Tax & Accounting

RBI to Issue Draft Guidelines for NBFCs by January

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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

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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

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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

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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

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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

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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

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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 […]

Income Returns Deadline Extended to October 15

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Sept. 28 – India’s Central Board of Direct Taxes has extended the deadline for filing of income returns for assessment year 2010-11 to October 15 from September 30. The extension was made on account of “reports of disturbance of general life caused due to floods and heavy rains.” No mention has been made about extending […]

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