Latest news with #NewDelhiLeaders'Declaration
Economic Times
19-07-2025
- Business
- Economic Times
Strengthening India's tax sovereignty in the age of crypto: The case for Swift CARF implementation
As India deepens its digital transformation, it is essential that its tax and regulatory systems evolve in step with innovation. The emergence of crypto-assets, while presenting novel economic opportunities, has also revealed vulnerabilities in the nation's capacity to monitor cross-border transactions and ensure tax compliance. The government's recent decision to align with the global Crypto-Asset Reporting Framework (CARF) is not only timely but also crucial for safeguarding India's fiscal sovereignty and fostering a fair and accountable financial system. ADVERTISEMENT A significant outcome of India's G20 Presidency was the unanimous endorsement of CARF by G20 member nations, as reflected in the New Delhi Leaders' Declaration. The declaration advocated for the swift and coordinated implementation of CARF, recognizing its importance in enhancing tax transparency and combating offshore tax evasion. CARF, developed by the Organisation for Economic Co-operation and Development (OECD) in collaboration with G20 countries, aims to integrate crypto-assets into the framework of automatic tax information exchange between jurisdictions—mirroring the established success of the Common Reporting Standard (CRS) for traditional financial accounts. India is among the 52 designated 'relevant jurisdictions' that have committed to implementing CARF by the year 2027. In furtherance of this commitment, the Finance Bill 2025 proposes a new section—285BAA— under the Income Tax Act. This proposed section mandates designated reporting entities to furnish comprehensive information regarding crypto-asset transactions. This provision is slated to take effect from April 1, 2026, providing India with sufficient time to develop the necessary institutional mechanisms for participating in the global exchange of tax-relevant crypto-asset data. This issue transcends mere abstract policy considerations. A recent report in The Economic Times underscored how traders in India are utilizing offshore platforms, such as Binance, to circumvent the 1% Tax Deducted at Source (TDS) obligation, with these platforms currently under scrutiny by the Income Tax Department. Such regulatory defiance undermines the nation's fiscal discipline, distorts fair market competition, and exposes investors to unmitigated risks. This situation clearly indicates that crypto-asset transactions must be transparent, traceable, and subject to taxation under Indian provides the requisite legal and technical infrastructure to dispel the notion that offshore platforms can operate beyond the purview of Indian regulations. It mandates that crypto-asset service providers, particularly those serving users across international borders, must collect and report detailed identification and transaction data. This information will subsequently be shared with the tax authorities in the users' country of residence. For Indian users, this implies that their foreign crypto-asset activities will no longer remain undisclosed to Indian tax government's proactive stance on strengthening compliance obligations within the Virtual Digital Asset (VDA) ecosystem is a commendable measure. It is now imperative to equip enforcement agencies with robust monitoring infrastructure and, where necessary, restrict access to non-compliant platforms. Any entity ADVERTISEMENT seeking to serve Indian users must operate within the established framework of Indian regulations. The privilege of benefiting from India's markets entails a corresponding responsibility to adhere to its India progresses toward the implementation of CARF, the primary focus must now shift to effective execution through the promulgation of clear rules, the establishment of technological readiness, and the rigorous enforcement of regulations. This juncture presents an opportunity to institutionalize transparency within a domain that has long been characterized by opacity. ADVERTISEMENT (The author Shri G M Harish Balayogi, is Honourable MP from Amalapuram Lok Sabha Seat (18th Lok Sabha) and TDP Parliamentary Whip) (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel) (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of
India.com
14-07-2025
- Business
- India.com
Who is Rakesh Gangwal, IndiGo co-founder, now on Forbes' ‘America's Richest Immigrants 2025' list, his net worth is...
Rakesh Gangwal- Co-founder- IndiGo Airlines Rakesh Gangwal: Forbes' 2025 list of the richest Americans features Rakesh Gangwal, a standout among the many immigrant success stories shaping the US economy but in the Indian context, Gangwal is an inspiration for many. From humble beginnings to building a billion-dollar empire, his journey reflects grit, vision, and global ambition. How Rakesh Gangwal founded IndiGo Airlines? Rakesh Gangwal is an affluent Indian-American billionaire entrepreneur who is an inspiration for many people in the aviation industry. Born in Kolkata and later moved to US, Gangwal amassed his wealth primarily through his involvement with InterGlobe Aviation, the parent company of India's leading budget airline, IndiGo. Being the co-founder and 25% partner of IndiGo Airlines, Gangwal's achievements extend beyond financial success. Who is Rakesh Gangwal? Although the family background of Rakesh Gangwal is not extensively documented, reports say that Gangwal completed his education at Don Bosco School in Park Circus, Kolkata. After completing his schooling, Gangwal complted his graduation in 1975 from the Indian Institute of Technology Kanpur with a bachelor's degree in mechanical engineering. Furthered his education, he also earned an MBA from the University of Pennsylvania's Wharton School, US. What's Net worth of Rakesh Gangwal? As per Forbes, the net worth of Rakesh Gangwal is estimated at $6.7B as on July 14, 2025. IndiGo appoints Amitabh Kant as Non-Executive Director Meanwhile, IndiGo recently announced the appointment of retired IAS officer Amitabh Kant as a Non-Executive Director on the Board of Directors of its parent company InterGlobe Aviation Limited, subject to regulatory and shareholder approvals in another significant development. Why IndiGo Airlines appointed Amitabh Kant? More importantly, Kant was part of PM Modi's team that delivered the historic New Delhi Leaders' Declaration, which emphasised tackling global issues, catalysing growth, expanding India's digital public infrastructure, and advocating ambitious reforms in climate finance, geopolitics, and technology. Along with these achievements, he was the Chief Executive Officer of the National Institution for Transforming India (NITI Aayog) for a period of six years. (With inputs from agencies)
News18
03-07-2025
- Business
- News18
IndiGo Appoints Former NITI Aayog CEO Amitabh Kant As Non-Executive Director
Last Updated: IndiGo parent InterGlobe Aviation appointed former Niti Aayog CEO Amitabh Kant as Non-Executive Director. His leadership will aid IndiGo's international expansion. IndiGo's parent company, InterGlobe Aviation, on Thursday announced the appointment of former NITI Aayog CEO and India's G20 Sherpa, Amitabh Kant, as a non-executive director on its board of directors. Kant, a seasoned bureaucrat, had stepped down from his role as India's G20 Sherpa last month. His appointment is subject to regulatory and shareholder approvals, the company said in an official statement. 'IndiGo is delighted to welcome Amitabh Kant as a Board member. Kant is a distinguished personality with rich administrative experience at the national and global levels," said Vikram Singh Mehta, Chairman of the Board of Directors at IndiGo. 'His leadership qualities developed over the years by managing and delivering successful projects of global scale will benefit IndiGo immensely, especially in its fast-paced international expansion," said Vikram Singh Mehta, Chairman of the Board of Directors of IndiGo," Mehta added. Kant has held several key positions throughout his long career in public service. During his time at NITI Aayog, he served as a Director on the Board of the National Highways Authority of India and was also a Member of India's National Statistical Commission. Additionally, he also served as India's G20 Sherpa to Prime Minister Narendra Modi during the country's G20 Presidency. Under his leadership, the New Delhi Leaders' Declaration was adopted, focusing on addressing global challenges, driving economic growth, expanding India's digital public infrastructure, and pushing for ambitious reforms in climate finance, geopolitics, and technology. Speaking about his appointment, Amitabh Kant said, 'I am delighted to join the Board of InterGlobe Aviation Ltd (IndiGo). With its scale, efficiency, and international ambition, IndiGo will open up new markets for India and transform our airports into global hubs of connectivity and commerce. I look forward to contributing to IndiGo's and India's next chapter of trade, tourism, and economic growth." (With inputs from agencies) First Published: July 03, 2025, 22:50 IST
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Business Standard
03-07-2025
- Business
- Business Standard
Amitabh Kant set to join IndiGo's board as non-executive director
InterGlobe Aviation, the parent company of IndiGo airline, has appointed former bureaucrat Amitabh Kant as a Non-Executive Director on its Board, the airline said in a statement on Thursday. Kant, a retired Indian Administrative Service (IAS) officer of the 1980 Kerala cadre, has held several senior positions in the Indian government. Most recently, he served as India's G20 Sherpa during the country's presidency. He played a key role in drafting the New Delhi Leaders' Declaration in September 2023. Over a four-decade-long career, Kant also served as CEO of NITI Aayog for six years, where he led programs such as the Aspirational Districts Programme and initiatives on mobility and sustainability. He has previously held board positions at the National Highways Authority of India and was a member of the National Statistical Commission. IndiGo said it expects to leverage Kant's experience in public policy, infrastructure development, and international engagement as it expands its global network. The airline is targeting international growth as part of its 2030 strategy. IndiGo is India's largest airline with more than 60 per cent share in the domestic passenger market. Kant said, 'In under two decades, IndiGo has transformed air travel in India. With its scale, efficiency, and international ambition, IndiGo will open up new markets for India and transform airports into global hubs of connectivity and commerce.' Vikram Singh Mehta, Chairman of the Board of Directors at IndiGo, said, 'Mr. Kant's administrative experience and leadership in delivering projects of global scale will benefit IndiGo, especially in its international expansion efforts.'
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Business Standard
03-07-2025
- Business
- Business Standard
Amitabh Kant appointed to IndiGo's board as non-executive director
InterGlobe Aviation, the parent company of IndiGo airline, has appointed former bureaucrat Amitabh Kant as a Non-Executive Director on its Board, the airline said in a statement on Thursday. Kant, a retired Indian Administrative Service (IAS) officer of the 1980 Kerala cadre, has held several senior positions in the Indian government. Most recently, he served as India's G20 Sherpa during the country's presidency. He played a key role in drafting the New Delhi Leaders' Declaration in September 2023. Over a four-decade-long career, Kant also served as CEO of NITI Aayog for six years, where he led programs such as the Aspirational Districts Programme and initiatives on mobility and sustainability. He has previously held board positions at the National Highways Authority of India and was a member of the National Statistical Commission. IndiGo said it expects to leverage Kant's experience in public policy, infrastructure development, and international engagement as it expands its global network. The airline is targeting international growth as part of its 2030 strategy. IndiGo is India's largest airline with more than 60 per cent share in the domestic passenger market. Kant said, 'In under two decades, IndiGo has transformed air travel in India. With its scale, efficiency, and international ambition, IndiGo will open up new markets for India and transform airports into global hubs of connectivity and commerce.' Vikram Singh Mehta, Chairman of the Board of Directors at IndiGo, said, 'Mr. Kant's administrative experience and leadership in delivering projects of global scale will benefit IndiGo, especially in its international expansion efforts.'
