The nouveau riche are just about everywhere in India, spending conspicuously in luxury stores and auto showrooms. Unless it’s income tax time. Then, suddenly, they barely exist.
According to the firm, demand for its services in South-East Asia from clients across financial services, manufacturing and retail means a launch in Singapore is necessary.
The request for seals underscores the highly sensitive information within the cases, which stem from a global crackdown on banks involved with submitting false reference rates for various markets to benefit trading books.
The Reserve Bank of India has widened its probe of Axis Bank, ICICI Bank and HDFC to include wealth management and sale of gold coins of all active banks, a move that may lead to stricter guidelines on these activities if any loopholes are found.