A Snapshot of Hon’ble Prime Minister Shri Narendra Modi’s visit to Central Asian Countries— Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan (6th-13th July, 2015)
Hon’ble Prime Minister Shri Narendra Modi during his visit to Central Asian Countries- Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan from (6th -13th July) aimed at enhancing strategic, economic and energy ties along with cooperation in the field of trade and investments. Shri Narendra Modi is the first Indian PM to visit the five Central Asian nations in one trip. During the visit India signed several MOUs and Agreements with each of these Central Asian countries.Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan
Monday, July 20, 2015
Tuesday, July 14, 2015
Thursday, June 11, 2015
Seeking Suggestions for “THE COMMERCIAL COURTS, COMMERCIAL DIVISION AND COMMERCIAL APPELLATE DIVISION OF HIGH COURTS”
Dear All,
The Government has recently introduced the “THE COMMERCIAL COURTS, COMMERCIAL DIVISION AND COMMERCIAL APPELLATE DIVISION OF HIGH COURTS”BILL, 2015 and is seeking inputs from all concerns.
For the benefit of INBA members the draft bill’s link is enclosed herewith. We request you to please provide your suggestions on how to improve the said Bill. The standing committee has clearly requested that suggestions should be against each clause; therefore kindly provide suggestions accordingly in the format enclosed:
INBA’s recommendations to “THE COMMERCIAL COURTS, COMMERCIAL DIVISION AND COMMERCIAL APPELLATE DIVISION OF HIGH COURTS” BILL, 2015.
| Section | Particulars of Section | Effect and impact of the sections |
Recommendations to the proposed Bill
|
Download Format
All are requested to please submit their written responses in the above format latest by: 17th June, 2015. Please note INBA needs to compile your suggestions before sending them to the committee which has to be done latest by 20th June, 2015.
Your submission will be appreciated and acknowledged by the committee of Parliament.
For all submission related queries, please contact at:
Archana Aggarwal; Email: archana_aggarwal@indianbarassociation.org;
Contact:+919971532995/918285710651
Thursday, June 4, 2015
RBI increases limit for resident individuals under Liberalised Remittance Scheme (LRS) from USD 125,000 to USD 250,000
RBI increases limit for resident individuals under Liberalised Remittance Scheme (LRS) from USD 125,000 to USD 250,000
In reference to the A.P.(DIR Series) Circular No. 138 dated June 3, 2014 regarding the Liberalised Remittance Scheme (LRS) for resident individuals and the existing guidelines issued under the Foreign Exchange Management (Current Account Transactions) Rules, 2000. RBI has decided to make the following changes for further liberalization and rationalization on the existing guidelines.
Limit and Facilities under LRS–AD banks may now allow remittances by a resident individual up to USD 250,000 per financial year for any permitted current or capital account transaction or a combination of both. If an individual has already remitted any amount under the LRS, then the applicable limit for such an individual would be reduced from the present limit of USD 250,000 for the financial year by the amount already remitted. The permissible capital account transactions by an individual under LRS are:
- i) opening of foreign currency account abroad with a bank;
ii) purchase of property abroad;
iii) making investments abroad;
iv) setting up Wholly owned subsidiaries and Joint Ventures abroad;
v) extending loans including loans in Indian Rupees to Non-resident Indians (NRIs) who are relatives as defined in Companies Act, 2013.
Remittance Procedure
Requirements to be complied with by the remitter— The resident individual seeking to make the remittances should furnish an application cum declaration in the format to the AD/ full fledged money changer (FFMC) concerned regarding the purpose of the remittances and declaration to the effect that the funds belong to the remitter and will not be used for the prohibited purposes. Resident individuals can also purchase foreign exchange from a full fledged money changer (FFMC) for private/business visits. Foreign exchange thus purchased from an FFMC should also be reckoned within the overall LRS limit USD 250,000 and declared accordingly in the application-cum-declaration form submitted to the AD bank.
Requirements to be complied with by the Authorised Persons– While allowing the facility to resident individuals, Authorised Persons, including AD Category II and FFMCs, are required to ensure that the “Know Your Customer” guidelines and the Anti-Money Laundering Rules in force have been complied with while allowing the transactions.
Requirements to be complied with by the Authorised Dealers– It is clarified that banks should not extend any kind of funded and non-funded facilities to resident individuals to facilitate capital account remittances under the Scheme. The applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance for capital account transactions.
Wednesday, April 8, 2015
The Real Estate (Regulation and Development) Bill, 2013
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| The Real Estate (Regulation and Development) Bill, 2013 |
The Union Cabinet chaired by the Hon’ble Prime Minister, Shri Narendra Modi, has given its approval to amendments to the Real Estate (Regulation and Development) Bill, 2013. The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects. The Bill provides for a uniform regulatory environment, help speedy adjudication of disputes and ensure orderly growth of the real estate sector.
The recommendations of the Standing Committee of Parliament on Urban Development and suggestions of various stakeholders have also been included in the amended bill. The various measures taken under the bill are expected to boost domestic and foreign investment in the sector and help achieve the objective of the Government of India to provide ‘Housing for All by 2022’, through enhanced private participation.
The Bill is expected to ensure greater accountability towards consumers, significantly reduce frauds and delays, promote professionalism and standardization. The Bill also aims at restoring confidence of the general public in the real estate sector by instituting transparency and accountability in real estate and housing transactions. Further, it also ensures mandatory disclosure by promoters to customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.
The salient features of the Bill are as under :
The Real Estate (Regulation and Development) Bill, 2013
The recommendations of the Standing Committee of Parliament on Urban Development and suggestions of various stakeholders have also been included in the amended bill. The various measures taken under the bill are expected to boost domestic and foreign investment in the sector and help achieve the objective of the Government of India to provide ‘Housing for All by 2022’, through enhanced private participation.
The Bill is expected to ensure greater accountability towards consumers, significantly reduce frauds and delays, promote professionalism and standardization. The Bill also aims at restoring confidence of the general public in the real estate sector by instituting transparency and accountability in real estate and housing transactions. Further, it also ensures mandatory disclosure by promoters to customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.
The salient features of the Bill are as under :
The Real Estate (Regulation and Development) Bill, 2013
Friday, March 27, 2015
Webinar on Doing Business in Germany & India : Basic Laws
Webinar on Doing Business in Germany & India : Basic Laws
Free Webinar on Doing Business in Germany & India: Basic Laws.Thursday, May 28, 2015 11:10 AM – 12:15 PM.
The topics to be recovered the labour relations system, the consequences of terminating employment contracts, employment litigation and seconded employees. Also, the presenters will point out specific particularities of the employment laws in their various countries.
- How to open office and Regulatory compliance.
- How to hire a local attorney Key insights and information on European markets and sectors.
- How we can help you take advantage of the new opportunities available Trade Finance.
Friday, February 20, 2015
Make in India Policy – Part I
Make in India Policy – Part I
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| Shri Narendra Modi, Prime Minister of India |
Launching his government’s ambitious project to make India a manufacturing hub, Prime Minister Narendra Modi promised effective and easy governance to help achieve high growth and creation of jobs. The ambitious scheme, that also puts in place the logistics and systems to address in a timely manner queries of potential investors, was unveiled along with a logo, a portal and brochures on 25 identified growth sectors before Who’s Who of the corporate world from India and abroad at the Vigyan Bhavan conference complex.
A major new national program designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build the best-in-class manufacturing infrastructure are the primary reasons to take an interest in this program which is designed to transform India into a global manufacturing hub. New smart cities and industrial clusters, are being developed in identified industrial corridors having connectivity, new youth-focused programs and institutions dedicated to developing specialized skills.
With the easing of investment caps and controls, India’s high- value industrial sectors – defense, construction and railways – are now open to global participation 100% FDI allowed in Defense sector for modern and state of the art technology on case to case basis.100% FDI under automatic route permitted in construction, operation and maintenance in some specified Rail Infrastructure projects.
Most importantly, the Make in India program represents an attitudinal shift in how India relates to investors, not as a permit-issuing authority, but as a true business partner. Dedicated teams that will be guiding and assisting first-time investors, from their time of arrival. Focused targeting of companies across sectors.
Investment allowance (additional depreciation) at the rate of 15 percent to manufacturing companies that invest more than INR 1 billion in plant and machinery available till to 31.3.2015. Each state government has its own incentive policy, which offers various types of incentives based on the amount of investments, project location, employment generation, etc. The incentives differ from state to state and are generally laid down in each state’s industrial policy. The broad categories of state incentives include: stamp duty exemption for land acquisition, refund or exemption of value added tax, exemption from payment of electricity duty etc.
The Indian government has also taken several initiatives to create a conducive environment for the protection of intellectual property rights of innovators and creators by bringing about changes at legislative and policy level. In addition, specific focus has been placed on improved service delivery by upgrading infrastructure, building capacity and using state-of-the-art technology in the functioning of intellectual property offices in the country. This measure has resulted in sweeping changes in IP administration within the country.
There is now efficient processing of IP applications by inducting additional manpower, augment IT facilities and automation in Intellectual Property Offices. The adoption of best practices in IP processing. The strengthening of public delivery system of IP services. There now are highest levels of transparency and user-friendliness. The IPR framework in India is stable and well established from a legal, judicial and administrative point of view and is fully compliant with the Agreement on Trade-Related Aspects of Intellectual Property Rights. India is committed to wide range of international treaties and conventions relating to intellectual property rights. Wide range of awareness programs are being conducted by the Government. During the last few years, Indian IP offices have undergone major improvements in terms of upgrading of the IP legislation, infrastructure facilities, human resources, the processing of IP applications, computerization, databases, quality services to stakeholders, transparency in functioning and free access to IP-data through a dynamic website. State of the art, integrated and IT- enabled office buildings have been created during the last few years in New Delhi, Kolkata, Chennai and Mumbai and Ahmedabad, housing central wings for Patents and Designs and Trademarks and Geographical Indications.
A major new national program designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build the best-in-class manufacturing infrastructure are the primary reasons to take an interest in this program which is designed to transform India into a global manufacturing hub. New smart cities and industrial clusters, are being developed in identified industrial corridors having connectivity, new youth-focused programs and institutions dedicated to developing specialized skills.
With the easing of investment caps and controls, India’s high- value industrial sectors – defense, construction and railways – are now open to global participation 100% FDI allowed in Defense sector for modern and state of the art technology on case to case basis.100% FDI under automatic route permitted in construction, operation and maintenance in some specified Rail Infrastructure projects.
Most importantly, the Make in India program represents an attitudinal shift in how India relates to investors, not as a permit-issuing authority, but as a true business partner. Dedicated teams that will be guiding and assisting first-time investors, from their time of arrival. Focused targeting of companies across sectors.
Investment allowance (additional depreciation) at the rate of 15 percent to manufacturing companies that invest more than INR 1 billion in plant and machinery available till to 31.3.2015. Each state government has its own incentive policy, which offers various types of incentives based on the amount of investments, project location, employment generation, etc. The incentives differ from state to state and are generally laid down in each state’s industrial policy. The broad categories of state incentives include: stamp duty exemption for land acquisition, refund or exemption of value added tax, exemption from payment of electricity duty etc.
The Indian government has also taken several initiatives to create a conducive environment for the protection of intellectual property rights of innovators and creators by bringing about changes at legislative and policy level. In addition, specific focus has been placed on improved service delivery by upgrading infrastructure, building capacity and using state-of-the-art technology in the functioning of intellectual property offices in the country. This measure has resulted in sweeping changes in IP administration within the country.
There is now efficient processing of IP applications by inducting additional manpower, augment IT facilities and automation in Intellectual Property Offices. The adoption of best practices in IP processing. The strengthening of public delivery system of IP services. There now are highest levels of transparency and user-friendliness. The IPR framework in India is stable and well established from a legal, judicial and administrative point of view and is fully compliant with the Agreement on Trade-Related Aspects of Intellectual Property Rights. India is committed to wide range of international treaties and conventions relating to intellectual property rights. Wide range of awareness programs are being conducted by the Government. During the last few years, Indian IP offices have undergone major improvements in terms of upgrading of the IP legislation, infrastructure facilities, human resources, the processing of IP applications, computerization, databases, quality services to stakeholders, transparency in functioning and free access to IP-data through a dynamic website. State of the art, integrated and IT- enabled office buildings have been created during the last few years in New Delhi, Kolkata, Chennai and Mumbai and Ahmedabad, housing central wings for Patents and Designs and Trademarks and Geographical Indications.
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