Topic: Financial regulation
Income Tax Campaign for Foreign Assets Awareness
The Income Tax Department has initiated a new campaign that targets taxpayers with high-value foreign income or assets, which aims to enhance compliance for the Assessment Year 2024-25....
UK Plans Major Pension Fund Reforms
The UK government aims to create substantial “megafunds” through an important overhaul of the pension system. Finance Minister Rachel Reeves announced plans to attract up to £80 billion...
LIC-owned IDBI Bank removed from PCA framework
The Reserve Bank of India (RBI) has removed IDBI Bank from the Prompt Corrective Action (PCA) framework which is the enhanced regulatory supervision of RBI on March 10,...
Steering Committee on Fintech-related issues suggests new laws for consumer protection
The Steering Committee on fintech-related issues has recommended a new legal framework for consumer protection and has also suggested new cash flow-based financing options for micro, small and...Pakistan blacklisted by Asia-Pacific Group of FATF for its failure to comply with terror funding standards
The Asia-Pacific Group (APG) of the Financial Action Task Force (FATF) is a global watchdog for terror financing and money laundering. It has recently put Pakistan in the...Saudi Arabia becomes first Arab country to get FATF membership
Saudi Arabia has become the first Arab country to be granted full membership of Financial Action Task Force (FATF) following its Annual General Meeting at Orlando in Florida,...IDBI Bank launches paperless account opening facility for NRIs
IDBI Bank has launched the ‘NRI-Insta-Online’ account-opening process for Non-Resident Indians (NRIs) residing in Financial Action Task Force (FATF) member countries. The person will not be required to...Pakistan could be blacklisted by FATF
Pakistan Foreign Minister Shah Mahmood Qureshi said that Pakistan could be blacklisted by the Financial Action Task Force because of ‘lobbying by India’ after estimating that the country...
