Foreign Financial News

Who can open? It can be opened by individuals who come back to India after their stay abroad; by non-resident Indians (NRIs) and persons of Indian origin (PIOs/OCIs) seeking to maintain foreign currency holdings in India; and those eligible for foreign exchange remittances like pensions, salaries, or proceeds from overseas asset sales.Eligibility The following conditions need to be fulfilled:

JERUSALEM/TRIPOLI (Reuters) — Libya's prime minister suspended Foreign Minister Najla Mangoush on Sunday and referred her for investigation after Israel said its Foreign Minister Eli Cohen had met her last week despite the countries not having formal relations.

Income tax department is looking into tax evasion by about six companies providing foreign tour packages for under-reporting of income, non-deduction of the prescribed tax and their involvement in remitting money abroad through the hawala racket or unofficial fund transfer. The department sent show cause notices to these companies between June and July, ET has learnt. «There was gross underreporting of income and also they were using fake names and addresses and identity for booking the package,» an official told ET, adding that in some instances a tour package was booked in the name of one person for four consecutive quarters which on closer scrutiny were found out to be fake.

3M has agreed to pay more than $6.5 million to resolve charges that it violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act, the Securities and Exchange Commission said Friday

A news presenter who works for a news organization in Britain had to face the wrath of the netizens after he made a comment that India should return the £2.3 billion of foreign aid which was provided by Britain. He said,"“I would like to congratulate India for landing on the dark side of the Moon. I would also like to now invite India to return the £2.3 billion of foreign aid money that we sent them between 2016 and 2021.

Chandrayaan 3 mission has started a Twitter war after a UK-based news anchor opined that Delhi should not be asking for foreign aid following the successful moon mission. Following which, many infuriated netizens reminded him of the $45 trillion Britain looted from India in the past. It all started after the UK's GB News anchor, Patrick Christys, congratulated India on its moon mission and then asked the country to return the 2.3 billion pounds it got as foreign aid. «I would like to congratulate India on landing on the dark side of the moon. I would also like to invite India to return the 2.3 billion pounds of foreign aid between 2016 and 2021.» He added that the British taxpayer should also withhold the proposed 57 million pounds of foreign aid that the UK set to send to India next year. «We should not be giving money to countries with a space program. As a rule, if you can afford to fire rockets to the dark side of the moon, you shouldn't be coming to us with your handout,» he added.

offshore assets. Till now many bought time and tried to dodge the tax office by denying ownership or links with any overseas assets with false submissions, often made in letterheads of their chartered accountants and lawyers. Later, if tax officials called their bluff, such plain submissions gave them the leeway to escape harsh consequences. That ploy would no longer work.

By Alexander Marrow

₹2,000 crore to bring new extrusion and fabrication technologies to India that are critical to building Vande Bharat trains in the country, Kumar Mangalam Birla, chairman, Hindalco Industries Limited, said at the company’s 64th annual general meeting (AGM). “We are even more excited to partner Indian Railways and the passenger coach manufacturing ecosystem for the ambitious high-speed Vande Bharat trains.

rise of English has made that less necessary. But most people—at least seven of the world’s eight billion—still do not speak English. That leaves options like pantomime, a willingness to be surprised by what arrives at dinner—or, increasingly, technology.

exports and imports of goods and services declined 2.5% on-year in January-June 2023 at $800.9 billion, think tank Global Trade Research Initiative (GTRI) said Monday. Exports of goods and services rose 1.5% to $385.4 billion in the first six months of the calendar year as against $379.5 billion in the corresponding period a year ago while imports dipped 5.9% to $415.5 billion from $441.7 billion in January-June 2022. In merchandise trade, exports fell 8.1% to $218.7 billion, while imports contracted 8.3% to $325.7 billion. “Data is showing modest decline due to weak global demand and losing competitiveness in labour intensive sectors,” said GTRI Co-founder Ajay Srivastava. Services exports during the six months grew 17.7% to $166.7 billion, while imports rose 3.7% to $89.8 billion. India exports goods to 240 countries and out of that, the country's outbound shipments declined in 134 destinations. Major countries where exports declined include the US, UAE, China, Bangladesh, and Germany.

India's services segments has helped the country's total exports and imports of goods and services to cross the USD 800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to USD 385.4 billion during January-June this year, as against USD 379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to USD 415.5 billion during the six months of this year, as against USD 441.7 billion in January-June 2022.

stocks of their parent companies listed abroad as part of their salary packages. Here's a look at the documentation, taxation and disclosure requirements in India for these stocks.Q.What are the types of employee stock options?

investing opens the door to industries and companies with promising prospects that are not present in the local markets. 2.Fluctuations can improve or cap the returns as a rise in the value of an investment can be offset by a decline in foreign currency.

BERLIN (Reuters) — German Economy Minister Robert Habeck wants to tighten the process for reviewing foreign investments with a new law that would aim to enhance economic security, according to a ministry document seen by Reuters on Sunday.

Also read: ‘Stand up for your rights’: Upon arrest, former Pakistan PM Imran Khan urges followers not to ‘sit at home in silence’ The Federal Investigation Agency (FIA) filed a First Information Report (FIR) against Qureshi, citing relevant sections of the Official Secrets Act and the Pakistan Penal Code. The FIR alleges that Qureshi's actions fall under wrongful communication of information and the attempt to commit or abet an offense under the Secrets Act.

Green Party Leader Elizabeth May said a top-secret briefing on foreign interference this week did not allow her to access key intelligence documents.

Also read: Bahrain Steel to supply iron ore pellets to Essar's green steel project in Saudi Arabia For years, Iran and Saudi Arabia had been engaged in a bitter rivalry for influence in various Middle Eastern countries. Rivalry between Iran's revolutionary, Shi'ite Muslim leaders and Saudi Arabia's Sunni ruling family dominated the Middle East. This rivalry had led to sectarian tensions and conflicts in Iraq, Syria, Lebanon, Yemen, and Bahrain.

Ashok Kumar Khurana, DG, Association of Power Producers, says “foreign investors have now shown great interest in the entire supply chain of power, that is, generation, conventional and renewable, transmission, distribution, all these sectors and recent block deals taking place through Abu Dhabi National Energy Company. They have shown big interest in Adani Transmission.

By Bianca Flowers

University Grants Commission (UGC) has drafted guidelines for granting equivalence and for recognition of degrees obtained from foreign universities, restricting degrees obtained through distance and online mode as well as through any franchise agreement. The commission has also drafted norms for recognising qualifications obtained from schools affiliated to foreign boards as well as from offshore campuses of a foreign higher educational institution.