Page 8 - Forex

TCS: Forex dealers, tour package sellers to collect remittance undertakings

The government on Friday said foreign exchange dealers and sellers of overseas tour packages will have to take an "undertaking" from their customers about their past remittances and overseas visits made in a fiscal for the purpose of deducting TCS. The Income Tax department issued a set of FAQs on the applicability of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on the purchase of an overseas tour programme package. The differential rate of the TCS levy would kick in from October 1. The FAQ also defined what would constitute an 'overseas tour program package', on which from October 1, 5 per cent TCS would be levied on expenditures up to Rs 7 lakh. Beyond that, a 20 per cent rate would apply. Currently, these packages attract 5 per cent TCS. "It is clarified that the purchase of only an international travel ticket or purchase of only hotel accommodation, by in itself is not covered within the definition of 'overseas tour program ...

India's forex reserves drop $2.9 bn to $593.19 billion, shows RBI data

The overall reserves increased by USD 2.35 billion to USD 596 in the previous reporting week

Importers must hedge near-term exposures on dollar rally risk, say analysts

The greenback is projected to strengthen against most Asian currencies in the July-September quarter, with a rate hike by the Fed at its July meeting now a near certainty

India's forex reserves rise to $596.10 billion in week to June 16

The rupee had risen 0.6% in the week ending June 16, logging its best week in over three months. It traded in a range of 81.8575 to 82.4750 during that week

India's forex reserves jump $2.35 billion to $596 billion, shows RBI data

The overall reserves had dropped by USD 1.318 billion to USD 593.749 billion in the previous reporting week

Pakistan receives $1 bn from China to support its critically low forex

Cash-strapped Pakistan has received USD 1 billion from its close ally China to support its critically low foreign reserves amidst the uncertainty to revive a stalled International Monetary Fund loan. The State Bank of Pakistan (SBP) on Friday night confirmed having received the amount from China without sharing any other details about it. It would add to the reserves which had fallen to almost USD 3.9 billion in recent weeks. Earlier, finance minister Ishaq Dar said Pakistan had paid back USD 1 billion to China last Monday against a due amount of USD 1.3 billion and it was hoped that the amount would be returned. Pakistan's economy is tethering on the verge of default as the IMF is pushing the county to its limits to fulfil demands - which Islamabad insists had been already met - to provide the remaining USD 2.5 billion out of a bailout package of USD 6.5 billion agreed in 2019. The entire amount is unlikely to be paid as the programme is ending on June 30 but Pakistan is pushing

India's forex kitty declines by $1.32 bn to $593.75 bn, shows RBI data

The overall reserves had jumped by $5.93 billion to $595.067 billion for the previous reporting week

Dollar down on soft inflation data as traders price in Fed rate hike skip

The dollar index - which measures the performance of the U.S. currency against six others - dipped 0.2% to 103.14, after touching its lowest since May 22 overnight at 103.04

Rupee hits one-month high against dollar on corporate dollar inflows

Indian rupee hit a one-month high against the U.S. currency on Wednesday led by likely corporate dollar inflows, five traders said

Steel industry saved Rs 34,800 cr forex by reducing imports: Scindia

The government policies for steel sector helped the country save Rs 34,800 crore in foreign exchange by reducing imports and added around 60 million tonnes (MT) of crude steel capacity, Union minister Jyotiraditya Scindia said. India pushed Japan to third place to become the world's second largest steel producing nation, the minister for steel said while addressing a press conference titled 'The 9-years of government's seva, sushasan and gareeb kalyan focusing on steel sector'. From an installed capacity of 109.85 MT in 2014-15, India's steel capacity increased by a sharp 46 per cent to 160.30 MT in 2022-23, he said, adding the total production rose 42 per cent from 88.98 MT to 126.26 MT. The per capita steel consumption also rose from 60.8 kilogramme to 86.7 kg during the said period, registering a rise of 43 per cent. As per the National Steel Policy 2017, the country aims to scale up the capacity to 300 MT by 2030-31 and production to 250 MT. While the target is to increase the

India's forex reserves snap 3-week rise, ease from near 1-year high

Forex reserves decreased $6.05 billion from the previous week, after rising by a total of $15.3 billion in the prior three weeks

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India's foreign exchange reserves decline by $2.1 billion to $584.2 billion

Gold reserves dropped by Rs 24 million to Rs 46.151 billion, the RBI said

At $584.25 billion, forex reserves ease from over nine-month highs

Reserves had gone up by a total of nearly $8 billion in the prior two weeks

India's forex reserves up $1.65 bn to $586.4 bn, shows RBI data

But the country's foreign exchange reserves were lower by $ 17.28 billion compared to a level a year ago

ED seizes crypto currencies, assets of Rs 34.75 cr in illegal forex trading

The ED investigation has revealed that the online trading app and website are operating in India in association with India based entity OctaFx India Pvt. Ltd

India's forex reserves up $6.3 bn to $585 bn, highest in nine months

The surge was mainly on account of a $4.74 billion accretion to currency reserves that took them to $514.4 billion, shows RBI data

Will continue to cooperate fully with Indian authorities: BBC on ED probe

The BBC will cooperate fully with the Indian authorities, the UK-headquartered media organisation said on Thursday in response to reports from India of a new investigation launched by the Enforcement Directorate (ED) into alleged foreign exchange violations by the British public broadcaster. A spokesperson for the British taxpayer-funded licence fee-backed media corporation told PTI that the BBC would comply with its obligations for operating in India. The statement came in response to a query about reports that the ED has reportedly called for documents and statements of some company executives under provisions of the Foreign Exchange Management Act (FEMA). "We will continue to cooperate fully with the Indian authorities to ensure that we comply with all our obligations, a BBC spokesperson said. According to official sources in Delhi, the ED probe is reportedly looking at purported foreign direct investment (FDI) violations by the company in India. It follows the Income-Tax (I-T)

Bangladesh's forex reserves fall to around 6-year low to $31.14 bn

Forex reserves equivalent to six months' import bills are considered adequate for a growing economy like Bangladesh

RBI expansion of NDF access to help manage rupee volatility: Analysts

They were earlier permitted to transact in rupee NDF forex derivatives contracts with non-residents and with other eligible banks