Other Briefings
Changes to India’s DTC May Mean More Taxes for NRIs
Oct. 15 –India’s Direct Tax Code (DTC), which looks to become fully operational April 1, 2012, may have serious repercussions for non-resident Indians (NRIs) spending significant amounts of time living or doing business in the country. Under the DTC, NRIs staying in India more than 60 days a year and 365 days over four tax […]
India, Bermuda Ink Information Exchange Treaty on Tax Issues
Oct. 8 – India signed its first ever exchange of information treaty with Bermuda, a Caribbean tax haven. The treaty will enable India to more easily attain information regarding banking, ownership, taxes, and other matters like money laundering and black market exchanges occurring outside the country’s borders. “There is a specific provision for providing banking […]
India Introduces Incentives to Attract Investment in Cold Storage Sector
Oct. 6 – India is looking to build cold-storage facilities in an effort attract investment, cut food wastage and streamline the supply chain in a country that produced the second largest amount of fruits and vegetables. Fruit and vegetable wastage due to poor post-harvest management and lack of cold chain facilities have been estimated to […]
SEBI Ends Practice of FIIs Investing for Individuals
Oct. 5 – The Securities and Exchange Board of India recently ended the practice of foreign institutional investors investing money collected from a single or few investors in stocks. From October 1, FIIs will have to register under a structure conforming to the new norms. The new guidelines require FIIs or each of their sub-accounts […]
India to Amend Contract Labor Act
Sept. 28 – The Indian government is considering making changes to its Contract Labor Act of 1971 that would allow temporary workers to be paid the same wage rates and benefits as regular employees. If the proposal is implemented, this will mean that temporary contract employees will also qualify for health and social security benefits.
India Raises Cap for Foreign Institutional Investors
Sept. 27 – India has raised the cap for foreign institutional investors (FII) wanting to invest in government securities and corporate bonds by US$5 billion each. Investment in government securities will now be allowed for up to US$10 billion from US$5 billion and corporate bonds limit increased to US$20 billion from US$15 billion. The change […]
Online SEZ Applications to Begin in October
Sept. 24 – Companies wanting to establish units in special economic zones in India may begin applying online starting October as part of government efforts to cut down transaction costs and attract more business. “The benefit would be that units would be able to do transactions very fast. Their transaction cost will be reduced dramatically…We […]
DIPP: Allow JVs with Small Foreign Stakes to Enter Restricted Sectors
Sept. 23 – The Department of Industrial Policy and Promotion is voicing its opposition to a new proposal that would forbid companies with small levels of foreign funding to be allowed to enter restricted sectors. The agency is urging the finance ministry to reconsider the proposed policy that would keep out companies with even the […]
