Featured India

India exempts rupee payments for Iran oil from hefty taxes – government order

India’s finance ministry has exempted rupee payments made to the National Iranian Oil Co (NIOC) for crude oil imports from a steep withholding tax, according to a government order reviewed by Reuters. The exemption, put in place December 28 but backdated to November 5, will allow Indian refiners to settle… Read More

UK court rules that Indian tycoon should face extradition

AP — A British court handed charismatic Indian tycoon Vijay Mallya a substantial setback Monday by ruling he should be extradited to India to face financial fraud allegations. Judge Emma Arbuthnot Monday endorsed the Indian government’s request for Mallya’s extradition and said she would send the… Read More

Reserve Bank of India boss Urjit Patel quits

The governor of the Reserve Bank of India, Urjit R. Patel, has announced his resignation from the post with immediate effect. Patel said he was resigning because of ‘personal reasons.’ The development comes amid reports of a growing split between the government and the central bank. “It has… Read More
30th October 2018
Shortly after U.S. President Donald Trump announced in May he would reimpose sanctions on Iran, the State Department began telling countries around the world the clock was ticking for them to cut oil purchases from the Islamic Republic to zero. The strategy is meant to cripple Iran’s oil-dependent economy and… Read More
17th October 2018
AP — Global credit card and payments companies like American Express, Visa and MasterCard are facing a challenge in meeting a requirement to store transaction data for all Indian customers within the country. A new rule took effect Tuesday that directs payment companies to store all… Read More
8th October 2018
The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Friday. The administration withdrew from a deal over Tehran’s nuclear programme in May and is unilaterally reimposing sanctions on Iran’s… Read More
4th October 2018
Mauritius banking group SBM Holdings said on Wednesday that its Indian operations suffered a cyber fraud earlier in the week, and that the bank has potentially lost up to $14 million. SBM said that no loss had been caused to customers and that the Indian business operations would continue as… Read More
27th September 2018
India’s Supreme Court on Wednesday upheld the validity of a controversial biometric identity system, but flagged privacy concerns and reined in a government push to make it mandatory for everything from banking to telecom services. The ruling was cheered by critics of the system, known as Aadhaar, which has already… Read More
24th September 2018
Indian Prime Minister Narendra Modi faced calls for his resignation over allegations of corruption in a military jet deal with France after former French president Francois Hollande was quoted as saying New Delhi had influenced the choice of a local partner. Indian political parties have been gunning for Modi over… Read More
13th September 2018
The ruling on whether Indian tycoon Vijay Mallya can be extradited from Britain to India to face fraud charges will be given on Dec. 10, a London judge said on Wednesday, after she heard closing submissions in the case. India wants to extradite 62-year-old Indian businessman from Britain to face… Read More
7th September 2018
Washington will consider waivers for Iranian oil buyers such as India but they must eventually halt imports as sanctions are imposed on Tehran, U.S. Secretary of State Mike Pompeo said on Thursday. Pompeo, who is in Delhi with U.S. Defense Secretary Jim Mattis for talks with their Indian counterparts, told… Read More
3rd September 2018
Indian Prime Minister Narendra Modi launched a payments bank on Saturday to turn postmen into bankers so they can offer financial services to the poor in rural areas and boost digital transactions. Modi has since 2014 sought to end what he has called “financial untouchability” by giving millions of people… Read More
31st August 2018
AP — Nearly all of the currency removed from circulation in a surprise 2016 attempt to root out illegal hoards of cash came back into the financial system, India’s reserve bank has announced, indicating the move did little to slow the underground economy. Prime Minister Narendra… Read More