Other Briefings
New Regulations on Issuing Checks Effective December 1
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 […]
Government Services to Go Online by October
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 […]
New Committee to Evaluate Investment Plans in Sensitive Sectors
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 […]
India, Canada to Begin Free Trade Talks by the End of the Year
Jun. 25 – India and Canada set to begin talks on a possible free trade agreement by the end of the year. A joint study group is working on a feasibility study that is expected to be finished soon. “The Canadians are very keen that we begin negotiations soon. The intention to start talks this […]
India to Exempt Tax on Selected Services Starting July 1
Jun. 25 – India will exempt tax on services that deal with low-cost housing construction, power distribution, services within ports and airports, selected tournaments and championships, foreign travelers in transit and those flying to and from the northeast starting July 1. “Repair of ships or boats or vessels belonging to the Government of India, including […]
India, Europe to Finalize Free Trade Deal
Jun. 24 – India and Europe are set to finalize a free trade deal by the end of this year that aims to boost bilateral trade to US$66 billion in the next five years. Negotiations begun as early as 2007 but have proceeded slowly due to trade issues presented by both countries. An “in principle” […]
Insurance Sector May Increase Cap on FDI
Jun. 23 – India is considering lifting its foreign direct investment cap on the insurance sector from 26 percent to 49 percent according to Finance Minister Pranab Mukherjee. “We have committed to allow 49 percent and the necessary legislation is pending before the House, as the leg process will be completed it will be done…in […]
Double Tax Avoidance Agreements Still Applicable Despite New Tax Code
Jun. 23 – The revised discussion paper on India’s new Direct Tax Code has assured that Double Tax Avoidance Agreements (DTAA) made with other countries will not be annulled when the new tax code is implemented. Specifically the paper says that, “The current provisions of the Income-tax Act provide that between the domestic law and […]
