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The country's <keyword id="20344433" type="General" weightage="100" keywordseo="forex-reserves" source="keywords">forex reserves</keyword> touched a <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword> of <keyword id="22711333" type="General" weightage="20" keywordseo="USD-675-billion" source="keywords">USD 675 billion</keyword> on August 2, <keyword id="22204269" type="General" weightage="20" keywordseo="Reserve-Bank-Governor" source="keywords">Reserve Bank Governor</keyword> <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> said on Thursday. The previous all-time high for the kitty was USD 670.857 billion on July 19 this year, and the last reported reserve was USD 667.386 billion as on July 26. Das said overall, the country's <keyword id="20811151" type="General" weightage="20" keywordseo="external-sector" source="keywords">external sector</keyword> "remains resilient" as indicated by an improvement in key indicators. "We remain confident of meeting our <keyword id="22711421" type="General" weightage="20" keywordseo="external-financing-requirements" source="keywords">external financing requirements</keyword> comfortably," he said in his statement after the review of the <keyword id="20104157" type="General" weightage="20" keywordseo="monetary-policy" source="keywords">monetary policy</keyword>. Das said <keyword id="20015748" type="General" weightage="20" keywordseo="foreign-portfolio-investors" source="keywords">foreign portfolio investors</keyword> turned net buyers in the domestic market from June 2024 with net inflows of USD 9.7 billion during June- to August 6, after witnessing outflows of USD 4.2 billion in April and May. Gross foreign direct investment (FDI) rose by more than 20 per cent in April-May 2024, while net FDI flows doubled during this period compared to the corresponding period of the previous year, the Governor said. External commercial borrowings by Indian entities moderated, but non-resident deposits were higher in April-May, he said.

India's forex reserves at record high of USD 675 billion, external sector resilient: RBI Governor Shaktikanta Das

New Delhi [India], March 6 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Enforcement Directorate (ED) has filed a prosecution complaint against 299 accused persons and entities (including 76 Chinese-controlled entities) and two other entities controlled by other foreign nationals in an ongoing money laundering case, the agency said on Wednesday. The case is linked to the duping of gullible investors who were promised astronomical returns on investing money (claimed to be used for mining bitcoins and other crypto Currencies) for which an app-based token by the name of "<keyword id="19984854" type="General" weightage="20" keywordseo="hpz-token" source="keywords">HPZ Token</keyword>" was used. The prosecution complaint filed before a Special Prevention of Money Laundering Act (PMLA) court in Nagaland's Dimapur named 299 accused persons and 78 entities. Out of the total entities named in the prosecution complaint, 76 are Chinese-controlled entities (in which 10 directors are of Chinese origin) and two other entities are controlled by other foreign nationals. The court took cognizance of the offence of money laundering in the prosecution complaint on Tuesday after finding that a prima-facie case has been made under PMLA, 2002, against the said 299 accused persons. ED initiated an investigation based on an FIR registered by Cyber Crime Police Station, <keyword id="20214444" type="General" weightage="20" keywordseo="kohima" source="keywords">Kohima</keyword> (Nagaland) under various sections of the Indian Penal Code, 1860 and the <keyword id="20003647" type="General" weightage="20" keywordseo="information-technology-act" source="keywords">Information Technology Act</keyword>, concerning the duping of gullible investors who were promised astronomical returns on investing money [claimed to be used for mining of bitcoins and other cryptocurrencies], for which an app-based token by the name of "HPZ Token" was used. The ED investigation revealed that various bank accounts and merchant IDs were opened by various shell entities having dummy directors and proprietors only for the rotation and layering of proceeds of crime representing funds fraudulently received for illegal online gaming betting and investment in <keyword id="19899404" type="General" weightage="20" keywordseo="bitcoin" source="keywords">Bitcoin</keyword> mining. For an investment of Rs 57,000, returns of Rs 4,000 per day for three months were promised but money was paid only once and thereafter, fresh funds were sought. Earlier, ED conducted search operations at 44 locations throughout the country and an amount of Rs 176.67 crore, maintained by shell entities in various banks and virtual accounts, was frozen. Further movable and immovable properties to the extent of Rs 278.70 crore held in the name of dummy entities were attached. Total seizure and attachment stand at Rs 455.37 crore in the case so far. (ANI)

ED files prosecution complaint against 299 accused, 76 Chinese-controlled entities in a money laundering case

<ul><li><keyword id="1673591" type="General" weightage="20" keywordseo="indian-residents" source="Orion">Indian residents</keyword> are required to report their foreign investments, which may include holdings in foreign <keyword id="6354298" type="General" weightage="20" keywordseo="stocks" source="Orion">stocks</keyword>, bonds, or other financial instruments. </li><li>Ownership of foreign real estate, whether residential or commercial, must be reported to Indian tax authorities. </li><li>If you possess ESOPs from a foreign company, you are required to disclose these foreign holdings when filing your <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> return. </li></ul>Recently, the IT Appellate Tribunal of Mumbai imposed a penalty of ₹10 lakh per year on <keyword id="59866" type="General" weightage="20" keywordseo="taxpayers" source="Orion">taxpayers</keyword> who failed to report <keyword id="466213" type="General" weightage="20" keywordseo="foreign-assets" source="Orion">foreign assets</keyword> under schedule FA of the income tax return (ITR) form. The penalty was levied under black money Act. Compared to the Income Tax Act, the penalty under the black money act is enormous. "The ITAT decision is a wake-up call for many working professionals and NRIs regarding the complexity of tax compliance in India; even if the taxpayer has paid their taxes, mere non-disclosure results in hefty penalties,” says Suneel Dasari, CEO and founder, EZtax.in. Here's a breakdown of the key foreign assets and income that must be disclosed in the income tax returns. <cmsannotation type="cmsannotation" annotationid="Foreign investments" comment="Subhead" text="Foreign investments">Foreign investments</cmsannotation>: Indian residents are required to report their foreign investments, which may include holdings in foreign stocks, bonds, mutual funds, or other financial instruments. This reporting extends to income generated from these investments, such as dividends, interest, or capital gains. Individuals need to disclose the nature and value of these investments in their tax returns. For example, if you have invested in shares of Microsoft or Apple, the investments and any income from them, need to be disclosed when filing your tax returns. <cmsannotation type="cmsannotation" annotationid="ESOPs" comment="subhead" text="ESOPs">ESOPs</cmsannotation>: If you possess employee stock ownership plans (ESOPs) from a foreign company, you are required to disclose these foreign holdings when filing your income tax return, typically under schedule FA. “In India, when an Indian employee is allotted shares of a foreign parent company as a part of their compensation or as an employee stock option plan (ESOP), it is considered an investment in foreign assets,” says Abhishek Soni, CEO, Tax2Win.in, a tax filing platform. Foreign bank accounts: Any foreign bank accounts, whether savings, current, or fixed deposit accounts, must be reported. This includes accounts held individually or jointly, along with details such as the name of the bank, account numbers, and the highest balance maintained during the financial year. <cmsannotation type="cmsannotation" annotationid="Foreign real estate" comment="Subhead" text="Foreign real estate">Foreign real estate</cmsannotation>: Ownership of foreign real estate, whether residential or commercial, must be reported to Indian tax authorities. This includes details about the property's location, current market value, and any income generated from it, such as rental income. “Any rental income or capital gains from selling these assets may be subject to taxation,” says Soni. <cmsannotation type="cmsannotation" annotationid="Financial or beneficial interest in overseas entities" comment="Subhead" text="Financial or beneficial interest in overseas entities">Financial or beneficial interest in overseas entities</cmsannotation>: In case an individual possesses a financial or beneficial stake in any overseas entity, such as serving as a partner in an overseas limited liability partnership (LLP) or firm, or receiving benefits from a foreign private trust, it is imperative to disclose this interest in accordance with tax regulations. “Residents in India with foreign income from ESOPs, or the voluntary purchase of foreign stock or other non-tangible instruments are at risk due to country or central bank level reciprocity agreements that would allow the Indian government access to information that would otherwise be unavailable,” says Dasari. Non-declaration also revokes your right to claim relief under the double taxation avoidance agreement for your foreign income. Hence it is critical to disclose such foreign assets in the schedule FA of ITR.

Have foreign assets or income? Not disclosing it may lead to heavy penalties

<ul><li>In recent years, the government's regulatory reforms have attracted increased participation from domestic financial institutions. </li><li>Between 2010 and H1 2023, the sector has seen approximately $12 billion in exits through 267 deals. </li><li><keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">Real estate</keyword>-focused AIFs have become a preferred choice for real estate investments among domestic institutions, UHNWIs, and family offices. </li></ul>The Indian real estate sector, which has been having a positive 2023, is now looking poised for expansion, with the potential to tap into approximately $41 billion in domestic <keyword id="16810461" type="General" weightage="20" keywordseo="institutional-capital" source="Orion">institutional capital</keyword>, as per JLL's report titled 'The rise of domestic capital in Indian real estate'. Over the last decade, the sector has attracted around $57 billion in institutional investments, with a substantial $46 billion of these investments occurring between 2015 and the first half of 2023, accounting for 81% of total investments since 2010. Historically, the Americas were the dominant <keyword id="34499" type="General" weightage="20" keywordseo="private-equity" source="Orion">private equity</keyword> (PE) investors in India, but due to concerns abou a looming recession, their share has significantly decreased from 52% in 2022 to 26% in the first half of 2023. Nevertheless, as <keyword id="6438315" type="General" weightage="20" keywordseo="foreign-institutional-investors" source="Orion">foreign institutional investors</keyword> adopted a more cautious approach, H1 2023 saw an increase in domestic capital, helping to bridge the gap left by the reduction in foreign investments. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:top;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investment amount ($ million) </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2015 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,765 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,624 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2017 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,757 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,418 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2019 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,431 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,034 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,011 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,151 </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">H1 2023 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,939 </td></tr><tr><td style="border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Source: JLL Capital Markets and Venture Intelligence </td></tr></tbody><tbody></tbody></table> <cmsannotation type="cmsannotation" annotationid="Regulatory reforms and govt initiatives drive investments" comment="Subhead" text="Regulatory reforms and govt initiatives drive investments">Regulatory reforms and govt initiatives drive investments</cmsannotation> The introduction of regulatory changes, including the Real Estate Investment Trusts (<keyword id="11931834" type="General" weightage="20" keywordseo="reits" source="Orion">REITs</keyword>) guidelines in 2014, followed by the Housing for All Mission in 2015, the Real Estate Regulation and Development Act in 2016, the Benami Transactions (Prohibition) Amended Act in 2016, the implementation of the Goods and Services Tax (GST), and relaxation in foreign direct investment (FDI) norms, has significantly stimulated institutional investments in the Indian real estate sector since 2015. In recent years, the government's regulatory reforms have attracted increased participation from domestic financial institutions within the real estate industry. Between 2010 and H1 2023, the sector has seen approximately $12 billion in exits through 267 deals. Notably, domestic investors have played a substantial role in these exits, accounting for 73%, in contrast to the 27% facilitated by foreign investors. The report also highlights that buybacks and secondary sales have been the preferred exit routes, representing 51% and 31% respectively over the past 12 years. Furthermore, the latest REITs have witnessed growing involvement from domestic institutional investors, such as mutual funds and insurance companies, reflecting a rising interest in real estate from these entities, who have taken on anchor investor roles. Says Lata Pillai, senior managing director and head, Capital Markets, India, JLL, “Domestic institutions are growing stronger due to sustained capital inflows enabled by the growing economy and a robust regulatory environment. We anticipate that investments from domestic institutions will become an important source of capital in the real estate sector in the years to come.” <cmsannotation type="cmsannotation" annotationid="Alternative investment funds playing a major role" comment="Subhead" text="Alternative investment funds playing a major role">Alternative investment funds playing a major role</cmsannotation> Real estate-focused alternative investment funds (AIFs) have become a preferred choice for real estate investments among domestic institutions, UHNWIs, and family offices. AIF-II category, as of December 31, 2022, had amassed an impressive $16.5 billion, reflecting a remarkable 91% compound annual growth rate (CAGR) since 2013 when it stood at $427 million. These AIFs injected roughly $16 billion into the real estate sector, significantly enhancing liquidity. <cmsannotation type="cmsannotation" annotationid="Insurance and mutual funds’ opportunity" comment="Subhead" text="Insurance and mutual funds’ opportunity">Insurance and mutual funds’ opportunity</cmsannotation> As of March 31, 2023, life insurance companies had deployed approximately ₹10,867 crore, and general insurance companies about ₹1,845 crore in real estate. These investments are just a fraction of the permissible allocation. Regulatory frameworks create opportunities for substantial long-term capital infusion, with insurance companies holding a potential of around ₹1.65 trillion for real estate investments. Mutual funds also have the opportunity to diversify into real estate, encompassing investments in Real Estate Investment Trusts (REITs) and real estate company shares. However, these investments are capped at 10% of the net asset value (NAV) of the fund. <cmsannotation type="cmsannotation" annotationid="Private wealth can be a game changer" comment="Subhead" text="Private wealth can be a game changer">Private wealth can be a game changer</cmsannotation> The population of ultra-high-net-worth individuals (UHNWIs), those with a net worth exceeding $30 million, is projected to surge by around 40% in the coming years, soaring from 13,627 individuals in 2021 to over 19,000 by 2026. This surge in private wealth signifies a burgeoning segment in India, set to make a significant contribution to private domestic capital investments within the real estate sector.

Cementing gains: Indian real estate sector sees strong inflows from domestic capital

The Confederation of All India Traders (CAIT) in a letter sent to Union Commerce Minister Piyush Goyal has said <keyword id="1007503" type="PERSON" weightage="20" keywordseo="foreign-entities">foreign entities</keyword> like <keyword id="18635" type="COMPANY" weightage="20" keywordseo="Amazon">Amazon</keyword> and <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> are hell bent on ruthlessly destroying the Indian retail sector with their deep pockets and expansive lobby of legal experts who will stop at nothing before trampling the lives of over 40 crore Indians. CAIT in a communication sent to Goyal said that FDI in e-commerce section of Press Note No.2 of FDI Policy 2016/2018, the stipulations of which foreign entities like Amazon and Flipkart are hell bent on ruthlessly destroying the Indian retail sector with their deep pockets and expansive lobby of legal experts who will stop at nothing before trampling the lives of over 40 crore Indians. "It is nothing less than a daylight robbery where expressive prohibitions of Press Note No.2 are grossly and blatantly are being violated by such foreign entities derived with their ulterior motives to implement their hidden agenda to control and dominate not only the e-commerce business but also the retail trade of India in a very clandestine manner", it said. CAIT said that instead of complying the stipulations of said Press Note both in letter and spirit to respect the law of the land, these foreign entities are deliberately each and every rule of the Press Note No.2 treating India as a banana republic. Under such a grim situation and particularly in the wake of current highly vitiated e-commerce business, a duty is cast upon the Government to protect sanctity of the law, rules and regulations pertaining to FDI in e-commerce and therefore necessity of a new and fresh Press Note replacing Press Note No.2 of the FDI policy is need of the hour. The loopholes of the present policy are being exploited by foreign e-commerce giants like Amazon and Flipkart so that these loopholes are properly plugged and the policy is implemented as per its original intent. CAIT said that such control allows them do predatory pricing, deep discounting, preferential treatment of sellers with capital dumping through their affiliate sellers at its root. All this is done to gain the market share and make illegitimate financial gains at the expense of livelihood of 8.5 crores small merchants, their dependent families and employees. To circumvent the restriction imposed on the <keyword id="2387771" type="POSITION" weightage="20" keywordseo="marketplace-model">marketplace model</keyword> of e-commerce, a common practice resorted to by these giant foreign e-commerce entities has been to create affiliate companies as sellers, in such a way that they have full control on their business by the way of equity and/or economic participation through their parent/group companies without strictly falling within the definition of 'Group Company' in FDI policy. To plug these loopholes CAIT has demanded to include vital points for issuance of a new Press Note on FDI policy in e-commerce. In order to clearly demarcate the boundary between "market place model" and "inventory based model", any type of direct/indirect, equity or economic relationship, between "e-commerce marketplace entity" and "seller on its platform" should be prohibited. For this purpose, any type of relationship between "marketplace entity" and "Seller", whether direct or indirect, equity or economic or otherwise should be strictly prohibited. Such prohibited relationship between Marketplace and Seller may include, but not limited to, Group companies, Affiliates, Related Parties, Associate Companies, Beneficial owners or any other person(s)who can exercise such control. It also suggested that marketplace based model of e-commerce would mean provision of an information technology digital platform by an e commerce entity to act as a facilitator between buyer and seller only. Inventory based model of e-commerce would mean an e-commerce activity where inventory of goods and services is owned by e-commerce entity and is sold to the consumers directly. E-commerce market place entity and its Group Companies will not, directly or indirectly, own or control the inventory i.e. goods or services purported to be sold on the marketplace. Such an ownership or control over their inventory will render the business into inventory-based model. Marketplace entity &amp; its Group Companies shall not, directly or indirectly sell inventory of goods or services purported to be sold on the marketplace to the Sellers. If any goods or services which are sold by the Group Companies of marketplace and are resold in the e-commerce platform, then such activity shall be treated as inventory based model of e-commerce, CAIT said. The seller having ownership or control on its inventory by the Group Companies of e-commerce marketplace entity, is not permitted to sell its goods or services on the marketplace. Inventory of a seller on the marketplace will be deemed to be controlled by e-commerce marketplace entity if such seller purchases its inventory purported to be sold on the marketplace directly or indirectly from its Group Companies. Further, each marketplace entity and its affiliates, group companies, associates shall provide all details, information, documents, statements and returns as required by the Government or any Regulator, at prescribed intervals or from time to time for verification of compliance with the provisions of these guidelines, CAIT said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/kishore-biyani-future-group-appeals-to-the-singapore-arbitrator-to-exclude-future-retail-from-the-fight-with-amazon/articleshow/81562016.cms">Ahead of Delhi High Court's decision, Future Group appeals to the Singapore arbitrator to exclude Future Retail from the fight with Amazon</a> <a href="https://www.businessinsider.in/business/startups/news/indian-spacetech-startup-pixxel-space-gets-7-3-million-funding-before-the-launch-of-its-first-satellite/articleshow/81562421.cms">Indian spacetech startup Pixxel gets $7.3 million in funding as it announces a new product even before the launch of its first satellite</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-adds-3-times-more-subscribers-than-reliance-jio-vodafone-idea-turns-positive-for-the-first-time-in-15-months/articleshow/81562851.cms">Airtel adds 3 times more subscribers than Jio while Vodafone Idea gets net addition first time in 15 months</a>

'Amazon and Flipkart are destroying India's retail sector,' says CAIT, asks government to revise FDI policy in e-commerce

<keyword id="8867227" type="General" weightage="50" keywordseo="consulting-engineers-association-of-india" source="Orion">Consulting Engineers Association of India</keyword> (CEAI) has sought attention of the Governor, <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> and urged him to intervene and ensure that the foreign currency transactions within the country be not routed through the US banking system in order to avoid transaction fees and save foreign currency. "Currently the transaction fee is levied on US Dollars transactions within the country. Say a payment in US$ from Delhi to Hyderabad from one entity to the other in the current dispensation is required to be undertaken through the US banking system. This should be undertaken directly through the Reserve Bank of <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and there should be no requirement of routing them through the <keyword id="143877" type="General" weightage="50" keywordseo="american-banking" source="Orion">American Banking</keyword> system. "By routing the transactions through the American Banking system, the country is losing substantial money, which is going to the Americans towards transaction costs," said K.K. Kapila, former president, Consulting Engineers Association of India (CEAI) "It is a peculiar scenario that for foreign currency transactions within the country one of the Banks from India sends dollars to the US to get them back in another Bank in India? To my mind, as long as we are transacting in US Dollars within India, there should be no transaction cost payable to the US," he added. "This needs an urgent correction, lest we continue to lose every single day. If it is part of some Trade Agreement, it needs an urgent relook. Let this be addressed on top priority," he said. "<keyword id="30067" type="General" weightage="100" keywordseo="rbi" source="Orion">RBI</keyword> should bring in this correction immediately lest the country will continue to lose valuable foreign exchange. It is fully understood that the US transactions to countries other than India have to continue via the US but RBI should not continue to have internal transactions within the country via the US. If any amendment to existing agreements signed between the two nations are required, the Indian government should take it up logically and get this agreement revised showing them the merits of moving dollars within our country from one branch to another should not be required to be routed through the US," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/what-the-super-rich-are-buying-marilyn-monroe-painting-ming-era-chair-in-the-list/slidelist/98360028.cms">What the super rich are buying: Marilyn Monroe painting, Ming-era chair &amp; more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/swiggy-sells-cloud-kitchen-biz-to-kitchens-as-food-delivery-growth-slows-down/articleshow/98362825.cms">Swiggy sells Cloud Kitchen biz to Kitchens@ as food delivery growth slows down</a>

CEAI urges RBI to stop routing domestic foreign currency deals via US banking system

<ul><li><keyword id="6357886" type="General" weightage="100" keywordseo="phonepe" source="Orion">PhonePe</keyword> said that all its subsidiaries have migrated from Singapore to India. </li><li>The payment service company has also migrated ESOPs from <keyword id="15153736" type="General" weightage="50" keywordseo="phonepe-singapore" source="Orion">PhonePe Singapore</keyword> to PhonePe India. </li><li>IndusOS, owned by PhonePe, has also shifted operations from Singapore to PhonePe India. </li><li>PhonePe currently has over 350 million registered users. </li></ul>Walmart-backed Indian payments service company PhonePe, today announced that it has completed three steps involved in moving its domicile to India. Over the past year, PhonePe has moved all businesses and subsidiaries of PhonePe Singapore to PhonePe Pvt Ltd - India directly. This includes its insurance broking services and wealth broking businesses, the company claimed. “Following these actions, all <keyword id="15154047" type="General" weightage="50" keywordseo="phonepe-group" source="Orion">PhonePe Group</keyword> businesses and entities are now wholly owned by and consolidated under PhonePe Pvt Ltd - India,” PhonePe revealed in a statement. PhonePe’s board recently approved the creation of a new employee stock ownership plan (ESOP) plan and the migration of over 3,000 PhonePe Group employees’ existing ESOPs by issuing new ESOPs under PhonePe India’s new plan. Under the newly liberalized automatic overseas direct investment ODI rules, PhonePe has also moved the ownership of recently acquired IndusOS Appstore (<keyword id="15154048" type="General" weightage="50" keywordseo="oslabs-pte-ltd" source="Orion">OSLabs Pte Ltd</keyword>) from Singapore to India. <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword>, in effect from August 22, 2022, announced changes in the ODI rules for fintech firms. The ODI rules come under <keyword id="88944" type="General" weightage="50" keywordseo="foreign-exchange-management-act" source="Orion">Foreign Exchange Management Act</keyword>. Last year, PhonePe acquired Samsung-backed IndusOS, an Indian smartphone application and content discovery platform. PhonePe, founded in December 2015, is one of India’s largest payments apps, which crossed 350 million registered users in January this year. It forayed into financial services in 2017. <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword>, one of India’s largest ecommerce platforms and the largest shareholder in PhonePe, continues to be headquartered in Singapore. One in four Indians use services of fintech <keyword id="15154046" type="General" weightage="50" keywordseo="platform-phonepe" source="Orion">Platform PhonePe</keyword> with 150 monthly active users making it one of India’s widely used Unified <keyword id="4303474" type="General" weightage="50" keywordseo="payment-interface" source="Orion">Payment Interface</keyword> (UPI) apps. The Bengaluru-based fintech startup declared in April this year that it crossed 100 million transactions in a <a href="https://economictimes.indiatimes.com/tech/technology/phonepe-says-it-clocked-100-million-transactions-in-a-day-for-the-first-time/articleshow/90823278.cms?from=mdr">day</a>. To further strengthen its enterprise, PhonePe acquired <keyword id="9655220" type="General" weightage="50" keywordseo="gigindia" source="Orion">GigIndia</keyword> in March 2022, a marketplace for gig workers for an undisclosed amount. GigIndia has 1.5 million entrepreneurs onboard its platform. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/electronics-mart-india-ipo-set-to-open-on-oct-4-commands-grey-market-premium-of-30/share/articleshow/94620046.cms">Electronics Mart India IPO set to open on Oct 4; commands grey market premium of ₹30/share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/mangalyaan-all-you-need-to-know-about-indias-first-historic-mission-to-mars/slidelist/94617244.cms">Mangalyaan: All you need to know about India’s first historic mission to Mars</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/millions-of-indian-smartphone-users-might-have-to-wait-till-2024-for-5g-say-experts/articleshow/94614275.cms">Millions of Indian smartphone users might have to wait till 2024 for 5G say experts</a>

PhonePe moves domicile from Singapore to India

If there’s one industry that is becoming the embodiment of the Atmanirbhar Bharat movement, it is banking and finance. Well, not intentionally, though. <div type="image" title="Major foreign banks are leaving India" msid="90714707" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks are leaving India&amp;lt;/p&amp;gt;"></div> Earlier last week, Axis Bank announced that it has acquired American giant Citibank’s credit card business, wealth franchise and a set of affluent customers for $1.6 billion. Interestingly, the announcement came on the same day last year when it recorded its <a href="https://www.businessinsider.in/stock-market/news/citi-posted-record-profit-in-the-1st-quarter-as-spac-activity-led-a-surge-in-underwriting-fees-and-stock-trading-exploded/articleshow/82086332.cms">highest quarterly profits</a> yet. Even in <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>, it closed its balance sheet in FY20 to the tune of ₹7,227 crore. So, profitability doesn’t seem to be the reason behind Citi’s partial exit. According to <keyword id="44473" type="General" weightage="50" keywordseo="citigroup" source="Orion">Citigroup</keyword>’s global Chief Executive Officer (CEO) <a href="https://qz.com/india/1997523/citibanks-india-exit-wont-hurt-bank-accounts-and-credit-cards/">Jane </a>Fraser, the bank didn’t have the scale it needed to compete in India. <div type="image" title="Major foreign banks going back home like" msid="90714826" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks going back home like&amp;lt;/p&amp;gt;"></div> Meanwhile, companies left behind are trying to put on a brave face by pulling out of retail business and steering clear of expansion plans. <div type="image" title="Major foreign banks that have left the country" msid="90714853" hostid="261" caption="&amp;lt;p&amp;gt;Major foreign banks that have left the country&amp;lt;/p&amp;gt;"></div> These subsequent exits underscore the frustrating battle that <keyword id="679237" type="General" weightage="20" keywordseo="international-banks" source="Orion">international banks</keyword> face to get a small pie of the Indian market. While the reasons behind their exits are multifaceted, tough competition, high capital requirements, lack of scalable profits, COVID-19, infrastructural and social barriers have led to a total retreat. As per a survey conducted by <a href="https://bit.ly/3nD94g5">Stocktwits</a>, a social media platform for market buffs, consumers are most bullish on Indian <keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">banks</keyword> such HDFC, ICICI, Kotak and the State Bank of India. <div type="image" title="Which bank are you most bullish on?" msid="90714876" hostid="261" caption="&amp;lt;p&amp;gt;Which bank are you most bullish on?&amp;lt;/p&amp;gt;"></div> The share of <a href="https://www.business-standard.com/article/finance/why-citigroup-and-other-foreign-banks-missed-the-india-growth-story-121042200842_1.html">advances </a>of <keyword id="44864" type="General" weightage="20" keywordseo="foreign-banks" source="Orion">foreign banks</keyword> had slipped from 6.55% in 2005 to 4.15% in 2020, according to <a href="https://rbi.org.in/Scripts/PublicationsView.aspx?id=20270">Reserve Bank of India figures</a>. As a result, many foreign banks have been forced to shut shop or scale down business in the Indian market. Apart from that, one major roadblock emerged in <a href="https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2313">2011 </a>after the global recession: International banks were allowed to either operate through the <keyword id="1919922" type="General" weightage="50" keywordseo="wholly-owned-subsidiaries" source="Orion">Wholly Owned Subsidiaries</keyword> (WOS) model or branch presence. Unlike branches, locally incorporated subsidiaries are separate legal entities. They have their own capital base and board of directors. As they operate on an independent model from their parent country, they are less likely to be affected by global changes. In the case of branches, parent banks are, in principle, responsible for their liabilities. Of the 45 foreign lenders, just <keyword id="978143" type="General" weightage="50" keywordseo="development-bank-of-singapore" source="Orion">Development Bank of Singapore</keyword> (DBS) and State Bank of Mauritius operate as subsidiaries and these two foreign banks have been successfully expanding their presence in the country. Another challenge imposed on foreign banks was related to priority sector lending. As per RBI 2011 rules, international banks were required to allocate at least <a href="https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2313">40</a>% of the overall loans to the economically weaker sections. However, international banks set up their branches in metro and Tier I cities, so it was hard for them to follow this ruling. And, on average, the <a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=1424&amp;Mode=0">RBI </a>only issues about 14 branch permits to all foreign banks every year. So, apart from DBS, which was able to set up its local subsidiary in 2017 and expand after its acquisition of Lakshmi Vilas Bank, other foreign retail banks continue to struggle in India. Last but not the least, the global pandemic also worsened the bad loan crisis at Indian banks, especially during 2020-2021. Financial institutions were forced to set aside 'provisions' as many borrowers couldn't repay banks during the second wave, which ate into their profits. In July last year, <a href="https://www.fitchratings.com/research/banks/fitch-affirms-bank-of-india-at-bbb-outlook-negative-22-11-2021#:~:text=Fitch%20Ratings%20%2D%20Singapore%20%2D%2022%20Nov,VR)%20at%20'b%2B'.">Fitch </a>Ratings said that India's struggling banks would need between $15 billion to $58 billion in infusion of fresh funds by 2022. So, unless and until these foreign banks get some money to make more money, a lot of key executives may be packing their bags to fly out. Let's look at this short video <div type="image" title="Why are major foreign banks leaving India?" msid="90714926" hostid="261" caption="&amp;lt;p&amp;gt;Why are major foreign banks leaving India?&amp;lt;/p&amp;gt;"></div>

You Searched For "foreign entities" and got 8 results

India's forex reserves at record high of USD 675 billion, external sector resilient: RBI Governor Shaktikanta Das

PTI

ED files prosecution complaint against 299 accused, 76 Chinese-controlled entities in a money laundering case

ANI

Have foreign assets or income? Not disclosing it may lead to heavy penalties

Anagh Pal

Cementing gains: Indian real estate sector sees strong inflows from domestic capital

Anagh Pal

'Amazon and Flipkart are destroying India's retail sector,' says CAIT, asks government to revise FDI policy in e-commerce

IANS

CEAI urges RBI to stop routing domestic foreign currency deals via US banking system

IANS

PhonePe moves domicile from Singapore to India

Eetika Kapoor

Simply Put: Why are foreign banks quitting India?

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