Mauritius

Foreign secy to visit Mauritius amid PM's proposal to reopen Chagos deal

Foreign Secretary Vikram Misri will embark on a three-day trip to Mauritius beginning Friday against the backdrop of the new Mauritian Prime Minister proposing to reopen talks with the UK over Chagos Islands in the Indian Ocean. It will be the first high-level engagement between India and Mauritius after the formation of the new government headed by Navinchandra Ramgoolam in the island nation. Misri's visit is reflective of the priority India attaches to its relation with Mauritius, the Ministry of External Affairs (MEA) said on Thursday, announcing the trip. It is understood that the issue relating to the Chagos Islands deal may figure during Misri's visit to Port Louis, the capital city of Mauritius. In October, the UK had announced its decision to hand over the sovereignty of Chagos Islands to Mauritius after more than half a century under a historic agreement. Under the deal, sealed during tenure of previous Mauritian PM Pravind Jugnauth, the UK would give up sovereignty over

How Mauritius is promoting top golf courses to attract high-end visitors

Tourism is Mauritius' main source of foreign currency. The sector was upended by Covid-19 lockdowns and travel bans, and visitor numbers are only expected to return to pre-pandemic levels this year

Indian Navy boosts ties with Mauritius in 15th annual training programme

The Indian Navy is in Mauritius for the 15th edition of the annual training program between India and Mauritius aimed at enhancing interoperability between the Indian and Mauritian Armed Forces.The Spokesperson of the Indian Navy shared the details on X. According to them, the Indian Navy Marine Commando and Diving Mobile Training Team (MTT) are in Mauritius for the 15th edition of the Special Forces and Diving Refresher Camp.The post noted that the program is 'tailor-made' to enhance interoperability between the two Armed Forces. "The MTT will train the Mauritius Police Force towards enhancing their capability to undertake Maritime Special Operations & Salvage at Sea", the post said.India has close, longstanding relations with Mauritius. Mauritius was one of the few important countries with which independent India established diplomatic relations in 1948, even before Mauritius gained independence.The leadership of the two countries enjoys a high level of trust and mutual ...

Mauritius opposition back in power, Navin Ramgoolam to be country's next PM

Mauritius' opposition coalition has won the country's election by a landslide, taking all seats in the country's parliament in a major rejection of the current government. According to results released at various constituencies across the country throughout Monday, the governing coalition led by Prime Minister Pravind Jugnauth failed to get any of the 62 seats available for voters to directly decide on. Jagnauth conceded defeat before all results were announced, saying his Militant Socialist Movement coalition was headed for a huge defeat as it became clear that the opposition was winning in all of the country's 21 constituencies. The Alliance for Change coalition's win will see the return of Navin Ramgoolam as the country's prime minister. He served as prime minister from 1995 to 2000 and again from 2005 to 2014. Jugnauth, in office since 2017, had been seeking another five-year term in the Indian Ocean island nation, but his government faced corruption allegations after recording

SC junks WB plea against arbitral award in favour of Mauritius-based firm

Observing "citizens cannot be taken for a ride", the Supreme Court on Monday refused to entertain an appeal of the West Bengal government against an arbitral award that asked it to pay a Mauritius-based company towards promised tax incentives. A bench comprising Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar upheld the July 12 order of the Calcutta High Court that refused to stay the arbitral award asking the state government to deposit Rs 2,063 crore approximately in favour of Essex Development Investments (Mauritius) Limited. The dispute pertained to the payment of assured tax incentive to Essex which had purchased West Bengal government's shares in Haldia Petrochemicals Ltd (HPL) as per a share purchase agreement (SPA). The bench was hearing the appeal of the state government and the West Bengal Industrial Development Corporation Limited (WBIDC) against the high court judgement dated September 18, 2023. The citizens cannot be taken for a ride. Here is a private ..

Mauritius holds election with ruling party seeking second five-year term

People in Mauritius voted on Sunday for a new Parliament with the ruling party seeking to secure a second five-year term for Prime Minister Pravind Jugnauth in one of Africa's most stable democracies. Jugnauth's government has faced criticism recently after it banned social media websites following a wiretapping scandal in which recorded conversations involving politicians, businesspeople, activists and journalists leaked and were published online. The ban was lifted after a few days but has raised concern among the opposition and civil society. At least 1 million people were registered to vote in the 12th elections since Mauritius gained independence from Britain in 1968. An alliance of parties led by Jugnauth's center-left Militant Socialist Movement won a majority of seats in Parliament to cement his leadership in 2019. He is being challenged by opposition leader Navin Ramgoolam's Alliance for Change. Mauritius, which sits about 2,000 kilometers (1,240 miles) off Africa's east .

BS BFSI Summit: Why go to Mauritius, come to GIFT City, say fund managers

BS BFSI Summit: As GIFT City gains traction, panellists agreed it is well-positioned to become a key player in international finance, transforming India's role in the global financial landscape

RBI pitches for reducing cost, time of cross-border overseas remittances

Reserve Bank Governor Shaktikanta Das on Monday made a case for reducing time and cost of overseas remittances, which are important for developing economies including India. According to the World Migration Report 2024 released by the International Organisation for Migration (IOM), India's remittances surged to USD 111 billion last year, surpassing all other nations. As per the Bank of England projection, the value of global cross-border payments is estimated to surpass USD 250 trillion by 2027. The significant volume of crossborder worker remittances, the growing size of gross flows of capital, and the increasing importance of cross-border ecommerce have acted as catalysts to this growth, he noted. "Remittances are the starting point for many emerging and developing economies, including India, to explore cross-border peer-to-peer (P2P) payments. We believe there is immense scope to significantly reduce the cost and time for such remittances," Das said in his keynote address at the

Jugnauth thanks PM Modi after UK announces to hand over Chagos Islands

Mauritius Prime Minister Pravind Kumar Jugnauth on Friday thanked his Indian counterpart Narendra Modi for completing our decolonisation a day after the UK government announced to hand over sovereignty of the remote Chagos Islands in the Indian Ocean to the country. Jugnauth took to X to thank Modi as he wrote, Mauritius thanks the African Union @AfricanUnion, the Government of India @narendramodi and all friendly countries which have supported us in our fight for completing our decolonisation. The UK on Thursday announced a historic agreement that will see Britain hand over sovereignty of the remote Chagos Islands in the Indian Ocean to Mauritius while it retains the joint UK-US military base on Diego Garcia. The British Indian Ocean Territory (BIOT) status of the disputed archipelago, made up of around 60 islands, has been in contention for many years and negotiations over its future began under the previous Conservative Party government in 2022. British Prime Minister Keir Starm

Hindenburg research: Sebi has lot to explain, says Cong over Mauritius FPIs

The Congress on Sunday said the SEBI investigation into "the Adani Group's brazen attempt" to bypass regulations is still languishing and the capital markets regulator has a lot to explain. Congress general secretary in-charge communications Jairam Ramesh's remarks attacking SEBI came after a media report which claimed that two Mauritius-based foreign portfolio investors (FPIs), who were mentioned in the January 2023 report on the Adani Group by short-seller Hindenburg Research, have petitioned the Securities Appellate Tribunal, seeking urgent relief from complying with SEBI's new foreign investor norms. "Two Mauritius-based foreign portfolio investors (FPIs), a part of the revelations in the still-unfolding Modani mega scam, have now petitioned the Securities Appellate Tribunal, seeking urgent relief from complying with SEBI's new foreign investor norms before the upcoming September 9th deadline," Ramesh said. Both the FPIs are alleged to be violating rules that require investors t

Fund at heart of Hindenburg charges not domiciled in Mauritius, says FSC

Financial Services Commission of Mauritius on Tuesday said the offshore fund at the heart of the conflict of interest allegation Hindenburg Research levelled against Sebi chief is not domiciled in the Island nation, and that it does not permit the creation of shell companies. In a statement, FSC said it has taken cognizance of the contents of the report published by Hindenburg Research on August 10, 2024, wherein mention has been made of 'Mauritius-based shell entities' and Mauritius as a 'tax haven'. "The report of Hindenburg has further cited 'IPE Plus Fund' is a small offshore Mauritius Fund and 'IPE Plus Fund 1, a fund registered in Mauritius'. We wish to clarify that IPE Plus Fund and IPE Plus Fund 1 are not licensees of the FSC and are not domiciled in Mauritius," it said. Hindenburg on Saturday alleged that Sebi chairperson Madhabi Puri Buch and her husband opened an account in 2015 with a wealth management firm in Singapore to invest an undisclosed sum of money in a ...

Eliminate conflicts of interest in Sebi's probe of Adani Group: Congress

In the wake of the US short-seller Hindenburg Research levelling allegations against Sebi chairperson Madhabi Buch, the Congress on Saturday demanded the Centre act immediately to eliminate all conflicts of interest in the regulator's investigation of the Adani Group. The opposition party also said the "seeming complicity of the highest officials of the land" can only be resolved by setting up a Joint Parliamentary Committee to investigate the full scope of the "scam". The Hindenburg Research on Saturday launched a fresh broadside against market regulator Sebi chairperson Madhabi Buch, alleging she and her husband had stakes in obscure offshore funds used in the Adani money siphoning scandal. In a blogpost, Hindenburg said 18 months since its damning report on Adani, "SEBI has shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." No immediate comments were available from Securities and Exchange Board of India, whose X acco

Budget 2024: India to enable VCC structures like Singapore, Mauritius

Industry officials believe that the adoption of the VCC framework has helped Singapore become the hub for international fund management, and a similar move for India will be beneficial

Jaishankar inaugurates first overseas Jan Aushadi Kendra in Mauritius

External Affairs Minister S Jaishankar has inaugurated India's first overseas Jan Aushadi Kendra in Mauritius, testifying the "close" bilateral cooperation, especially in the key health sector. Jaishankar was in Mauritius on a two-day visit from June 16 to 17, one of the first countries he visited in his current term as External Affairs Minister. On Wednesday, he jointly inaugurated India's first overseas Jan Aushadi Kendra with Mauritian Prime Pravind Kumar Jugnauth, "testifying to the close cooperation between our countries, especially in the important sector of health," the Ministry of External Affairs said in a statement. Jan Aushadhi Kendras have been set up to make affordable generic medicines available to all. "Delighted to inaugurate along with Prime Minister @KumarJugnauth the first overseas Jan Aushadi Kendra in Mauritius. This Aushadi Kendra is the delivery of the promise made by PM @narendramodi," Jaishankar said in a post on X. "The India-Mauritius health partnership

Jaishankar arrives in Mauritius on 2 day visit, set to meet top leadership

External Affairs Minister S Jaishankar on Tuesday arrived here for a two-day visit for productive engagements with the leadership of Mauritius to take forward the special bilateral ties. The visit to the Indian Ocean island nation marks one of the first bilateral engagements undertaken by Jaishankar following his re-appointment in the third term of Prime Minister Narendra Modi-led government. The visit underscores the importance of the India-Mauritius relationship and is a reflection of India's Neighbourhood First Policy', Vision SAGAR, and commitment to the Global South. He was received at the airport by Maneesh Gobin, Mauritius' Minister of Foreign Affairs, Regional Integration and International Trade. Namaste Mauritius! Thank Foreign Minister @ManeeshGobin for the warm welcome, Jaishankar posted on X along with the photographs. Look forward to productive engagements to take forward this special relationship, he added. Gobin reciprocated his post and said Jaishankar's visit ...

Ireland pips Mauritius to 4th spot on preferred FPI destinations list

Ireland takes the fourth spot with over Rs 4.41 trillion assets under custody

Mauritius seeks 2% climate levy on co profits as pristine beaches wash out

The nation of 1.26 million people is experiencing more climate change-related events and needs to mobilize 300 billion rupees to meet adaptation and mitigation goals

Govt allows export of 14,000 tn of non-basmati white rice to Mauritius

The government on Monday permitted exports of 14,000 tonnes of non-basmati white rice to Mauritius. The export is permitted through National Cooperative Exports Limited (NCEL), the Directorate General of Foreign Trade (DGFT) said in a notification. Though exports of non-basmati white rice have been banned since July 20, 2023 to boost domestic supply, exports are allowed on the basis of permission granted by the government to certain countries to meet their food security needs on request. "Export of 14,000 MT of non-basmati white rice to Mauritius has been permitted through NCEL," it said. Earlier, India has allowed exports of the commodity to African nations including Tanzania, Djibouti and Guinea-Bissau. Besides, export of non-basmati white rice was permitted to countries like Nepal, Cameroon, Cote D' Ivore, Guinea, Malaysia, Philippines, and Seychelles. NCEL is a multi-state cooperative society. It is jointly promoted by some of the leading cooperative societies in the country,

For summer holiday, discover 8 countries with visa-on-arrival for Indians

For their summer holidays, Indians can travel to 43 countries that provide visa-on-arrival

Mauritius is ensuring transparency, there are no shell companies: Minister

Mauritius is ensuring transparency in the financial services sector and there are no shell companies there, Mauritian minister Soomilduth Bholah has said as he pitched the island nation as the platform for Indian companies to tap the African market. In an exclusive interview to PTI in the national capital, Bholah said that Mauritius is looking for investments from India, which he described as an economic powerhouse. Mauritius always promotes good governance and focused on transparency. The country would love to learn from India in each and every sector, the Mauritius Financial Services and Good Governance Minister said. The island nation, which has a long standing strong bilateral ties with India, is mainly looking for collaborative opportunities in the fintech space. "It is a pleasure to be in India. I would say that while India is important for Mauritius, Mauritius is also important for India, especially in the financial services sector," he said. In response to a query on ...