Page 5 - Mauritius

Govt asks trade bodies, banks to explore more countries for trade in rupee

Having facilitated rupee trade with Russia, Mauritius and Sri Lanka, the government has asked trade bodies and banks to explore such opportunities with more nations, sources said. Indian banks have already opened special rupee vostro accounts (SRVA) with banks of these three nations, operationalising the rupee trade arrangement. Recently, SBI Mauritius Ltd and People's Bank of Sri Lanka opened an SRVA with State Bank of India (SBI). In addition, Bank of Ceylon opened an account in its Indian subsidiary in Chennai. Union Bank of India has opened special rupee account of Ros Bank Russia while Chennai-based Indian Bank has opened such accounts of three Sri Lankan banks, including Colombo-based NDB Bank and Seylan Bank. In all 18 such special rupee accounts have been opened by 11 banks, including 2 of Russia and one of Sri Lanka, following approval from the Reserve Bank of India (RBI). The RBI issued detailed guidelines on cross-border trade transactions in the domestic currency in ...

True North acquires minority stake via own fund in Accion Group for $93 mn

Accion Labs is focused on digital transformation in global enterprises and tech firms. It has more than 4,800 employees globally, spread over 20 locations

IMF raises concerns Mauritius' rising public sector debt in current fiscal

The International Monetary Fund (IMF) remains concerned over Mauritius's public sector debt as a percentage of GDP, estimated at 88.1 per cent for FY 2022-2023

Mauritius-based PEs not to pay additional capital gains tax, says MRA

IVCA had said the move to treat all income from Indian AIFs as dividends would wreak havoc on funds with a presence in Mauritius and investments in India

New Mauritius tax norms to hit PE investments in India, says IVCA

The move to tax capital gains from India would fundamentally alter the character of all income arising from Indian AIFs and lead to increased litigation

Mauritius PM Pravind Jugnauth to arrive in India today for 8-day visit

Mauritius Prime Minister Pravind Kumar Jugnauth accompanied by his spouse Kobita Jugnauth and a high-level delegation will arrive in India for an eight-day visit starting Sunday.

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Mauritius PM Pravind Jugnauth starts 8-day India visit from Sunday

The Mauritius PM will also pay a visit to Varanasi apart from his official engagements in Gujarat and New Delhi

Bonus stripping: Foreign portfolio investors from Mauritius feel the pinch

Mauritius has become an attractive destination for debt investments in India

Modi, Jugnauth jointly inaugurate India-assisted projects in Mauritius

The two PMs also took part in a virtual foundation stone laying ceremony for two other projects

Mauritius: PM, Jugnauth jointly inaugurate, launch India-assisted projects

Modi also said Mauritius is a prime example of India's approach to development partnership which is based on the needs and priorities of its partners and respects their sovereignty.

HAL signs contract with Mauritius for export of advanced light helicopter

HAL has signed a contract with the Mauritius government to export one advanced light helicopter (ALH Mk-III) for the country's police force, an official statement said on Wednesday.

After FATF, Mauritius exits European Union tax blacklist

FATF is an intergovernmental body that aims to combat money laundering and terrorism financing

Mauritius exits FATF grey list, Pakistan remains on the list

Mauritius was put on the list by FATF in February 2020, and that had a significant impact on its credibility as a prudent and compliant jurisdiction

Mauritius closer to exiting grey list as FATF sees progress on action plan

Inter-governmental body has now authorised its delegates to visit the island nation for an on-site inspection of the progress made

Mauritius, Cayman Islands funds under watch for ownership info gaps

There are concerns that a number of such funds could have a high non-resident Indian (NRI) holding and be used by Indian promoters for round-tripping and manipulating share prices

In the eye of the storm: Adani stocks crash on rumours of FPI freeze

Shares recoup some losses after company, NSDL, FPIs deny report

Four foreign funds in limelight for skewed investment in Adani group firms

Elara India Opportunities Fund, Albula Investment, APMS Investment and Cresta Fund have invest­ment in a number of domestic­ally listed firms besides the Adani group firms

US pips Mauritius as 2nd largest source of FDI in India in 2020-21: DPIIT

Total FDI, including equity, re-invested earnings and capital, rose 10 per cent

Mauritius rejigs special purpose fund regime to gain 'financial' edge

Will enable global investors to set up tax-exempt entities