As a follow up of the implementation of the recommendations of the Working Group on Balance of Payments Manual for India (Chairman: Shri Deepak Mohanty), provisional aggregate data on trade in services have been compiled for the first time for the month of April 2011 based on the data reported by the Authorised Dealers (ADs) under the Foreign Exchange Transactions Electronic Reporting System (FETERS) (Table).
In yet another major success in its fight against the problem of smuggling and circulation of Fake Indian Currency Notes into India, the officials of the Directorate of Revenue Intelligence (DRI) seized FICN having face value of Rs.1.54 Crores in what is described as one of the bigg seizures of FICN by any agency in this country.
Net direct tax collections during the first two months of the current fiscal (April & May 2011) stood at Rs.12,954 crore, down from Rs.24,878 crore in the same period last fiscal, a decline of 47.93 percent. Gross direct tax collections were, however, up by 37.34 percent at Rs.50,405 crore as against Rs.36,702 crore.
The Government of India notified the Double Taxation Avoidance Agreement (DTAA) with the Government of Mozambique for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 31st May, 2011. The DTAA provides that business profits will be taxable in the source state if the activities of an enterprise constitute a permanent establishment in the source state. Examples of permanent establishment include a branch, factory, office, place of management, etc. Profits of a construction, assembly or installation projects will be taxed in the state of source if the project continues in that state for more than 12 months.
The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the United Republic of Tanzania for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income on 27th May, 2011 at Dar-es-Salaam. The Agreement was signed by Shri K V Bhagirath, High Commissioner of India on behalf of the Government of India and by Mr Pereira Ame Silima, Deputy Minister of Finance on behalf of the United Republic of Tanzania in the presence of the Prime Minister, Dr Manmohan Singh and the President of Tanzania Mr Kikwete.
Acting on a specific intelligence, officers of DRI, Guwahati Regional Unit under Kolkata Zonal Unit with the assistance of city police effected a seizure of 115 packets of cannabis weighing 2344.40 kg. valued at Rs. 70.33 lakh from a truck bearing registration no. WB-25B-4384 on 21.05.2011 at Jalukbari police point, Guwahati, Assam. The packets of cannabis, recovered from the truck were kept concealed under 410 bags (12,557.00 kg.) of tea valued at Rs. 12, 55,700/-. The 2344.40 kg of cannabis, 12,557.00 kg. of tea and the carrier truck were seized in terms of the provisions of the NDPS Act, 1985. Total seizure value of the case is Rs. 86.89 lakh. The driver and the helper of the carrier vehicle were arrested. Further investigation is in progress.
Acting on a specific intelligence, the officers of DRI Siliguri, Siliguri Regional Unit under Kolkata Zonal Unit effected a seizure on 21 .05.2011 at 16.00 hrs. and recovered Fake Indian Currency Notes (FICN) having total face value of Rs.12,90,500/- (2581 pcs. of Rs. 500/- denomination) from a luggage bag which was kept in a ‘Santro’ car bearing registration no. WB62B-1322, near a petrol pump at Ghoshpukur, P.O. & P.S. – Phansidewa, Dist-Darjeeling.
The matter has been examined. As per your letter, organizing a business exhibition involves three activities viz. (a) hiring of premises outside India, (b) arranging/coordinating installation of stalls and (c) renting of stalls to Indian Exhibitors. The first two activities are the services received by CII from outside India and third activity is service provided by CII within India.
Review of the policy on Foreign Direct Investment- Allowing FDI in Limited Liability Partnership firms-amendment to paragraphs2.1, 3.3.5 and 3.3.6 of ‘Circular I of 2011-Consolidated FDI Policy’. The Government of India has reviewed the extant policy on FDI and decided to permit FDI in LLP firms, subject to specified conditions.
The Intellectual Property regime in India underwent significant changes after India’s accession to WTO in 1995. After an intense national debate a number of safeguards were included in amendments to the Patents Act made in 1995, 2002 and 2005. These safeguards were designed to prevent evergreening of patents and included a higher threshold for inventive step and a prohibition from patenting new forms of known substances which do not result in the enhancement of the know efficacy of these substances. We have also opposed the provision of data exclusivity and patent linkage. Such a stance has been consistent with our obligations under TRIPS and seeks to meet our developmental objectives specially relating to ensuring the availability and affordability of essential medicines. When concern was raised by various quarters about the Indian stand in various Free Trade Agreements, especially in the context of the Indian Pharma products, the Prime Minister firmly directed that the Indian side shall not take on any obligation beyond TRIPS/ Domestic Law. This stand, that we shall not exceed TRIPS/Domestic law in respect of Patents, has now been decisively ingrained in our IPR policy.
