Legal & Regulatory

No Changes in Media FDI Limits

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Aug. 4 – The Indian government will not be changing the limit on foreign direct investment in the banking and media sectors, reports the Wall Street Journal. Indian law only allows for 74 percent  foreign direct investment in private banks and 20 percent in state-run banks. In the media industry, businesses like newspapers and periodicals […]

Indian Lending Rate the Lowest in a Decade

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Jul. 28 – As expected, the Reserve Bank of India yesterday kept its base lending rate at 4.75 percent, the lowest in a decade. A spokesman for the bank stated: “It is worth reiterating that the Reserve Bank will maintain an accommodative monetary stance until there are definite and robust signs of recovery.” The news […]

India Unveils Union Budget

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Jul. 7 – India released the budget for the fiscal 2009-10 yesterday at Parliament in a speech by Union Finance Minister, Pranab Mukherjee. The speech focused on funding projects that would improve the country’s infrastructure. India Infrastructure Finance Company and banks would commit to extend funding for Public Private Partnership (PPP) projects in the next […]

New Foreign Trade Policy to be Announced in August

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Jun. 15 – The Indian government is set to release a new comprehensive foreign trade policy in August with an emphasis on trade stimulus in addition to giving sops to exporters. Moreover, the Commerce and Industry Ministry is considering rules that will directly increase exports. Officials are also discussing ways to improve foreign trade with […]

India Releases New Anti-Competition Laws

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By Vikas Srivastava May 25 – The Indian government has announced the changes to the Competition Act of India dealing with anti-competitive agreements and abuse of dominance. The details of how the changes affect Indian M&A have yet to be ratified, although it is expected to be brought into law later this year. To strengthen […]

Gov’t Planning to Change Audit System

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May 7 – The Indian government is planning to change to a new accounting system for its annual financial statements in five years time to accrual-based accounting for transparency. The new system will allow the government to record transactions although cash will change hands later on. This will be more effective in showing the government’s […]

Tax on Sedans, SUVs May Be Removed

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May 6 – India’s Ministry of Heavy Industries is recommending that additional excise taxes on Sedans and SUVs like Ford Fiesta, Maruti SX4, Hyundai Verna, Honda Accord, Scorpio and Innova may be cut to boost demand in the auto industry. Last year, the government meted the additional excise duty of Rs 15,000 for vehicles above […]

Dezan Shira & Associates Reorganizes Mumbai Office

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Apr. 24 – The professional services firm Dezan Shira & Associates, taking advantage of recent regulatory changes, have registered an LLP in Mumbai, increased staff, and confirmed that the founder of the practice, Chris Devonshire-Ellis, will become the firm’s managing partner in India. Devonshire-Ellis, who resigned from the firm’s China practice in February, will formally […]

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