The U.S. Treasury Department said it sets limits while giving the nation’s intelligence agencies access to reports that banks file on suspicious or large money moves by customers, including information about Americans.
India’s new Prime Minister Narendra Modi didn’t waste much time: Among his first acts on his first day in office was to make it a priority to recover billions of dollars stashed overseas to avoid taxes.
Indian stocks climbed to all-time highs as engineering companies and cement makers advanced amid speculation the government will boost spending and accelerate approvals for roads, ports and power projects.
Narendra Modi fought back tears during a speech accepting his party’s nomination to become India’s next leader, a display of emotion that contrasted with his predecessor who had limited interaction with the public during a decade in office.
Indian President Pranab Mukherjee appointed Narendra Modi as the country’s prime minister and invited him to take the oath of office on May 26, presidential spokesman Venu Rajamony said in a statement.
Narendra Modi, due to be sworn in today as India’s prime minister, signaled he’d reduce the number of cabinet ministers in what he called an “unprecedented” overhaul of the nation’s top decision-making body.