USIBC seeks relaxation in FDI norms in insurance and defence
09/07/2014 14:10
The US India Business Council (USIBC) has sought an increase in FDI cap in key sectors like insurance and defence in Modi government's maiden Budget to be presented tomorrow, reported PTI. It also urged Finance Minister Arun Jaitley not to make changes in income tax laws with retrospective effect in the budgetary proposals to be unveiled in Parliament, as per the media reports. "We respectfully request that the GOI (Government of India) ensure that any changes to India's income tax law will not be retrospective, as well as provide clarification that recent changes to that effect will be legally binding and not subject to arbitrary application," USIBC said in a pre-budget memorandum submitted to the Union Finance Minister. According to media, the USIBC remains committed to supporting India across all sectors in implementation of policies that support the exciting momentum underway which will continue to propel India's growth story, the pre-budget memorandum said.
09/07/2014 14:10
The US India Business Council (USIBC) has sought an increase in FDI cap in key sectors like insurance and defence in Modi government's maiden Budget to be presented tomorrow, reported PTI. It also urged Finance Minister Arun Jaitley not to make changes in income tax laws with retrospective effect in the budgetary proposals to be unveiled in Parliament, as per the media reports. "We respectfully request that the GOI (Government of India) ensure that any changes to India's income tax law will not be retrospective, as well as provide clarification that recent changes to that effect will be legally binding and not subject to arbitrary application," USIBC said in a pre-budget memorandum submitted to the Union Finance Minister. According to media, the USIBC remains committed to supporting India across all sectors in implementation of policies that support the exciting momentum underway which will continue to propel India's growth story, the pre-budget memorandum said.
