Page 2 - Ease Of Doing Business

'India commands over 50% of Global Capability Centres, retains top spot'

India commands over 50 per cent of the Global Capability Centres, and it remains the most preferred destination to set up such GCCs, a report by business consulting company ANSR said on Friday. ANSR Global is a consulting firm that enables organisations to build and manage teams through Global Capability Centres. The company has established over 110 Global Capability Centres, using 12 million sq ft of office space and employs over 1.20 lakh people. According to the quarterly report released on Friday, India commands over 50 per cent of the GCC market with a mix of unique talent and a robust startup system, and the country remains the most preferred destination to set up a GCC. The study also revealed that nearly 80 per cent of GCCs were directing their focus on Artificial Intelligence, Machine Learning, and Data Analytics. "We are witnessing a transformative shift in the Global Capability Centres landscape, with a strong focus on digital capabilities such as AI/ML, analytics, and .

PMO asks commerce min to examine model text of bilateral investment treaty

The Prime Minister's Office (PMO) has asked the commerce ministry to examine the model text of the bilateral investment treaty (BIT) and suggest modifications to further improve the ease of doing business, according to sources. The exercise assumes significance as only seven countries have accepted the existing model text treaty, and most of the developed nations have expressed their reservations on the text with regard to provisions like the resolution of disputes. These investment treaties help in protecting and promoting investments in each other's countries. These pacts are important as India has earlier lost two international arbitration cases against British telecom giant Vodafone and Cairn Energy plc of the UK over the retrospective levy of taxes. Sources said an internal discussion will be held on the model text of the treaty on Monday in the commerce ministry with experts and lawyers. "There will be a presentation in the meeting. We are having an internal discussion on th

Enhance biz environment, boost non-farm jobs via trade openness: World Bank

Labour productivity and the working-age population, the twin engines of growth in the South Asian region, are slowing

Rajasthan govt prepares draft policy to boost exports via ease of doing biz

The draft policy strives to have competitive export logistics in the state for all modes. The focus will also be on skill development programmes to encourage entrepreneurship in the field

Ease of doing biz: Market regulator Sebi to relax certain norms for FPIs

Regulator Sebi on Friday approved a raft of relaxations for foreign portfolio investors, alternative investment funds and entities seeking to raise funds through initial share sales, as part of facilitating the ease of doing business in the securities market. Also, the board of Securities and Exchange Board of India (Sebi) gave its nod for a uniform approach for verification of market rumours by entities that have listed their equities. In a move aimed at testing the feasibility of the optional T+0 settlement mechanism, a Beta version for a limited 25 scrips and limited brokers will be launched. Sebi will continue to do further stakeholder consultation, including with the users of the Beta version. The progress will be reviewed at the end of three months and six months, after which further course of action will be decided, Sebi said in a release. These proposals were cleared by the Sebi board at its meeting that ended late on Friday. Among other measures, the regulator decided to

PM chairs Council of Ministers' meet, brainstorm over Viksit Bharat vision

Prime Minister Narendra Modi on Sunday chaired a day-long meeting of his Council of Ministers as they brainstormed over the vision document for "Viksit Bharat: 2047" and a detailed action plan for the next five years. Government sources said a 100-day agenda for immediate steps to be taken after a new government is formed in May was deliberated upon during the meeting for its quick implementation. They said the roadmap for "Viksit Bharat" is a result of more than two years of intensive preparation and involved a "whole of government" approach involving all ministries and wide-ranging consultations with state governments, academia, industry bodies, civil society, scientific organisations and mobilisation of youths for inputs. "More than 2,700 meetings, workshops and seminars were held at various levels. Suggestions of more than 20 lakh youths were received," one official said. The roadmap for "Viksit Bharat" has a comprehensive blueprint with clearly articulated national vision, ...

Sebi mulls relaxing enhanced disclosure framework for certain FPIs

Capital markets regulator Sebi on Wednesday proposed relaxing rules for certain Foreign Portfolio Investors (FPIs) from enhanced disclosure requirements in a bid to promote ease of doing business. In its consultation paper, the regulator suggested exempting category I university funds and university-related endowments FPI that meet specific criteria from enhanced disclosure requirements. Additionally, it proposed exempting funds with concentrated holdings in entities without a promoter group, where there is no risk of breaching Minimum Public Shareholding (MPS) requirements, from enhanced reporting obligations. The Securities and Exchange Board of India (Sebi) has sought comments till March 8 from the public on the proposals. This came after Sebi, in August last year, mandated FPIs to disclose detailed information about entities holding any ownership, economic interest, or control in them, without any threshold. This granular disclosure framework required for FPIs meeting either o

Govt may look at enhanced KYC requirements for certain class of corporates

The government might look at enhancing the scrutiny of certain class of corporates, including in terms of KYC requirements, as efforts continue to weed out unscrupulous elements and curb possible misdoings, according to a senior official. The matters related to KYC (Know Your Customer), including a simplified and uniform system, are still under discussion, and a committee headed by the finance secretary is looking into various aspects. The senior official on Monday said that various aspects related to having a uniform KYC are being discussed and in the case of the corporate affairs ministry, Permanent Account Number (PAN) is being used for KYC requirements. The ministry is implementing the companies law and Limited Liability Partnership (LLP) Act, among other legislations. Further, the official said enhanced KYC requirements might be explored for certain class of corporates. As many as 26,28,865 companies were registered in the country as on January 31, 2024, and out of the total,

PFRDA amends regulations for Trustee Bank, Central Recordkeeping Agency

Pension Fund Regulatory and Development Authority (PFRDA) has amended regulations for Trustee Bank, and Central Recordkeeping Agency. The amendments to Trustee Bank (TB) Regulations simplify and strengthen the provisions related to implementation of fraud prevention and mitigation policy, compensation to the subscriber, invitation of application for new registration and surrender of certificate of registration, an official statement said on Thursday. Amendments to Central Recordkeeping Agency (CRA) Regulations simplify and strengthen the provisions related to the governance of CRA in line with Companies Act, 2013 and enhanced disclosure of information by CRA, it said. Both amendments were carried out earlier this month and these are in line with the 2023-24 Union Budget announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business. The other notable amendments included implementation of fraud prevention and mitigation policy by CRA to ..

Sebi takes steps to boost ease of doing biz, compliance reporting

With an aim to promote ease of doing business and compliance reporting, Sebi on Tuesday came out with measures for centralization of certifications under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) at KYC Registration Agencies. Under this, the regulator has directed intermediaries, who are reporting to financial institutions (RFI), to upload the certifications under FATCA and CRS obtained from the clients in the system of KYC Registration Agencies (KRAs) from July 1. The existing certifications obtained from clients prior to July 1, 2024 will be uploaded by the intermediaries onto the systems of KRAs within a period of 90 days of implementation of the new rule, Sebi said in its circular. The onus of obtaining and reporting the FATCA and CRS certification and related compliances will lie with the respective intermediaries. Going by Sebi's circulars issued in 2015, and guidance note on FATCA and CRS norms laid down by the Ministry of Finance, RF

KCCI wants PM to address unemployment, ease of doing biz during J-K visit

Welcoming Prime Minister Narendra Modi's upcoming visit to Jammu & Kashmir, the local industry on Monday said it expects the PM to address the key issue of unemployment and promote ease of doing business in the valley. "The Prime Minister's visit on Tuesday coincides with the inauguration of some prestigious projects which are destined to play an important part in the development of Jammu & Kashmir," the KCCI said in a statement. The Kashmir Chamber of Commerce and Industry (KCCI) highlighted that the lack of infrastructure and support to industry have been a key roadblock in the overall development of the union territory. The KCCI looks up on the Prime Minister to implement his favourite 'Ease Of Doing Business' scheme in the UT, it said. While thanking the Prime Minister for accepting many of its suggestions in the past, the KCCI said, "it looks up to the Prime Minister with hope for considering suggestions critical for all round development of Jammu & Kasmir, more so, .

Ease of business vs tax pressure

Obviously, tax officials believe that all these tightly regulated companies, including government ones, have short-changed the government

India launches a single-window portal for medical devices management

The Drugs Controller General of India said that the National Single Window System (NSWS) has been established as a 'genuine single-window system which acts as a one-stop shop for all approvals'

More than 196,000 cos, LLPs incorporated till Nov this year: Govt

More than 1.96 lakh companies and Limited Liability Partnerships (LLPs) were incorporated in the country this year till the end of November, which is higher than 1.88 lakh such entities registered in the year-ago period, the corporate affairs ministry said on Thursday. Providing a review of the key developments during 2023, the ministry said in the framework of corporate governance, it continues to focus on bolstering 'ease of compliance' and 'ease of doing business'. "During calendar year 2023, 1,96,028 companies and LLPs got incorporated as on 30th November 2023 as against 1,88,364 companies and LLPs for the corresponding period during calendar year 2022," the ministry said in a release. Among others, in 2023, the Central Processing for Accelerated Corporate Exit (C-PACE) became operational in May. Amendments were also made to the Competition Act as well as to various rules under the Companies Act. "In an important development, the amendment to the Companies (Compromises, ...

How plethora of GST notices are spoiling the ease of doing business

While there are issues relating to mismatch in input and output returns, input tax credit availed of on exempted items, there are broader legal interpretational issues in GST notices as well

Govt working on 1st ever 'cost of regulation' study for states: DPIIT secy

DPIIT has created a dataset to let the States know how some of the areas may be affecting them in terms of their 'business-friendly reputation'

5 best e-commerce business ideas in India to sell your products

e-Commerce business is not as tough to set up as it looks, there are plenty of e-commerce business ideas to explore in this world. Here are the 5 best e-commerce business ideas in India

Mines min achieves 100% target for easing rules, legitimises 27 provisions

The mines ministry on Tuesday said it has decriminalised 27 provisions through amendments in the Atomic Mineral Concession Rules, 2016 and achieved 100 per cent target of easing of rules. The rules were decriminalised as part of a campaign to reduce compliance burden and ensure ease of doing business. "The special campaign 3.0 commenced from October 2, 2023 and the ministry of mines has attained 100 per cent of the target set for easing of procedure by decriminalising 27 rules through the amendment of Atomic Mineral Concession Rules, 2016," the mines ministry said in a statement. Under the campaign, the mines ministry has set the targets of addressing all pending matters and improving work place experience in all its offices. During the first week, the ministry said it resolved 95.45 per cent of the pending public grievances and completed 52 per cent of the task related to records management. Moreover, the mines ministry attained 43 per cent of the target for removing physical fil

Bombay HC slams Centre's ease of doing biz, says mindful of cases' pendency

The Bombay High Court recently took a dig at the Central government's "ease of doing business", and said while it was mindful of the pendency of cases in courts, it was the government that was by far the largest litigant and the one that most often sought adjournments. A division bench of Justices Gautam Patel and Kamal Khata, which was on October 5 hearing a petition filed by one Ramkali Gupta in 2016 over property-related issues, said it was no stranger to repeated assertions from the Union government regarding the pendency of cases and impediments allegedly caused by the courts. The bench in its order said it was shocked to note that Gupta's petition has been pending for seven years and that since June this year, the plea has been adjourned at the request of the Union government so that the additional solicitor general could appear. We are equally mindful, and we are constrained to say this, that we are no strangers to repeated assertions from the Union government itself regardin

G20 presidency provided chance to showcase development undertaken: Goyal

He also underlined the Government's commitment to improving the ease of doing business in India, making it easier to start and run businesses