Other Briefings
MoF Releases New Foreign Exchange Rate for Imported and Exported Goods
India’s Ministry of Finance (MoF) has released new guidelines regarding the rate of foreign exchange for calculating customs duties on goods being imported and exported from the country.
India Extends Excise Duty Cuts on Vehicles and Capital Goods
India’s Ministry of Finance has officially extended existing duty concessions on several items including vehicles, capital goods and consumer durables to December 31, 2014.
Key Aspects of India’s Corporate Social Responsibility Mandate Clarified
The Ministry of Corporate Affairs have released a new circular that clarifies certain aspects of India’s corporate social responsibility mandate, including guidelines for determining whether an event qualifies as a CSR expenditure.
Liaison Office Applications Facing Stricter Application Rules
Authorities have begun applying a stricter interpretation of the liaison office (LO) application rules, which specifically prohibit LOs from engaging in any ‘commercial activities’ and possessing a ‘direct trading connection between the LO and the parent.’
PAN Requirements for Foreign Nationals during Company Incorporation
Intending directors who are foreign nationals are no longer required to possess and submit a PAN during incorporation with INC-7 according to new circulars.
Modi Cabinet Constitutes Special Investigative Team on Black Money
At Prime Minister Narendra Modi’s first cabinet meeting yesterday, a special investigative team was established to recover “black money,” or undeclared income, from international tax havens.
India Allows Conditional FDI in Limited Liability Partnerships (LLP)
The Reserve Bank of India has notified that limited liability partnerships can now accept foreign direct investment (FDI), subject to certain criteria. With these changes, limited liability partnerships would be eligible for FDI with government approval in sectors where 100 percent FDI is permitted.
India FDI M&A Pricing Guidelines Revised
The Reserve Bank of India (RBI) rolled out its first bi-monthly Policy Statement on April 1st, part B of which constitutes Development and Regulatory Policies addressing several areas.
