Search Result for : Hsbc

Sneha Gilada Global In-house Centres (GIC) are an integral component of the Indian IT industry and contribute significantly to the country's service export revenues. They have also been immensely beneficial to the economy in terms of employment generation. But the broad function of a GIC has changed dramatically in the last three decades, from being purely an operational vehicle delivering cost advantage by way of employing cheap labour; to driving strategic innovation and acting as a brand's window of penetration into new markets.  Celebrating the growing role of GICs in a modern day global enterprise, NASSCOM (National Association of Software and Services Companies) organised the 8th edition of its GIC conclave. The two-day event, inaugurated on April 20, was held in the city of Hyderabad, which is one among India's prominent IT hubs. The summit's prime ...

PTI With uncertainty over implementation of GST, rising crude oil prices and the challenging 4% CPI in medium-term, Reserve Bank of India (RBI) may cut repo rate for the final time by a 25 basis points in the February policy, says a report. “We hold on to our expectation of a 25 basis points rate cut in February, but caution that this would likely bring the easing cycle to an end, given the pressures in the horizon implementation of the GST bill, rising oil prices, implementation of government employees housing allowance, and the challenging 4% CPI target for the medium term,” HSBC said in a report today. RBI has set an objective for achieving consumer price index (CPI) inflation ...

The Dollar Business Bureau Global financial services company HSBC has upgraded Indian equities to ‘neutral’ from ‘underweight’. The hype is almost gone and the country’s valuation premium to Asia has come down, which is approaching an average premium for a decade, it said. High-frequency indicators show that the environment for earning would improve. The earnings expectations are very much optimistic according to HSBC. High valuations and increasing commodity prices have led to the underperformance of Indian market. This can help only commodity exporters rather than importers, it said. Announcing the ratings for various sectors, HSBC upgraded IT to ‘overweight’ due to the realistic earnings and reasonable valuations. It has upgraded capital goods and engineering industries to ‘neutral’ as they are still in the ...

HSBC has been under scanner ever since a leaked list of hundreds of Indian clients of its Geneva branch found its way to the Indian tax authorities Source: PTI     Armed with sufficient evidence, Indian tax authorities have issued notices to global banking giant HSBC, warning of prosecution against its Swiss and Dubai arms for allegedly abetting tax evasion by four Indians and their families. The UK-based HSBC, which also disclosed Monday ongoing probes by tax authorities from various countries in connection with alleged abetment of tax evasion and money laundering through its Geneva branch, said it is cooperating with the relevant authorities and cautioned of "significant" financial impact as a result of these investigations. HSBC has been under scanner ever since a ...

Source: PTI    With India stepping up efforts to bring back illicit funds stashed abroad, Switzerland has said both sides have improved their cooperation on tax matters following several high-level meetings. Over the past few months, both countries have been working closely on mutual administrative assistance, according to the Swiss governmentand in the recent months, Switzerland has disclosed names of more than a dozen Indians about whom information has been sought by the Indian government amid suspicion that their accounts in Swiss banks were being used for stashing illicit money. "Switzerland and India have been working closely together in the field of mutual administrative assistance over the past few months," a Swiss Federal Department of Finance spokesperson told PTI from Berne. ...

The Dollar Business Bureau Indian government is likely to sign a pact for the United States tax compliance law Foreign Account Tax Compliance Act, in July 2015. An official statement in this regard was made by Akhilesh Ranjan, a Joint Secretary in Ministry of Finance, Government of India. “Indian government is likely to sign the Intergovernmental Agreement (IGA) for FATCA in early July 2015,” said Akhilesh Ranjan, Joint Secretary (Foreign Tax and Tax Research Division), Ministry of Finance, on Thursday. The Finance Ministry official was speaking at the round-table discussion on ‘Implementation of FATCA norms in India’ organised by Federation of Indian Chamber of Commerce and Industry (FICCI) in New Delhi. FATCA compliance will necessarily have to cover all new accounts opened by ...

The Dollar Business Bureau Despite a steady growth, India needs additional $60 billion foreign exchange reserves (Forex) in order to stay sustained to global volatilities, said a global financial major, in its latest release. The latest HSBC report says that India’s forex reserves in 2015 are beyond traditional norms, however, the country’s experiences in recent times suggest $60 billion buffer could help the country face tight financial situation globally. "We estimate an additional $60 billion of reserves, taking overall holdings to $420 billion, could take care of key vulnerabilities (such as un-hedged external commercial debt, short-term external debt and portfolio outflows)," said India Chief Economist Pranjul Bhandari, in a research note. Even though India had lost $20 billion of forex reserves during ...

The Dollar Business Bureau India’s manufacturing PMI (Purchasing Manufacturing Index) is at a four-month high with a positive outlook for solid and quicker rise in incoming new work, said HSBC India Purchasing Managers’ Index. The upturn in the Indian manufacturing sector gathered pace in May, with levels of production and new orders rising at the fastest rates since the opening month of 2015. Meanwhile, a further increase in input costs was seen and, consequently, charges were raised following a decline seen in the preceding month. Up to a four-month high of 52.6 in May, from 51.3 in April, the seasonally adjusted HSBC India Purchasing Managers’ IndexTM (PMITM) signalled a further improvement in business conditions. Furthermore, gains were seen in all three monitored ...