Market Entry Guide India.
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- Introduction
- Modes of Setting up a Business in India
- Procedures for Immigration
- Social Security System in India
- Special Economic Zones in India
- Opening a Bank Account in India
- Recruitment of Local Staff
- Taxation
- Appendix
Appendix I: Useful Links and Addresses
- Disclaimer
1 Introduction
Download PDF
- Introduction
- Modes of Setting up a Business in India
- Procedures for Immigration
- Social Security System in India
- Special Economic Zones in India
- Opening a Bank Account in India
- Recruitment of Local Staff
- Taxation
- Appendix
Appendix I: Useful Links and Addresses - Disclaimer
1 Introduction
India is the world’s largest democracy and the second most populated country. After witnessing high growth rates continuously India has become an attractive destination for investments. The economic outlook for 2010–11, as provided by the Finance Minister, states that the country’s GDP will grow at 7,5 percent, still making it the second fastest growing economy in the world1. Its total reserves, including gold and SDR, rose to EUR 232.48 billion (USD 308 billion) during the November 2011. The services sector has continued to be the major propeller for India’s economic growth. According to the Reserve Bank of India, during the financial year 2011–12, the country witnessed a 77 percent increase in FDI during April to September. During 2010, the country’s major export destinations included the US (12,6%), China (8,1%), the UAE (12,2%), Hong Kong (4,1%), while major imports came from China (12,4%), the UAE (6,5%), Saudi Arabia (5,8%), the US (5,7%), Australia (4,5%)3. In 2011, FIIs have pumped EUR 2,8 billion (INR 174,8050 billion) into the stock and bond market4. The number of registered FIIs stood at 1,743 and the number of registered sub-accounts stood at 6,028 as of November 2011. A majority of these FIIs are from the US and Europe. In addition, there are FIIs based out of Mauritius and other countries such as Canada, the UAE, Japan, Australia, Taiwan and Singapore5.
The total number of M&A deals by Indian companies during the first nine months of 2011 was 177, with the total monetary value being EUR 20,23 billion (USD 26,8 billion). For quarter July-September 2011, inbound deals worth USd 7,32 billion were registered . Total value was largely accounted by two major deals during the period — British Petroleum's (BP) EUR 5,43 billion (USD 7,2 billion) acquisition of stake in Reliance Industries' oil and gas properties and Vodafone Group's purchase of partner Essar's 33 percent stake in Vodafone Essar Limited for EUR 4,12 billion (USD 5,46 billion). The Indian stock registered a fall of 25 percent since the beginning of 2011. For instance, markets were down 29 percent in Korea, 32 percent in Taiwan and 35 percent in Japan. The Indian stock market experienced a recent surge and was able to cross the 12K mark in May 2009 due to the remarkable investment of EUR 0,6 billion (USD 0,8 billion) by FIIs6.
According to data from Macquarie Bank, India is the most preferred stock market in terms of portfolio allocation due to factors such as current lucrative valuations and the government’s fiscal measures taken to boost liquidity in the economy7, 8. The following report aims to discuss the most important issues pertaining to the administrative, legal and financial aspects of setting up businesses and hiring personnel, as well as the living conditions in India.
2 Modes of Setting up a Business in India
This section discusses the common investment vehicles available to foreign investors, the procedures to be followed in order to establish them and related regulations for each investment mode.
Table 1 lists the most common modes of setting up businesses by foreign investors and the legal particularities involved in each process.
Table 1: Different Modes of Setting up a Business in India
| MODES OF SETTING UP A BUSINESS PARTICULARITIES | PARTICULARITIES |
|---|---|
| As an incorporated entity under the Companies Act 1956 |
|
| As an office of a foreign entity |
|
Source: (Secretariat for Industrial Assistance)
Department of Industrial Policy & Promotion
2.1 As an Incorporated Entity
The Companies Act 1956 governs the process of setting up a company—both private and public limited—in India.
A private limited company is one that:
Restricts the rights to transfer its shares
Limits the number of its members to 50
Prohibits any public invitation to subscribe to any shares in the company
Prohibits any invitation or acceptance of deposits from any source other than its members
A public limited company is one that has issued securities through an initial public offering and which are traded on at least one stock exchange or over-the-counter market.
2.1.1 Steps to Establish a New Company9
The Ministry of Corporate Affairs Website lists the following steps for incorporating a company:
A suitable name indicating the objective of the company should be selected.
The name should neither resemble any of the already registered companies nor should it violate the provisions of emblems and names.
An application should be sent to the concerned Registrar of Companies (RoC) and checked for the availability of the name.
A fee of EUR 7,42 has to be paid and the digital signature of the applicant proposing the establishment of the company has to be attached to eForm1 A (available with RoC).
After the company’s name has been approved of, the applicant can apply to have the new company registered by filling in the required forms, such as Forms 1, 18 and 32.
The memorandum and Articles of Association have to be drafted and vetted by solicitors and RoC, respectively.
The memorandum and articles are stamped with appropriate stamp duties.
The memorandum and the articles have to be signed by at least two subscribers and witnessed by at least one person.
The memorandum and the Articles of Association are dated after the stamping date.
The portal has to be accessed to fill in the following forms:
- Declaration of Compliance – Form 1
- Notice of situation of Registered Office of the company – Form 18
- Particulars of the Director, Manager or Secretary – Form 32
The mandatory documents required for the registration and incorporation of a company have to be attached.
The eForms have to be submitted after attaching the digital signature, paying the requisite filing and registration fees, and sending the physical copy of the memorandum and the Articles of Association to RoC.
After processing the form and generating a corporate identity, a Certificate of Incorporation is obtained from RoC.
2.1.1.1 Documents Required for the Registration and Incorporation of a Company
The following documents are required for the registration and incorporation of a company:
Memorandum of Association
Articles of Association
Agreement, if any, which the company proposes to enter into with any individual for appointments as its managing or fulltime director or manager
List of persons who have consented to act as directors of the company
Copy of the letter from the RoC intimating the availability of proper name
Documents that are evidence of paying the prescribed registration and filing fees
Documents that are evidence of directorship and situation of Registered Office in Form 32 and Form 18, respectively, and the Declaration of Compliance with the requirements of the Companies Act for giving consent to the individual to act as a director
2.1.2 Joint Venture with an Indian Partner
2.1.2.1 Types of Joint Ventures
Two parties—either a non-resident or both residents—can collaborate and form a company in India. A joint venture can be formed in the following two ways:
- The business of one party is transferred to the company, and as consideration for such a transfer, shares are issued by the company and are subscribed by the other party in cash.
- Both parties can subscribe to the shares of the JV company in an agreed proportion, in cash, and start a new business.
When the promoter shareholder of an existing Indian company and a foreign entity collaborate to jointly carry out the business of the Indian company, its shares are taken by the foreign entity through payment in cash.
2.1.2.2 Approval Formalities for the Joint Venture
When one of the partners in a JV is a foreign entity, this must be approved by the Reserve Bank of India (RBI). The approval is necessary to acquire the shares of the company and to establish a place of business in India, according to section 19 and 29 of the Foreign Exchange Regulation Act 1973 (FERA).
The process of incorporation remains the same as mentioned in section 2.1.1 above. After receiving the certificate of incorporation, the new company can start conducting business:
In case of a private company, immediately
In case of a public company, after obtaining the Certificate of Commencement of Business
2.1.3 Wholly Owned Subsidiary of a Company
A wholly owned subsidiary is one where the parent company owns the company entirely and there are no minority owners. Foreign companies can also set up a wholly-owned subsidiary in sectors where 100 percent foreign direct investment is permitted under the FDI policy. The Company can take up any business in India. No permission is required from the Reserve Bank. This company is treated as a domestic company.
2.2 Sectors Prohibited under FDI Policy
Table 2: List of Activities for which the automatic route of the RBI for Investment is unavailable and List of Activities or Items for which FDI is prohibited.
| LIST OF ACTIVITIES FOR WHICH AUTOMATIC ROUTE OF RBI FOR INVESTMENT IS UNAVAILABLE ( FOR A PERSON RESIDING OUTSIDE INDIA) |
|---|
| Retail Trading (except single brand product retailing) |
| Atomic Energy |
| Lottery Business |
| Gambling and Betting |
| Business of Chit Fund |
| Nidhi Company |
| Agricultural (excluding Floriculture, Horticulture, Development of seeds, Animal Husbandry, Pisciculture and cultivation of vegetables, mushrooms, etc. under controlled conditions and services related to agro and allied sectors) and Plantations activities (other than Tea Plantations) (cf. Notification No. FEMA 94/2003-RB dated June 18, 2003) |
| Housing and Real Estate business (except development of townships, construction of residential/commercial premises, roads or bridges to the extent specified in Notification No. FEMA 136/2005-RB dated July 19, 2005) |
| Trading in Transferable Development Rights (TDRs) |
| Manufacture of cigars , cheroots, cigarillos and cigarettes , of tobacco or of tobacco substitutes |
Source: Reserve Bank of India
2.3 As an Unincorporated Entity
2.3.1 Liaison Office/Representative Office
A liaison office (or RO) cannot carry out any commercial activity in India; however, it can perform the following functions:
Collect information about the market and propagate companyrelated information in the market
Promote exports and imports from and to India
Facilitate financial or technical collaboration between the parent company and companies in India
Act as a channel of communication between the parent company and the Indian companies
The expenses for the liaison office are to be met entirely by inward remittances. Liaison/ROs have to file for an Annual Activity Certificate from a Chartered Accountant with the Regional Office of the RBI. The certificate is obtained to ensure that the Liaison Office has undertaken only those activities that have been approved by the RBI. Permission to set up such offices isinitially granted for a period of three years, and this may be extended from time to time by the Regional Office of the RBI under whose jurisdiction the office is set up.
2.3.2 Project Office
A foreign company can open a project office in India to execute a specific project. The RBI has permitted foreign entities to open project offices provided they have secured a contract from an Indian company to execute a project in India, in addition to the following conditions:
The project is funded directly by inward remittance from the home country of the company.
It is funded by a bilateral or multilateral international financing agency.
It has been cleared by an appropriate authority.
A company or entity in India awarding the contract will have to be granted a Term Loan by a public financial institution or a bank in India for the project.
However, if the above criteria are not met, the foreign entity has to approach the RBI to obtain approval.
2.3.2.1 Opening of Foreign Currency Account
Authorised dealers (AD) are any type of financial institution that has received authorization from a relevant regulatory body to act as a dealer involved with the trading of foreign currencies. The concerned branch of the AD can open non-interest bearing foreign currency accounts for project offices in India subject to the following conditions:
The project office has been established in India, with the general/specific permission of the RBI, having the requisite approval from the concerned project sanctioning authority.
The contract under which the project has been sanctioned specifically provides for payment in foreign currency.
Each project has only one foreign currency account.
The permissible debits to the account shall be the payment of project-related expenditure. The credits shall be foreign currency receipts from the project sanctioning authority, and remittances from the parent/group company overseas or any bilateral/multilateral international financing agency.
The responsibility of ensuring that only the approved debits and credits are allowed in the foreign currency account shall rest solely with the concerned branch of AD. Further, the accounts shall be subject to complete scrutiny by the Concurrent Auditor of the respective AD banks.
The foreign currency account has to be closed at the time of project completion.
2.3.2.2 Intermittent remittances
The AD branch can permit intermittent remittances by project offices pending or winding up provided they are satisfied with the bonafides of the transaction and subject to the following:
The project office submits an Auditor’s/Chartered Accountant’s Certificate to the effect that sufficient provisions have been made to meet the liabilities in India, including income tax requirements.
An undertaking is required to be issued by the project office that the remittance will not, in any way, affect the completion of the project in India and that any shortfall of funds to meet any liability in India will be met by inward remittance from abroad.
Inter-project transfer of funds requires prior permission from the concerned regional office of the RBI under whose jurisdiction the project office is situated. The company is restricted from carrying out any activity other than those relating to project execution.
They may remit the surplus of the project outside India after paying the tax liabilities.
2.3.3 Branch Office
Companies incorporated outside India are allowed to set up branch offices in India with specific approval from the RBI. Branch offices have to submit the Annual Activity Certificate from a chartered accountant with the RBI. Such branch offices are permitted to represent the parent/group companies undertaking the following activities in India:
- Export/Import of goods
- Rendering professional or consultancy services
- Carrying out research work in which the parent company is engaged
- Promoting technical or financial collaboration between Indian companies and parent or overseas group company
- Representing the parent company in India and acting as buying/selling agent in India
- Rendering services in information technology and development of software in India
- Rendering technical support to the products supplied by parent/group companies
- Running a foreign airline/shipping company
2.3.3.1 Exceptions
A branch office is not allowed to carry out manufacturing, processing activities in India, directly or indirectly.
Profits earned by the branch offices are freely remittable from India, subject to the payment of the applicable taxes.
The branch offices are permitted to acquire property for their own use and to carry out the permitted/incidental activities, but not for leasing or renting the property.
Entities from Pakistan, Bangladesh, Sri Lanka, Afghanistan, Iran or China are not allowed to acquire immovable property in India, not even when establishing a branch office. These entities are allowed to take such property on a lease basis only.
Entities from Nepal are allowed to establish only liaison offices in India. Profits earned by the branch offices are freely remittable from India, subject to the payment of the applicable taxes.
2.3.3.2 Branch Office in Special Economic Zones
The RBI has given general permission to foreign companies to establish a branch/unit in special economic zones (SEZs) to undertake manufacturing and service activities. The general permission is granted subject to the following conditions:
Such units function only in those sectors where 100 percent FDI is permitted
Such units comply with part XI of the Companies Act (Section 592 to 602). Section 592 to 602 of the Companies Act is applicable to the companies who are incorporated outside India and establish a place of business within India.
Such units function on a stand-alone basis
In the event of winding up business and for remittance of winding-up proceeds, the branch shall approach an authorised dealer in foreign exchange with the necessary documents
2.3.3.3 Closure of Offices
When winding up a liaison/branch office, the company has to approach the respective regional office with the following documents:
Copy of the RBI’s permission to establish the office in India
Auditor’s Certificate
- Indicating the manner in which the remittable amount has been derived and supported by a statement of the assets and liabilities of the applicant, and indicating the manner of disposal of assets
- Confirming that all liabilities in India including arrears of gratuity and other benefits to employees of the branch office have been either fully met or adequately provided for
- Confirming that no income accruing from sources outside India (including proceeds of exports) has remained unrepatriated to India
No Objection or Tax Clearance Certificate from income tax authorities for the remittance
Confirmation from the applicant that no legal proceedings in any Indian court are pending and that there is no legal impediment to the remittance
Once the RO’s approval is obtained, ADs can allow for the remittance of surplus. At the time of closing branch offices, entities have to approach the central office for approval with the same set of documents as mentioned above.
2.3.4 General Regulations for Branch/Liaison/Project Offices in India
Branch/Liaison/Project offices are allowed to open non-interest bearing current accounts in the RBI. Such offices are required to approach their authorised dealers to open the accounts.
The transfer of assets of the liaison/branch office to subsidiaries or other liaison/branch offices is allowed with the specific approval of the Central Office of the RBI.
2.3.5 Other Facts Pertaining to an Unincorporated Entity
Only Non Resident Indians/Persons of Indian Origin (NRIs/PIOs) are allowed to set up partnership/proprietorship concerns in India. Even for NRIs/PIOs investment is allowed only on non-repatriation basis.
The Foreign Exchange Management Regulations Act defines a ‘foreign company’ as a body corporate incorporated outside India, and includes a firm or other association of individuals.
2.4 Average Time (in days) Required for Setting up a Business
In order to start a business, a certain number of legal and bureaucratic hurdles have to be overcome by companies/entrepreneurs. Registration is typically critical for accessing a range of market infrastructure including finance, physical infrastructure (electricity and water) and contract enforcement.
Table 3 lists the data released by the World Bank related to starting a business in India.
Table 3: Starting a Business in India
| DATA RELATED TO PROCEDURES NECESSARY FOR STARTING A BUSINESS | YEAR – 2011 |
|---|---|
| Rank (in the world) | 166 |
| Procedures (number) | 12 |
| Duration (days) | 29 |
| Cost (percent GNI per capita) | 56.5 |
| Paid in Minimum Capital (percent GNI per capita) | 188.8 |
Source: The World Bank Group - Document: Doing Business 2012 India
According to a World Bank report, the average time taken to start a business in India is high in comparison to that in countries such as the OECD countries Mexico and Russia.
Figure 1 illustrates the obstacles inherent in starting business ventures in various countries.
Figure 1: Obstacles in Starting Businesses in Various Countries (2011)
Source: The World Bank Group - Doing Business 2011
Note: OECD = Organization for Economic Co-operation and Development
Numbers represented for OECD based on the average calculated for the 27 countries in this category
3 Procedures for Immigration
3.1 Registration Requirements for Foreign Nationals
The Bureau of Immigration, India, lays down the following rules regarding the immigration of foreign nationals:
3.1.1 Individuals Requiring Registration
All foreigners including foreigners of Indian origin visiting India for more than 180 days on a student visa, research visa, employment visa, or missionary visa will be required to get themselves registered with the concerned Registration Officer within 14 days of his/her arrival, irrespective of the duration of the stay.
This also applies to foreigners visiting India on a medical visa or medical attendant visa.
Foreigners visiting India on other categories of long-term visa including business/entry visa will not require registration with the concerned Foreigners Regional Registration Office (FRROs) if the duration of his/her stay does not exceed 180 days on a single visit.
In case a foreigner intends to stay for more than 180 days on a single visit, he/she should get himself/herself registered well before the expiry of 180 days.
Registration facilities are not provided at the airport and are carried out in the office of FRROs or District Superintendents of Police.
Children below 16 years of age do not require registration for any type of visa.
3.1.2 Penalty for Late Registration
Though no fee is required to be paid for registration, a penalty equivalent to EUR 22,64 (USD 30)10 in Indian currency is required to be paid in case of late registration.
3.1.3 Requirements at the Time of Registration
A foreign national is required to submit the following documents at the time of registration:
Four recent passport size photographs
Photocopy of the photo page and valid Indian visa page of the passport
Proof of residential address in India
Documents of identification
In case of a student visa, bonafide certificate from concerned school/college
In case of an employment visa, letter, undertaking or contract agreement from employer to be provided
In case of a business visa, business-related papers on the authenticity of the business, copy of permission from the RBI and approval of the Government of India in case of JV/collaboration
In case of a journalist visa, an accreditation certificate from the Press Information Bureau and the approval of the Ministry of External Affairs in India
In case of a research visa, bonafide certificate and letter from the nodal agency/ministry sponsoring the research
3.2 Visa Provisions
Foreign nationals entering India are required to possess a genuine and valid national passport or any other internationally recognised travel document establishing his/her nationality and identity and bearing the photograph of the individual.
The following are some of the salient points regarding the visa requirements for entry into India:
There is no provision for 'Visa on Arrival' in India. Foreigners are advised to ensure that they are in possession of a valid Indian visa before they decide to enter the country.
Different categories of visas specifying the number of entries allowed and duration of stay in India are mentioned on the visa, depending on the request and subsequent decision of the visa issuing authority. Foreigners may also look for specific endorsement, if any, on the visa for their guidance. In case of any doubt, they may seek clarification from any of the Indian missions abroad.
A separate visa regime exists for diplomatic/official passport holders.
If a foreign national does not possess a valid visa, immigration officers may grant a Temporary Landing Permit (TLP) for up to a maximum period of 72 hours. A TLP is issued, after retaining the individual’s passport, if the issuing authority is satisfied with the visitor’s purpose, and if transiting foreigners have a confirmed onward journey ticket within 72 hours of the granting of TLP. Nationals of Sri Lanka, Bangladesh, Pakistan, Iran, Afghanistan, Somalia, Nigeria and Ethiopia are not granted the TLP facility.
On the production of bonafide proof and on the approval of FRRO/FRO and the District Superintendent of Police, TLF can be granted for up to a period of 15 days to foreigners arriving in India without a valid visa, if there is an emergency situation—for example, death or illness in the family.
Indian currency equivalent to EUR 29,4 is charged for TLP/TLF.
A foreigner may be refused entry into the country in the following situations:
- He/she is not entering India from the designated port.
- He/she is not in possession of a valid passport and visa.
- He/she is insane or suffering from infectious diseases, which is prejudicial to public health.
- He/she is involved in an extraditable offence.
- His/her entry is prohibited under the specific order of the central government.
The Consular Passport and Visa (CPV) division of the Ministry of External Affairs is responsible for issuing Indian visas to foreign nationals for their visit to the country, irrespective of the purpose of visit. This facility is granted through various Indian missions abroad.
Visa fees are non-refundable and subject to change without notice. The High Commission reserves the right to grant and decide the type/duration of the visa granted, irrespective of the fees tendered at the time of application. The granting of the visa does not confer the right of entry into India and is subject to the discretion of the immigration authorities.
Table 4 lists the different types of visas issued by the Indian government.
Table 4: Visas Issued by the Indian Government
| TYPE OF VISA | PERIOD FOR WHICH THE VISA IS GRANTED | ENTRY TYPE SINGLE (S), MULTI (M), DOUBLE |
DOCUMENTS REQUIRED WITH APPLICATION | EXTENDABLE IN INDIA | |
|---|---|---|---|---|---|
| 1 | Tourist | 180 days | M | Documents supporting the applicant's financial standing have to be attached | No |
| 2 | Transit | 15 days | S/Double | Return/Onward journey ticket | No |
| 3 | Business | 1 or more years | M | Documents to prove bonafiide purpose (e.g., company’s letter) | Yes |
| 4 | Conference Visa | 3 months | S | Letter of invitation from the organiser of the conference | NA |
| 5 | Student | Period of course/5 years | M | Proof of admission in an Indian institution | Yes |
Source: India.Gov - Visa Types
3.2.1 Documents Required for Visa Applications
The following documents are required from a foreign national at the time of visa request:
Original passport valid for at least 6 months
Visa fee
Two passport size photographs
Supporting documents, where necessary
Duly completed application form
3.3 Procedures for Work Permits
The following are the two ways to apply for a work permit in India:
The applicant can apply to the Indian Embassy or High Commission in his own resident country
The employer who offers the job initiates the visa application process in India
A person is also required to obtain a residential permit from the Foreigners Regional Registration Office (FRRO).
3.3.1 Documents Required at the Time of Applying for Work Permit
The following documents are required at the time of applying for the work permit in India:
Application form
Two recent photographs of the applicant
Valid passport
Proof of employment, i.e., appointment document, contract letter, applicant’s resume, terms and conditions of employment, proof of registration of the employer’s organisation in India, etc.
Proof of legal residence in the country where the application is being submitted
Supporting documents, such as a letter from the employer and an employment contract signed by both parties
3.4 Average Living Costs for Expatriates
3.4.1 Introduction
The cost of living in India varies from one region of the country to another. While the cost is nominal in smaller towns and cities, it is higher in bigger cities and metros, such as Mumbai and Delhi.
The price of food is reasonable – a kilo of tomatoes or most vegetables cost approximately EUR 0,0825 – 0,1155 per kg, a loaf of bread costs about EUR 0,198 – 0,2475, half a kilogram of butter is worth EUR 0.94 and 10 eggs can be bought for EUR 0,7425 – 0,825. However, other household expenses such as rent are growing due to the country’s growing economy.
Public transportation, such as buses, trains and taxis, provide an inexpensive way to travel. Healthcare facilities are available to expatriates living in the metros, and the cost of medicine is low. According to Cushman & Wakefield’s annual report on industrial space across the world, Mumbai and Delhi witnessed the second and third fastest growth rates in real estate rentals across the world in 2006. Mumbai is the most expensive place to live in India.
4 Social Security System in China
4.1 Social Security
India’s social security system includes insurance facilities for the elderly, disabled persons and survivors, and in cases of sickness, maternity, work injury and unemployment. Social security benefits in the country are need-based, i.e., the component of social assistance is more important in publicly managed schemes. The objective of the system is
To prevent deprivation
To assure a basic minimum income to an individual and his/her dependents
To protect the individual from any unforeseen incidents
4.2 Autonomous Organisations
The following are the social security organisations operating in India.
The Employees’ Provident Fund Organisation is administered by the Central Board of Trustees, comprising representatives of the Government of India, provincial governments, employers and employees.
The Employees’ State Insurance Scheme is administered by a corporate body called the Employees’ State Insurance Corporation (ESIC), which has members representing employers, employees, the Central Government, State Governments, medical profession and Parliament.
4.2.1 Employees’ Provident Fund Organisation
Employees’ Provident Fund Organisation (EPFO) schemes cover the entire country, serving over 444.464 establishments. At present, over 42,95 million11 Employees’ Provident Fund (EPF) members and their families get benefits through the social security schemes administered by EPFO.
Table 5 lists the different programmes organised by the Employees’ Provident Fund Organisation.
Table 5: EPFO Programmes at a Glance
| PROGRAMME NAME | PROGRAMME TYPE | FINANCING | COVERAGE |
|---|---|---|---|
| EPF | Mandatory | Employer: 1,67–3,67 percent Employee: 10–12 percent Government: None |
Firms with more than 20 employees |
| Employees’ Pension Scheme (EPS) | Mandatory | Employer: 8,33 percent Employee: None Government: 1,16 percent |
Firms with more than 20 employees |
| Employees’ Deposit- linked Insurance Scheme (EDLI) | Mandatory | Employer: 0,5 percent Employees: None Government: None |
Firms with more than 20 employees |
Source: Ministry of Labour and Employment, India
4.2.2 Employees’ State Insurance Corporation
The Employees’ State Insurance scheme provides need-based social security benefits to insured workers in the organised sector.
It introduced a scheme at 2 centres in 1952, with an initial coverage to 0,12 million workers; currently, it covers 7,16 million workers in about 678 centres in the country12.
Table 6 lists the ESI contribution rates.
Table 6: ESI Contribution Rates
| ESI CONTRIBUTION RATES | |
|---|---|
| Employees | 1,75 percent of wages |
| Employers | 4,75 percent of wages |
| State Government | 1/8 share of expenditure |
Source: Ministry of Labour and Employment, India
4.3 Social Security Laws in India
The principal social security laws in India include the following:
Employees’ State Insurance Act, 1948 (ESI Act)
- It covers factories and establishments with 10 or more workers.
- It seeks to provide comprehensive medical care to employees and their families.
- It also provides cash benefits to employees during sickness and maternity leave and monthly payments in case of death or disablement.
EPF and Miscellaneous Provisions Act, 1952
- It applies to specific scheduled factories and establishments employing 20 or more employees.
- It ensures terminal benefits to provident fund, superannuation pension, and family pension in case of the death of an employee during service.
Workmen’s Compensation Act, 1923 (WC Act)
- It requires the payment of compensation to the workman or his family in cases of employment-related injuries resulting in death or disability.
Maternity Benefit Act, 1961 (MB Act)
- It provides employees with 12 weeks’ wages during maternity leave as well as paid leave in certain other related contingencies.
Payment of Gratuity Act, 1972 (PG Act)
- It provides 15 days’ wages for each year of service to employees who have worked in establishments with a minimum of 10 workers for five years or more.
5 Special Economic Zones in India
5.1 Introduction
India recognised the importance of structured development and proposed the SEZ Policy in April 2000. The policy was introduced to boost economic growth and enhance the quality of infrastructure with minimum possible regulations. The following are the main objectives of SEZs:
Generation of additional economic activity
Promotion of export of goods and services
Promotion of investment from domestic and foreign sources
Creation of employment opportunities
Development of infrastructure facilities
As of June 2007, in-principle approval has been given to 162 others, with many of them starting to operate.
5.2 Incentives and Facilities Offered to SEZs
The Indian government’s Special Economic Zone (SEZ) Bill was passed in June 2005. The Act provides for the following incentives to the developers:
100 percent income tax exemption for five years and an additional 50 percent tax exemption for two years thereafter
100 percent FDI in the manufacturing sector permitted through the automatic route, barring a few sectors (refer to section 2.2 above)
External commercial borrowings by SEZ units up to EUR 367,1 million a year without any maturity restrictions through recognised banking channels
Facility to retain 100 percent foreign exchange receipts in the Exchange Earners’ Foreign Currency Account
100 percent FDI permitted to SEZ franchisee in providing basic telephone services in SEZs
No cap on foreign investment for small-scale sector reserved items such as wood, paper products, stationary items, and chemicals
Exemption from industrial licensing requirements for items reserved for the SSI sector
No import licence requirements
Exemption from customs duty on the import of capital goods, raw materials, consumables, spares, etc.
Exemption from Central Excise duties on the procurement of capital goods, raw materials, consumable spares, etc., from the domestic market
No routine examinations by the Customs for export and import cargo
Facility to realise and repatriate export proceeds within 12 months
Profits allowed to be repatriated without any dividend-balancing requirement
Job work on behalf of domestic exporters for direct export allowed
Subcontracting both domestic and international, permitted; this facility also available to jewellery units
Exemption from Central Sales Tax and Service Tax
Facilities to set up offshore banking units in SEZs
Table 7: provides the growth rate of exports from functioning SEZs for 2003-10
| YEAR | VALUE (INR MILLION) | VALUE (EUR MILLION) | GROWTH RATE (OVER PREVIOUS YEAR) |
|---|---|---|---|
| 2003-2004 | 138.540 | 2.285,91 | 39% |
| 2004-2005 | 183.140 | 3.021,81 | 32% |
| 2005-2006 | 228.400 | 3.768,6 | 25% |
| 2006-2007 | 346.150 | 5.711,475 | 25% |
| 2007-2008 | 666.380 | 10.995,27 | 93% |
| 2008-2009 | 996.890 | 16.448,685 | 50% |
| 2008-2009 | 2.207.113,9 | 36.417,38 | 121,4% |
Source: SEZ India - Export performances
Exports from SEZs in 2010-2011 registered a growth of 43,11% over 2009-201013.
Table 8 lists the names of states and their share in the total number of notified SEZs. Andhra Pradesh and Maharashtra lead in terms of notified and actually functioning SEZs.
Table 8: States and Their Respective Share in Total Number of Notifed SEZs
| STATES | SHARE IN TOTAL NUMBER OF NOTIFIED SEZs |
|---|---|
| Andhra Pradesh | 20,8 percent |
| Tamil Nadu | 16,1 percent |
| Maharashtra | 15,7 percent |
| Haryana | 9,1 percent |
| Karnataka | 9,1 percent |
| Tamil Nadu | 13 percent |
| Uttar Pradesh | 5,8 percent |
| Others | 14,6 percent |
Source: SEZ India6 Opening a Bank Account in India
6 Opening a Bank Account in India
6.1 Overview of Retail Banking
A real GDP growth of 8,5 percent (for 2010-11)14, robust equity markets and increasing disposable income have contributed to the strong growth of the Indian banking industry. The industry is based on strong fundamentals with low non-performing assets (NPAs) and compliance to Basel 1. The RBI is the central bank and regulator for the financial and banking sector in India. According to the Reserve Bank of India Act 1934, banks are classified as scheduled and non-scheduled banks. Scheduled banks are those that have paid-up capital and reserves of an aggregate value of not less than EUR 8.250 (INR 500.000). Nonscheduled banks are those that have not been included in the second schedule of the act.15
Figure 2 illustrates the composition of the Indian Banking Industry.
Figure 2: The Composition of the Indian Banking Industry
* The numeral represents the total number of a particular type of bank in India.
Table 9 lists the major banks in India and the total number of offices in each category.
Table 9: Offices, Share of Aggregate Deposits and Names of Major Commercial Banks in India (as of March 2011)
| BANK TYPE | TOTAL BRANCHES | SHARE OF AGGREGATE DEPOSITS | NAME OF MAJOR BANKS |
|---|---|---|---|
| State Bank of India and its Associates | 18.823 | 22.3 percent | State Bank of India, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Indore, State Bank of Mysore, State Bank of Patiala, State Bank of Saurashtra, State Bank of Travancore |
| Nationalised Banks | 45.850 | 48.4 percent | Punjab National Bank, Oriental Bank of Commerce, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India, Vijaya Bank |
| Foreign Banks | 319 | 5.6 percent | ABN Amro Bank, Citibank, DBS Bank, Barclays Bank, Bank of America, Deutsche Bank, Hong Kong & Shanghai Banking Corporation, JPMorgan Chase Bank, Standard Chartered Bank |
| Regional Rural Banks | 16.034 | 3.2 percent | National Bank for Agriculture and Rural Development (NABARD), Haryana State Cooperative Apex Bank Limited |
| Other Scheduled Commercial Banks | NA | 20.5 percent | Bank of Rajasthan, Catholic Syrian Bank, Centurion Bank of Punjab, Federal Bank, HDFC Bank, ICICI Bank, IndusInd Bank, ING Vysya Bank, Kotak Mahindra Bank |
| Non-scheduled Commercial Banks | 53 |
Source: Reserve Bank of India - Document: Offices of Commercial Banks in India - March 2011
6.2 Procedure for a Liaison/Branch Off ice to Open a Bank Account
A liaison/branch office is allowed to open current account with any authorised dealer (AD).
The following documents are required to be submitted at when opening a bank account:
A copy of the memorandum and articles/charter of the foreign company with the Certificate of Incorporation
A resolution to open the account, along with the names of persons authorised to operate the account
Power of Attorney to open the bank account
Copy of RBI approval
7 Recruitment of Local Staff
There are various recruitment channels available in India, including campus recruitment, headhunting agencies, media advertisements (newspapers, magazines, TV and broadcasting), Internet recruiting, on-site recruiting, internal references and ‘walk in’ interviews.
7.1 Brief Overview of Labour Laws
The Ministry of Labour and Employment is a Government of India organisation, developing and executing various labour laws. The organisation holds the responsibility of protecting and safeguarding the interests of workers. It focusses on the following aspects:
Labour policy (including wage policy) and legislation
Safety, health and welfare of labour
Social security of labour
Policy relating to special target groups, such as women and children
Industrial relationships and enforcement of labour laws
Adjudication of industrial disputes through central government industrial tribunal-cum-labour courts and national industrial tribunals
Workers’ education
Labour and employment statistics
Employment services and vocational training
International cooperation in labour and employment matters
The following are the chief legislations enacted for regulating manpower in India:
The Factories Act, 1948
- To regulate working conditions in factories
- To ensure the provision of the basic minimum requirements
for safety, health and welfare of factory workers - To regulate the working hours, leave, holidays, employment of children, women, etc.
The Minimum Wages Act, 1948
- To safeguard the interests of workers, mostly in the unorganised sector, by determining the minimum wages in certain specified employments
- To force employers to pay their workers the minimum wages fixed under the act
The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952
- To make provisions for the future of industrial workers after their retirement and for their dependents in case of death, among other things
7.2 Major Recruitment Agencies and Websites
Table 10 lists the major recruitment agencies in India and their websites.
Table 10: Major Recruitment Agencies and Websites
| TOP THREE INTERNET RECRUITMENT AGENCIES | WEBSITES |
|---|---|
| Naukri | www.naukri.com |
| IndianJob.com | www.indianjob.com |
| Times Business Solutions | www.timesjobs.com |
| LEADING HEADHUNTING AGENCIES | WEBSITES |
| Ma Foi Management Consultants Ltd. | www.mafoi.com |
| ABC Consultants Pvt. Ltd. | www.abcconsultants.net |
| Datamatics Limited | www.datamaticsindia.com/home.html |
| Koshy Consultants Pvt. Ltd | www.koshyconsultants.com |
| People-Tree | www.people-tree.co.in |
7.3 Average Salary Range
The median salary ranges (per year) by job, employer type, industry, city and degree in India in 2011, as per Payscale, are presented in Tables 11–1516.
Table 11: Median Salary by Job in India as on 15 December 2011
| JOB | MEDIAN SALARY (IN INR) | MEDIAN SALARY (IN EUR) |
|---|---|---|
| Senior Software Engineer/Developer/ Programmer | 548.525 | 9.050,66 |
| Project Manager – Information Technology (IT) | 1.033.121 | 17.046,5 |
| IT Consultant | 616.764 | 10.176,6 |
| Project Manager – Software Development | NA | NA |
| Human Resources Manager | NA | NA |
Table 12: Median Salary by Employer Type in India as of 15 December 2011
| EMPLOYER TYPE | MEDIAN SALARY (IN INR) | MEDIAN SALARY (IN EUR) |
|---|---|---|
| Company | 490.632 | 8.095,43 |
| Private Practice/Firm | 398.788 | 6.580 |
| Other Organisations | 383.197 | 6.322,75 |
| Government – State and Local | 360.866 | 5.954,29 |
| College/University | 248.073 | 4.093,2 |
| Government – Federal | 477.623 | 7.880,78 |
| Hospital | 245.494 | 4.050,65 |
| Contract | 226.498 | 3.737,22 |
| Self-Employed | 299.251 | 4.937,64 |
| Foundation/Trust | 280.405 | 4.626,68 |
| Non-profit Organisation | 312.090 | 5.149,49 |
| School/School District | 176.403 | 2.910,65 |
| Franchise | 175.341 | 2.893,13 |
| Team | 272.285 | 4.492,70 |
| Fellowship | 212.020 | 3.498,33 |
Table 13: Median Salary by Practice Area in India as of 15 December 2011
| INDUSTRY | MEDIAN SALARY (IN INR) | MEDIAN SALARY (IN EUR) |
|---|---|---|
| Corporate, Business, Mergers & Acquisitions | 875.102 | 14.439,18 |
| Intellectual Property/Patent Law | 488.125 | 8.054,06 |
| General | 600.000 | 9.900 |
| Litigation & Appeals | 356.307 | 5.879,07 |
| Real Estate/Construction/Land Use | 583.264 | 9.623,86 |
| Labour/Employment/ERISA/Benefits | NA | NA |
| Finance/Securities | NA | NA |
Table 14: Median Salary by City in India as of 15 December 2011
| CITY | MEDIAN SALARY (IN INR) | MEDIAN SALARY (IN EUR) |
|---|---|---|
| Bangalore | 558.948 | 9.222,64 |
| Mumbai | 493.646 | 8.145,16 |
| Chennai | 427.920 | 7.060,68 |
| Hyderabad | 477.906 | 7.885,45 |
| Pune | 505.129 | 8.334,63 |
| New Delhi | NA | NA |
| Delhi | NA | NA |
Table 15: Median Salary by Certification in India as of 15 Decemebr 2011
| DEGREE/MAJOR SUBJECT | MEDIAN SALARY (IN INR) | MEDIAN SALARY (IN EUR) |
|---|---|---|
| Sun Certified Java Programmer | 525.176 | 8.665,4 |
| Project Management Professional | 1.199.872 | 19.797,89 |
| Microsoft Certified Systems Engineer | 448.942 | 7.407,54 |
| Oracle Certified Professional | 527.185 | 8.698,55 |
| Chartered Accountant | 796.839 | 13.147,84 |
| Professional in Human Resources | NA | NA |
8 Taxation
8.1 Taxation in India
India has a well-developed three-tier taxation system, comprising the union government, the state governments and urban/rural local bodies. The union government has the authority to levy income tax (except tax on agricultural income, which the state governments can levy), customs duty, central excise tax, sales tax and service tax. The principal taxes levied by the state governments are sales tax (tax on intra-state sale of goods), stamp duty (duty on transfer of property), state excise (duty on the manufacture of alcohol), land revenue (levy on the land used for agricultural/non-agricultural purposes), duty on entertainment, and tax on professions. Local bodies are empowered to levy tax on properties (e.g. buildings), octroi (tax on the entry of goods for use/consumption within areas of the local bodies), tax on markets and tax/user charges for utilities such as water
supply, drainage, etc.
8.2 Tax Levied by the Central Government
8.2.1 Direct Taxes (For Assessment Year 2011-12)
8.2.1.1 Taxes on Corporate Income
Domestic corporations are subject to tax at a rate of 30 percent, a 7,5 percent of income tax percent surcharge (if total income is in excess of 0,17 million) and Education cess of 3 percent on income-tax (inclusive of surcharge, if any).
Foreign corporations have a basic tax rate of 40 percent for other income, 50 percent for royalty and a 2,5 percent of income tax surcharge. Education cess of 3 percent on income-tax (inclusive of surcharge, if any).
The surcharge is applicable only if the net income exceeds EUR 165.000 (INR 10.000.000).
Education cess at the rate of 4 percent is also charged on the tax and surcharge.
Corporate firms are subject to a wealth tax at the rate of 1 percent on the value of specified assets held by the taxpayer on the valuation date (31 March) in excess of the basic exemption of EUR 4.950 (INR 3.000.000).
Domestic corporations have to pay a dividend distribution tax at the rate of 16,609 percent (inclusive of surcharge and education cess); however, such dividends received are exempt in the hands of recipients.
Domestic corporations also have to pay a minimum alternative tax of 18 percent if book profit exceeds EUR 165.000 (INR 10.000.000).
Source: CAclubindia.com: Tax rate applicable for A.Y. 2011-12 on Income, Dividend, Wealth, MAT, STT, Capital Gain and Presumptive Income
8.2.1.2 Capital Gains Tax
Tax is payable on capital gains received through the sale of assets.
Long-term capital gains tax is charged if
- Capital assets are held for more than three years
- In case of shares, securities are listed on a recognised stock exchange in India or units of specified mutual funds, where the period for holding is one year
Long-term capital gains are taxed at a rate of 20 percent for assets other than listed securities.
Short-term capital gains are taxed at a rate of 15 percent on listed securities if sold through recognized stock exchanges.
Short-term capital gains other than listed securities are nominal income tax.
8.2.1.3 Personal Income Tax
Personal income tax is calculated on the basis of the income range.
Table 16 lists the income range and the respective tax rate for resident women.
Table 16: Income Range and Respective Tax Rate For Resident Women (65 years of age at any time during the previous year)
| NET INCOME RANGE (IN EUR) | TAX RATE |
|---|---|
| Up to 3.135 (INR 190.000) | Nil |
| EUR 3.135- 8.250 (INR 190.000-500.000) | 10% of the amount by which the total income exceeds EUR 3.135 (INR 190.000/-) |
| EUR 8250- 13.200 (INR 500.000- 800.000) | EUR 511,5 (INR 31.000/-) + 20% of the amount by which total income exceeds EUR 8.250 (Rs.500.000/-) |
| Above EUR 13.200 (INR 800.000) | EUR 1501,5 (INR 91.000/-) + 30% of the amount by which the total income exceeds EUR 13.200 (INR 800.000/-) |
Table 17 lists the income range and the respective tax rate for resident senior citizens.
Table 17: Income Range and Respective Tax Rate For Resident Senior Citizens (aged 65 years or more at any time during the previous year)
| NET INCOME RANGE (in EUR) | TAX RATE |
|---|---|
| Up to EUR 3.960 (INR 240.000) | Nil |
| EUR 3.960- 8.250 (INR 240.000-500.000) | 10% of the amount by which the total income exceeds EUR 3.960 (INR 240.000/-) |
| EUR 8.250- 13.200 (INR 500.000-800.000) | EUR 429 (Rs.26,000/-) + 20% of the amount by which the total income exceeds EUR 8250 ( Rs.5,00,000/-) |
| Above EUR 13.200 (INR 800.000) | EUR 1.419 (INR 86.000/-) + 30% of the amount by which the total income exceeds EUR 13.200 (INR 800.000/-) |
Table 18 lists the income range and the respective tax rate for any other individual.
Table 18: Income Range and Respective Tax Rate For Individual and HUF (Hindu undivided family)
| NET INCOME RANGE (in EUR) | TAX RATE |
|---|---|
| Up to EUR 2640 (INR 160.000) | Nil |
| EUR 2.640- 8.250 (INR 160.000-500.000) | 10% of the amount in excess of EUR 2.640 (INR 160.000/-) |
| EUR 8.250- 13.200 (INR 500.000-800.000) | EUR 561 (INR 34.000/-) + 20% of the amount by which total income exceeds EUR 8.250 (INR 500.000/-) |
| Above EUR 13.200 (INR 800.000) | EUR 1.551 (INR 94.000/-) + 30% of the amount by which total income exceeds EUR 13.200 (INR 800.000/-) |
Note that no surcharge is to be levied as per the Finance Act, 2010 in case of individuals HUF, AOP and BOI even where the total income exceeds EUR 16.500 (INR 1.000.000).
Source: Government of India- Income Tax Department
8.2.1.4 Tax Incentives 30
The Government of India provides tax incentives in the following cases:
Corporate profit
Accelerated depreciation allowance
Deductibility of certain expenses subject to certain conditions
These tax incentives are, subject to specified conditions, available for new investment in certain areas, which include the following:
Infrastructure
Power distribution
Certain telecom services
Undertakings related to developing or operating industrial parks or SEZs
Production or refining of mineral oil
Companies involved in R&D
Developing housing projects
Handling of food grains
Food processing
Rural hospitals
8.2.1.5 Double Tax Avoidance Treaty
India has entered into a Double Tax Avoidance Agreement (DTAA) with 60 countries, including the US. The objective of such agreements is to determine an equitable basis for levying taxes on different types of income, between the ‘source’ and ‘residence’ states, ensuring tax neutrality in transaction processes between residents and non-residents.
Tax incidence becomes an important factor influencing nonresidents’ decisions about the location of their investment, services, technology, etc. A non-resident, under the scheme of income taxation, becomes liable to pay tax in India on the source of income, and again, in his/her country as well, being the citizen of that country.
Tax treaties, therefore, serve many purposes, such as the following:
They provide protection to taxpayers against double taxation, and thus help encourage the free flow of international trade, international investment and international transfer of technology.
These treaties also aim at preventing discrimination against taxpayers in the international field and provide a reasonable legal and fiscal certainty.
Such treaties contain provisions for mutual exchange of information and for reducing litigation by providing mutual assistance procedures.
In case of countries which India has signed DTAA with, tax rates are determined by the agreement. In India, domestic corporations are granted credit on the foreign tax paid by them while calculating tax liability.
8.2.2 Indirect Taxes (For Assessment Year 2007-08)
8.2.2.1 Customs Duty
The levy and the rate of customs duty in India are governed by the Customs Act 1962 and the Customs Tariff Act 1975.
Imported goods in India attract basic customs duty, additional customs duty and education cess.
The rates of basic customs duty are specified by the Tariff Act.
The following are the types of custom duties levied in India:
- Basic Duty: The rate differs for various items from 5 percent to 40 percent. In other cases it can vary according to items like alcohol, vehicles etc.
- Additional Duty (Countervailing Duty) (CVD): This additional duty is levied under section 3 (1) of the Custom Tariff Act and is equal to excise duty levied on a like product manufactured or produced in India.
- Anti-dumping Duty: Sometimes foreign sellers abroad may export goods to India at prices below those charged by them in their domestic markets in order to capture Indian markets to the detriment of the Indian industry. This is known as dumping. Dumping duty can be levied on imports from such countries only if the Central Government proves that dumped imports cause material injury to the Indian industry.
- Protective Duty: The central government may levy protective anti-dumping duties at the rate recommended on specified goods to protect the interests of the Indian industry.
- Duty on bounty-fed articles: In case a foreign country subsidises its exporters for exporting goods to India, the Central Government may impose additional import duty equal to the amount of such subsidy or bounty.
- Export Duty: Such duty is levied on the export of goods. At present very few articles such as skins and leather are subject to export duty. The main purpose of this duty is to restrict exports of certain goods.
Customs duty is calculated on the transaction value of goods. The rates of customs duty for goods imported from countries which India has entered into FTA with, such as Thailand, Sri Lanka, BIMSTEC countries, South Asian countries and MERCOSUR countries, are provided on the website of the Central Board of Excise and Customs (CBEC).
The CBEC, under the Ministry of Finance, regulates the customs duty imposed in India.
8.2.2.2 Securities Transaction Tax
Securities Transaction Tax (STT) is a tax levied at different rates on securities such as equity shares, derivatives and units traded in recognised stock exchanges in the country. However, the sale and purchase of bonds are totally exempt.
STT is levied at 0,017-0,12517 percent on every transaction.
8.3 Tax Levied by State Governments and Local Bodies
8.3.1 Sales Tax/VAT
Sales tax is levied on the sale of movable goods.
Most Indian states – except Gujarat, Rajasthan, and Chhattisgarh etc. – have replaced sales tax with a new value added tax (VAT) from 1 April 2005.
VAT, which has replaced sales tax, is imposed on goods only and not on services.
Other indirect taxes, such as excise duty, service tax, etc., are not replaced by VAT.
VAT is implemented at the state level by state governments.
VAT is applied at each stage of sale with a mechanism of credit for the input VAT paid.
8.3.1.1 Municipal/Local Taxes
Octroi/Entry Tax: It is a tax on various goods brought into a town. Some municipal jurisdictions levy octroi/entry tax on the entry of goods.
8.3.2 Other State Taxes
Stamp duty on the transfer of assets
Property/Building tax levied by local bodies
Agriculture income tax levied by state governments on income from plantations
Luxury tax levied by certain state governments on specified goods
8.4 Repatriation of Profits
Repatriation of profits from India is not complex. Any form of earning—dividends, capital gains, royalties and fees, etc.— can be repatriated easily with RBI’s permission. If the overseas investor/promoter is winding up his/her business in India, profits can be transferred only after paying the requisite taxes and fulfilling other obligations.
9 Appendix
Appendix I: Useful Links and Addresses
| TYPE OF ORGANISATION | ADDRESS | CONTACTS | WEBSITE |
|---|---|---|---|
| INDIAN MINISTRIES, AGENCIES aND SERVICES | |||
| Government of India | Not Applicable | Not Applicable | http://india.gov.in |
| Ministry of Finance | Department of Revenue (Headquarters) Mukul Singhal Joint Secretary (Revenue) Department of Revenue Room No.46, North Block New Delhi-110001 |
E-mail: jsrev@nic.in Tel: +91(0)1123094595 |
http://finmin.nic.in |
| Ministry of External Affairs | Ministry of External Affairs Ajai Choudhry Additional Secretary (PP) Room No. - 144 C, South Block Ministry of External Affairs New Delhi -110011 A.K. Nag |
E-mail: asppr@mea.gov.in E-mail: jswel@mea.gov.in Tel: +91(0)1124676151 |
http://www.mea.gov.in |
| Ministry of Commerce | Department of Commerce Neeraj Kumar Gupta Joint Secretary Room No. 288, Udyog Bhawan New Delhi |
E-mail: cim@nic.in (Kamal Nath) Tel: +91(0)11 23061008/ 23061492 (Kamal Nath); E-mail: neerajk.gupta@nic.in Tel: +91(0)11 23062660 (Neeraj Kumar Gupta) |
http://commerce.nic.in |
| Ministry of Corporate Affairs | ‘A’ WING, Shastri Bhawan Rajendra Prasad Road New Delhi - 110 001 |
E-mail: Manoj.arora@mca.gov.in Pawan.kumar@mca.gov.in Tel: +91(0)1123384660/ 23384470/ 23389403 |
http://www.mca.gov.in |
| Reserve Bank of India | H R Khan (Regional Director) 6, Sansad Marg, New Delhi - 110 001 |
Tel: +91(0)11 23711333 | http://www.rbi.org.in/home.aspx |
| Securities and Exchange Board of India (SEBI) | Plot No.C4-A,’G’ Block, Bandra Kurla Complex, Bandra (East) Mumbai 400051 |
E-mail: sebi@sebi.gov.in Tel: +91(0)2226449000/ 40459000 |
http://www.sebi.com |
| Embassy of the Grand Duchy of Luxembourg in New Delhi | 730, Gadaipur Road Branch Post Office Gadaipur New Delhi, 110 030 |
H.E. Ambassador Gaston STRONCK E-mail: newdelhi.amb@mae.etat.lu Tel: +91(11)268 01 966 | Fax: +91-(11)268 01 971 |
|
| Luxembourg Trade and Investment Office in India |
730, Gadaipur Road |
Mrs. Nidhi PALTA Project Manager E-mail: nidhi.palta@mae.etat.lu Tel: +91(11)268 06 112 | Fax: +91-(11)268 01 971 |
www.investinluxembourg.in |
| Consulate of the Grand Duchy of Luxembourg | Cargolux Airlines International S.A. 3/1A, Ispahani Center 123/124, Nungambakam High Road Chennai 600034 |
Mr. Jhangoo DARUWALLA Honorary Consul E-mail: jdaruwalla@cargolux.com Tel: +91 44 820 78 32 | Fax: +91 44 823 41 37 |
www.investinluxembourg.in |
| Indo-Belgian-Luxembourg Chamber of Commerce & Industry (IBLCCI) | C/o Consulate General of Belgium Morena, 11 M.L. Dhanukar Marg Mumbai: 400026 |
Tel: +91 22611283 Fax: +91 22658968 E-mail: ibcci@vsnl.com ibcci@hathway.com |
http://www.iblcci.org |
| Department of Income Tax (IT) | Directorate of Income - Tax (Systems) A R A Center E-2, Jhandewalan Extn. New Delhi - 110055 |
E-mail: webmaster@incometaxindia.gov.in |
http://incometaxindia.gov.in |
| Department of Industrial Policy and Promotion (DIPP) | Udyog Bhawan, New Delhi - 110011 |
E-mail: cim@nic.in (Minister of Commerce and Industry) Tel: +91-(0)11- 23061222 (Office) +91(0)1123061008/23061492 (Minister of Commerce and Industry) |
http://dipp.nic.in |
| Indian Trade Promotion Organisation (ITPO) | Pragati Bhawan, Pragati Maidan New Delhi - 110 001 |
E-mail: info@itpo-online.com itpo@vsnl.com |
www.indiatradefair.com |
| Confederation of Indian Industry (CII) | The Mantosh Sondhi Centre 23, Institutional Area, Lodi Road New Delhi - 110 003 |
E-mail: ciico@ciionline.org Tel: +91(0)11246299947 |
www.ciionline.org |
| Embassy of Belgium, India | 50-N Shantipath, Chanakyapuri New Delhi 110021 |
E-mail: NewDelhi@diplobel.be Tel: +91(0)1142428000 |
www.diplomatie.be/newdelhi |
| Embassy of India, Belgium | 217 Chaussee De Vleurgat 1050 Brussels, Belgium |
E-mail: Info@indembassy.be consular@indembassy.be Tel: +32 (0)2 6409140/6451850 |
www.indembassy.be/home.asp |
10 Disclaimer
The Government of the Grand Duchy of Luxembourg declines all responsibility regarding the use of information featured in this document. The contents are provided for information purposes only. They contain information which is not necessarily complete, exhaustive, precise or up to date. In the event of discrepancies between the texts of this publication and the original documents, the original documents as officially published shall apply. This publication may refer to external sites over which the Government of the Grand Duchy of Luxembourg has no control and for which it declines all responsibility.
January 2012
Ministry of the Economy and Foreign Trade
Directorate of Foreign Trade
L-2914 Luxembourg | Grand Duchy of Luxembourg
Tel.: (+352) 247 841 25 | Fax: (+352) 22 34 85
info@luxembourgforbusiness.lu
www.luxembourgforbusiness.lu
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