It is a “misconception” to think that the Income Tax Department is snooping on social media posts related to exotic foreign tours or possession of expensive goods to check undisclosed income, a top official has said.
There are about 9,400 foreign portfolio investors registered in India, largely from tax domiciles in the United States, Mauritius, Ireland, Luxembourg, Singapore and the United Kingdom, who have invested nearly $50 billion in Indian equity, debt and hybrid instrument markets. Tax experts say 30-40% of them, registered as trusts, could be affected by the new rules.
Global gold demand is predicted to get a major fillip with the financial market uncertainty and accommodative US monetary policy fuelling a surge in investment demand for the yellow metal over the next six to 12 months, the World Gold Council (WGC) said…
A survey by market research firm IHS Markit calculated India’s business sentiment in June to be the lowest level since 2016. The aggregate of private-sector companies forecasting output growth during 2019 fell to +15% in June from +18% in Feb. Slowing economic growth, water shortage and regulatory hurdles were seen as key factors contributing to the slow.
A recent govt move asking flagship explorer ONGC to sell a golf course in one of its fields could lead ONGC to give away producing oil wells. This is part of the government’s strategy to spur investment in the country by forcing PSUs to monetise non-core assets. The company is required to sell golf courses in Ahmedabad and Vadodara and a sports club in Mumbai.
State Bank of India (SBI) has said in a report that a sovereign borrowing of $10 billion is manageable and will not have a major impact on India’s liabilities. The bank has also said that such a borrowing will reduce bond yields, which will benefit both banks and the government.