India has received the first tranche of its residents' account details in Swiss banks under the latest framework enabling automatic information exchange between the two countries. Even as PM Modi-led government has been taking multiple measures to discourage the use of currency notes to accelerate India's shift towards digital transactions, cash is still king for the Indian economy. Samsung Electronics Vice-Chairman Lee Jae-Yong arrived in India sparking conjectures that the South Korean giant could invest further in the country to broaden its presence in the world's second-largest smartphone market. Read for more top stories from the world of business and economy:
India is amongst 75 countries with which Switzerland's Federal Tax Administration (FTA) has swapped intelligence on the financial details of people.
Speculations are rife that Lee is likely to meet Reliance Industries Ltd (RIL) Chairman Mukesh Ambani during his India visit. Samsung was one of equipment providers for Reliance Jio's 4G network business.
Some of big domestic asset management companies, which have invested in Axis Bank's QIP include HDFC Mutual Fund, ICICI Prudential, Aditya Birla, SBI MF, Kotak, BNP Paribas and Franklin Templeton.
As part of its Series F funding round, RA Hospitality Holdings will infuse around $700 million as primary capital in the company, while existing investors SoftBank Group, Lightspeed Venture Partners, Sequoia India will invest the remaining $800 million.
An analysis of the impact of demonetisation - published by renowned economists in a working paper brought out by a US institution National Bureau of Economic Research (NBER) - shows that in modern India cash continues to serve an essential role in facilitating economic activities.