Other Briefings
NGOs in India No Longer Need to Renew Tax Concession Status
Nov. 8 – India’s Central Board of Direct Taxes announced on Wednesday that non-governmental organizations, charitable institutions and other groups that are eligible for tax benefits and can issue tax benefit receipts to those who give donations will no longer need to renew their tax concession status every three years. In line with the mandate […]
India’s MFIN Agrees to Cap Interest Rates at 24 Percent in AP
Nov. 5 – India’s Micro-Finance Institutions Network (MFIN) agreed to collectively cap their interest rates at 24 percent in Andhra Pradesh, a state in southern India. Banks – state-owned and privately held, foreign and local – have over US$6 billion dollars (Rs.27,000 crore) worth of exposure to microfinance companies in India, which currently borrow at […]
RBI Hikes Interest Rates for Sixth Time this Year
Nov. 3 – India’s central bank raised interest rates on Tuesday for the sixth time this year, but said that rates will probably remain stable for the next three months. The Reserve Bank of India, which has tightened its monetary policy the most in Asia this year, increased the repurchase rate, or lending rate, by […]
RBI to Issue Draft Guidelines for NBFCs by January
Nov. 2 – The Reserve Bank of India said on Monday that it will release draft guidelines for the entry of new banks into the country’s banking market by January, something India’s non-banking financial companies (NBFCs) have been requesting for a while now. “Based on the comments and suggestions received from various parties and discussions […]
India’s Central Bank Seeks Lock-in Period for Hotel, Tourism FDI
Oct. 26 – The Reserve Bank of India has asked the Indian government to impose new regulations to prevent a domestic real estate bubble. The central bank fears that funds being brought into India under the pretext of hotel and tourism investments are not being adequately monitored and are being used to purchase immovable property […]
Interest Rates May Rise After Indian Banks Report Strong Q2 Earnings
Oct. 19 – Quarterly profits surged for India’s banks thanks to credit growth and easy money, but higher interest rates may pose a threat in the future. The International Monetary Fund has forecast that demand for loans in India would expand 9.7 percent in the 2010-2011 fiscal year.
Changes to India’s DTC May Mean More Taxes for NRIs
Oct. 15 –India’s Direct Tax Code (DTC), which looks to become fully operational April 1, 2012, may have serious repercussions for non-resident Indians (NRIs) spending significant amounts of time living or doing business in the country. Under the DTC, NRIs staying in India more than 60 days a year and 365 days over four tax […]
India, Bermuda Ink Information Exchange Treaty on Tax Issues
Oct. 8 – India signed its first ever exchange of information treaty with Bermuda, a Caribbean tax haven. The treaty will enable India to more easily attain information regarding banking, ownership, taxes, and other matters like money laundering and black market exchanges occurring outside the country’s borders. “There is a specific provision for providing banking […]
