Other Briefings
India’s RBI Cuts Cash Reserve Requirement
Jan. 30 – The Reserve Bank of India cut cash reserve requirements (CRR) for banks by 50 basis points last Tuesday to relieve tight liquidity, indicating a policy shift towards reviving growth after nearly two years of fighting inflation. With core inflation still inflexibly high, the RBI left its policy repo rate unchanged at 8.50 […]
India Sees Credit Rating Upgrade
Jan. 17 – Moody’s Investor Services has upgraded its rating on India’s long-term government bonds denominated in the domestic currency from Ba l to Baa 3 (from speculative to investment grade). The long-term country ceiling on the overseas currency bank deposits was also upgraded from Ba l to Baa 3 (from speculative to investment grade). […]
India Doubles Strength of Foreign Tax Division
Jan. 10 – The Indian government has resolved to double the force of the Finance Ministry’s crucial foreign tax division which handles classified tax-related information between India, tax haven nations, and other countries. The Ministry recently gave sanction for developing a new unit in the Foreign Tax and Tax Research (FTTR) division under the Central […]
India and Macau Sign Double Taxation Avoidance Agreement
To aid tax and banking-related information exchange and prevent tax evasion, India signed a double taxation avoidance agreement with Macau on January 1.
Foreign Investors Now Allowed to Invest Directly in Indian Stock Market
Jan. 5 – India has permitted overseas individual investors, pension funds, and trusts to directly invest in equities, in an effort to shore up investor confidence and attract money from overseas to bridge the widening current account deficit. Procedures that enhance capital inflows are high on the government’s agenda as the international downturn led by […]
Power of Attorney and Letter of Authority
Dec. 15 – A Letter of Authority (LOA) can be used for most tasks, but should not be used for tasks that are more complicated. When large transactions are involved Power of Attorney (POA) is a better option because POA sets out the manner in which an action is to be carried out. An LOA […]
Tax Collected at Source in India
Dec. 8 – The vendor has to accumulate tax from the payer who has purchased the following items: Alcoholic liquor for human consumption Tendu leaves Timber obtained under a forest lease Timber obtained by any mode other than under a forest lease Any other forest produce not being timber or tendu leaves
Fluctuations in India’s Rupee Rate and its Economic Impact
Dec. 5 – After depreciating to a record low of 52.73 against the U.S. dollar on November 22, the Indian rupee (INR) rose in value to 51.206 per dollar on Friday to complete the currency’s first weekly advance since October. The Indian rupee is under great stress as overseas investors are paring their exposure to […]
