Other Briefings
Demat Accounts without PANs to be Suspended
Aug. 3 – Demat account holders with no permanent account number (PAN) details will be suspended for credit and unable to buy shares starting August 16. Demat accounts are dematerialized accounts needed to be able to buy and sell stocks in the country. According to the Securities and Exchange Board of India, a PAN must […]
Income Tax Return Deadline Extended
Aug. 2 – India’s Central Board of Direct Taxes announced it would extend income tax return filing from July 31 to August 4. All returns, whether done electronically or not, as long as it is given on or before August 4 will be considered on time. The extension was announced after reports that the e-filing […]
India Revises Telecom License Rules
Jul. 30 – The Directorate of Telecommunications has made changes to the the unified access service license (UASL), reflecting heightened security concerns. Equipment suppliers must now disclose business details and allow their manufacturing facility to be inspected. Moreover, they are obliged to reveal design, development and supply chain details as well as allow hardware and […]
India GST: Indian States Request Central States Tax to Remain
Jul. 29 – Indian states are proposing that Central States Tax (CST) still be applicable when the pending Goods and Services Tax (GST) is implemented. The local government wants the CST to remain in the first few years of India’s GST application as a way of ensuring revenue for them. The union government recently recommended […]
India Clears FDI Proposals Worth US$479.5 Million
Jul. 28 – India has cleared 18 foreign direct investment proposals amounting to US$479.5 million with the largest investment going to the broadcasting industry. Transcend Infrastructure Ltd., the wholly-owned Indian subsidiary of American Tower Corporation, is set to invest US$412.51 million to build communication and broadcasting towers, then lease to the broadcasting sectors. Transcend Infrastructure […]
India Considers Easing Approval for FDI-Funded Investments
Jul. 27 – The Finance Ministry and the Department of Industrial Policy and Promotion is considering allowing foreign funded Indian companies to invest in subsidiaries without needing prior approval. Currently, local companies with substantial foreign direct investment must obtain approval from the Foreign Investment Promotion Board (FIPB). Most likely the pre-approval process will not be […]
Tobacco FDI Issue Referred to Reserve Bank India
Jul. 26 – The Department of Industrial Policy & Promotion (DIPP) has referred the notification issued in May that forbids foreign direct investment in tobacco manufacturing back to the Department of Economic Affairs (DEA) and the Reserve Bank of India. The RBI had requested that the DIPP check possible clauses that could prevent clandestine current […]
India Lowers Area Requirements for SEZs in Smaller Cities
Jul. 23 – India has decided to lower the minimum required area for establishing special economic zones for the IT, bio-tech, gems and jewelry industries in smaller cities around the country. “The built up area requirement for SEZs so far was too large to attract developers in small cities as investors wouldn’t want to put […]
