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 »
Aug. 17 - Canada and India are expected to sign a film and new media co-production treaty that will give India access to the North American market.
The agreement will be formalized at the 12th International Indian Film Academy Awards in Toronto next year. “At some point this fiscal, we are expecting our office to be opened in Mumbai — the home for Bollywood. What we are trying to do initially is to take Bollywood filmmakers for location-scouting trips to BC,” Pratap Raju, managing director (technology, research and innovation), British Columbia International Trade and Investment Representative Office told Business Standard. Read the rest of this entry »
Aug. 16 - India’s Securities and Exchange Board of India (Sebi) has instructed stock exchanges to ease the arbitration process for disputes involving a client and a member.
Sebi is proposing that all exchanges must have their own panel of qualified arbitrators depending on the amount of disputes. An arbitrator must have experience in the securities market and a background in law, finance, accounts and economics. Moreover, the person must not have a history of involvement in any act of fraud, dishonesty or economic offense. Read the rest of this entry »
Aug. 13 - Authorities are expected to simplify export procedures and issue new incentives to help exporters cope with lower global demand.
The Commerce and Industry Ministry will issue the procedural changes to the policy that aims to cut down on costs and transaction time. “We are working out the allocations based on the funding sanctioned by the finance ministry,” a commerce department official said. Read the rest of this entry »
Aug. 12 - The Reserve Bank of India has released a discussion paper that talks about possibly opening the private banking sector to new players.
“The RBI clearly expresses its intent to expand the banking reach in the country while focusing on maintaining financial stability,” said CII director-general Chandrajit Banerjee. This will make bank capital requirements and intent now open to other competition. Read the rest of this entry »
