop across the bloc. The European Commission … Continued
India: PE firm Nalanda Capital to raise $620m for third fund
Private equity firm Nalanda Capital has registered with the US market regulator Securities & Exchange Commission to raise $620 million for its new fund, according to an Economic Times report citing sources. This will take the total corpus raised by … Continued
Sumitomo likely to acquire 44% stake in Excel Crop Care
Japanese conglomerate Sumitomo is at an advanced stage of negotiations to acquire a substantial equity stake in Excel Crop CareBSE -0.87 % , a Mumbai-headquartered listed company. The proposed deal could pave the way for the Japanese group to own … Continued
Commercial realty witnesses rising interest from private equity funds
The commercial real estate sector is witnessing increased interest from private equity funds, with several large institutions focusing on completed and leased commercial assets for investment. In 2015, private equity real estate firms deployed more than $5 billion in Indian … Continued
India, Mauritius to amend tax treaty
India will levy capital gains tax on investments routed through Mauritius from April 1 next year, bringing down the curtains on a contentious three decade-old rule that allowed companies to bring in billions of dollars by paying negligible taxes. The … Continued
IRDAI gives approval to 23 cross-border reinsurers
The Insurance Regulatory and Development Authority of India (IRDAI) has granted special approval to 23 Cross Border Reinsurers (CBR) for the year 2016-17. This will allow Indian insurers to make reinsurance placements with a large number of reinsurers. Cross-border reinsurers … Continued
Silicon Valley venture capitalists raise more money, give less away
Venture capitalists are raising money at the fastest rate in a decade, raking in about $13 billion in the first quarter of 2016. But much of that cash won’t flow into new startups anytime soon. Rather, venture firms are bracing … Continued
IMF: Global corruption costs trillions in bribes, lost growth
Public sector corruption siphons $1.5 trillion to $2 trillion annually from the global economy in bribes and costs far more in stunted economic growth, lost tax revenues and sustained poverty, the International Monetary Fund said on Wednesday. In a new … Continued
Facebook revenue smashes expectations, rises more than 50 per cent as mobile ad sales surge
Facebook Inc’s quarterly revenue rose more than 50 per cent, handily beating Wall Street expectations as its wildly popular mobile app and a push into live video lured new advertisers and encouraged existing ones to boost spending. The company’s shares … Continued
China commends India’s GDP growth; says keen to invest more
China has complimented India for “doing a good job” in maintaining an impressive growth rate despite a global slowdown and is keen on working together to push for reforms in the international financial system to offset the inherent weaknesses. Stating … Continued
Government looks to resolve 100 transfer pricing issues; seeks to sign more advanced agreements
In a significant move towards a more progressive taxation policy the revenue officials have set an aggressive target of resolving about 100 transfer pricing issues by signing advance pricing agreements (APAs) with multinationals this fiscal, people close to the development … Continued
NRIs with offshore bank accounts cannot escape investigation by tax authorities
Even NRIs with offshore bank accounts cannot keep the taxman at bay by obtaining quick relief from the court of law. In order to prove their innocence, such persons will have to instruct the overseas banks to share information on … Continued
Canadian fund commits Rs 1012 crore for renewable energy in India
CDPQ, which deals primarily in public and para-public pension and insurance plans, also announced the establishment of its Indian office in New Delhi. Canada’s institutional fund manager Caisse de depot et placement du Quebec (CDPQ) on Wednesday said it has … Continued
PE inflows from foreign funds in real estate up 33%
Total private equity investments from foreign funds in Indian real estate increased 33%, from $1,676 million (around R11,306 crore) in 2014 to $2,220 million (around R14,974 crore) in 2015, according to latest findings of global real estate consultancy Cushman & … Continued
StartUp India and Viacom18 join hands
Viacom18, the television media house that owns and runs channels Colors and MTV, has signed an agreement with the Union government’s department of industrial policy and promotion’s Start-Up India project. It will launch a year-long ‘outreach programme’ for entrepreneurs, called … Continued
Hong Kong eyes strengthening business ties with India
Pushing for an investment promotion agreement, Hong Kong today called for strengthening business ties with India and boosting bilateral trade. “India is Hong Kong’s seventh-largest trading partner globally, with bilateral trade of USD 23.7 billion last year. We are looking … Continued
RBI proposes easier access to foreign capital for start-ups
The Reserve Bank of India (RBI), in its sixth bi-monthly monetary policy statement, has proposed steps to improve ease of doing business for start-ups through easier access to foreign capital and by enabling smoother transfer of ownership. RBI Governor Raghuram … Continued
Foreign firms rush to India’s online marketplace
India’s booming online marketplace business has attracted a new wave of merchants and sellers from countries such as China, South Korea, Japan, Singapore and the US. In fact, thousands of sellers are getting into tie-ups with Indian e-commerce players to … Continued
I-T Department resolves over 100 transfer pricing cases of US companies
Indian tax authorities have resolved more than 100 cases of transfer prices with their US counterpart, involving companies from IT and ITeS sectors, in a move expected to give a boost to investment flows into the country. The Central Board … Continued
Foreign investment quality improves substantially with PM Narendra Modi’s Make in India push
The quality of foreign investment coming into the country has improved substantially, according to Reserve Bank of India data. Much of this is foreign direct investment (FDI) materialised in the September 2014-November 2015 period after Prime Minister Narendra Modi launched … Continued
India less vulnerable to external shocks: S&P
Indian economy is less vulnerable to external shocks as it is mainly driven by household consumption and government spending, and not dependent on hot money which can move out quickly, Standard & Poor’s Rating Services said today. The US-based rating … Continued
France will partner India to build three ‘smart’ cities
France will help India develop Chandigarh, Nagpur and Puducherry as smart cities. Agence Française de Developpement (French Development Agency) signed memoranda of understanding with the government of Union territory of Chandigarh, and government of Union territory of Puducherry and the … Continued
India, UK to cooperate in infrastructure financing, address tax evasion
Amid fears of the global economy edging close to recession, India and UK have agreed to open up trade and markets to support growth, carry out structural reforms and address issues related to cross-border tax evasion. After talks between India’s … Continued
India, Qatar to boost cooperation in hydrocarbons
DOHA: With Qatar having the world’s third largest gas reserves and being India’s largest supplier of liquefied natural gas (LNG), both countries are expected to give a fillip to cooperation in the hydrocarbons sector . Qatar has gas reserves exceeding … Continued
FTA with EU: India to take up ‘stock-taking exercise’
India will undertake a “stock-taking exercise” for a free trade agreement with the EU later this month, after a gap of three years, and pitch for greater market access in services once the stage is set for further negotiations, a … Continued
Primarc Group sets up venture capital fund for start-ups
Kolkata-based Primarc Group, which is into real estate and retailing, has set up a venture capital fund targeting start-ups. According to Sidharth Pansari, Director, Primarc Group, the fund – Primarc iVenture – will look to fund start-ups at an angel … Continued
Foreign investors find Indian realty sector attractive again after 5 years
Foreign investors’ interest in Indian real estate is on the rise after almost five years, India-specific fundraisings indicate. The cycle started gaining momentum just before the 2014 general elections and at least $2.2 billion (Rs 14,680 crore) of funds have … Continued
E-Commerce Industry to Cross $38 Billion Mark in India
India’s e-commerce market is likely to touch $38-billion-mark in 2016, a 67 per cent jump over the $23 billion revenue it clocked last year, according to the Associated Chambers of Commerce and Industry (Assocham). “Increasing internet and mobile penetration, growing … Continued
Government extends tax residency rule – Place of Effective Management
A deadline for comments on the draft guidelines to determine the tax residency of a foreign company has been extended to January 9. The government felt the need to determine a company’s place of effective management due to lack of … Continued
Czech Republic to help India modernise heavy industry
India has signed a protocol with Czech Republic to promote bilateral cooperation in the field of heavy industry, especially in industrial cooperation and facilities construction, the Union Cabinet was apprised today. The protocol includes modernisation of the existing facilities in … Continued
US, India to boost defence ties, fast-track co-production
India and the US have ramped up their defence and strategic ties by agreeing to fast-track co-production ventures as their defence ministers held wide-ranging talks on regional and global security issues besides discussing the growing menace of terrorism. Defence Minister … Continued
Global mergers and acquisitions hit all-time high in 2015 at $4.86 trillion: Dealogic report
The 2015 was a record year for global merger and acquisitions (M&A) as corporates announced deals worth USD 4.86 trillion and a significant portion of this came from Asia Pacific targeted deals, says a report. According to global deal tracking … Continued
SEBI allows foreign venture funds to register as FPIs, plans to finalize listing norms for startups soon
Capital markets regulator SEBI has said that Foreign Venture Capital Investors (FVCIs) can be granted registration as a foreign portfolio investor if they meet certain guidelines. The announcement came following a query from designated depository participant seeking clarification with regard … Continued
RBI sets up helpline for startups on fund-raising
With startups raising funds from a variety of offshore sources, including individuals, private equity players and crowdsourcing, the RBI has set up a dedicated helpline for advice on cross-border remittances which are subject to guidelines issued under the foreign exchange … Continued
Japan’s SoftBank wins first solar project in India
Marking its debut in the Indian solar sector after its investment announcement of $20 billion, Japan’s SoftBank won its first solar power project in India. The Japanese firm won the 350 megawatt (Mw) project, under the Jawaharlal Nehru National Solar … Continued
Japanese PM Abe on 3-day visit to India starting today; number of pacts on table
A Rs 98,000-crore deal to build a bullet train network is among a number of agreements likely to be signed during Japanese Prime Minister Shinzo Abe’s three-day visit beginning on Friday during which he will hold annual summit talks … Continued
Japanese PM assures stronger biz ties with India
Prime Minister Shinzo Abe on Friday urged Indian industry to invest in Japan even as he highlighted Japan’s interest in the development of India’s infrastructure. “Japan is going to realise a GDP growth of about $100 trillion. So I want … Continued
Singapore pips Mauritius as India’s top FDI source
Singapore has replaced Mauritius as the top source of foreign direct investment (FDI) into India during the first half of the current financial year. During April-September 2015, India has attracted $6.69 billion (Rs 43,096 crore) FDI from Singapore while from … Continued
Uber valuation put at $62.5 bn after new investment
Uber’s fund-raising efforts are showing no signs of slowing down. The company, based in San Francisco, is close to completing the raising of a $2.1-billion round of venture capital, according to people briefed on the company’s plans, the company’s single-largest … Continued
UAE earmarks key sectors like railways, housing, ports, roads for investments in India
Oil-rich United Arab Emirates (UAE) has identified key sectors including railways, housing, ports, roads and renewable energy (mainly solar) for investments in India as part of the $75 billion announced during Prime Minister’s August trip to the Gulf nation that … Continued
Japan pledges $10 billion for climate policies in developing nations
Japanese Prime Minister Shinzo Abe today promised to give $10.6 billion to developing nations by 2020 to help them implement policies against global warming, ahead of the UN climate talks in Paris next week. The decision to offer 1.3-trillion yen … Continued
India signs 11 more APAs to reduce tax disputes
The Central Board of Direct Taxes (CBDT) has signed 11 more advance pricing agreements (APAs) with MNCs on Tuesday, taking the total number of such deals that would spare them from rigorous tax audits under certain conditions to 31 so … Continued
After 50 years of diplomatic ties, India and Singapore to be strategic partners
After almost five decades of having diplomatic ties, India and Singapore will become strategic partners for the first time on Monday. The partnership will encompass all aspects of bilateral ties from expansion of defence cooperation, enhancement of trade and investment and … Continued
Singapore to focus more on economic activities in India: Experts
Singapore will further strengthen its bilateral trade ties with India through the “strategic partnership” the two countries will establish during Prime Minister Narendra Modi’s visit here next week, according to experts. “The strategic partnership means bringing the relationship between … Continued
Want to partner India in smart cities: Huawei
Chinese technology major Huawei wants to partner India in helping it build Information and Communications Technology (ICT) infrastructure for the development of smart cities, a senior company executive said at the Huawei Innovation Day Asia, co-hosted with National University of … Continued
India, Japan sign action plan to double investments in 5-years
The governments of India and Japan signed an agreement on Thursday for doubling of Japanese investment into Indian firms in the next five years, and boosting two-way trade. The signatories were Commerce and Industry Minister Nirmala Sitharaman and Japan’s minister … Continued
Strengthening Iran-India trade ties a great opportunity for both
Iran’s Ambassador to India Gholamreza Ansari at the inaugural session of the United Economic Forum’s Trade Summit 2015 in Chennai on Saturday. India is on top of Iran’s list of partners with which it plans to strengthen economic ties … Continued
India, UK strike 3.2 bn pound deal on energy, climate change
Ahead of the Paris climate summit, India and Britain have agreed on a comprehensive package of collaboration on energy and climate change which includes commercial deals worth 3.2 billion pounds. During Prime Minister Narendra Modi’s ongoing UK visit, the two … Continued
RBI allows foreign currency-rupee swap transactions
RBI said that such swap transactions could be undertaken by the MFI/IFI concerned on a back-to-back basis with an authorised dealers (AD) Category-I bank in India The Reserve Bank of India (RBI) on Thursday allowed residents having a long-term foreign … Continued
Private equity investors discover gold mine in e-commerce backend
Private equity investors, who have stayed away from investing in online retail companies, have instead quietly reaped a windfall by backing logistics companies providing back-end support in the e-commerce rush. In the latest deal, Peepul Capital recorded an over six-fold … Continued
Global re-insurers gearing up to open branch offices in India
Global reinsurance majors, such as Swiss Re, Munich Re and SCOR, have firmed up plans to apply for a composite licence to carry on reinsurance business through a branch office in India. Last week, the Insurance Regulatory and Development Authority … Continued
Finance Ministry to ease transfer pricing rules
The finance ministry is streamlining safe harbour rules and advance agreements, two mechanisms to determine the price of services rendered by a multinational to its subsidiary in India. Safe harbour rules – directives on margins the tax authorities should accept … Continued
Global Financial Secrecy Index: Hong Kong, Singapore’s ranks rise
Hong Kong and Singapore have increased their ranking for financial secrecy, with the Chinese territory rising to number two, behind only Switzerland in a 2015 index of the world’s offshore havens, compiled by the Tax Justice Network (TJN). Both the … Continued
Commerce ministry firming up Africa-focused export strategy
The commerce department is firming up an export strategy focused on Africa, giving a new dimension to the government’s strategic push for ties with the continent that could offer a large market for Indian goods at a time of slowing … Continued
PM Narendra Modi promises $10-bn credit line to Africa
Promising $10 billion in credit to Africa to back a “partnership of prosperity” and pitching a broad alliance for global reform, Prime Minister Narendra Modi called for a permanent solution to the food security and agriculture subsidy issues at the … Continued
Govt approves 16 FDI proposals worth Rs 4,722 cr
The government has cleared 16 foreign investment proposals, including that of HDFC Capital and Ageon Religare Life Insurance Company, amounting to Rs 4,722 crore. The investment proposals were approved following the recommendation for the same by the Foreign Investment Promotion … Continued
Relaxed tax residency rules to help MNCs
Foreign companies with Indian shareholders won’t have to pay taxes here for their worldwide income unless they are managed from India on an everyday basis. If these foreign companies are managed from outside India, whether or not they are promoted … Continued
Start-up investments in India to see three-fold rise to $6.5 bn in 2015: Nasscom
India will witness about $6.5-billion (Rs 42,300 crore) funding in start-ups this year, as global investors look at investing in firms that build products and solutions for the local market, while using them for emerging markets in Asia, Africa and … Continued
Income Tax dept lowers pitch on tax demands on multinationals
The income tax department will withdraw from a few hundreds of tax cases with multinational corporations pending in tribunals by the end of this fiscal. This marks a significant softening of approach given its high-pitched income reassessments for MNCs in … Continued
Vodafone gets a reprieve in Rs. 8,500-cr transfer pricing case
The Bombay High Court on Thursday gave a favourable ruling to Vodafone in the transfer pricing case related to the sale of the company’s call-centre business to Hutchison and assignment of call options to Vodafone International. The tax dispute, which … Continued
Australia to collaborate with Indian researchers
The Australian government, through the Australia-India Strategic Research Fund (AISRF), would collaborate with Indian researches in the field of agriculture, mining, energy, health etc. The Australian government has earmarked $84 million to be spent over three years in creating infrastructure, … Continued
India signs 16 advance pricing pacts with MNCs
The income tax department has signed 16 advance pricing agreements (APAs) with multinational companies (MNCs) so far, exempting their transactions with local units from rigorous tax audits. APAs were introduced to give tax certainty to MNCs that agree on certain … Continued