Other Briefings
Mahindra & Mahindra to Establish Special Economic Zone for Aerospace Sector
Jul. 6 – Indian conglomerate Mahindra & Mahindra is in negotiations to establish a special economic zone (SEZ) targeting the aerospace sector industry. The 250-acre SEZ will be located near Bangalore International Airport following a public private partnership model. M&M is not new to the aerospace industry. The company opened a component-making facility at Malur […]
India Becomes Member of Anti-Money Laundering Group
Jul. 6 – India is now a member of the Financial Action Task Force (FATF), an inter-governmental body that aims to develop national and international policies to prevent money laundering and terrorist financing. India was able to comply with the FATF’s 40+9 Recommendations and was admitted as its 34th Country Member in June. The membership […]
Limited Liability Partnership for Foreign Investors Proposed
Jul. 5 – The Finance Ministry is proposing that foreign investors be given the option to establish Limited Liability Partnerships (LLPs) in allowable sectors to encourage more investment. “Allowing foreign direct investment in LLPs in line with the sectoral limits will encourage foreign investment and not complicate the current regulatory regime,” a finance ministry official […]
New Regulations on Issuing Checks Effective December 1
Jul. 1 – The Reserve Bank of India has released a circular advising that new regulations on issuing checks will be effective starting December 1 and not July 1 as announced earlier. The directive instructs banks not to clear checks with overwriting and checks with changes made to the amount or the payee’s name despite […]
Government Services to Go Online by October
Jun. 30 – India plans to make all government services available online in 10 states by October eventually followed by 18 more states as part of its State Portal Project. The services will include payment of utility bills, application for a driving license, birth and death registration certificates, pension applications and residence certificates to name […]
New Committee to Evaluate Investment Plans in Sensitive Sectors
Jun. 29 – India is setting up a new committee that will evaluate the sensitive sector investment plans of local companies with foreign shareholders to confirm if a firm is truly Indian-owned. The panel will study plans to invest in sensitive sectors such as telecommunications, aviation and single-brand retail looking at a company’s shareholding pattern […]
Special Panel to Explore More Trade Possibilities with the United States
Jun. 28 – India has announced that it would establish a special committee that will explore areas for expanding trade with the United States. The United States is the third biggest foreign investor in India. The country wants more American companies to invest in infrastructure projects. It is estimated that India will need to attract […]
India to Impose Service Tax on Plane Tickets in July
Jun. 28 – India will soon impose a 10 percent service tax on local and international airfares of Rs. 100 and Rs. 500 respectively whichever is less beginning July 1. According to the Department of Revenue, 10 percent of the gross value of the ticket or Rs. 100 per journey, whichever is less will be […]
