22nd February 2019
India is pressing for Pakistan to be kept on a terrorism financing watchlist following an attack in disputed Kashmir that was claimed by a Pakistan-based militant group, three Indian government officials said on Thursday. The Financial Action Task Force (FATF), a global body created to counter terrorism financing and money… Read More
5th February 2019
The British government has signed an order to extradite Indian liquor and aviation tycoon Vijay Mallya, the UK’s Home Office said in a statement on Monday. The order follows a London court’s ruling in December that Mallya, who moved to Britain in March 2016, be extradited to India to face… Read More
1st January 2019
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
10th December 2018
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
10th December 2018
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 been my… 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