India Regulatory Updates

• 2013 Changes in Indian FDI Policy

  For foreign institutional investors (FII) and firms considering foreign direct investment (FDI), a familiarity with India’s recent changes in FDI policy is critical. Amendments made this year in Indian FDI policy impact a number of key business sectors, and in many instances eliminate the need for approval from the Indian Government before investing. Below, important amendments made to India’s foreign investment policy in 2013 are summarized.

  
  

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• RBI Issues New Circular on Foreign Investment in Credit-Enhanced Debt

  The Reserve Bank of India has issued a new circular designed to increase capital inflows by allowing foreign investors to purchase credit-enhanced bonds issued in India. The new decree, Circular No. 74, will allow foreign institutional investors (FII) and qualified foreign investors (QFI) to purchase a total of US$5 billion in domestically issued credit-enhanced bonds.

  
  

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• India to Allow Foreign Banks Access to Local Markets

  After markets closed on Wednesday, the Reserve Bank of India, the country’s Central Bank, announced a series of new regulations that would allow foreign banks much greater access to the country’s domestic market.

  
  

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• India Drafts Safe Harbor Policy to Reduce Transfer Pricing Disputes

  India’s Ministry of Finance has released a draft proposal with new rules governing the safe harbor policy for transfer pricing calculations, aiming to simplify and codify the country’s transfer pricing scheme

  
  

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• India to Raise Import Taxes on Luxury Items

  India will increase import duties on a number of luxury items, including automobiles, televisions, high-end mobile phones, tablets, laptops and exotic foods. The increases are targeted at imported consumer goods that add no manufacturing or FDI value to the country.

  
  

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