Foreign Financial News

What will be the tax applicability and the conversion rates if an Indian resident sells his shares that are listed on the US stock exchange? Can the resident gets both conversion and indexation benefit on such a sale? —Name withheld on request It is assumed that the person selling the shares qualifies as a Resident and Ordinarily Resident in India. Any gains or loss arising from transfer of the shares is chargeable to tax as capital gain or capital loss.

Two foreign aid workers have reportedly been killed in eastern Ukraine when Russian shelling hit a van carrying a team of four working with a Ukrainian NGO

India will offer Russia options to invest the billions in rupees it has accumulated for exports, Foreign Minister Sergei Lavrov said Sunday in New Delhi. “Our Indian friends said they would propose promising areas they can be invested in,” Lavrov told reporters, citing talks with Indian counterpart Subrahmanyam Jaishankar in Jakarta, Indonesia, on the sidelines of the East Asia summit prior to his arrival to India. “Right now our governments are talking how to use and invest them to mutual benefit.” He didn’t provide further details. Lavrov also said Russian arms contracts with India remain in force, despite difficulties with payments caused by sanctions imposed by the US and its allies over Russia’s invasion of Ukraine. Russia has emerged as a top supplier of oil to India over the past year, settling a greater share of trade in national currencies and redirecting shipments east as traditional customers in Europe shunned purchases after President Vladimir Putin invaded Ukraine.

G20 Summit. As reported by PTI, "the Chamber of Trade and Industry (CTI) has partnered with these women entrepreneurs, fashion designers, influencers, bloggers, salon and boutique owners who are fluent in languages such as English, French, Spanish and German to work as translators, its chairman Brijesh Goyal said. “These women will assist the traders of Chandani Chowk market in communicating with foreign visitors on September 8-10, he said.

The head of the U.S. Senate Foreign Relations Committee has asked America's top three oilfield services companies to explain why they continued doing business in Russia after its invasion of Ukraine

Tokyo prosecutors say they have arrested a former vice foreign minister of Prime Minister Fumio Kishida’s Cabinet on suspicion of accepting more than 61 million yen ($414,000) in bribes from a wind power company in return for his promotion of wind powe...

₹9,005.65 crore of Indian equities, while they sold ₹9,764.20 crore --- resulting in an outflow of ₹758.55 crore. Meanwhile, DIIs infused ₹7,203.95 crore and offloaded ₹7,175.84 crore, registering an inflow of ₹28.11 crore. Domestic equity benchmarks Sensex and Nifty settled at a more than one-month high on Thursday, led by gains in banks and power stocks, with a technical breakout lending support - even as global cues were weak amid concerns over higher interest rates for an extended period.

foreign interference in Canadian elections and society.Marie-Josée Hogue, a puisne judge of the Court of Appeal of Quebec, has been tapped to lead the inquiry, a government source told Global News Thursday. Two government sources also confirmed the news to The Canadian Press.Hogue was appointed as puisne judge in the Quebec appeals court on June 19, 2015, according to the court’s website.

East Asian country Taiwan is reportedly planning to put restrictions on unregistered overseas crypto exchanges operating within its jurisdiction as a part of its incoming guidance for virtual asset service providers (VASPs). 

The Wall Street Journal. The move has been initiated in sensitive departments to government-backed agencies and state companies, instructing staff not to bring their iPhones to work. Apart from this, Beijing intends to extend that restriction far more broadly to a plethora of state-owned enterprises and other government-controlled organizations.

NEW DELHI : Taxation of share premium in unlisted businesses, an anti-evasion provision introduced in the tax law more than a decade ago to tackle corruption, has over the years become a key concern for startups, with the industry waiting to see how its expanded scope will be implemented on the ground. The finance ministry is set to come out with the final version of the five extra valuation methods for foreign investors in about a fortnight to ensure the worth of unlisted companies is accurately assessed for tax purposes after public consultation of the draft rules in May.

NEW DELHI : Several foreign-owned or controlled companies (FOCCs) are under the Reserve Bank of India’s (RBI) scrutiny for alleged violation of foreign exchange rules, two people privy to the development said. The companies have received notices from the regulator inquiring whether they would want to settle the case, the people said on condition of anonymity. If firms don’t settle the case, RBI can pass orders.

DGFT on Monday said it has suggested banking and financial institutions to extend pre- and post-shipment export credit in foreign currency to e-commerce exporters based on the guidelines of the RBI.

Russian Ambassador to India Denis Alipov on Sunday expressed regret over his light-hearted remarks about Russian Foreign Minister Sergey Lavrov that had raised a few eyebrows and said he only meant that Lavrov was much admired. In an interaction with media persons on Friday, a journalist asked Alipov about Russian President Vladimir Putin's decision to skip the G20 summit and jocularly referred to how he is popular among Russian women and that it would have been nice if he had come to India. In a lighter vein, the envoy thanked the person who asked the question for the remarks and said, «Lavrov is married, by the way.

Indonesia has introduced a golden visa scheme. It has taken this step to boost its national economy, a statement from the ministry of law and human rights said. «The golden visa is granting a residence permit for an extended period of five to 10 years,» director general of immigration, Silmy Karim said in the statement. To be eligible for the five-year visa, an individual needs to set up a company worth $2.5 million. If you want a 10-year visa, an investment of $5 million would be required. Corporate investors are required to invest $25 million to get five-year visas for directors and commissioners. They need to invest double, or $50 million, to gain a 10 year visa. If you do not want to invest and still be eligible for the golden visa, you can purchase the Indonesian government bond ranging from $350,000 to $700,000.

MOSCOW (Reuters) — Russian Deputy Finance Minister Alexei Moiseev said on Friday that the government would not allow foreign banks to leave Russia easily.

Lavrov said on Friday. Lavrov, who has served as President Vladimir Putin's foreign minister since 2004, is due to represent Russia at the Sept. 9-10 meeting of the Group of 20 leading industrialised and developing countries in New Delhi. Putin is not known to have travelled abroad since the International Criminal Court issued an arrest warrant for him in March on suspicion of war crimes in Ukraine. «There will be no general declaration on behalf of all members if our position is not reflected,» Lavrov told students at the prestigious Moscow State Institute of International Relations. The Kremlin casts the Ukraine war, which began when Russia invaded in February 2022, as an existential battle with an arrogant West that Putin says wants to dismantle Russia and take control of its vast natural resources. The West denies any such intentions but says it wants Ukraine to defeat Russia on the battlefield and has imposed several rounds of sweeping economic sanctions in response to the invasion, which Russia calls a «special military operation». Other leading powers such as China, India and Brazil have called for peace but also reserved the right to determine their own relationship with Moscow.

The foreign minister of Quad group -- which includes India, Australia, Japan and the United States – are likely to meet on the sidelines of the United Nations General Assembly (UNGA) in New York in September. The meeting of the foreign ministers is being held to expand the cooperation in the Indo-Pacific region, people familiar with the development said on Wednesday. The meeting has however not been confirmed yet.

BEIJING (Reuters) — China will extend preferential tax policies for foreign nationals working in the country through to the end of 2027, the finance ministry said on Tuesday, in a boon to foreign firms struggling to attract talent post-COVID.

The Foreign Ministry says China will drop its COVID-19 testing requirement for entry starting Wednesday

Putin held a telephone conversation with Prime Minister Narendra Modi on Monday. The two leaders reviewed progress on a number of issues of bilateral cooperation and exchanged views on regional and global issues of mutual concern, including space cooperation and an upcoming summit of the G20, the PMO said in a statement released on the same. President Putin also conveyed his inability to attend the G20 Summit in New Delhi on September 9–10, 2023, and informed that Russia would be represented by the Foreign Minister of the Russian Federation, Sergey Lavrov, the PMO further said. The two leaders took part in a summit of the BRICS group of emerging economies in South Africa last week, Modi in person and Putin by video link. Last week on Saturday, the Press Secretary to the Russian President Dmitry Peskov had informed the Russian media that President Vladimir Putin will not participate in the G20 leaders’ summit to be held in New Delhi. These developments are in line with other recent international summits held after the beginning of the Ukraine crisis in February 2022, where Putin has remained absent. The International Criminal Court (ICC) had earlier in March issued an arrest warrant for Putin and another Russian official.