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Market regulator Sebi on Tuesday said foreign investors from Mauritius will continue to be eligible for FPI registration with increased monitoring as per international norms. The announcement comes after the tax haven was put on the “grey list” of Financial Action Task Force (FATF) — an inter-governmental policy making body that sets anti-money laundering standards. A significant percentage of foreign portfolio investors (FPIs) investing in the Indian market is registered in Mauritius. The island nation is the second largest source after the US from which foreign portfolio investments come into the country. As per January NSDL data, assets under custody of US FPIs are worth Rs 11,62,579 crore and those from Mauritius stood at Rs 4,36,745 crore. Following the FATF notice, some fund managers knocked on Securities and Exchange Board of India’s (Sebi) door overnight, raising concerns over validity of FPI registration done through the tax haven. The regulator on Tuesday said, “Foreign i

Nominating Das, the magazine said India's banks have faced a series of challenges, from non-performing loans to issues around fraud Reserve Bank of India (RBI) Governor Shaktikanta Das has been named the Central Banker of the Year, Asia-Pacific 2020, by the Banker magazine, a unit of Financial Times (FT). The award is given to central bankers who have “best managed to stimulate growth and stabilise their economy.” Jorgovanka Tabakovi, National Bank of Serbia, was adjudged the winner as the Global Central Banker of the Year. The awards were announced in an editorial of the Banker magazine on January 2. Nominating Das, the magazine said India’s banks have faced a series of challenges, from non-performing loans to issues around fraud. Repeated economic slumps saw the central bank cut interest rates five times during 2019, and it was open to cutting them again, if necessary. “Faced with these challenges, Shaktikanta Das has taken steps to bring banking in India up to standard via a r

Army planners are increasingly worried about this drain on funds that could otherwise go towards equipment modernisation For the first time ever, the defence budget for 2020-21 allocates more money towards pensions for retired Army soldiers than for salaries for soldiers still in the standing Army. Scrutiny of the defence budget reveals that Rs 111,294 crore has been allocated for Army salaries, including civilian employees. The Rs 113,278-crore allocated for Army pensions surpasses that. There are slightly under 1.3 million soldiers serving in the Army, including officers. Meanwhile, 2.06 million individuals, including Army widows, are drawing pensions, according to the defence ministry, in answer to a parliamentary question in November 2016. The pension budget has steadily risen since the grant of One Rank, One Pension (OROP) in 2015-16. That year, it was Rs 60,000 crore for the entire military. For 2020-21, it will stand at Rs 1.33 trillion. Army planners are increasingly worried