Mauritius Financial News

PB Fintech on Wednesday said its board has approved the incorporation of a wholly-owned subsidiary for payment aggregator business. The new subsidiary called PB Pay Private Limited would “carry on the business of payment aggregator – domestic and / or cross border or both, as may be permitted by the Reserve Bank of India, by facilitating merchants with offline and/or digital payment acceptance infrastructure or both," the company said in a regulatory filing. ALSO READ: Temasek Holdings sells entire 5.42% stake in Policybazaar parent firm PB Fintech The paid-up share capital of the proposed company would be ₹27 crore, the filing added.

₹10 per equity share, is a mix of fresh issue of shares of up to ₹200 crore and an offer of sale of up to 4.45 million by the promoter group and investor-selling shareholders. The offer for sale consists of the sale of equity shares of up to 7.20 lakh by Arvind Nanda, up to 7.90 lakh shares by Gautam Suri, up to 5.40 lakh shares by Ishaan Suri, up to 6 lakh shares by Shobhna Suri, up to 1.80 million by OIH Mauritius Limited.

investment in the 'hybrid' category, which reflects activity in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), has climbed to $875 million so far in 2024, the highest in four years, fuelled by a recent infrastructure offering that attracted significant foreign capital. Data released by the National Securities Depository (NSDL) showed the increase in FPI investment in the hybrid category was primarily driven by $842 million worth of overseas investment in February. FPI investment was at $3 million in January, and it stood at $30 million in March so far, the data showed.

Rashomon, the classic 1954 film by Japanese director Akiro Kurosawa, narrates four different perspectives of a crime. The Rashomon Effect aptly applies to varying accounts of the recently concluded 13th Ministerial Conference (MC-13) of the World Trade Organization (WTO), with much commentary in the Western media holding India as a spoiler even as Indian write-ups provided justification for the country’s positions. All this, while geopolitical shifts have resulted in strategic economic partnerships worldwide overshadowing the WTO.

By David Lawder

On Sunday, India signed the India-EFTA Trade and Economic Partnership Agreement, our first trade deal with any Western nation or group. It was signed with the European Free Trade Association (EFTA), which comprises Iceland, Liechtenstein, Norway and Switzerland. It’s an innovative and well-balanced pact that covers two-way trade in goods and services as well as bilateral investments.

₹180.17 crore from anchor investors on March 11, a day before the Kerala-based company's IPO will open for subscription. In an exchange filing to the exchanges on Monday, the company disclosed the allocation of 61,07,325 equity shares to anchor investors at a price of ₹295 per equity share.

India has close and longstanding relations with Mauritius, an island nation in the Western Indian Ocean, anchored in shared history, demography, culture and strategic partnership. A key reason for the special ties is the fact that Indian origin people comprise nearly 70% of the island’s population of 1.2 million. The relationship has been characterized by a high level of trust and mutual understanding at the leadership level and continued high-level political engagement. These special ties have resulted in uniquely close cooperation in maritime security, development partnership, capacity-building, cooperation in international fora, technical assistance through deputation of Indian experts to GOM, vibrant cultural exchanges and close people-to-people ties, officials explained. In this backdrop President Droupadi Murmu, will undertake a State Visit to Mauritius from 11th to 13th March, to attend the National Day celebrations of Mauritius on 12th March as the Chief Guest. A contingent of the Indian Navy will participate in the celebrations along with two Ships of the Indian Navy's First Training Squadron — INS Tir and CGS Sarathi.

India is set to tie duty reductions associated with the trade agreement with the European Free Trade Association (EFTA) to investments made by companies from member nations, including Switzerland, Norway, Iceland, and Liechtenstein, reported TOI. These nations have collectively pledged to invest $100 billion over a span of 15 years. The FTA is scheduled to be signed on Sunday following its clearance by the Union cabinet on Thursday evening. Negotiations for the agreement commenced in 2008 but were halted after the Modi government assumed office in 2014, as per a TOI report.

NPCI on Friday announced that Unified Payment Interface (UPI) is now live in neighbouring Nepal. UPI users can scan QR codes to make payments to Nepalese merchants, said an official statement. This comes after a tie-up between the National Payments Corporation of India International Payments (NIPL) and Nepal's largest payment network Fonepay Payment Service in September last year. In its first phase, the partnership will enable Indian consumers to make instant, secure, and convenient UPI payments across various business stores in Nepal by using UPI-enabled apps, the statement said.

Bahrain, 1,200 MT to Mauritius and 550 MT to Bhutan through National Cooperative Exports Limited. The government last year, imposed a ban on onion exports till March 31 to meet domestic demand and stabilise its wholesale prices but it allows a specified quantity to be exported to friendly nations. In a separate notification, the Director General of Foreign Trade (DGFT) also amended the timelines and procedures for registration of import of yellow peas under the Import Monitoring System (IMS) for consignments which will arrive at the Indian ports after March 31, 2024.

₹193.94 crores from anchor investors ahead of its initial public offering that opens for public subscription on Wednesday, March 06, 2024. The company informed the bourses that it allocated 48,36,657 equity shares at ₹401 per share on Tuesday, March 05, 2024, to anchor investors.

Godrej Consumer Products Ltd (GCPL) may see better-than-peers earnings growth ahead, under chief executive officer Sudhir Sitapati’s leadership. The company is taking the right steps to improve the overseas and India portfolio. It plans to bolster the financial position of the GAUM (Godrej Africa, USA, and Middle East) segment, which formed over 24% of GCPL’s consolidated revenue in the nine months ended December (9MFY24).

AFP, the incident unfolded when a wooden and bamboo cart carrying statues of Hindu gods ignited upon contact with live electrical cables, explained Police Commissioner Anil Kumar Dip during a televised address. “The accident claimed six victims and left seven injured, including one who is in serious condition," he said.

RK Swamy IPO: RK Swamy has raised ₹187 crore from from marquee investors in anchor round on Friday, March 1, ahead of its IPO subscription opening for bidding. RK Swamy IPO opens for subscription on Monday, March 4, 2024 and closes on March 6, 2024.

PM Modi launched a range of developmental projects in the state through a video link. "The Indian system of time calculation is the oldest, subtle, pure, error-free, authentic and reliable method in the world. This most reliable system is being re-established in the form of Vikramaditya Vedic Clock in Ujjain," the release said.

PM Modi and said that it marks another great moment for the remarkable and exemplary partnership between Mauritius and India. He added that with the digital payment connectivity, the ties between India and Mauritius have entered a new dimension. “Indeed we are making history today on the Islands of Agaléga, where the inauguration of new airstrip, new jetty, and several other development projects.

₹1.8 lakh for a 40-minute circling time to ₹2.6 lakh for 60 minutes. This not only raised airfares but also affected airport operations, resulting in delays.

₹1,125 from ₹1,265. The new target price implies a potential downside of 11 percent. The firm's operating profit margin (OPM) has declined to 5 percent in the nine months ended FY24 against 9-12 percent in FY15-21, the brokerage said.

anti-abuse provisions under the India-Mauritius tax treaty, the Mauritius Cabinet on Monday decided to amend the agreement to comply with the minimum standards of multilateral instrument (MLI) under Base Erosion and Profit Shifting (BEPS) rules. The amendment, which is in sync with the ongoing global tax agreement, will discourage existing source-based tax exemptions claimed by the companies and will make it difficult for them to abuse the tax treaty purely for treaty shopping. The Base Erosion and Profit Shifting rules under 'pillar two' model are crafted to ensure large MNCs pay a minimum level of tax on income arising in each jurisdiction they operate in. The BEPS MLI includes a provision to decline the shelter of a Double Taxation Avoidance Agreement (if the DTAA is covered by the MLI) if the principal purpose of a business arrangement is to save tax. It is gauged by using a Principal Purpose Test, which is a minimum standard under MLI. India and Mauritius are signatories of MLI, however so far Mauritius had not included its DTAA with India within the scope of its MLI compliance.

International tax treaties can be extremely confusing for the layman. That is because the provisions in such treaties are drafted in a very convoluting manner. And it is not just the layman who is confounded.