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Talks on BIT are on but inclusion of taxation is a contentious issue. Officials are hopeful of sealing the deal this year
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International arbitration is at the heart of the bilateral investment treaties signed by the government since 2015 when the Centre unilaterally cancelled all investment and tax agreements. While foreign companies claim the Indian legal system is slow and corrupt, the government is against fighting legal battles abroad that bleed public coffers.
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The decision was taken during the cabinet meeting chaired by Prime Minister Narendra Modi.
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India and oil-rich Iran today decided to significantly expand engagement in their overall ties, particularly in boosting Indian investment in joint ventures in oil and gas sectors in the Persian Gulf nation where foreign investors from major economic powers are rushing in to get early footholds after lifting of nuclear sanctions.
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The Bilateral Investment Treaty (BIT), which replaces the earlier model agreement of 1993, explicitly stipulates that the treaty will not apply to government procurement, subsidies, services supplied in the exercise of governmental authority.
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In a letter to Finance Minister Arun Jaitley, Cairn disputed the Rs 10,247 crore tax notice sent to it on alleged capital gains made on a 2006 internal reorganisation of its India business saying no tax was due even if the retrospective amendments to Income Tax Act are applied.
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Key Highlights
“Time for India to join the International High Table on Arbitration” - H.R. Bhardwaj, ...
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Finance Minister Arun Jaitley met top US officials here and raised India's concerns over key bilateral issues, including totalisation agreement and the proposed Bilateral Investment Treaty.
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"There is an opportunity for us to try to advance the interest of both our countries by working together and by coordinating our efforts. And the US President is certainly committed to that.
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According to the figures released by the US Census Bureau, in 2013 the US exported USD 21.87 billion worth of goods to India, while imported USD 41.82 billion worth of goods, with the over trade being a record USD 63.7 billion.
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India and the US have completed three rounds of negotiations for the proposed bilateral investment treaty (BIT) that would help in enhancing economic ties between the countries.
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Commerce minister Anand Sharma said that India was ready to have talks with the US for the investment treaty.
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Months after it unveiled a model bilateral investment treaty (BIT), a top Obama Administration official has said the US is working on BIT with a number of countries, including India, China and Mauritius.
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Andrey Terebenin, member of the board, Sistema, explains the delay in invoking arbitration rules and said that the dispute was being discussed at the PMO level. He hopes the Supreme Court’s ruling will be implemented and the licence be extened till the 2-G auction.
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Russia's Sistema asked India to settle within six months a dispute over a court order to revoke 21 telecoms licences held by its joint venture in the country, and said it reserves the right to approach an international tribunal.
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India and the US go a long way behind. But what is the way ahead? How are the policies structured for cooperative growth of both democracies? CNBC-TV18 and the Wadhwani Foundation put together an elite panel to discuss the India-US economic policy initiatives.
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Corporate America on Thursday urged policymakers to enter into a bilateral investment treaty with India, which they argued is the next key step after the civil nuclear deal to strengthen and deepen trade and business ties between the two largest democracies of the world.
