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    RBI issues draft norms to rationalise export-import transactions

    Banks under new regulations can flag exporters with outstanding amounts, ensuring timely realization of proceeds. Transparency and efficiency are prioritized in export-import transactions, benefiting businesses of all sizes.

    India issued one lakh patents in 2024, ten years back it was just 6000: Piyush Goyal

    India has seen a significant rise in the number of patents granted, reaching around one lakh in 2024, a substantial increase from the 6,000 patents issued annually a decade ago, according to Union Minister of Commerce and Industry Piyush Goyal. The announcement was made during an outreach program with industry leaders and stakeholders in Hyderabad, Telangana.

    Centre extends validity of FCRA registration of NGOs till September 30

    The FCRA registration extension benefits NGOs with pending renewal applications. Scrutiny affected prominent NGOs, leading to new FCRA licenses being issued. The rules regarding foreign contributions and asset declaration are strictly enforced, ensuring compliance and transparency in the NGO sector.

    Fairfax Group likely to sell 9.72% in CSB Bank

    According to the term sheet issued by the banker IIFL, FIH Mauritius Investments, an entity belonging to Fairfax Group is expected to sell 1.68 crore shares in the Kerala-based bank at a floor price of ₹352.4 per share. The floor price represents a 1% discount to Wednesday's closing price of ₹355.95.

    India shows interest in mega Teesta river conservation project

    A major focus of the talks between the two prime ministers was to explore ways to shore up India-Bangladesh cooperation in digital and energy connectivity even as both sides resolved to work towards peaceful management of borders between the two countries.

    Japan sanctions Bengaluru tech company over Russian war 'support'

    Japan has sanctioned Bengaluru-based Si2 Microsystems Pvt Ltd, an Indian tech firm, for allegedly supporting Russia's war efforts. This move, part of broader sanctions including firms from China, the UAE, and Central Asia, marks Japan's first targeting of foreign companies over Ukraine-related issues. The sanctions may strain the growing strategic partnership between Japan and India. Si2 Microsystems, involved in various high-tech projects, including government space initiatives, is now under scrutiny. Japan's tougher stance against Russia, influenced by Western pressures, contrasts with its previous policies, recalling sanctions imposed on India after the 1998 nuclear tests.

    • Explained: Adoption procedure for NRIs, OCI cardholders, and foreign nationals

      Non-resident Indians (NRIs), Overseas Citizen of India (OCI) cardholders, and foreign nationals have equal priority in adopting orphaned children in India. A detailed guide outlines the eligibility, registration, document requirements, and post-adoption formalities for NRIs and foreign prospective adoptive parents.

      Indian universities allowed to offer admissions twice a year on lines of foreign varsities: UGC

      Indian universities and higher education institutions will be allowed to offer biannual admissions twice a year, similar to foreign universities. The two admission cycles will be July-August and January-February from the 2024-25 academic session. This will benefit students who missed admission in the July-August session due to delays in board results, health issues, or personal reasons.

      MHA grants SRK's NGO, Meer Foundation, FCRA licence

      Shah Rukh Khan's NGO, Meer Foundation, granted FCRA licence by MHA for 5 years to support acid attack survivors.

      What is UAE's Golden Visa that was recently granted to legendary actor Rajinikanth?

      Veteran South actor Rajnikanth was recently granted a UAE golden visa by the Department of Culture and Tourism, Abu Dhabi. He expressed gratitude to the Abu Dhabi government and MA Yusuff Ali, chairman of Lulu Group, for their support. The UAE golden visa is a long-term residency permit offering various privileges, including entry visas for six months with multiple entries, renewable residence visas valid for 5 or 10 years, the ability to stay outside the UAE for extended periods, sponsorship of family members, and permits for family members to stay in the UAE if the primary holder passes away.

      Officials of India, Maldives hold review meeting, take stock of Indian grant-funded community development projects

      Indian High Commissioner to the Maldives Munu Mahawar and Maldivian Ambassador Ahmed Naseer co-chaired a meeting to review Indian-funded community development projects in the Maldives. They assessed 65 projects valued at MVR 360 million. Additionally, India extended a USD 50 million Treasury Bill at the Maldives' request, showing the strong bilateral relationship. Maldivian Foreign Minister Moosa Zameer thanked India for the support, emphasizing the countries' enduring friendship.

      Suits & Sayings: Destination Scanner

      ET’s roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours

      UK PM Rishi Sunak faces revolt over plans to scrap Graduate Route visa: Report

      According to 'The Observer' newspaper, Sunak is facing a Cabinet revolt over plans to scrap the Graduate Route scheme, the definitive factor for choosing UK universities among Indian students who have topped the tally of these post-study visas since it was launched in 2021.

      India to extend budgetary support of $50 million to Maldives

      India extends budgetary support to Maldives by rolling over $50 million treasury bill upon special request. SBI subscribes to Maldives Finance Ministry's bill, aiding infrastructure projects under $800 million Exim Bank credit line, including cybersecurity agreement.

      Significant progress made in expediting India-assisted projects in Maldives: Foreign Minister Zameer

      Maldivian Foreign Minister Moosa Zameer highlighted progress in India-assisted projects in the Maldives during his recent bilateral visit to India. Discussions with Indian counterpart S Jaishankar focused on accelerating these projects' execution. India agreed to extend the repayment deadline for USD 150 million of a debt, with no conditions attached. Zameer emphasized the Maldives' commitment to completing these initiatives and reiterated this stance during his India visit. Jaishankar emphasized the importance of India's ongoing projects in the Maldives.

      IEG says reapplied for FCRA licence with all papers now

      According to FCRA rules amended in 2020, "An application for renewal of the certificate of registration shall be made to the Central government in electronic form in Form FC-3C, accompanied with an affidavit executed by each office-bearer, key functionary and member in Proforma 'AA' appended to these rules within six months from the date of expiry of the certificate of registration."

      Government cancels FCRA licences of 6 NGOs over 'violations'

      The NGOs include the Diocesan Society Church of North, Jesus and Mary Delhi Educational Society, Delhi Diocese Overseas Grant Fund, Institute of Economic Growth (IEG), Samuel Foundation Charitable India Trust and Hemophilia Federation of India (HFI). Earlier this month, the home ministry had revoked the FCRA licences of five leading NGOs on charges of violations.

      India granted over 1 lakh patents in FY24: Official

      India granted 1.03 lakh patents in FY 2023-24 with a focus on economic value and strengthening the IP position. The IP office ensures no delays with 40% applications cleared within 30 months, reflecting confidence in research commercialization.

      Payment for imported software not royalty, rules SC

      A bench of Justices BR Gavai, BV Nagarathna and Pankaj Mithal rejected a batch of review petitions filed by the Commissioner of Income Tax both on merits as well as on the grounds of delay. This means tax liability of foreign software seller without a permanent establishment in India would reduce to the 2% equalisation levy introduced via Finance Act 2020 from the 10%-15% royalty tax, which the Indian buyer has hitherto been liable to withhold.

      Insead has no India campus plans for now: Dean Veloso

      However, the institute is committed to developing and strengthening industry-academia research in future with top Indian multinationals and large startups, as well as expand and enhance educational collaborations here, said Veloso, a professor of strategy who took over as the dean of the institute in September.

      Kerala HC grants relief to Thomas Isaac in masala bond case probe

      The court scheduled a detailed hearing for May 22 on the pleas filed by Isaac and the Kerala Infrastructure Investment Fund Board (KIIFB) in connection with the ED investigation into the case.

      MHA cancels FCRA licences of several prominent NGOs

      The home ministry had granted a six-month extension to several NGOs listed above in September last year. The licences were cancelled on March 30 this year and they will neither receive nor utilise the foreign contribution until the certificate is renewed, officials added.

      Delhi HC seeks Centre's stand on plea by think-tank against FCRA licence cancellation

      Delhi HC asks govt about CPR's FCRA licence cancellation. Justice Singh issued notice. CPR's FCRA revoked for misusing funds. Income Tax survey led to CPR's FCRA suspension. CPR withdrew petition against licence suspension.

      Indian patent office grants 1 lakh patents in past year

      "Every 6 minutes one technology is seeking IP protection in India. In 2023, an all-time high of 90,300 patent applications were received. Patent office granted over one lakh patents in the last one year (15-Mar-2023 to 14-Mar-2024). Every working day, 250 patents were granted," the commerce and industry ministry said.

      CAA: Security report to play key role in grant of citizenship

      The empowered committee on citizenship will consider security agencies' report on refugees' application under CAA. District-level committees will collect documents and forward them to the empowered committee for digital certificates of citizenship.

      India Inc. witnesses 142 deals worth $6.1 bn in January 2024: Report

      In January, India Inc experienced a surge in deal activity with 142 transactions amounting to $6.1 billion, marking a 15% increase in volumes and a 21% rise in values compared to December 2023, as per a Grant Thornton report. This uptrend was primarily driven by robust private equity (PE) activity, highlighted by two billion-dollar investments totaling $3.6 billion. Factors such as favorable macroeconomic conditions, expectations of policy continuity, and potential foreign inflows contributed to the positive dealmaking environment.

      View: UGC rules for foreign universities in India mark the beginning of for-profit education in the country

      GoI made a related announcement in the Union budget 2022-23 while proposing to operate foreign universities from GIFT City, free from domestic regulations. However, nothing was specified on the money repatriation matter in IFSCA (Setting up and Operation of International Branch Campuses and Offshore Education Centres) Regulations 2022. It's good that GoI has clarified the issue of money repatriation by for-profit foreign institutions.

      Unrecognised get-from-India foreign degrees are not valid, UGC says

      According to the regulations, no foreign higher education institution can offer a programme in India without receiving the Commission's approval. They additionally state that no programmes offered by HEIs shall be offered under a franchising agreement, and that the UGC will not acknowledge any such programmes.

      UGC warns edtech companies offering degree courses online in association with foreign universities

      "It has been observed that many Higher Education Institutions (HEIs) and colleges have entered into collaborative agreements with foreign-based educational institutions or providers not recognised by the commission and have been facilitating the issuance of foreign degrees to the students," UGC Secretary Manish Joshi said.

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