Jul. 8 – Authorities will soon begin talks on possibly raising foreign direct investment in local carriers to push New Delhi’s recently opened Terminal 3 into becoming an international aviation hub.
“This issue would be discussed in coming few days. A final view may be taken shortly,” Civil Aviation Minister Praful Patel said in a statement. Foreign investors are technically allowed to invest as much as 49 percent in local carriers but the government has been hesitant to allow this over security concerns. Read the rest of this entry »
Jul. 7 - The Commerce and Industry Ministry released a discussion paper on Tuesday that considers removing barriers hindering foreign investment in the retail sector.
Currently, only 51 percent of foreign direct investment is allowed for single-brand retail while multi-brand retail is limited to cash-and-carry branches. It is now being proposed that large-scale investment in the retail section may help ease the country’s rising inflation rates and make supply chains more efficient. Read the rest of this entry »
Jul. 6 - Indian conglomerate Mahindra & Mahindra is in negotiations to establish a special economic zone (SEZ) targeting the aerospace sector industry.
The 250-acre SEZ will be located near Bangalore International Airport following a public private partnership model. M&M is not new to the aerospace industry. The company opened a component-making facility at Malur in Bangalore recently and also has two aircraft manufacturing companies in Australia. Read the rest of this entry »
Jul. 6 - India is now a member of the Financial Action Task Force (FATF), an inter-governmental body that aims to develop national and international policies to prevent money laundering and terrorist financing.
India was able to comply with the FATF’s 40+9 Recommendations and was admitted as its 34th Country Member in June. The membership will help India establish its goal of becoming a finance hub. Prior to full membership, India had Observer status since 2006. Read the rest of this entry »
Jul. 5 - The Finance Ministry is proposing that foreign investors be given the option to establish Limited Liability Partnerships (LLPs) in allowable sectors to encourage more investment.
“Allowing foreign direct investment in LLPs in line with the sectoral limits will encourage foreign investment and not complicate the current regulatory regime,” a finance ministry official said. The ministry submitted the proposal to the Department of Industrial Policy and Promotion. Read the rest of this entry »
Jul. 2 - India may allow lower tax rates for goods taken out of the tax exemption list when the new Goods and Services Tax (GST) is implemented next year.
The tax exemption list currently names 350 goods. Goods taken out of the list will be considered to be the same level as essential goods, giving it a lower tax rate. For example basic food items like curd and butter milk and selected textile products might be given a lower rate although most branded goods will be taxed under the standard rate. Read the rest of this entry »
Jul. 1 – India has introduced amendments to the Indian Trade Mark Rules, effective from May 20, 2010.
The amendments are as follows:
1. Class 42 has been amended to include the following services:
- Scientific and technological services and research and design relating thereto; industrial analysis and research services; design and development of computer hardware and software. Read the rest of this entry »
Jul. 1 - The Reserve Bank of India has released a circular advising that new regulations on issuing checks will be effective starting December 1 and not July 1 as announced earlier.
The directive instructs banks not to clear checks with overwriting and checks with changes made to the amount or the payee’s name despite a validating signature next to it. Only changes made in the date will be allowed. Read the rest of this entry »
Jun. 30 - India plans to make all government services available online in 10 states by October eventually followed by 18 more states as part of its State Portal Project.
The services will include payment of utility bills, application for a driving license, birth and death registration certificates, pension applications and residence certificates to name a few. Read the rest of this entry »
Jun. 29 – India is setting up a new committee that will evaluate the sensitive sector investment plans of local companies with foreign shareholders to confirm if a firm is truly Indian-owned.
The panel will study plans to invest in sensitive sectors such as telecommunications, aviation and single-brand retail looking at a company’s shareholding pattern and agreements. Read the rest of this entry »
