Other Briefings
India Simplifies Procedures for External Commercial Borrowings
Sept. 14 – The Reserve Bank of India (RBI) has eased the current modus operandi of external commercial borrowings (ECB) to relieve the flow of funds, likely benefiting ECB borrowers and lenders. The RBI has given chosen AD Category-I banks the authority to support the request from the ECB borrowers with respect to changes in […]
Easier Norms for Overseas Nationals to Obtain Indian PAN
In an attempt to develop greater fund flows and offer some steadiness to the irregular Indian bourses, India has tranquilized norms for foreign nationals and FIIs to obtain PANs that could also double up as KYC compliance for any investment.
Daily Wage Payments Cannot be Considered as Contractual Payments
Sept. 8 – Compensations made by the employer to workers employed by it on daily wage basis cannot be said to be a contractual disbursement and, as such, the assessee in such cases is not required to subtract tax from such payments u/s. 194 C of the Act. Such payments are not in the nature […]
CSR Contribution Based on Net Profit
Aug. 17 – India’s Ministry of Corporate Affairs stated that the Department of Public Enterprises and the Ministry of Heavy Industries and Public Enterprises have issued complete guidelines on corporate social responsibility (CSR) for central public sector enterprises (CPSEs) in April 2010. In these guidelines, CPSEs are obligated, through a board resolution, to generate a […]
Panel Discussion to Be Held on GST
Aug. 15 – On August 19, 2011 the Empowered Committee of State Finance Ministers on the Goods and Services Tax (GST) will meet to discuss various issues related to the rollout of the ambitious indirect tax regime. The government is eager to launch the GST. This will be the first meeting of the board under […]
Conversion of India’s Post Offices into Banks
Aug. 3 – An estimated 150,000 post offices across India will soon go through a fundamental modification, transferring them into full-fledged banks on the anvil. The initiative has been taken up by Telecom Minister Kapil Sibal, who wants to reach out to the masses in the country’s rural areas with modern banking facilities through the […]
New Issue of India Briefing: Tax and Financial Management
In this new issue of India Briefing, we take a look at the Indian tax environment generally, including types of taxes, fees and key dates, and continue on to focus specifically on requirements for foreign companies. Next, we look closer at the generous tax benefits available in Special Economic Zones, contingent on sector and operating dates, and finally expand our focus to India’s international trade agreements.
India Considers New Law to Regulate Micro-lenders
The Indian government recently proposed to establish a new law in order to better regulate the country’s microfinance industry that is faced with complaints of aggressive lending practices and high interest rates.
