IPL 2024’s ‘mini auction’ in Dubai: What could be on each team’s shopping list
The franchises have a combined purse of Rs 262.95 crore available to splurge on the players they require to complete their squads. This is probably the biggest combined purse available for a ‘mini auction ever. Key Points
Economic TimesL&T power distribution business secures orders worth Rs 1,000-2,500 cr
New Delhi [India], April 25 (ANI): The power transmission and distribution business of Larsen and Toubro (L&T) Construction has secured “significant” orders in India and overseas. According to a company statement, a significant project means those costing between Rs 1,000 crore and Rs 2,500 crore. It has secured orders to develop distribution infrastructure in two […] Key Points
ThePrintWealthy Indians rush to invest in Liberalised Remittance Scheme funds to comply with RBI diktat
The $250,000 limit may fall short for a resident who aspires to, say, buy a home overseas, or undergo a medical procedure, or study abroad. Hence, to meet such expenses, many high net-worth individuals (HNIs) have accumulated forex by sending up to $250,000 every year, even when there was no bona fide expense, experts said. Key Points
Economic TimesGovt allows direct overseas listing of Indian companies
In a significant move, the government has permitted Indian companies to list on foreign exchanges, subject to certain conditions. The corporate affairs ministry has notified the relevant section under the companies law in this regard. Key Points
The Tribune IndiaLRS outflows fall sharply in October after TCS regime takes effect
Remittances down 37% over September; shift to credit-card spending for international travel likely. In October, outward remittances under the liberalised remittances scheme, or LRS, fell 37% to $2.1 billion from $3.5 billion in September. Key Points
Economic Times
Domestic travel operators welcome TCS rollback, but say move is a partial relief
The travel industry in India has expressed gratitude for the government's decision to withdraw the increase of tax collected at source (TCS) on overseas tour packages from 5% to 20% on amounts up to ₹7 lakh per annum. However, industry bodies have emphasized that their long-standing demand of reducing the TCS percentage to 2.5% remains unmet. Key Points
Economic TimesUK employers rush to fill Skilled Worker Visa applications ahead of cost surge
UK employers are rushing to file visa applications for skilled workers before immigration rule changes take effect in April. The alterations proposed by the UK government are set to raise the costs of hiring overseas personnel, causing companies to accelerate hiring plans and renew existing visas to secure their current status. Key Points
Economic TimesNo TCS on overseas credit card spends
The government on Wednesday dropped plans to levy tax collected at source (TCS) on overseas payments made through Z. It said such expenses will be included in the Liberalised Remittance Scheme (LRS) of the RBI. Key Points
The Tribune Indiaoverseas job recruitment agents cannot charge more than Rs 30,000: Govt
The Ministry of External Affairs (MEA) has cautioned Indians seeking a job offer abroad to not overpay service fee to overseas recruitment agents. This is because it was noticed that individuals were paying money to the tune of Rs 2 to 5 lakh for overseas job offers. Key Points
Economic TimesLooking for a job outside India? How to find govt-registered overseas job recruitment agents
The Ministry of External Affairs (MEA) has shared a way using which prospective employees can find an job opportunity outside India. MEA said that on the emigrate.gov.in website an list of all registered overseas recruitment agents are available using whom an prospective employee can get a foreign job. MEA has also specified how much such agents can charge. Key Points
Economic Times
Explained: Why foreign investors are reducing domestic stock holdings
Overseas funds sold off $768.4 million worth of Indian shares in a single day last Thursday, marking the largest one-day outflow since June 2022. Key Points
India TodayTravel agents' association urges govt to abolish implementation of TCS scheduled for Oct 1
The Travel Agents Association of India (TAAI) has appealed to the Indian government to abolish or defer the implementation of the new Tax Collection at Source (TCS) on foreign remittances until the next fiscal year. The TCS, which has been raised from 5% to 20% on foreign remittances under the Liberalised Remittance Scheme, will be applicable to international travel and other remittances. Key Points
Economic TimesNirmala Sitharaman says Indian firms will soon be allowed to directly list their shares oveseas
Finance Minister Nirmala Sitharaman on Friday said that Indian companies can now go in for direct listing on foreign exchanges and the International Financial Services Centre (IFSC) in Ahmedabad. The provisions for direct overseas listing were approved by the government, as part of the Covid relief package announced in May 2020, but the rules in this regard are yet to be notified, reported PTI. Key Points
Economic TimesRich face crypto dilemma: To bet or not via foreign route
Unlike direct purchase of cryptos, investing in an ETF is subscribing to units or securities issued by a regulated fund --- a feature that most think is a kosher trade. However, some of the Indian banks refuse to remit funds overseas if the money is invested in cryptos or offshore funds and pooled vehicles that invest in cryptos and track the prices of bitcoin and other digital currencies. Key Points
Economic Timesoverseas spending using credit card won't attract TCS
Banks and the Reserve Bank had flagged the difficulty in executing the TCS regime on credit cards to the government. The finance ministry on May 16 scrapped Rule 7 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, which kept international credit card spends out of the LRS ambit. Key Points
Economic Times
Resident Indians frontload LRS spends
Significantly RBI data indicates a surge under all major heads of eligible transactions. But Spends on overseas travel which accounts for over half of LRS or liberalised remittances scheme rose 50 percent in May to $1.5 billion. Key Points
Economic TimesTravel industry seeks removal of 20% TCS on overseas packages
The TCS should be completely abolished or should be kept at a notional rate of 0.1% which will still meet the government objective of checking for tax evaders without penalising Indian tour and travel agents, said Aashish Gupta, consulting CEO of Federation of Associations in Indian Tourism & Hospitality (FAITH). Key Points
Economic TimesD-Street's smallcap rally fades as cautious foreign investors flee
BSE Ltd.s small and mid-cap indexes fell 1.7% and 3.4%, respectively, in the latest month. The declines came as overseas funds sold $2.6 billion of Indian equity in October, on a net basis, their biggest withdrawal since January. Key Points
Economic TimesTCS applicable on international remittance for education, medical treatment
The Indian government has clarified that remittances for education and medical treatment expenses will cover associated costs like international travel, local transport, food, and accommodation. Fees paid for correspondence courses from foreign universities that do not require travel overseas will be treated as liberalized remittance scheme (LRS) and face tax collected at source (TCS). R Key Points
Economic TimesUK MP Tanmanjit Singh Dhesi stopped at Amritsar airport
Dhesi lacked the overseas Citizen of India (OCI) card. Consequently, the officials halted him for questioning. During the interrogation, he disclosed his status as a Member of Parliament in the United Kingdom Key Points
Firstpost
Rupee falls 7 paise to 82.16 against US dollar
Falling for the second straight session, the rupee depreciated by 7 paise to 82.16 against the US dollar on Friday, as a strong greenback overseas weighed on investor sentiments. Key Points
FinancialexpressIHGF Delhi Fair to feature 3,000 exhibitors from March 15-19. Here’s what to expect
Rakesh Kumar, Director General-EPCH and Chairman-IEML, said this year’s fair will be bigger and better, featuring over 3,000 exhibitors from across the country. Here's what to expect at the 55th edition of IHGF Delhi Fair. Key Points
India TodayHinduja rejigs fundraise plan for Reliance Capital deal
Hinduja Group, the winning bidder for Reliance Capital, is reworking its fundraising plan to raise ₹7,500 crore from domestic and overseas private credit funds at 15%. The Reserve Bank of India seized control of Anil Ambani-owned Reliance Capital due to governance concerns. Nageswara Rao Y was appointed as the administrator. Key Points
Economic TimesHindustan Zinc has not shelved plans to acquire Vedanta’s overseas mines: Arun Misra
Hindustan Zinc, the country’s largest zinc miner, has not shelved plans to acquire overseas mines of its parent company, Vedanta. In fact, it continues to explore “alternative mechanisms”, says Arun Misra, CEO, Hindustan Zinc Ltd. Key Points
The HinduIndians second largest group to visit US this summer despite visa delays
Indians have emerged as the second largest group of overseas visitors to the United States this summer, despite long wait times for visa interviews and high airfares. Canada was the largest source of visitors to the US, followed by India. However, Canada and Mexico remain the top two source markets for visitors arriving by all modes of travel. Key Points
Economic Times
Venkatesh Prasad launches fresh attack on Rahul after IND retain opener for BGT
Venkatesh Prasad fired a fresh salvo at India opener KL Rahul after the star batter was retained by Rohit Sharma and Co. for the remainder of the Border-Gavaskar Trophy against Australia on Sunday. | Cricket Key Points
Hindustan TimesRiding on car, SUV sales, passenger vehicle exports surge by 21% in FY25
3,35,629 units sold in domestic market in April. An uptick in demand for passenger vehicles in the overseas market propelled the exports in April, even though... Key Points
The Tribune India