GOVT EASES NORMS FOR IT COS' INVESTMENTS, NRI INFLOWS
Article Abstract:
The Government of India has made new norms for the information technology (IT) industry and investment by non-resident Indians in India. The new norms allow automatic approvals for investments up to 50 percent of the cumulative export earnings in the preceding 3 years. IT companies can now invest in their global tie-ups and wholly-owned subsidiaries irrespective of the balance in the EEFC account. The local promoters of software companies can now establish second and subsequent companies through global tie-ups. The new norms offer more flexibility in accessing foreign capital funds and the issue of dollar-linked employee stock option. Now NRIs, who invest on health services projects, need not set aside 25 percent of their facilities for providing free services to the poor. NRIs, PIOs and OBCs can now invest in unlisted companies under the portfolio investment scheme. (ag)
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India: Government has made new norms for information technology industry & investment by non-resident Indians in country
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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GOVT SETS UP NATIONAL IT TASK FORCE
Article Abstract:
A national task force on information technology and software development has been set up by the government. The task force will work closely with an IT vision group comprising IT professionals, academics, civil servants, businessmen and political leaders. The task force is to submit a strategy for the extensive deployment of information technology in all economic areas like agriculture, industry, trade and services. The task force has to submit its report in 90 days. (khr)
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India: Government establishes national task force on information technology & software development
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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RBI PLANS NORMS ON CAPITAL FUNDING FOR SOFTWARE COS
Article Abstract:
The Reserve Bank of India has decided to advise banks on financing the working capital needs of software companies. It has recommended that lack of collateral security should not stop banks from giving working capital of up to Rs50 lakh. Financing of working capital requirements will be based on a company's cash flow over the past one year. A company's past and projected revenues, costs and profits will also be examined to ensure that they are at acceptable financial levels. (khr)
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India: Reserve Bank of India decides to advise banks on financing the working capital needs of software companies
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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