Other Briefings
Wider Scope for India’s Service Tax Proposed
Feb. 25 – India’s Central Board of Excise and Customs (CBEC) has proposed widening the scope for India’s service tax to include the entertainment business for the upcoming Union Budget 2010-11. Currently, entertainment is separately taxed by states and as a service tax by the central government with no prevailing uniformity on taxation since taxes […]
State Insurance Scheme to Raise Wage Ceiling
Feb. 23 – India’s Employee State Insurance Corporation has agreed to raise the wage ceiling from Rs10,000 (US$216) to Rs15,000 (Us$324) per month under the ESI Scheme. The social security scheme covers employees and their dependents during sickness, maternity, temporary or permanent physical disablement, death or injury during the time of employment.
Pre-Merger Consultation to be Available Soon
Feb. 18 – The Competition Commission of India (CCI) is considering a new scheme that will provide pre-merger consultation for companies mulling over potential mergers and acquisition. This will allow companies the opportunity to seek competition regulator’s views prior to filing proposals and cut down on approval times and delay that sometimes can take as […]
Reserve Bank of India Liberalizes Commercial Borrowings Policy
Feb. 16 – The Reserve Bank of India has liberalized the policy concerning commercial borrowings from overseas sources. The new policy makes the obtaining and changes in loans approvals process simpler and effectively decentralizes the process. Previously, applicants had to apply for approval from the RBI, and also complete documentation with the Department of Statistics […]
Foreign Investment Board Allowed to Approve FDI Worth Up to US$258.7 Million
Feb. 15 – India’s Foreign Investment Promotion Board (FIPB) is now allowed to approve foreign direct investment proposals worth as much as US$258.7 million. This is a major procedural change and will streamline the FDI process and lessen the burden for Cabinet Committee of Economic Affairs (CCEA); the agency previously required to approve proposals amounting […]
New Companies Bill to Be Approved During Monsoon Session
Feb. 12 – India’s new Companies Bill is expected to be approved during Parliament’s monsoon session. The new bill will replace the current Companies Act that has been in place since 1952. Corporate secretary R. Bandyopadhay told Press Trust of India: “With the speed at which the parliamentary standing committee is proceeding with the discussions, […]
India to Continue Special Economic Zones Tax Benefits
Feb. 10 – The government is expected to formally clarify that special economic zones (SEZs) will continue to maintain its specific tax benefits even after the implementation of the new direct taxes code. India’s Commerce Department has been calling for the clarification on SEZ tax to assure investors that tax benefits will still be applicable […]
Business Visa Norms May be Revised for IT Industry
Feb. 5 – Business visa rules that prohibit foreigners from working in the country may be relaxed to adjust to the needs of the IT industry. Indian visa rules became stricter last year to clamp down on the thousands high and low-skilled Chinese workers illegally working in the country on power and steel projects using […]
