August 9, 2011 in Investment News by aloksinha

India growth story intact despite uncertainty due to US debt downgrade from AAA rating: Pranab Mukherjee

NEW DELHI: The India growth story is intact and the fundamentals of the economy remain strong despite the uncertainty in global markets due to the downgrading of US debt ratings by ratings agency Standard & Poor’s, finance minister Pranab Mukherjee said on Monday. Policymakers grabbed every opportunity on Monday to calm markets and investors, saying [...]

August 5, 2011 in Investment News, News & Events by aloksinha

India may achieve highest FDI in present fiscal year

NEW DELHI: India is likely to bag the highest foreign direct investment (FDI) in 2011-12. Mr Kaushik Basu, Chief Economic Adviser at the Ministry of Finance, said, “This year the FDI is going to see a very big rebound and go up to a very comfortable level. And it should go up where we were [...]

August 5, 2011 in Investment News, News & Events by aloksinha

At $4.66 billion, FDI in May second highest in 11 years

NEW DELHI: Foreign direct investment (FDI) into the country more than doubled in May from year ago, touching $4.66 billion against $2.21 billion in May last year. This is the second highest monthly FDI inflow since 2000. The rebound follows a dismal 2010-11 fiscal in which FDI dropped 25% to $ 19.4 billion. Foreign investors [...]

July 29, 2011 in Investment News, News & Events by aloksinha

FBAR: A new financial disclosure for US-based NRIs

Recently, the United States Justice Department started a probe  into bank accounts opened by US residents with HSBC India, which remained hidden or undisclosed to the US Internal Revenue Service (IRS). According to the Justice Department, HSBC is alleged to have advised its NRI clients that the bank would not disclose the existence of their [...]

July 29, 2011 in Investment News, News & Events by aloksinha

Punjab government for immediate disposal of NRI property cases

In a bid to safeguard the interests of the NRIs in Punjab, state government today directed the officials to dispose their pending property cases fast. Punjab NRI affairs minister Balbir Singh Bath here asked the state officials to look into the property cases of the NRIs lying pending with the Fast Track Revenue Courts. The [...]

July 29, 2011 in Investment News, News & Events by aloksinha

Union Bank revises Re, Foreign currency deposit rates for NRI’s

MUMBAI: Public sector Union Bank of India (UBI) recently  announced a revision of rates in both foreign currency and rupee term deposits by the non-resident Indians (NRIs). The interest rate on a majority of the deposits has been cut as part of the revision. Under the new rate structure effective from today, a five-year dollar [...]

March 3, 2011 in Investment News by admin

ICICI Bank launches NRI remittance service

ICICI Bank has announced the launch of I-Express, an instant cross-border money transfer option for non-resident Indians (NRIs). The service would be available through the ICICI Bank’s select partners in the Gulf countries, the bank said in a statement. I-Express facility offers the remitter — the option of visiting any partner outlet for instant credit [...]

March 3, 2011 in Investment News by admin

NRIs want change in DTC clause on stay in India

Some high-profile non-resident Indians (NRIs) are lobbying hard with the Centre to amend a clause in the Direct Taxes Code (DTC) Bill that

March 3, 2011 in Investment News by admin

States’ demand on GST not acceptable: Revenue Sec.

The demand for changes in the goods and services tax (GST) structure by Bharatiya Janata Party-ruled states like Madhya Pradesh and Gujarat is not acceptable as it is not consistent with the basic structure of the proposed tax reform, Revenue secrtary Sunil Mitra said.  “We don’t find these suggestions acceptable. It is not consistent with [...]

March 3, 2011 in Investment News by admin

Govt. favours foreign equity in limited partnerships

India’s commerce and industry ministry has favoured foreign investment in limited liability partnerships and floated a discussion paper inviting comments from all stakeholders before taking a policy decision on the matter. Notified April 1 last year, the permission for domestic limited liability partnerships was given to nurse the growth of professionals such as advocates, lawyers, [...]