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An Introduction to Gambling Laws in India

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By A&A LAW

The general law governing gambling in India is the Public Gambling Act, 1867. However, states have significant regulatory leeway with gambling laws, as the sector is listed on the “State List” under the Seventh Schedule of the Constitution of India. This explains how a state like Goa has legalized the functioning of casinos within its territory, and Sikkim permits gambling, subject to regulations by the government. States like Assam and Orissa, however, have prohibited any form of betting or gambling.

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India Market Watch: Economic Activity Indices Show Robust Growth in August and Retail Market Predicted to Double by 2020

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India’s Manufacturing and Services Data Show Robust Growth in August

Factory activity expanded at its fastest pace since August last year, rising to 52.6 from July’s 51.8, as calculated by the Nikkei/Markit Manufacturing Purchasing Managers Index (PMI). This is the eighth month that the manufacturing PMI is above the ‘50’ level, which separates growth from contraction. Another indicator, the New Orders Sub-Index, which takes into account both domestic and external demand, was 54.8 in August, its highest since December 2014, indicating strong demand for Indian manufactured goods. However, the price growth lost some momentum as both raw material costs and output prices increased only slightly, meaning that consumer inflation could cool down in the coming months. This would impact the central bank’s monetary policy announcement, the first by new RBI governor Urjit Patel, expected in October.

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Expanding the Digital Payments Ecosystem in India

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By Melissa Cyrill

India’s digital payments ecosystem will be worth around US$ 500 billion by 2020, according to the latest research put out by Google and the Boston Consultancy Group (BCG) in a joint study. Their forecast sees the digital payments sector contributing to 15 percent of India’s gross domestic product (GDP) in four years time.

Multiple factors and institutional and behavioral trends are powering this transition towards a cashless economy. The rapidly increasing penetration of smartphones and internet on mobiles, digital payment services provided by non-banking institutions, consumer expectations of one-touch payments, and progress in regulatory governance, have altogether shaped India’s payments landscape in favor of digital solutions.

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An Introduction to Overtime in India

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By A&A LAW

Overtime refers to the time worked in excess of ones’ regular working hours which, in India, is eight to nine hours per day and forty eight to fifty hours per week, depending upon the establishment one is employed under. If a person works for longer than the regular working hours, that person is eligible to receive remuneration for that period, which will be twice the persons’ normal wage.

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India Regulatory Brief: New Rules for Income Declaration Scheme 2016, India-Cyprus Tax Treaty, and Surrogacy Bill, 2016

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Tax Department Makes It Easier to Admit Tax Evasion

New rules notified by the Central Board of Direct Taxes (CBDT) on August 17 amends the fair market value (FMV) determination rules for immovable property, as applicable to the Income Declaration Scheme (IDS) 2016. IDS was launched on June 1, offering a four month period to enable tax evaders to disclose their undeclared income and assets. Such declarants have to pay the applicable tax, cess, and penalty (amounting to 45 percent of the undisclosed income), to gain them immunity from further penalties or prosecution proceedings under the Income Tax Act, 1961, and the Wealth Tax Act, 1957.

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Examining the Various Laws in India’s Companies Act

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By Pritesh Samuel

India presents a complex economic, regulatory, and legal landscape for doing business. A company’s successful navigation of the Indian business landscape is closely linked to the risk management and mitigation strategy that that the company undertakes.

Companies must also be aware of corporate laws, which are governed by the Companies Act, 2013, as well as several others legal Acts that depend on the industry, such as The Banking Regulation Act. The Companies Act discusses laws related to mergers and acquisitions, board room decision making, party transactions, corporate social responsibility, and shareholding.

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City Spotlight: Investing in India’s Lucknow

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By Melissa Cyrill

Lucknow is the largest city and capital of India’s most populous state, Uttar Pradesh (UP). Nicknamed the ‘City of Nawabs’ for when it was the seat of power of the Nawab of Awadh in the 18th and 19th centuries, Lucknow today is an important Tier-II city in India. Situated 500 km southeast of New Delhi, it is an established administrative center of UP. New projects such as the Lucknow-Agra Expressway, Lucknow-Azamgarh-Ballia Poorvanchal Expressway, and the metro rail seek to lend world-class infrastructure to the old city. However, in terms of connectivity, Lucknow is already well-linked to the rest of the country, including major cities like Kolkata, Mumbai, Delhi, Hyderabad, Bangalore, Patna, and Varanasi via road, rail, and air.

Climate wise, the city is a humid subtropical zone with a very hot summer season from April to June, monsoon season from July to September, and a cool dry winter season from December to February. Lucknow is located in the fertile Indus-Gangetic plain and sits on the northwestern shore of the Gomti River, which divides the city into the Trans-Gomti and Cis-Gomti regions. It is also one of the three cities in Uttar Pradesh Tourism’s Heritage Arc (along with Agra and Varanasi).

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India Market Watch: Government to Tackle GST Concerns in e-Commerce and Corporate India Prefers Hiring Via Referrals

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Online Retailers Express Concerns over GST Rules

The government needs to address the prevailing concerns of online retailers over the implementation of the new Goods and Services Tax (GST) rules. The biggest of these relates to the potential for double taxation. Currently, the draft GST law does not provide for credit on tax paid on returned goods or ‘sales return’. This becomes pertinent because in the Indian e-commerce market, the volume of returned goods can reach as high as 50 percent of sales, on average. Yet, GST law does not provide for any refund or adjustment of the tax already paid on the goods returned by customers. This means that an online seller will pay tax twice if a replacement is provided. Further, if money is refunded to the buyer, a seller will have to pay the tax as no credit is allowed.

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