IndiGo seeks re-appointment of M Damodaran as chairperson of Board of Directors for 5 more years Trump hikes tariff by 5% on Chinese goods in Sino-US trade war escalation Gujarat HC brings GST bloom to Textile Looms (See 'THE TOG INSIGHT' in Taxongo.com) Goyal helms Railway Board review meet; improving punctuality tops agenda (See 'Corpbrief') India sends delegation to world vocational skills expo (See 'Corpbrief') COTPA, 2013 - Criminal complaint against Director or Managing Director is only sustainable where sufficient material is present to prove their active role coupled with mens rea : SC (See 'Legal Desk') PMLA - Anticipatory bail merits being rejected where statements recorded u/s 50 of PMLA reveal the claimant to be evasive & also incriminate the claimant: HC (See 'Legal Desk') Patents Act, 1970 - Post revocation after post-grant opposition, no interim injunction order against use of patent is maintainable : HC (See 'Legal Desk') Indusfood expo 2020 eyes business of USD 1.5 Bn (See 'Corpbrief') 10th City Gas Development Network bid to be held on Aug 26 (See 'Corpbrief') FM announces change in auto policy - BS-IV vehicles registered prior to March 31, 2020 to be allowed full shelf life + Addl 15% Depreciation to be allowed till March 2020 + Ban on purchase of new cars replacing old vehicles by Govt Departments lifted Govt to unfold scrapping policy for automobiles sooner: FM Govt working on solutions for home buyers and real estate promoters stuck with fund problems FM says tax officials to be instructed not to overreach taxpayers to meet targets Govt to provide incentive to deepen bond market + SEBI to operationalise ADR / GDR to provide access to easy loans for industry + offshore rupee market to be provided at domestic exchanges Govt to amend MSME Act to give ONE definition for MSME; Cabinet approval to be taken soon NBFCs to be allowed to use Aadhar-authenticated KYC of banks: FM Bank loans - Online tracking option to be given to customers for ease of knowing status + Banks to introduce one time loan settlement policy Govt decides to withdraw Surcharge on capital gains made by FPIs + Surcharge on domestic investors also guillotined FM says All notices, including summons, by Income Tax Department to be centralised & computer-generated from October 2019 + Old notices to be either clears before Oct or to be re-generated with DIN + all notices to be cleared within 3 months Companies Act - Monetary penalty to be focus for offences under 16 Sections rather than prosecution + Govt decides to make CSR violations as civil liability and not criminal offence CCI to safeguard India Inc from abuse by global firms (See 'Corpbrief') INX Media saga - CBI seeks 5-day custody of P Chidambaram KIA Motors launches Made in India SUV Seltos SEBI Act, 1992 - Acceptance of CA certificate in particular pro forma by NSCCL does not absolve registered brokers from separate liability to submit similar pro forma as per NSE instruction : SAT (See 'Leal Desk') DLF shares tank 20% after SC issues notice for non-disclosure of key information on QIP Quantas Airways Ltd to run 20-hour direct flights from New York-London-Sydney to test passengers' endurance CBDT clarifies upon eligibility of small Start-ups for tax holiday (See 'Corpbrief') Govt eases condition of per MW lease rent on wind power projects (See 'Corpbrief')

India, UK ready to deepen trade relations post Brexit: Goyal

Published: Jul 16, 2019

By TIOLCORPLAWS News Service

NEW DELHI, JULY 16, 2019: THE Union Minister of Commerce & Industry, Mr Piyush Goyal, yesterday stated that the Indian Government is looking for ideas from all sides to strengthen and to give confidence to international investors, with the best of technologies, to come to India and invest. Interacting with the Indian diaspora in London last night, he stated that the Indian community has made India proud by their contributions to the economies of India and the United Kingdom and have also strengthened relations between the two countries. During his hour long interaction with the Indian Diaspora the Commerce Minister explained the strategy and focus of the newly elected Government. During its first term, the stress was on meeting the basic necessities of common citizens like, housing, electricity, cooking gas and financial inclusion, which has made a huge impact and difference to the lives of the citizens down to the last mile.

Mr Goyal termed the India Day event, which he would address on July 15, evening, where think tanks and finance companies would come together, as very important, because he would be able to highlight the package of incentives for financial companies, announced by the Finance Minister, Ms Nirmala Sitharaman, in the Union Budget 2019-20. He stated that he would showcase India's financial sector, in particular, the Gujarat International Finance Tec-City near Gandhi Nagar in Gujarat.

Mr Goyal further said that the FTAs entered into by India in 2009-10 had not been good deals and some of them are causing agony which is why India is looking at the United States to put that baggage behind and move forward. He informed that he is meeting with leaders of the Government and bureaucracy, during his three-day visit to the United Kingdom, to understand in which direction and time frame the UK is looking at for the BREXIT to happen. India is also in discussions to take the next step for deeper engagement with the UK. It is important the process is fast tracked now so that both nations are ready to work together speedily once BREXIT comes into effect, he mentioned.

Regarding the ongoing RCEP negotiations, Mr Goyal said that India is working for a fair deal which protects the country's interests and does not allow unfair market access. From now no agreement or trade pact on commerce would be at the cost of Indian interests, the country's sovereign requirements and interests of the citizens, said Mr Goyal. He informed that the Ministry is now trying to speed up the entire process and streamline the patent office. There was a 7-year backlog in 2014. He informed that from now on all patent applications would be in the public domain and transparency would be maintained. In respect of IPR enforcement, Mr Goyal mentioned that India has a long way to go as the process itself is very slow at the moment. The entire framework around IPR has to be strengthened in order to give confidence to international investors, with best of technologies, to come to India and invest.

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