Consolidated FDI Policy
The Ministry of Commerce and Industry has released a consolidated circular on Foreign Direct Investment (FDI) replacing earlier Press Notes/Press Releases/Clarifications on FDI issued by DIPP which were in force and effective as on March 31, 2010. The present consolidated circular will be effective from 1st April, 2010 and will be replaced by another updated consolidated circular on 30th September, 2010.
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FDI hike in Defence Production under consideration
The Commerce Minister Mr. Anand Sharma has hinted
out that the Government is planning to hike FDI
limit in Defence Production. At present FDI in this
sector is permissible upto 26%.
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FDI may be possible in Multi-Brand Retail
The government has launched discussions between Ministries for opening Multi-Brand Retail to Foreign Direct Investment (FDI).
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Foreign investment in LLPs unlikely
The Government is guarded about permitting FDI in LLPs and has thus kept the FDI proposal in abeyance.
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CCEA approval only for FDI above Rs. 1200 crores
Proposals for foreign investment requiring prior approval from the Government of India as laid down in the FDI policy, with investment below Rs. 1200 crores will be considered by the Foreign Investment Promotion Board (FIPB), Ministry of Finance and FDI above Rs. 1200 crores of Foreign Investment will be placed before CCEA.
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Amendments to the Equity Listing Agreement
Securities and Exchange Board of India (SEBI) has made amendments to listing conditions laid down in Equity Listing Agreement, to bring more transparency and efficiency in disclosure requirements of listed entities.
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Service Tax on Railway Freight only from July
The proposal for levy of Service Tax on goods transported over the railway network from 1st April, 2010 has been deferred to be implemented only from 1st July, 2010.
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Exclude land value from Service Tax
The Institute of Chartered Accountants of India (ICAI), Urban Development Ministry and CREDAI are clamouring for exclusion of land value from the proposed Service Tax on the realty sector in the Budget 2010 – 2011 stating that land is a state subject for imposition of Tax.
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Centre moots project VISA for expats coming into India
The Government of India is debating the pros and cons of introducing project visas for expats working on Joint Ventures in India (JVs).
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Changes to Karnataka VAT rates
The Government of Karnataka has notified the changes in the tax proposals which will be applicable from 1st April, 2010.
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