Other Briefings
Nuclear Power Sector to Remain Closed to Investment
Mar. 19 – India’s Minister of State for Science and Technology confirmed on Wednesday that no foreign or local investment will be allowed in the nuclear power sector because of its extremely sensitive nature. “The government has no proposal to allow FDIs and domestic private sector participation in generation of nuclear energy, given the sensitivity […]
PWC India Set to Increase Headcount to 10,000 in Next Two Years
Mar. 17 – PriceWaterhouseCoopers India has announced plans to increase staffing levels to up to 10,000 accountants, tax specialists and auditors from the current 6,500 in the next two years. PWC India Chairman Gautam Banerjee announced the move in an interview with the Financial Chronicle. He described India as “a vibrant economy, becoming more complex,” […]
Government Expands List of Operations in Special Economic Zones
Mar. 17 – The list of operations that can be carried out independently by special economic zone authorities has been expanded to include establishing space for banking and warehousing services. Previously SEZ developers were required to get approval for the latter. “It has been decided to further expand the list of default authorized operations…the development […]
FDI in Sensitive Sectors to be Scrutinized
Mar. 16 – India is considering draft rules that will allow authorities to implement extra scrutiny on foreign direct investment projects approved on the automatic route and included in the list of sensitive sectors. The Ministry of Home Affairs has been tasked to compile a list of sensitive sectors where FDI will be subject to […]
India’s Education Industry Opens to Foreign Universities
Mar. 16 – India may soon be the next major market for the global education industry as a proposal to allow foreign universities to open branches in the country was approved by cabinet. When the Foreign Education Providers (Regulatory) Bill is finally made into law by parliament, foreign universities will be able to enter the […]
New Cost Accounting Standards Applicable Beginning April 1
Mar. 15 – New cost accounting standards will be applicable starting April 1 with six of the 10 new standards to be made compulsory. The move is part of government efforts to improve cost auditing and more standards expected to be released in the next two years. Better cost audit mechanisms in place will lead […]
Karnataka Considers Global Financial District
Mar. 12 – Karnataka government is considering establishing a global financial hub in Devanahalli district located near Bengaluru International Airport. Senior officials from 45 banks, insurance companies and mutual funds have expressed interest in the district according to state minister for large and medium industries Murugesh Nirani. “We are looking at a public private partnership […]
Residential Status and Taxable Income in India
Mar. 12 – Computing for taxable income for individuals in India is based on residential status and the amount of time an individual stays in the country in the relevant financial year and the following 10 years. If an individual stays in India for 182 days or more during the tax year or 60 days […]
