Higher Withholding Tax for those with No Permanent Account Number
Apr. 8 – Beginning this month, tax deducted at source on payments will be higher for taxpayers providing no permanent account number (PAN). The higher withholding tax rate of as much as 20 percent for taxpayers with no PAN is aimed at improving tax management and compliance. Taxes are required to be withheld at withholding […]
India’s New Simplified FDI Policy Highlights
By Chris Devonshire-Ellis Apr. 7 – As previously mentioned here and here, the Indian government has simplified some foreign direct investment policies that affect investment coming into the country. These are largely to be welcomed. Here we highlight the items that are likely to affect the majority of foreign investors into India. The general sectors […]
Corporate Financial Disclosure Reduced to Within 45 Days
Apr. 7 – The Securities and Exchange Board of India (SEBI) announced in a circular that all listed companies are required to disclose their financial results within 45 days of the end of every quarter as a way of simplifying the reporting process and improving transparency. Previously, companies were given 30 to 60 days to […]
New Law to Ease Insolvency Process
Apr. 6 – A new separate law on insolvency proceedings may help make it easier for companies wanting to close down operations; specifically cutting the process for small and medium enterprises. The proposal will cover insolvency provisions for companies, partnerships, sole proprietorship firms and limited liability partnerships. “Speedy winding up of sick enterprises, particularly small […]
India’s New Consolidated FDI Policy Available for Download
Apr. 2 – India’s Ministry of Commerce and Industry has released a copy of the new consolidated FDI policy circular effective starting April 1. The document is part of a government effort to make it easier for more foreign investments to enter the country to help improve industrialization and socio-economic development.
Standard Chartered to Raise US$500 Million in Mumbai Listing
Mar. 31 – Standard Chartered Bank is poised to obtain the first foreign company listing in India with its submission of a draft prospectus to the Indian Stock Exchange. The bank aims to raise US$500 million through issuance of the first Indian Depository Receipt (IDR), a move which will allow Indian investors to buy into […]
New Consolidated FDI Document to be Released Today
Mar. 31- The government is scheduled to release a single, consolidated document on foreign direct investment today. The new document will make it easier for foreign investors to navigate through the intricacies of doing business in the country. Currently, investors have to refer to foreign direct investment rules found in more than 177 Press Notes […]
India to Sign Free Trade Agreement with European Union
Mar. 29 – India’s Commerce and Industry Minister Anand Sharma confirmed government commitment last week to enter into a free trade and investment agreement with the European Union by October. “We are working on it. As far as we are concerned, we have a commitment,” Sharma was quoted by The Hindu as saying when asked […]