World
India better placed than peers over US rate hike: Fitch
India is better placed than many of its peers after the American central bank - the US Federal Reserve - raised its key interest rates, said credit rating agency Fitch Ratings on Thursday.
 
"India is not immune to potential general emerging market jitters related to the Fed lift-off, but it is better placed than many of its peers for a number of reasons," Thomas Rookmaaker, director, Sovereign Ratings, Fitch Ratings was quoted as saying in a statement.
 
According to him, firstly India's external balances have significantly improved since mid-2013, with foreign exchange reserves rising by some $65 billion to $353 billion as of November 2015 and the current account deficit narrowing.
 
Secondly, India is less dependent than several of its peers on commodity exports, and has thus not been negatively affected by the global rout in commodity prices, he added.
 
"Only a small part of India's sovereign debt is held by foreigners or is denominated in foreign currency. Fourth, India's favourable economic growth outlook makes India relatively attractive for foreign investors," he added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Karti distances from ED raids, Chidambaram calls Modi government foolish
The Enforcement Directorate (ED) on Wednesday conducted raids in Chennai at the premises of firms allegedly connected to former finance minister P. Chidambaram's son Karti.
 
Karti said neither he nor his family were shareholders in any of the firms, while Chidambaram issued a statement saying "nothing was found in the fishing and roving enquiry" and he would like to see how far a "foolish government" will go in "harassing" his son.
 
Karti, in a statement issued in Chennai, said some officers of the investigating agencies visited his office on Wednesday.
 
"I was informed that they are investigating three firms of which two belong to my friends. They are owned by professionals and managed by competent board of directors. I am not aware of the third firm," he said.
 
"I made it clear to the officers what I had publicly stated earlier. Neither I nor any member of my family is a shareholder or director of any of the said firms. We do not have any economic interest in the said firms."
 
He said that as the allegation of his connection with the firms was "false".
 
He said there was no "basis for them to have visited by office or to make any enquiries in my office".
 
Chidambaram said: "As can be expected, nothing was found in the fishing and roving enquiry. I would like to see how far a foolish government will go in harassing him. I still believe that the department I left behind have many officers who will act according to their conscience."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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PAN mandatory in hotel bill payments, foreign travel tickets
The government on Wednesday announced mandatory quoting of income tax permanent account number (PAN) for payment of hotel bills and buying of foreign travel tickets costing Rs.50,000 and above.
 
PAN would also be mandatory for cash payments of more than Rs.50,000 for cash cards or prepaid instruments, as well as for acquiring shares in unlisted companies for Rs.1 lakh and above.
 
The new norms aimed to curb domestic black money generation will be effective from January 1, 2016, Revenue Secretary Hasmukh Adhia told reporters here.
 
Furnishing of PAN for post office deposits of over Rs.50,000 has been dispensed with to facilitate small investors.
 
Adhia said PAN has been mandatory for opening all bank accounts, except Pradhan Mantri Jan Dhan Yojana accounts.
 
He said on purchase of jewellery or bullion, major sources of generation of black money, PAN would be required if the sum involved is Rs.2 lakh per transaction. Currently, it is mandatory for transaction of Rs.5 lakh and above.
 
PAN will also be mandatory on purchase of immovable property of Rs.10 lakh and above.
 
Non-luxury cash transactions of Rs.2 lakh will also require submission of PAN details.
 
Finance Minister Arun Jaitley told parliament on Tuesday that the government had made PAN mandatory for cash transactions of Rs.2,00,000 and above. 
 
An official notification in this regard would be issued shortly, he told the Lok Sabha while presenting his ministry's supplementary demand for grants.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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