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Swiss Authorities Issue Notices To Indian Clients Of Switzerland-Based Banks To Appeal Against Sharing Details With India

New Delhi: As Switzerland strives hard to re-establish its global financial centre position after clamping down on secrecy walls of its banks, there has been a significant surge in the number of cases where it has initiated process to share information on Indians with Swiss bank accounts and shot off letters to about a dozen such individuals last week itself.

Since March, at least 25 notices have been issued by the Swiss authorities to Indian clients of Switzerland-based banks in which they have been given one last chance to appeal against sharing of their details with India.

An analysis of the notices issued by the Federal Tax Administration, Switzerland government’s nodal department for sharing of information on foreign clients of Swiss banks, shows that the Swiss government has stepped up its efforts in sharing such details with a number of countries in the recent months, but the surge in India-related cases is noticeable in the past few weeks.

483

India Stops Importing Oil From Iran After American Waivers Granted To Eight Buyers Expired

New Delhi: New Delhi’s envoy has said that India has stopped importing oil from Iran after American waivers granted to eight buyers expired early this month becoming the latest country to comply with the US sanctions on Tehran over its nuclear programme.

The US reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. To reduce Iran’s crude oil export to zero, the US ended on May 2 waivers that had allowed the top buyers of Iranian oil, including India, to continue their imports for six months.

Indian Ambassador to the US Harsh Vardhan Shringla said India has stopped importing oil from Iran after the United States refused to extend exemption from sanctions earlier this month.

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Sensex Hit The 40,000 Mark For The First Time Ever And NSE Nifty Breached The 12,000 Level

New Delhi: The benchmark BSE Sensex hit the 40,000 mark for the first time ever and NSE Nifty breached the 12,000 level in morning trade, as early trends suggested a huge majority for the ruling NDA.

Amid market euphoria, the rupee appreciated 14 paise to 69.51 against the US dollar trade. The 30-share index zoomed over 900 points to hit an intra-day high of 40,012.35. Similarly, the broader NSE Nifty spurted 265 points to touch a record 12,003.50.

Top Sensex gainers included Yes Bank, IndusInd Bank, L&T, SBI, ICICI Bank, Kotak Bank, RIL and HDFC twins, surging up to 8 per cent. While, Vedanta, ITC and TCS slipped up to 0.45 per cent.

392

PNB Looks To Merge With Two Or Three Government-Owned Banks To Cut Number Of State-Owned Lenders

New Delhi: Punjab National Bank is looking to merge with two or three government owned banks that could include Oriental Bank Of Commerce, Andhra Bank and Allahabad Bank as New Delhi tries to cut the number of state-owned lenders.

This could be the one of the first decisions to be taken by the new government after election results to be announced on May 23. Exit polls showed that the alliance led by India’s Prime Minister Narendra Modi could win with a big majority.

Banking sector reform is unfinished business from the last five year term of Modi’s government as banks struggle under a huge debt pile than of more than 9 trillion Indian rupees ($130 billion), or nearly 5% of the nation’s gross domestic output.

383

Domestic Markets Cheers Exit Poll Results Showing NDA Likely To Win The Lok Sabha Elections

New Delhi: Domestic financial markets cheered exit poll results showed that ruling NDA is likely to win the Lok Sabha elections, with the benchmark BSE Sensex skyrocketing over 900 points, and the rupee appreciating 79 paise against the US dollar.

After soaring over 962 in early session, the 30-share index pared some gains and was trading 687.63 points, or 1.81 per cent, higher at 38,618.40.

In similar movement, the broader NSE Nifty was trading 203.05 points, or 1.78 per cent, up at 11,610.20. Top gainers in the Sensex pack include Maruti, L&T, SBI, ICICI Bank, RIL, M&M, IndusInd Bank, Axis Bank, Yes Bank and Vedanta, rising up to 4 per cent.

On the other hand, Bajaj Auto, Infosys and HCL Tech slipped up to 2 per cent.