Process on for consensus on FDI in multi-brand retail, says Pranab Mukherjee
PrintListen to this Article
The government said it is in the process of evolving a consensus on allowing 51 per cent foreign direct investment in the multi-brand retail sector.
The policy to allow foreign retailers to open outlets in India, was put on hold by the government in the wake of strong objection from opposition and its key UPA ally, Trinamool Congress.
After that, the Department of Industrial Policy and Promotion (DIPP) has started wider consultations with stakeholders, including farmers, consumers and the food processing industry.
"We have further liberalised FDI in single brand retail, and a consensus for operationalising the decision taken to open FDI in multi brand retail trading is being pursued," Finance Minister Pranab Mukherjee said while addressing annual session of Assocham.
He said that FDI flows which had considerably slowed down in 2010-11, have bounced back.
Recently, Commerce and Industry Minister Anand Sharma too has assured that the government is building a consensus on opening the multi-brand retail and it is only a "matter of time" before the decision is notified.
The USD 600-billion segment is dominated by small kirana (mom & pop) shops. The Opposition has expressed concerns that allowing majors global retailers would lead to unemployment among the unorganised sector.
Several global retailers like Walmart, Tesco and Carrefour are waiting in the wings to enter India's multi-brand retail segment. (PTI)
Category : International Business | Comments : 0 | Hits : 279
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