Other Briefings
India Plans to Streamline Arbitration Mechanism
Aug. 16 – India’s Securities and Exchange Board of India (Sebi) has instructed stock exchanges to ease the arbitration process for disputes involving a client and a member. Sebi is proposing that all exchanges must have their own panel of qualified arbitrators depending on the amount of disputes. An arbitrator must have experience in the […]
Authorities to Revise Export Procedures
Aug. 13 – Authorities are expected to simplify export procedures and issue new incentives to help exporters cope with lower global demand. The Commerce and Industry Ministry will issue the procedural changes to the policy that aims to cut down on costs and transaction time. “We are working out the allocations based on the funding […]
India Considers Opening the Private Banking Sector
Aug. 12 – The Reserve Bank of India has released a discussion paper that talks about possibly opening the private banking sector to new players. “The RBI clearly expresses its intent to expand the banking reach in the country while focusing on maintaining financial stability,” said CII director-general Chandrajit Banerjee. This will make bank capital […]
Minimum Alternate Tax Not Applicable to Companies with No Establishment in India
Aug. 11 – A verdict made by the Authority for Advance Ruling (AAR) in July has confirmed that minimum alternate tax (MAT) is not applicable to foreign companies with no permanent establishment in the country. The verdict was made regarding the case of Mauritius-based Praxair Pacific when it wanted to verify with AAR if the […]
India to Resolve Stalled South Korean Steelmaker Project
Aug. 10 – Authorities have committed to help solve the stalled South Korean Posco project due to violations of the Forest Rights Act. The US$12 billion steel project located in eastern India’s Jagatsinghpur, Orissa is the largest foreign direct investment project made in the country to date. Work on the project was temporarily stopped after […]
India’s Tax Treaty with Mauritius Leading to Revenue Losses
Aug. 9 – India’s tax treaty with Mauritius is leading to revenue losses amounting to at least Rs. 20 billion annually. Under India’s Double Taxation Avoidance Agreement (DTAA) with Mauritius, capital gains from the sale of shares will be taxed in the investor’s country of residence. This works in favor of companies based in Mauritius […]
New Rule to Require Shareholder Disclosure Before Listing
Aug. 9 – The Securities and Exchange Board of India (Sebi) announced a new rule that will require companies to disclose shareholding details one day before listing to give investors more information and improve transparency. Changes were also made regarding how depository receipts are reported by specifying if holdings are “promoter/promoter group” and “non-promoter.” “The […]
Japanese Conglomerate to Invest in SEZ, Steel Plant in Gujarat
Aug. 6 – Japanese conglomerate Mitsui and Co. Ltd. and Indian industrial conglomerate Ruchi Group have announced plans to establish a special economic zone that will include a US$1 billion steel complex in western India’s Tagdi village in Kutch, Gujarat. The joint venture, Indian Steel Corp. Ltd. (ISC), aims to expand steel service centers around […]
