Amendments for Ease of Doing Business
The Department of Economic Affairs, Ministry of Finance, took the following initiatives for ease of doing business. Above all, it amended the rules related to foreign and cross-border investments and anchor reforms for a pro-investment climate. These efforts aim to simplify regulatory frameworks, enhance transparency, and foster a business-friendly environment. By addressing challenges faced by investors and businesses, these initiatives seek to boost economic activity, encourage innovation, and position India as a competitive player in the global market. The reforms also highlight a commitment to modernizing processes and aligning with international best practices to attract and retain investments.
| NAME OF REGULATION | DATE OF AMENDMENT | IMPACT |
| Overseas Direct Investment Regulation | 12th July 2024 | Amendment in Rule 19(3) and insertion of new Rule 19(4)To facilitate ease of doing in overseas investment |
| Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2024 | 16th August 2024 | Enables cross-border share swaps. Facilitates the global expansion of Indian companies through mergers, acquisitions, and other strategic initiatives. Enables Foreign Direct Investment (FDI) in White Label ATMs to boost financial inclusion nationwide. |
| Foreign Exchange (Compounding Proceedings) Rules, 2024 | 12th Sept. 2024 | Streamlined the processing of compounding applications, the introduction of digital payment options for application fees and compounding amounts |
| Securities Contracts (Regulation) Amendment Rules, 2024 | 18th August 2024 | Facilitates direct listing of securities by public Indian companies on International Exchanges of GIFT IFSC. Facilitates easier access to global capital for Indian start-ups and companies in the sunrise and technology sectors. |
References & Related Articles:
- Press Information Bureau – Ministry of Finance Year Ender 2024: Department of Economic Affairs
- The Economic Times – New advisory by GSTN
- Economic and Political Weekly – The Competition (Amendment) Bill, 2022: A Review and Critique
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