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In Focus |
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NASSCOM Pre-Budget Memorandum |
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NASSCOM recently shared its Pre-Budget Memorandum with the Ministry of Finance at the first Pre-Budget Consultation with representatives of Digital Economy, Fintech and Start-Ups on December 16th, 2019.
The meeting was attended by Minister of State for Finance and Corporate Affairs Anurag Thakur, Finance Secretary Rajeev Kumar, Secretary of Economic Affairs Atanu Chakraborty, Revenue Secretary Ajay Bhushan Pandey and Secretary at the Ministry of Electronics and Information Technology Ajay Prakash Sawhney.
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The Memorandum, which has been prepared based on inputs received from our members, targets increased competitiveness and growth as the key outcomes.
Specific submissions in the Memorandum have been made on themes of export promotion, incentivizing R&D, incentivizing talent development and skilling, supporting start-ups, easing taxation rules for the digital economy, and promoting ease of doing business. Read More
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NASSCOM-DSCI Consultation Series on the PDP Bill, 2019 |
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As a part of a multi-event Consultation Series, NASSCOM and DSCI conducted three member consultations in NCR (12th December 2019 and 18th December 2019) and Mumbai (20th December 2019), seeking views on the Personal Data Protection Bill, 2019 (Bill). The Bill which was introduced in the Parliament on 11th December 2019, has been referred to a Joint Select Committee of both houses of Parliament. The Joint Select Committee is required to submit its report in the last week of the Budget Session in 2020.
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The events saw active participation from our members across the IT-BPM, GCC, BFSI sectors, who recognised that there were certain improvements in the Bill over the last public version.
However, there remained certain areas of concern, as well as provisions where further clarity will be required.
Future sessions are planned for Bangalore in the month of January, 2020.
Read More
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NASSCOM Submission to GST Council |
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Based on inputs from our members, NASSCOM recently submitted a detailed note to GST Council highlighting suggestions to address GST related issues faced by IT- BPM industry.
The suggestions are divided into three categories based on the nature of intervention required, i.e. change in GST rates, amendments to the GST Act, and issuance of notifications/clarifications.
Implementing these measures would significantly improve ease of doing business and provide certainty to the industry with respect to the treatment under the GST.
Read More
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NASSCOM Consultation Session on ER&D Policy |
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17th December 2019, Bangalore |
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NASSCOM conducted a stakeholder consultation on promoting Karnataka as the Global Engineering and Design destination. The event saw participation from 12 companies. The discussion helped to identify the relevant issues to be addressed, and possible solutions. NASSCOM will work on developing a strategy paper to present to the Government of Karnataka.
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| Recent Industry Representations |
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Meeting with DPIIT on Industry Vision for E-Commerce Policy |
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23rd December, 2019 |
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NASSCOM met the Secretary, DPIIT to present an industry view on the e-Commerce policy. The views expressed in the meeting were broadly in line with NASSCOM's previous submissions in this regard. We continue to work closely with the DPIIT on realizing the industry vision of a balanced and wholistic e-commerce policy geared towards growth and greater adoption of e-commerce in India. |
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Meeting with DoC on Customs Moratorium on Electronic Transmissions |
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19th December 2019 |
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NASSCOM met the Joint Secretary, Department of Commerce on the issue of the WTO Customs Moratorium on Electronic Transmissions. The Moratorium which expired on 31st December 2019 has been extended provisionally till the WTO Ministerial Conference in June 2020. NASSCOM will be working closely with the Department of Commerce to provide the Government of India with the industry position on the issue and will soon be launching an industry-wide consultation on the issue.
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Representation to SEBI on Framework for Issuance of Depository Receipts (DR) |
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18th December 2019 |
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NASSCOM made a representation to Securities Exchange Board of India (SEBI) recommending changes relating to "Framework for Issuance of Depository Receipts (DR)" notified by SEBI in October 2019.
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Meeting with DGFT on SCOMET Licensing Issues |
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18th December 2019 |
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NASSCOM attended an industry meeting convened by DG, Directorate General of Foreign Trade (DGFT) for feedback on export of dual use items. NASSCOM's inputs on SCOMET licensing for intangible technology transfers were well-received by DGFT. NASSCOM would be engaging further with the Government on this issue.
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Meeting with DPIIT on FDI Cap on Digital Media |
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11th December 2019 |
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NASSCOM met Secretary, DPIIT on FDI Policy Press Note 2 of 2019 regarding a 26% FDI Cap on Digital Media likely to adversely impact investment in digital media. It is expected that DPIIT will be issuing a clarification on this point soon.
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TRAI Consultation Paper on Cloud Services |
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4th December 2019 |
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NASSCOM submitted its detailed submissions on the Telecom Regulatory Authority of India (TRAI)'s Consultation Paper on Cloud Services. NASSCOM recommended that Cloud Service Providers (CSPs) in India should not be subject to regulation by the Department of Telecommunications or the TRAI, directly or indirectly. Read more
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| Upcoming Public Policy Events |
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| NASSCOM-DSCI Consultation Series on the Personal Data Protection Bill, 2019 - Fourth Consultation Session |
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| 13th January, 2020, Bangalore |
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| NASSCOM and DSCI invite you to join us for the fourth and final consultation session on the Personal Data Protection Bill, 2019 to be held in Bangalore in January 2020. Contact indrajeet@nasscom.in for more details. |
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| NASSCOM Fintech Policy Roundtable on MDR and Digital Payment Adoption |
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| 17th January, 2020, Mumbai |
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| NASSCOM invites you to join us for a Fintech Policy Roundtable on the recent notifications from the Department of Revenue on MDR rates. Contact komal@nasscom.in for more details. |
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| NASSCOM Technology and Leadership Forum |
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| 12th-14th February 2020, Mumbai |
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NASSCOM invites you to join us for the NASSCOM Technology and Leadership Forum. Stay tuned for more updates.
Register Here for NTLF 2020 |
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| Fintech |
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No MDR charges applicable on payment via RuPay, UPI from Jan 1: FM |
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In a bid to promote digital payments, Finance Minister, Nirmala Sitharaman, has announced that no Merchant Discount Rate (MDR) charges will be applicable on transactions through homegrown RuPay and UPI platforms beginning January 1st, 2020. Accordingly, all companies with a turnover of Rs 50 crore or more have been mandated by the Department of Revenue (DoR) to provide the facility of payment through RuPay Debit card and UPI QR code to their customers. Read more |
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RBI introduces a new type of PPI and increases P2P lending limit to RE.50 lakh |
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The Reserve Bank of India (RBI) announced a slew of sops for fintech companies. These include re-introduction of minimum know-your-customer (KYC) prepaid payment instruments (PPIs), revision of peer-to-peer (P2P) lending limits to 50 lakh and issuance of on-tap licenses for small finance banks. These initiatives are part of various developmental and regulatory policy measures for strengthening regulation and supervision; broadening and deepening of financial markets; and improving payment and settlement systems, which the Central Bank announced in its Statement on Developmental and Regulatory Policies. Subsequently, RBI issued detailed specifications of the new type of semi-closed PPI Read more |
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RBI releases "Guidelines for 'on tap' Licensing of Small Finance Banks in the Private Sector" |
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The RBI issued guidelines for 'on tap' licensing of small finance banks in the private sector. The move comes after a review of the performance of the existing small finance banks, which were granted in-principle approval in 2015. According to the Central Bank, the final guidelines have been readied after taking into consideration the responses received on the draft version. NASSCOM had made its submissions on the draft guidelines on 14th October 2019. Read more |
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| Labour |
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Social Security Code 2019 introduced in Parliament and referred to Standing Committee on Labour |
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The Code on Social Security 2019 was introduced in the Parliament on December 11th, 2019 and subsequently referred to the Standing Committee on Labour. The Code forms part of the initiative of labour reforms by the government to rationalize and simplify existing labor laws by codifying them into four Labour Codes i.e. Codes-on wages, social security, industrial relations, and health, safety and working conditions Read more |
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| Taxation |
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Ministry of Commerce notifies SEZ (3rd Amendment) Rules, 2019 |
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The Ministry of Commerce on December 17th, 2019, notified the Special Economic Zones (3rd Amendment) Rules, 2019. The Notification amends provisions for minimum land area and sector-specific and multi-product SEZs, under Rule 5 of Special Economic Zones Rules, 2006.
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GST Circular on treatment of Information Technology Enabled Services (ITeS) withdrawn ab-initio |
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The GST Policy Wing recently issued circular dated December 4th, 2019 withdrawing its earlier Circular from July, 2019 on the taxability of "intermediary services" in the case of ITeS. This move will provide some respite to the industry to the extent authorities were placing reliance on the earlier Circular to issue Show Cause Notices to back-office support providers. NASSCOM had made several representations to the officials highlighting the issues created by the erstwhile circular for IT-ITeS industry. Read more |
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