DELHI – India’s implementation of the General Anti-Avoidance Rules (GAAR) will be delayed until next year, according to Revenue Secretary Shaktikanta Das.
Speaking at a session organized by the Confederation of Indian Industry (CII) last week, Das said the new government needed more time to consider the measure after the 2014 Budget failed to address the GAAR or its implementation.
“The new government will study the whole matter and take a view on it in the next budget only,” Das said, effectively implying that the Modi government was postponing any decision on GAAR implementation to 2015.
“The issue of GAAR was not on the table for this budget. It was not an issue on which the government had to make an announcement – we are still about eight months away from that,” Das continued.
DELHI – Even before PM Modi arrived in Brazil for the BRICS (Brazil, Russia, India, China, South Africa) Summit on Monday, the highly anticipated launch of the BRICS “New Development Bank” was making headlines across the developing world.
Intended to facilitate greater financial cooperation between emerging markets, the BRICS bank will seek to check the influence of the IMF, Asian Development Bank (ADB) and World Bank by offering lower cost loans with fewer conditions to developing countries as soon as 2016.
DELHI – India’s Department of Industrial Policy and Promotion (DIPP) has released a new document checklist for submitting proposals to the Foreign Investment Promotion Board (FIPB).
In this Issue:
- Evaluating the Market: Key Sectors
- Reaching the Indian Market
- Import Policy: Procedures and Duties
- Expert Commentary: Joint Ventures
The newest issue of India Briefing Magazine, titled “Passage to India: Selling to India’s Consumer Market,” is out now and available as a complimentary download in the Asia Briefing Bookstore now through the month of September.
With its domestic consumer market now among the most rapidly growing in Asia, India’s increasingly affluent middle class is only beginning to develop its tastes and preferences for Western goods and services. With a population of approximately 1.2 billion people—250 million of which can now be considered middle class—India is optimally placed to experience an explosion of consumer activity as the country’s first majority government in three decades prepares to initiate a second wave of reforms to incentivize foreign investment and economic growth.
Infrastructure Development Is At Its Heart
Op-Ed Commentary: Chris Devonshire-Ellis
The new Indian Budget for the fiscal year 2014-15 was presented by Finance Minister Arun Jaitley yesterday. While many commentators thus far have concentrated on the lack of any significant changes in the existing tax regime, there are a number of interesting pointers as to trends that foreign investors would be wise to track as these are now set to become a longer term Government driven policy. These manifest themselves in numerous incentives as concerns national infrastructure development and the upgrading of numerous items from cattle stock to radio coverage, highway development and IT. India uses a financial system that measures in lakh (100,000) and crore (ten million); for the ease of our readers these figures have been translated into US Dollar amounts.
DELHI – As Narendra Modi takes charge as Prime Minister, Indian businesses and foreign investors are pushing for a review of several provisions in the Companies Act 2013.
Last year, the Companies Act 2013 replaced the Companies Act 1956, stipulating updated regulations for incorporation, responsibilities within a company and the dissolution process. The new 2013 version of the Companies Act (effective April 1, 2014) incorporates a number of changes including the introduction of new definitions, raising the number of members in a private company from 50 to 200 and modifications to the roles and standards that independent directors must maintain, among others.
DELHI – British finance minister George Osborne and foreign secretary William Hague kick off a two-day visit to India today that will aim to strengthen economic ties between the two countries and enhance bilateral cooperation in defense and infrastructure development.
The visit by two of Britain’s most senior government ministers is the first since Narendra Modi and the BJP took office last month and the latest in a recent series of high-profile visits to the country.
India’s Ministry of Finance (MoF) has released new guidelines regarding the rate of foreign exchange for calculating customs duties on goods being imported and exported from the country.