Centre eases FDI norms in 15 major sectors
PrintListen to this Article
These sectors include mining, civil aviation, defence, broadcasting, construction, manufacturing and private sector banking.
The reforms are aimed at further easing, rationalising and simplifying the FDI process and to put more and more FDI proposals on automatic route instead of Government route.
Addressing media over the reforms in New Delhi, Finance Minister Arun Jaitley said FDI caps have been enhanced and some outdated conditionalities have been done away with or eased.
He said one of the most important reform is in the construction sector and added that 32 investment points have been impacted by the FDI reforms.
Mr Jaitley said ease of doing business has been a priority of the Government. Noting that large resources are needed for infrastructure and Make in India, the Minister said FDI lends impetus to growth.
Mr Jaitley said growth in India is being driven by public and private investment and increased FDI, for the last few months.
The Finance Minister said India has been one of the largest investment destinations in the recent past and FDI inflows in last one year increased by 40 per cent.
Mr Jaitley cited two important international agencies, World Bank and World Economic Forum, which have moved India up in rankings in the last month.
AIR correspondent reports, under the liberalised norms, the Commerce and Industry Ministry has relaxed FDI policy in single-brand retail and allowed companies to sell products through e-commerce.
Besides, 100 per cent FDI has been allowed in plantation of rubber, coffee,cardamom, palm oil tree and olive oil tree The government has also raised the approval limit of Foreign Investment Promotion Board from three thousand crore to five thousand crore rupees.
Category : International Business | Comments : 0 | Hits : 315
Chartered accountants from the UK and Canada might be allowed to practice in India on a reciprocal basis, with the apex body ICAI making the proposal to the Government. ICAI President Ranjeet Kumar Agarwal, on February 21, said the proposal will be implemented strictly on the reciprocal basis that chartered accountants (CAs) from India will also be allowed to practice in the United Kingdom and Canada. It will be the first time that overseas CAs will be allowed to practice in India. The pro...
The tax department is considering a proposal under which credit card holders will have to file a declaration with the issuer entity within a stipulated time, specifying the nature of expenses incurred in foreign currency for the purpose of TCS levy, sources said. The I-T department is in talks with the RBI and other stakeholders to firm up a mechanism for distinguishing whether the expense is towards medical/education which attract a 5 per cent TCS or for other purposes on which a 20 per cent...
Concerns have been raised about the applicability of Tax Collection at Source (TCS) to small transactions under the Liberalized Remittance Scheme (LRS) from July 1, 2023. To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per financial year will be excluded from the LRS limits and hence, will not attract any TCS. Existing beneficial TCS treatment for education and health payments will also co...
The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, to include international credit card payments in the LRS. Any remittance beyond USD 2.5 lakh or its equivalent in foreign currency would require approval from the RBI. Earlier, the usage of international credit cards (ICCs) for making payments for fulfilling expenses during travel outside India was not included in the LRS limit. According to the notification, the Finance ...
Canada’s immigration minister Sean Fraser has announced Express Entry invitations to FSWP and CEC candidates will resume by “early July 2022” The vast majority of new Express Entry applications will be processed within the six-month service standard. According to IRCC, current Express Entry processing times range from seven months to in excess of 20 months. Summary of Canada's Immigration Levels Plan Each year, the federal department of Immigration, Refugees ...
Comments