Other Briefings
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 […]
Forbes India Releases Latest Rich List
Oct. 1 – Although India’s four richest individuals are less than half as wealthy as they were just three years ago, the combined net worth of India’s 100 richest people rose from US$274 billion to US$300 billion over the last year as the nation added 17 new billionaires, according to the latest Forbes India Rich […]
India to Revise Law on Global Audit Firm Accountability
Sept. 29 – The government is considering amending the laws to hold multinational audit firms accountable for negligence done by their affiliates in the country. “You (the global network) can’t say that you are not responsible,” said Corporate Affairs Minister Salman Khurshid. “If an associate firm does something wrong… will the liability rest with the […]
