India: the fourth largest foreign exchange reserves in the world

India

India currently has the fourth largest foreign trade destination in the world, Junior Finance Minister Pankaj Chaudhary told Lok Sabha on Monday.

As of November 19, 2021, he said the forex reserve stands at $ 640.4 billion.

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Responding to another question, he said details of P-Notes / offshore derivative instruments (ODIs) and owners of ODI holders, identified in terms of the 9th Anniversary of Money Laundering (Records) Act, 2005, are regularly reported to Sebi per month by the ODI which excludes foreign investors (FPIs).

In addition, ODIs issuing FPIs are required to always keep KYC documents relating to ODI registrars and make them available to Sebi if required, he said.

Responding to another question, Mr Chaudhary said the total tax, including taxes collected on petroleum products, over the last seven financial years (2014-15 to 2020-2021) stands at ₹ 16.7 lakh crore.

India Has Four Biggest Foreign Exchanges: Junior Finance Minister

India currently has the fourth largest foreign trade destination in the world, Finance Minister Pankaj Chaudhary told Lok Sabha on Monday.

As of November 19, 2021, he said the forex reserve stands at $ 640.4 billion

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Responding to another question, he said details of P-Notes / offshore derivative instruments (ODIs) and owners of ODI holders, identified in terms of the 9th Anniversary of Money Laundering (Records) Act, 2005, are regularly reported to Sebi per month by the ODI which excludes foreign investors (FPIs).

In addition, ODIs issuing FPIs are required to always keep KYC documents relating to ODI registrars and make them available to Sebi if required, he said.

Responding to another question, Mr Chaudhary said the total tax, including taxes collected on petroleum products, over the last seven India financial years (2014-15 to 2020-2021) stands at ₹ 16.7 lakh crore.

“The total tax value for unlicensed petrol was ₹ 9.2 liters in 2013-14, while for unlicensed diesel it was R3.46 a liter. Diesel is R21.80 a liter,” he said.

The cost of fuel and diesel taxes is limited to the production of infrastructure and other development-enhancing items to take into account the current financial situation, he said.

Source[2]

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