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Partners Column

March 5, 2015

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I take this opportunity to Congratulate Mr Arvind Kejriwal for his victory. It is indeed a remarkable comeback for Arvind Kejriwal in Delhi elections. The magnificent victory is being considered awe-inspiring as the 46 year old bespectacled IITian, notwithstanding a string of electoral triumphs for BJP since the May Lok Sabha polls, managed to anchor a campaign that wooed all sections in the city. Arvind Kejriwal primarily  focussed on common problems of AAM Aadmi like electricity, water, poor safety for women etc, assuring to resolve them. His admission of resigning after the last elections as a mistake so openly, turned negative campaigning to his advantage.  It has been one of the most fiercely contested state elections in India and was won by majority votes. AAM released its manifesto with 5 top promises -- to open 20 new colleges, a 50 per cent reduction in power tariff, clean drinking water at affordable prices, focusing on full statehood and women's safety, this  brought a glimpse of smile on faces of public. Union Budget 2014-15 In line with a goal of nation building, the Government of India has also been committed to start up various policies to uplift the economic structure of India. Pitching for ‘Big Bang’ reforms, the Government is trying to improve business environment by making regulation and taxes less onerous to help push growth to 8.1-8.5 % next fiscal and to double digits in the coming years. India has reached a sweet spot and there is scope for Big Bang reforms now. The budget was quiet a disappointment to the common man as the Finance Minister did not increase the Income Tax slab rate. Adding to this, the service tax rate was hiked from 12.36% to 14%. Wealth tax was abolished and an additional 2% surcharge was imposed on super rich. Corporates can now breath a sign of relief, as the Finance Minister has announced a 5% reduction in the Corporate tax over the next 4 years. Also, a new law to tackle black money with tough measures has been announced. Cricket World Cup 2015 Cricket World Cup, 2015 is catching up as a mania and I am no stranger to it. The defending Champions, India, opened their account with a sweet victory over the arch- rivals, Pakistan, in front of a packed Adelaide Oval on 15th February, 2015. The next match which India played against the MIGHTY South Africans was touted as India’s toughest match in the group stages, because India haven’t beaten South Africans in any World Cup match involving the two sides. But, as it turned out Indians played like true Champions and defeated the South Africans. If this trend continues, then like most other Cricket fans, I am keeping my fingers crossed and hoping that we would defend the TITLE successfully this time. “GO INDIA GO”! Updates on Companies Act, 2013 As Modi’s government pushes to improve India’s image and encourages to set-up manufacturing sectors largely, Private Companies shall no longer wait for the certificate of commencement of business to start its operations since the government has done away with this requirement. RBI Circular For ease of reporting transactions under Foreign Direct Investment, RBI has set-up e-Biz portal where a company can file Advance Remittance Form (ARF) to report the Foreign Direct Investment and FCGPR to report about the issue of eligible instruments to the overseas investor against the inflow of foreign direct investment through online. The online reporting on the e-Biz platform is an additional facility to the Indian companies and which was effective from February 19, 2015. Thank you, Bhavani Chandolu Partner  
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