Sept. 1 - Switzerland and India have agreed to make changes to their double taxation agreement (DTA).
The revisions will allow Indian authorities more access to specific information that will serve to cut down tax evasion. “The revised DTA contains provisions on the exchange of information in accordance with the Organization for Economic Cooperation and Development (OECD) standard, which were negotiated in line with the parameters decided by the Federal Council,” according to an official release from the Swiss Embassy. Read the rest of this entry »
Aug. 30 - Special economic zone incentives will be exempted from the new direct tax code (DTC) until 2014 although there is a proposed 20 percent minimum alternative tax based on a version approved by the Cabinet last Thursday.
Despite the assurance, investors are still nervous about the changes and developers are unsure whether zones will attract enough investors despite the changes made to the DTC. The bill may still undergo revisions when it reaches Parliament for approval.
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Aug. 27 - India’s Consumer Affairs Ministry is recommending that 49 percent foreign direct investment be allowed in the multi-retail industry with an emphasis on developing back-end operations.
The ministry said that more foreign investment should be allowed on the condition that a model law be in place to help shield small businesses. Moreover, the majority of foreign investment in multi-brand retail should focus on improving back-end infrastructure, in addition to agricultural processing and logistics. Read the rest of this entry »
Aug. 26 - The Indian government has decided to allow the export of cotton even without licenses beginning October 1 following a notification issued by the Directorate General of Foreign Trade.
“Export duty on cotton has been removed and export will be allowed under the Open General License from October 1 onwards,” said Commerce Secretary Rahul Khullar in a statement. The export duty of Rs.2,500 per ton of raw cotton will also be removed by then. Read the rest of this entry »
Aug. 25 – A rural business process outsourcing (BPO) policy was announced last Wednesday by the Tamil Nadu government that would give economic incentives for BPOs opening in rural areas.
“Tamil Nadu being a major Information and Communication Technology (ICT) Hub and with the ICT industry now expanding to Tier II, Tier III cities, and towns and indeed into villages in Tamil Nadu, it is indispensable to have a comprehensive Rural BPO policy to increase employment in the rural areas of state,” the government said in a statement. Read the rest of this entry »
Aug. 24 - The Khed special economic zone in Pune district has been granted environmental clearance in Maharashtra state.
The 7,192 hectare project is a joint venture between the second largest forging company in the world, Bharat Forge, and the Maharashtra Industrial Development Corporation to form the Khed Economic Infrastructure Private Limited (KEIPL). In a press release, Bharat Forge said, “The (land) notification and environmental clearance is in place. Steps are being taken to operationalize the SEZ.” Read the rest of this entry »
Aug. 23 - The Security and Exchange Board of India (Sebi) has issued new rules to prevent money laundering in the stock market.
Brokers will now require investors to provide documents detailing sources of income including tax returns, salary slips and bank account statements annually. Read the rest of this entry »
Aug. 20 –The Ministry of Home Affairs has released a new document on its web site clarifying work visa issues for foreigners.
India provides two kinds of work-related visas: a business visa, also called a B visa, and an employment visa, also called an E visa. A multiple entry business visa can be granted for up to a period of five years with the maximum allowable stay period per visit to be determined by the issuing Indian mission.
U.S. nationals are allowed multiple entry business visas valid for 10 years with a maximum allowable stay period of six months per visit.
To get a business visa, the foreign applicant must have the following: Read the rest of this entry »
Aug. 19 - One of India’s top ranking business schools said in a report that the government should give local businesses five years to develop before opening multi-brand retail to foreign direct investment.
The report made by Birla Institute of Management Technology (BIMTECH) said “…a breathing space of five years till 2015 should be given to the unorganized retail sector so as to enable this crucial sector to re-orient its strategy and be competent to face competition from foreign investment.” Read the rest of this entry »
Aug. 18 – India’s Income Tax Department has released new regulations on registering digital signatures for filing income tax returns effective beginning today.
The department has made revisions on its Digital Signature Certificate (DSC) registration process. The authorized signatory for the DSC has the option to follow the existing procedure or the new procedure highlighted below:
- The authorized signatory must use a new DSC with the encrypted value of his Permanent Account Number (PAN), as issued by certifying authorities Read the rest of this entry »
