Government amends the extant FDI policy for curbing opportunistic takeovers/acquisitions of Indian companies due to the current COVID-19 pandemic

As per the revised position, an entity of a country, which shares a land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route. Further, In the event of the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly, resulting in the beneficial ownership falling within the above clause, such subsequent change in beneficial ownership will also require Government approval. The above decision will take effect from the date of FEMA notification.

Revised Timelines for Sunset Review Investigation for Anti-dumping Duty

Trade Notice No. 02/2020 dated 20th April 2020 has been issued by DGTR which provides a relaxation of the existing time limit, up to 180 days prior to the date of expiry of the measure for filing the Antidumping Sunset Review investigation (SSR) application, on account of genuine difficulty faced by the domestic industry in meeting the deadline of 270 days. The Designated Authority may further relax the timeline up to 120 days prior to the expiry of the measure, in exceptional circumstances.

India's phone exports doubled to 36 million units in FY20 from 17 million last year

In terms of value, India exported devices worth ₹21,000 crore (a 91% increase). Exports have surged from 2 million in FY17. Further, Phone imports plunged 81% to 2 million in FY20 from 26 million in the previous financial year. Phone imports were 75 million units in FY17. India's contribution to the global smartphone market climbed to 16% in 2019 from 9% in 2016 as major handset makers diversified beyond China. Currently, India has 270 factories making handsets and components.

Contribute your bit in fight against COVID-19: Donate generously to the PM CARES Fund (Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund)

Citizens & Organisations can visit www.pmindia.gov.in & donate to the PM CARES Fund using following details:
Name of the Account : PM CARES
Account Number : 2121PM20202
IFSC Code : SBIN0000691
SWIFT Code : SBININBB104
Name of Bank & Branch : State Bank of India, New Delhi Main Branch
UPI ID : pmcares@sbi

Download Aarogya Setu App: Government launches Bluetooth based COVID-19 Tracker

The app will enable people to assess themselves the risk of catching the Corona Virus infection. It will calculate this based on their interaction with others, using cutting edge Bluetooth technology, algorithms and artificial intelligence. The App's design ensures privacy-first. Available in 11 languages, the App is ready for pan-India use from day-1 and has highly scalable architecture.