foreign banks

Reserve Bank of India vide its circular DBS.ARS.BC. No. 4/ 08.91.020/ 2010-11 dated November 10, 2010 has issued instructions to Indian public and private sector banks regarding a comprehensive calendar of reviews to be placed before the Audit Committee of their Board. While all the reviews prescribed vide our above circular are not applicable to foreign banks operating in India, we request you to be guided by the instructions contained therein. In order to do so you may Full Article

Branch Expansion of Foreign Banks in India -As on 29.8.2011, 38 foreign banks are functioning with 321 branches in India. Reserve Bank of India has given following approvals for opening maiden branch/branch expansion in India during 2010 and 2100. Full Article

The Centre on Friday declined before the Supreme Court to make public names of the people who have stashed black money in foreign banks. It informed that it is not possible to disclose information received from foreign governments under the Double Taxation Avoidance Agreement (DTAT). The Centre, however, agreed to reveal the names of six persons who had deposited money with the Liechtenstein Bank in Germany and who are being prosecuted by the government authorities. Full Article

The Centre on Thursday assured the Supreme Court that it would reveal the names of persons, who have stashed black money in foreign banks after registering a formal case against them. Solicitor General Gopal Subramanium, appearing before a bench head Full Article

In a new twist to the black money issue, Tehelka on Friday released the names of 15 Indians, including three trusts, who it claimed had stashed their wealth in the LGT bank in Liechtenstein, a well-known tax haven. Revealing only the names but not th Full Article

An expert said under the new structure, foreign banks’ tax liability might go up if the wholly-owned subsidiary decides to pay a dividend, as such payments will attract dividend distribution tax. Tax liabilities of foreign banks will rise marginally Full Article

Tax liabilities of foreign banks will rise marginally if the Reserve Bank makes it mandatory for them to conduct their operations in the country through wholly-owned subsidiaries (WOS) rather than a branch model, experts said today. "Although the W Full Article

The draft guidelines on how foreign banks can convert themselves into wholly owned subsidiaries of their parents, have been delayed, with the Reserve Bank of India (RBI) awaiting clarity from tax authorities. The guidelines were to be have been relea Full Article