Other Briefings
New Regulations on Digital Signature Registration Released
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 […]
India Plans to Streamline Arbitration Mechanism
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 […]
Authorities to Revise Export Procedures
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 […]
India to Resolve Stalled South Korean Steelmaker Project
Aug. 10 – Authorities have committed to help solve the stalled South Korean Posco project due to violations of the Forest Rights Act. The US$12 billion steel project located in eastern India’s Jagatsinghpur, Orissa is the largest foreign direct investment project made in the country to date. Work on the project was temporarily stopped after […]
India’s Tax Treaty with Mauritius Leading to Revenue Losses
Aug. 9 – India’s tax treaty with Mauritius is leading to revenue losses amounting to at least Rs. 20 billion annually. Under India’s Double Taxation Avoidance Agreement (DTAA) with Mauritius, capital gains from the sale of shares will be taxed in the investor’s country of residence. This works in favor of companies based in Mauritius […]
New Rule to Require Shareholder Disclosure Before Listing
Aug. 9 – The Securities and Exchange Board of India (Sebi) announced a new rule that will require companies to disclose shareholding details one day before listing to give investors more information and improve transparency. Changes were also made regarding how depository receipts are reported by specifying if holdings are “promoter/promoter group” and “non-promoter.” “The […]
India Service Tax to be Levied at Invoicing
Aug. 6 – As part of India’s new Goods and Services Tax (GST), India is considering switching to a time of supply system that will allow service tax to be levied at the point of raising invoice instead of when the amount is received. “There will be a change from cash system to accrual system. […]
India Sets US$25,000 Minimum Wage for Foreign IT Hires
Aug. 5 – Authorities have revised minimum wage requirements for foreign employees hired in the IT sector to US$25,000 a year or about US$2,083 a month. “Foreigners can apply for jobs in the IT sector provided Indian firms pay each of them a minimum annual salary of US$25,000,” a senior home ministry official told Mint. […]
