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India-Singapore Comprehensive Economic Cooperation Agreement |
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ANNEX 7A
INDIA’S SCHEDULE OF SPECIFIC COMMITMENTS
Sector or Sub-Sector
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Limitations on Market Access
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Limitations on National Treatment
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Additional Commitments
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Mode 3: Prior Government approval shall be required where a joint venture
or technology transfer/trademark agreement existed in the
‘same’ field except in the case of investment by Venture
Capital Funds registered with the Security & Exchange Board of
India or where in the ‘existing’ joint venture investment by
either of the parties is less than 3% or where the existing joint venture
is defunct or sick.
Mode 3 and 4: Access to Scheduled areas and Tribal Areas covered
under the V and VI Schedule of the Constitution of India may be denied.
|
Mode 3:
- For transfer of equity in an existing company to the investor of the
other party where Security & Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 1997 as amended, are
Applicable.
- Repatriation of sale proceeds of immovable property is subject to
prior approval of Reserve Bank of India.
- Taxation laws for domestic and foreign service suppliers, as per the
provisions of the Income tax Act,
1961, shall apply.
- Subsidies, where granted, shall be available only to
domestic service suppliers.
- In case of collaboration with public
sector enterprises or government undertakings as joint venture
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401
|
|
partners, preference in access will be given to foreign service
suppliers/entities which offer the best terms for transfer of technology.
Mode 3 and 4:
- Special treatment may be provided to Scheduled Castes, Scheduled
Tribes and weaker sections of society, as laid down in the Constitution of
India as well as various legislation.
- Access to Scheduled areas and Tribal areas covered under the V and
VI Schedule of the Constitution of India may be denied.
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|
|
Mode 4: Unbound except as per the commitments in the Chapter 9 on Movement
of Natural Persons
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|
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402
SECTOR SPECIFIC COMMITMENTS
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|||
Accounting and bookkeeping services
(CPC 862** excluding Auditing services)
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Mode 1 : None Mode 2 : None Mode 3 : Unbound
Mode 4: Unbound except as in horizontal commitments for
independent professionals on basis of contract subject to fulfillment
of criterion of registration with relevant Accountancy body in India and
obtaining of professional indemnity insurance from home country for a period
of stay of up to 12 months.
|
Mode 1: None Mode 2: None Mode 3: Unbound
Mode 4 : Unbound except as in
horizontal commitments for independent professionals on basis of contract
subject to fulfilment of criterion of registration with relevant Accountancy
body in India and obtaining of professional indemnity
insurance from home country for a period of stay of up to 12 months.
|
|
Advisory Taxation services excluding authentication of statutory audit
reports
(CPC 863**)
|
Mode 1: None, except for the limitation that personal appearance before
Indian Tax authorities is confined to Indian nationals receiving such services
only.
Mode 2: None, except for the limitation that personal appearance before
Indian Tax authorities is confined to Indian nationals receiving such services
only.
Mode 3: Unbound
Mode 4: Unbound
|
Mode 1: None, except for the limitation that personal appearance
before Indian Tax authorities is confined to Indian nationals
only.
Mode 2: None, except for the limitation that personal appearance before
Indian Tax authorities is confined to Indian nationals only.
Mode 3: Unbound
Mode 4: Unbound
|
|
Architectural services
(CPC 8671)
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Mode 1: None except that implementation in
India has to be carried out by a professional
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Mode 1: None
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403
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architect physically present in India and licensed by the Council of
Architecture
Mode 2: None except that implementation in India has to be
carried out by a professional architect physically present in India and
licensed by the Council of Architecture
Mode 3 : None, subject to incorporation in
India as partnership firm constituted by architects
and to fulfillment of other requirements as stipulated by the Council of
Architecture.
Mode 4 : Unbound except as in horizontal
commitments for employees of juridical persons and for independent professionals
with
a contract with a final client in India and subject also to
condition of registration with the Council of Architecture.
|
Mode 2: None
Mode 3 : None, subject to incorporation in India as partnership firm
constituted by architects and to fulfillment of other requirements as
stipulated by the Council of Architecture.
Mode 4 : Unbound except as in horizontal commitments for employees of
juridical persons and for independent professionals with a contract with a
final client in India and subject also to condition of registration with
the Council of Architecture
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|
Engineering services
(CPC 8672)
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Mode 1 : None
Mode 2 : None
Mode 3 : None, subject to incorporation in
India.
Mode 4 : Unbound except as in horizontal commitments for
independent professionals and employees of juridical persons in
the highly skilled and managerial categories on the basis of contract with a
final client in India and subject to fulfillment of qualification and
licensing requirements. In the case of juridical persons, also subject to
ceiling of 5% of the
|
Mode 1 : None Mode 2 : None Mode 3: None
Mode 4: Unbound except as in horizontal commitments for independent
professionals and employees of juridical persons in the highly skilled and
managerial categories on the basis of contr ct with a final clie
t in India and subject to fulfillment of qualification and licensing
requirements. In the case of juridical persons, also subject to
ceiling
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404
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total work force on a project.
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of 5% of the total work force on a project.
|
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Integrated engineering services
(CPC 8673)
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Mode 1 : None
Mode 2 : None
Mode 3 : None, subject to incorporation in
India
Mode 4 : Unbound except as in horizontal commitments for
independent professionals and employees of juridical persons in
the highly skilled and managerial categories on the basis of contract with a
final client in India and subject to fulfilment of qualification and licensing
requirements. In the case of juridical persons, also subject to a ceiling of 5%
of the total work force on a project.
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4: Unbound except as in horizontal commitments for independent
professionals and employees of juridical persons in the highly skilled and
managerial categories on the basis of contract with a final client
in India and subject to fulfilment of qualification and licensing
requirements. In the case of juridical persons, also subject to a ceiling
of 5% of the total work force on a project.
|
|
Urban planning services (CPC 86741)
|
Mode 1: None, subject to compliance with domestic regulations
Mode 2: None, subject to compliance with domestic regulations
Mode 3: None, subject to incorporation in India as partnership firm and
to fulfilment of other requirements as stipulated by the Council of
Architecture and/ or any other designated regulatory agency.
Mode 4 : Unbound except as in horizontal
commitments for employees of juridical persons and for independent professionals
with
a contract with a final client in India and
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Mode 1: None
Mode 2: None
Mode 3: None, subject to fulfilment of other requirements as
stipulated by the Council of Architecture and/ or any other designated
regulatory agency.
Mode 4 : Unbound except as in horizontal commitments for employees of
juridical persons and for independent professionals with a contract with a
final client in India and subject also to condition of registration
with the Council of Architecture and/ or any other
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405
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subject also to condition of registration with the Council of
Architecture and/ or any other designated regulatory agency.
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designated regulatory agency.
|
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Medical and dental services (CPC 9312)
|
Mode 1: None for provision of services on
provider to provider basis such that the transaction is between
established medical institutions covering areas of second opinion to help in
diagnosis of cases or in the field of research.
Mode 2: None.
Mode 3: None, subject to incorporation in India and subject to the
condition that the latest technology for treatment will be brought in.
Also, publicly funded services may be available only to Indian citizens or
may be supplied at differential prices to persons other than Indian
citizens.
Mode 4: Unbound pending finalisation of
MRA
|
Mode 1: None.
Mode 2: None.
Mode 3: Publicly funded services may be available only to Indian
citizens or may be supplied at differential prices to persons other
than Indian citizens.
Mode 4: Unbound pending finalisation
of Mutual Recognition Agreement
(MRA)
|
|
Veterinary services
(CPC 932)
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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Services provided by midwives, nurses, physiotherapists and
para-medical
personnel
(CPC 93191)
|
Mode 1: Unbound* Mode 2: None
Mode 3: None, subject to incorporation in India and subject to the
condition that the latest technology for treatment will be brought in.
Also, publicly funded services may be
|
Mode 1: Unbound* Mode 2: None.
Mode 3: Publicly funded services may be available only to Indian
citizens or may be supplied at differential prices to persons other
than Indian citizens.
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406
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available only to Indian citizens or may be supplied at
differential prices to persons other than Indian citizens.
Mode 4: Unbound pending finalisation of
MRA
* technically infeasible
|
Mode 4: Unbound pending finalisation of MRA
|
|
B. Computer and related services
(CPC 841, 842, 843,
844, 845, 849)
|
Mode 1 : None
Mode 2 : None
Mode 3 : None
Mode 4: Unbound except as in horizontal
commitments for employees of juridical persons and for independent professionals
with
a contract with a final client in India
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments for employees of
juridical persons and for independent
professionals with a contract with a final client in India
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C. Research and Development Services
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Research and dev services on the following natural
sciences only:
Heat, light, electro-
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Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments for
independent professionals and employees of juridical persons on the
basis
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments for employees of
juridical persons and for independent
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407
magnetism,
astronomy, but excluded atomic energy and related matters (CPC
85101)
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of contract with a final client in India
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professionals with a contract with a final client in India
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Engineering and technology, including applied science and
technology for casting, metal, machinery,
electricity, communications, vessels, aircrafts, civil engineering,
construction, information, etc.
(CPC 85103)
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments for
independent professionals and employees of juridical persons on the basis of
contract with a final client in India
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments for employees of
juridical persons and for independent professionals with a contract with a final
client in India
|
|
R&D services in biotechnology, excluding medical biotechnology
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Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments for
independent professionals and employees of juridical persons on the basis of
contract with a final client in India
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Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments for independent
professionals and employees of juridical persons on the basis of
contract with a final client in India
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R&D services in
Agricultural Sciences
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Mode 1 : None
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Mode 1 : None
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408
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Mode 2 : None
Mode 3 : Unbound
Mode 4 : Unbound
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Mode 2 : None
Mode 3 : Unbound
Mode 4 : Unbound
|
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||||
Real estate services on a fee or contract basis
(CPC 822)
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Mode 1: Unbound
Mode 2: Unbound
Mode 3: None for Consultancy Services, subject to Foreign
Investment Promotion Board approval.
Mode 4: Unbound
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Mode 1 : Unbound Mode 2 : Unbound Mode 3 : Unbound Mode 4 : Unbound
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E. Rental/ Leasing Services without Operators
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Rental/ leasing services without operators relating to ships
(CPC 83103)
(excluding the services of actual international transport of Cargo)
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Mode 1: None
Mode 2: None
Mode 3: None, for supply of services through registered Indian
company.
Mode 4 : Unbound
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Mode 1: None
Mode 2: None
Mode 3: None, except that prescribed minimum capitalisation norms must be
adhered to.
Mode 4 : Unbound
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409
Rental/ leasing services without operators relating to aircraft
(CPC 83104)
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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Mode 1 : None
Mode 2 : None
Mode 3 : None, except that prescribed minimum capitalisation norms must be
adhered to.
Mode 4 : Unbound except as in horizontal commitments
|
|
Rental/ leasing services without operators relating to other machinery and
equipment (CPC
83106 –83109)
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Mode 1 : Unbound Mode 2 : Unbound Mode 3 : None Mode 4 : Unbound.
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Mode 1 : Unbound
Mode 2 : Unbound
Mode 3 : None, except that prescribed minimum capitalisation norms must be
adhered to.
Mode 4 : Unbound
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|
Rental/ leasing services without operators relating to other transport
equipment (CPC
83101 + 83102 +
83105) (excluding Railroad Transport & Multimodal Transport)
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Mode 1 : Unbound Mode 2 : Unbound Mode 3 : None Mode 4: Unbound.
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Mode 1 : Unbound
Mode 2 : Unbound
Mode 3 : None, except that prescribed minimum capitalisation norms must be
adhered to.
Mode 4 : Unbound
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Rental/ leasing services concerning personal and
household goods (CPC
832)
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Mode 1 : Unbound
Mode 2 : Unbound
Mode 3 : None, subject to collaboration with
Indian partner
Mode 4 : Unbound
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Mode 1 : Unbound
Mode 2 : Unbound
Mode 3 : None, except that prescribed minimum capitalisation norms must be
adhered to and subject to collaboration with Indian partner.
Mode 4 : Unbound
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|
410
F. Other Business
Services
|
|
|
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Sale of leasing
services of advertising space of time (CPC
87110)
Planning, creating and placement of services of advertising (CPC
87120)
|
Mode 1 : None, subject to the requirement that foreign channels must seek
advertising for the down link beam through domestic entities and foreign print
media must seek advertisements through domestic entities.
Mode 2 : None
Mode 3 : None, subject to incorporation and foreign equity ceiling of 49%.
Management and control must be located in India.
Mode 4 : Unbound except as in horizontal commitments for independent
professionals and employees of juridical persons on the basis of contract with a
final client in India
|
Mode 1 : None, subject to requirement
that majority of content would be created locally by Indian
nationals.
Mode 2 : None
Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments for independent
professionals and employees of juridical persons on the basis of contract
with a final client in India.
|
|
Management consulting services excluding all services relating to legal
consultancy (CPC
86501**, 86502**,
86503**, 86505**,
86506**, 86509**)
|
Mode 1 : None
Mode 2 : None
Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments for independent
professionals on the basis of contract with a final client in India
|
Mode 1 : None
Mode 2 : None
Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments for independent
professionals on the basis of contract with
a final client in India.
|
|
411
Services related to management consulting (CPC
86601)
|
Mode 1 : None
Mode 2 : None
Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments
for independent professionals on the basis of contract with a final client in
India.
|
Mode 1 : None
Mode 2 : None
Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments for independent
professionals on the basis of contract with
a final client in India
|
|
Services incidental to fishing (CPC 882)
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments
|
|
Services incidental to mining (CPC 883
+5115)
|
Mode 1 : None
Mode 2 : None
Mode 3 : None, subject to incorporation in
India
Mode 4: Unbound except as in horizontal commitments for independent
professionals and employees of juridical persons on the basis of contract with a
final client in India
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments for independent
professionals and employees of juridical persons on the basis of contract
with a final client in India
|
|
Services incidental to energy distribution ( CPC 887 ** excluding energy
trading and
load dispatch functions)
|
Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments for independent
professionals and employees of juridical persons on the basis of contract with a
final client in India.
|
Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments for independent
professionals and employees of juridical persons on the basis of contract with a
final client in India
|
|
412
Placement and supply services of Personnel
(CPC 872)
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
|
|
Maintenance and repair of equipment
(not including maritime vessels, aircraft or other transport
equipment)
(CPC 633)
|
Mode 1 : Unbound
Mode 2 : Unbound
Mode 3 : None, subject to incorporation with
a foreign equity ceiling of 51 per cent
Mode 4 : Unbound
|
Mode 1 : Unbound Mode 2 : Unbound Mode 3 : None Mode 4 : Unbound
|
|
Building-cleaning services
(CPC 874)
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments
|
|
Photographic Services excluding aerial photography, satellite pictures
and satellite enabled photography ( CPC 875**)
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4: Unbound except as in horizontal commitments
|
|
Packaging Services
(CPC 876)
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments
|
|
413
Convention services
(CPC 87909**)
|
Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
|
Mode 1 : None Mode 2 : None Mode 3 : None
Mode 4 : Unbound except as in horizontal commitments
|
|
Specialty design services
(CPC 87907)
|
Mode 1: None
Mode 2: None
Mode 3: None subject to incorporation in
India and foreign equity cap of 51%. Mode 4: Unbound
|
Mode 1: None Mode 2: None Mode 3: None Mode 4: Unbound
|
|
Technical testing and analysis services excluding testing and analysis
services of automobiles
(CPC 8676**)
|
Mode 1: None
Mode 2: None
Mode 3: None, subject to incorporation
Mode 4: Unbound
|
Mode 1: None Mode 2: None Mode 3: None Mode 4: Unbound
|
|
2. Communication
Services
|
|
|
|
C. Telecommunication services (CPC 752)1
|
|
|
|
1 Excluding broadcasting services and measures affecting such services. Broadcasting is defined as a form of the uni-directional telecommunications intended for large
number of users having appropriate receiving facilities and carried out by means of radio or cable network. This may include sound transmission, television transmission or other types of transmission.
414
a) Public Telephone
Service (CPC
7521**)
i) Public Local
Telephone Service
ii) Public Long Distance Telephone Service
iii) Mobile Telephone
Service
Mode 1: Unbound
Mode 2: None
Mode 3:
49% in a company registered in India under the Companies Act 1956 and such investment will be governed by Foreign Exchange Management Act
(FEMA)
(PCOs) service.
Mode 4: Unbound except as indicated in the horizontal commitments
Mode 1: Unbound
Mode 2: None
Mode 3: None, except on the grounds of public and national interest.
Mode 4: Unbound except as indicated in the horizontal commitments
415
(b) Packet Switched
Data Transmission including telex Services (CPC
7523**)
Mode 1: Unbound
Mode 2: None
Mode 3:
49% in a company registered in India under the Companies Act 1956 and such investment will be governed by Foreign Exchange Management Act
(FEMA).
(PCOs) service.
Mode 4: Unbound except as indicated in the horizontal commitments
Mode 1: Unbound
Mode 2: None
Mode 3: None, except on the grounds of public and national interest.
Mode 4: Unbound except as indicated in the horizontal commitments
416
(c) Circuit switched data transmission
services (CPC
7523**)
|
Mode 1: Unbound
Mode 2: None
Mode 3: Licensed Public Telephone Service
(CPC 7521**) operators will be permitted to transmit data
on the PSTN2 network in its licensed service area.
Mode 4: Unbound except as indicated in the horizontal commitments
|
Mode 1: Unbound
Mode 2: None
Mode 3: None, except on the grounds of public and national interest.
Mode 4: Unbound except as indicated in the horizontal commitments
|
|
(d) Facsímile Service
(CPC 7521** + CPC 7529**)
|
Mode 1: Unbound
Mode 2: None
Mode 3: Licensed Public Telephone Service
(CPC 7521**) operators will be permitted for transmission of
facsimile on the PSTN2 network in its licensed service area.
Franchisees of service operators can provide commercial facsimile
services.
Mode 4: Unbound except as indicated in the horizontal commitments
|
Mode 1: Unbound
Mode 2: None
Mode 3: None, except on the grounds of public and national interest.
Mode 4: Unbound except as indicated in the horizontal commitments
|
|
2 PSTN refers to Public Telephone Service Network which is operated by licensed operators
417
(e) Private Leased
Circuit Services
(CPC 7522** +CPC
7523**)
|
Mode 1: Unbound
Mode 2: None
Mode 3:
(CPC 7521**)
operators will be permitted to provide Leased Circuit to their
customers, for their own use within the licensed service area.
Mode 4: Unbound except as indicated in the horizontal
commitments
|
Mode 1: Unbound
Mode 2: None
Mode 3: None, except on the grounds of public and national interest.
Mode 4: Unbound except as indicated in the horizontal commitments
|
|
418
(f) Data and message transmission services, the following:
i) Electronic mail
(CPC 7523**)
ii) Voice mail (CPC
7523**)
iii) On-line information and data base retrieval
(CPC 7523**)
iv) Enhanced / value added facsimile services, including store and
forward, store and retrieve
(CPC 7523**)
v) On-line information and/or data processing
(CPC 843**)
|
Mode 1: None
Mode 2: None
Mode 3: Total foreign equity must not exceed 51% in a company
registered in India under the Companies Act
1956 and such investment will be governed by Foreign Exchange
Management Act (FEMA).
Mode 4: Unbound except as indicated in the horizontal commitments
|
Mode 1: None
Mode 2: None
Mode 3: None
Mode 4: Unbound except as indicated as indicated in the horizontal
section.
|
|
419
(g) Other
(i) V-Sat
Services
(ii) Radio Paging
Service
|
Mode 1: Unbound
Mode 2: None
Mode 3:
49% in a company
registered in India under the Companies Act 1956 and such investment
will be governed by Foreign Exchange Management Act
(FEMA)
(PCOs) service.
Mode 4: Unbound except as indicated in the horizontal commitments
|
Mode 1: Unbound
Mode 2: None
Mode 3: None, except on the grounds of public and national interest.
Mode 4: Unbound except as indicated in the horizontal commitments
|
|
420
(h) Internet and
Infrastructure Services
i) Internet Services (with gateways)
ii) Internet Services
(without gateways)
iii) Infrastructure
Providers (Cat I)
iv) Infrastructure
Providers (Cat II)
|
Mode 1: Unbound
Mode 2: None
Mode 3:
b) Total foreign equity must not exceed
74% in a company registered in India under the Companies Act 1956 and such
investment will be governed by Foreign Exchange Management Act (FEMA)
Mode 4: Unbound except as indicated in the horizontal
commitments
|
Mode 1: Unbound
Mode 2: None
Mode 3: None, except on the grounds of public and national interest
Mode 4: Unbound except as indicated in the horizontal commitments
|
|
D. Audio-visual Services
|
|||
Services
(a) Motion picture or video tape distribution services
(CPC 96113)
|
|
(a) won an award in any of the
international film festivals
|
|
421
|
(ii) Import of titles restricted to
100 per year
|
notified by the Ministry of Information & Broadcasting, Government of
India; or
(b) participated in any of the official sections of the notified
international film festivals; or
(c) received good reviews in prestigious film journals notified by the
Ministry of Information & Broadcasting, Government of India
|
|
Construction & Related Engineering Services
|
|
|
|
a. General Construction Work for Buildings (CPC 512)
b. General construction work for civil engineering (CPC 513)
c. Installation and assembly work (CPC
514, 516)
d. Building completion and finishing work
(CPC 517)
e. Others ( CPC 511,
515, 518)
|
Mode 1: None
Mode 2: None
Mode 3: None, subject to incorporation in
India.
Mode 4: Unbound except as in horizontal commitments for independent
professionals and employees of juridical persons and subject to contract with
final client in India.
|
Mode 1: None
Mode 2: None
Mode 3: None, subject to incorporation in India and also
subject to the condition that prescribed minimum capitalisation norms
must be adhered to.
.
Mode 4: Unbound except as in horizontal commitments for
independent professionals and employees of juridical persons and subject
to contract with final client in India.
|
|
422
4. Distribution Services
(excluding live animals)
|
|
|
|
Commission agents’ services covering services provided by an agent
who does not own the goods or enjoy right of action in his own name but only
acts as a facilitator amongst or between wholesalers
and retailers
|
Mode 1: None
Mode 2: None
Mode 3: None, subject to approval of RBI/FIPB and conformity with FEMA
regulations, as applicable.
Mode 4: Unbound
|
Mode 1: None Mode 2: None Mode 3: None Mode 4: Unbound
|
|
Wholesale trade services covering sale of goods
or commodities for resale and sale for further distribution
|
Mode 1: None
Mode 2: None
Mode 3: None, subject to approval of RBI/FIPB and conformity with FEMA
regulations, as applicable.
Mode 4: Unbound
|
Mode 1: None Mode 2: None Mode 3: None Mode 4: Unbound
|
|
423
The commitments are scheduled based on the classification of Financial Services Sectors as provided in GATS and the GATS Annex on Financial Services. All the commitments are subject to entry requirements, domestic laws, rules and regulations, guidelines and the terms and conditions of the Reserve Bank of India, Securities and Exchange Board of India and any other competent authority in India, which are within the framework of Article 7.10 (Domestic Regulation) and paragraph 2 (Domestic Regulations) of the Annex on Financial Services.
Insurance Related
Services
a. Life Insurance
[5(a) (i) (A)]
b. Non-Life Insurance
[5(a) (i) (B)]
|
|
|
|
424
|
7.1(e) shall be permitted to incorporate one insurance company, provided
that none of these banks referred to above, individually or collectively, hold
more than 26% equity in any of the insurance companies incorporated in India to
provide insurance services.
|
|
|
Reinsurance and
retrocession
5(a)(ii)
Insurance intermediation, limited to reinsurance
Ex. 5(a)(iii)
1),2) Reinsurance can be taken with
foreign reinsurers to the extent of the residual uncovered risk after obligatory or statutory placements domestically with Indian insurance companies.
1),2) Reinsurance of domestic risks can be placed with foreign reinsurers through overseas brokers, to the extent mentioned under reinsurance and retrocession
425
have resident representatives and representative offices who can procure reinsurance business from Indian insurance companies to the extent mentioned above. They can also place reinsurance business from abroad with Indian insurance companies
(ii) Except for the business indicated above, the resident representatives and representative offices cannot
undertake any other activity in India.
(iii) All expenses of the resident representatives and representative offices have to be met by remittances from abroad and no income can be received in India from Indian residents.
426
The following section has been re-formulated to bring it in conformity with
the Financial Services Sector listed in the Annex on Financial
Services.
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financial services
(excluding insurance)
1.(i) Acceptance of deposits and other repayable funds from the
public
5(a)(v)
(ii) Lending of all types, including consumer credit, mortgage credit,
Factoring and financing of commercial transactions
Ex. 5(a)(vi)
(iii) All payment and money transmission services including credit, charge
and debit cards, travellers cheques and bankers' drafts
5(a)(viii)
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For all activities listed in this section of the
Schedule excluding factoring and venture capital
(i) Each of the three Singapore banks named in Article 7.1(e) is
limited to
“one mode of presence” through (a) establishing not more
than one wholly owned subsidiary or (b) operating through branches
in India or (c) establishing a joint venture company in India, to
supply banking services in India.
(ii) Grant of licence as permissible under existing laws.
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i) Public sector enterprises can invest surplus funds
in term deposits only with scheduled commercial banks incorporated in
India.
ii) For Wholly owned subsidiaries of banks Unbound except in the case of
branching including the number
of branches that can be opened, places of operations and prudential
requirements.
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427
(iv) Guarantees and commitments
5(a)(ix)
(v) Trading for own account of the following:
(a) money market instruments (including cheques, bills, certificates of
deposits)
(b) foreign exchange
(c) transferable securities
Ex. 5(a)(x)(A)(B)(E)
(vi) Asset Management, confined to Portfolio management, custodial and
trust services
Ex. 5(a)(xiii)
(vii) Clearing services for other banks for cheques, drafts and other
instruments
Ex. 5(a)(xiv)
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(iii) For banks that operate as branches: Fifteen branches over four
years for the three Singapore banks named in Article 7.1 (e) would be
allowed.
(iv) Banks are allowed to install ATMs at branches and at other places
identified by them. Installation of ATM at a
place other than in licensed branches is treated as a new place of business
and requires a licence. Licences issued for ATMs installed by foreign banks
will not be included in the ceiling of fifteen licences referred to in item
(iii) above.
(v) Investments in other financial services companies by branches of
foreign banks licensed to do banking business in India individually not to
exceed 10 per cent of owned funds or
30 per cent of the invested company's capital whichever is lower.
(vi) Licences for new foreign banks may be denied when the maximum
share
of assets in India both on and off balance sheet of foreign banks to total
assets both on and off balance sheet of the banking system exceeds 15 per
cent.
(vii)Foreign banks are subject to non-discriminatory resource allocation
requirements.
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(iii) The minimum capital requirement for asset management companies owned
or controlled by Singapore juridical persons established in India with more
than
74% foreign direct investment is US $ 30 million.
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428
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(viii) In addition, Singapore banks are permitted to invest in private
sector banks through the FDI route subject to the condition that total
investment
(foreign direct investment and foreign institutional investment) shall not
exceed 74% but subject to limitation
of ‘one mode presence’ as specified in item (i).
In case of Singapore banks already present in India, a time bound plan
covering a period not exceeding six months to conform to the ‘one form of
presence’ will have to be submitted along with the application of
acquisition.
(ix) SEBI regulated exchange traded
funds managed by asset management companies owned or controlled by
Singapore or India juridical persons can invest in equities traded on SGX,
without the limitation that the company in which investments are
made should have a stake in an Indian company.
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429
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Further, only SEBI regulated funds managed by asset management
companies owned or controlled by Singapore or India juridical persons
and
intermediaries owned or controlled by Singapore or
India juridical persons, are permitted to offer mutual funds
and collective investment schemes listed on the Singapore Exchange, to
investors in India, without the limitation that the company in which
investments are made should have a stake in an Indian company.
(x) Asset management companies established in India, which are
owned or controlled by Singapore or India juridical persons and
which supply financial services to investors in India, are permitted to invest
US$ 250 million in equities and instruments listed on the Singapore
Exchange, including Exchange Traded Funds, mutual funds and collective
investment schemes, over and above the cap of US $ 1 billion.
(xi)Indian Depository Receipts are permitted to be offered in India with
Singapore listed shares as underlying assets. Any company listed in a
recognised stock exchange of India are permitted to offer
Depository Receipt to be listed on the Singapore Exchange.
For transferable securities [5(a)(x)(E)]
(xii) In addition to the above, through
establishment of locally incorporated joint venture company with foreign
equity not exceeding 74 per cent. The foreign equity participation will be
limited to recognized foreign stock broking companies.
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For transferable securities
[5(a)(x)(E)]
(iv)Unbound except for entities established in accordance with the
limitations specified in the market access column
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430
(vii) Clearing services for other banks for cheques, drafts and other
instruments
Ex. 5(a)(xiv)
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For Factoring
1) Unbound
2) Unbound
3) (i) Allowed for foreign financial services companies (excluding banks)
through incorporation, subject to the condition that foreign equity must not
exceed 74%.
Allowed for banks through incorporation with foreign equity not exceeding
51 per cent
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4) Unbound except as indicated in the horizontal section
For Factoring
1) Unbound
2) Unbound
3) Unbound except for entities established in accordance with the
limitations specified in the market access column.
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431
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4) Unbound except as indicated in the horizontal section
Venture Capital
1) Unbound
2) Unbound
3)(i) Allowed for foreign financial services companies (excluding banks)
through incorporation, subject to the condition that foreign equity must not
exceed
74%.
Allowed for banks through incorporation with foreign equity not exceeding
51 per cent
(ii) Funding has to be entirely out of equity.
4) Unbound except as indicated in the horizontal section
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Venture Capital
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432
5(a)(vii)
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1) Unbound
2) Unbound
3) Allowed for foreign financial services companies (excluding banks)
through incorporation, subject to the condition that foreign equity must not
exceed
74%.
Allowed for banks through incorporation with foreign equity not exceeding
51 per cent
4) Unbound except as indicated in the horizontal section
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(whether publicly or
privately) and provision of services related to such issues
5(a)(xi)
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1) Unbound
2) Unbound
3) (i) Allowed for foreign bank branches licensed to do banking business in
India.
(ii) Allowed for foreign financial services companies (excluding banks)
through incorporation, subject to the condition that foreign equity must not
exceed
74%.
Allowed for banks through incorporation with foreign equity not exceeding
51 per cent
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433
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4) Unbound except as indicated in the horizontal section
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5(a)(xii)
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1) 2) and 3) Unbound
4) Unbound except as indicated in the horizontal section
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1) 2) and 3) Unbound
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and financial data processing and related software by
suppliers of other financial services
5(a)(xv)
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1) and 2) None
3) Unbound
4) Unbound except as indicated in the horizontal section
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1) and 2) None
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Ex. 5(a)(xvi)
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1) Unbound
2) Unbound
3)(i) Allowed for Foreign bank branches licensed to do banking business
in
India.
(ii) Allowed for foreign financial services companies (excluding banks)
through incorporation, subject to the condition that foreign equity must not
exceed
74%.
Allowed for banks through incorporation with foreign equity not exceeding
51 per cent
4) Unbound except as indicated in the horizontal section
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8. Health Related and Social services
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Hospital Services (CPC 9311)
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Mode 1: None for provider to provider services
Mode 2: None for provider to provider services
Mode 3: None subject to the condition that
i) the latest technology for treatment will be brought in.
ii)publicly funded services may be
available only to Indian citizens or may be supplied at differential prices
to persons other than Indian citizens.
Mode 4: Unbound
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Mode 1: None. Mode 2: None
Mode 3: Publicly funded services may be available only to Indian citizens
or may be supplied at
differential prices to persons other than Indian citizens. Mode 4:Unbound
except as indicated in the horizontal section
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9.Tourism and Travel Related Services
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Hotels and Restaurants (incl. Catering) (CPC 641-643)
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments and subject to
reciprocity.
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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Travel agencies and tour operators services (CPC 7471)
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments and subject to
reciprocity
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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10. Recreational, Cultural and Sporting services (other than
Audio-visual services)
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Library Services CPC 96311)
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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Archive Services (CPC 96312)
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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Sporting and other recreational services (CPC 964**)
(excluding lottery and gambling services)
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Mode 1: None
Mode 2: None
Mode 3: None, subject to reciprocity
Mode 4: Unbound except as in horizontal commitments and subject to
reciprocity
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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11. Transport Services
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Maritime Transport Services
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Maritime Transport Services: The commitments in Maritime Transport
are made in accordance with the General Agreement on Trade in Services. All
commitments are subject to domestic laws, entry requirements, rules and
regulations and the terms and conditions of the Directorate General of
Shipping, Mumbai, Reserve Bank of India and any other competent authority in
India. Supply of Maritime Auxillary Service through commercial presence under
mode 3 will be only through registered Indian Company.
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436
International Transport
Freight and passengers excluding LNG, cabotage and offshore transport (CPC
7211,
7212) and as further defined in
Attachment A
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Mode 1: Unbound
Mode 2: Unbound
Mode 3: a) None, except for stipulation that only registered companies, or
cooperative societies under any Central
Act or State Act having its principal place of business in India can
operate a ship under the Indian Flag.
b) Other forms of commercial presence for the supply of International
Maritime Transport Services: Unbound *
Mode 4: Unbound
* “Other forms of Commercial Presence for the supply of
International Transport Services” means ability for International
Maritime Transport Service suppliers to undertake local
activities which are necessary for the supply to their customers of
partially or fully integrated transport services, within which maritime
transport constitutes a substantial element
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Mode 1: Unbound
Mode 2: Unbound
Mode 3: Freight : Unbound
Passenger: None
Mode 4: Unbound
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437
Maritime Auxiliary Services
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Maritime Cargo Handling services
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commitment/ Head Note to this Schedule
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Maritime Agency Services ( CPC
748**)
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Mode 1: None
Mode 2: None
Mode 3: None, except as indicated in the
Head Note
Mode 4: Unbound except as in horizontal commitments
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Mode 1: None
Mode 2: None
Mode 3: None except as indicated in the Head Note Mode 4: Unbound except
as in horizontal commitments
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Ship Broking Service (CPC 748**)
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Mode 1: Unbound
Mode 2: None
Mode 3: None, except as indicated in the
Head Note and subject to reciprocity
Mode 4: Unbound except as in horizontal commitments
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Mode 1: Unbound
Mode 2: None
Mode 3: None, except as indicated in the Head Note Mode 4: Unbound except
as in horizontal commitments
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Classification Societies except for statutory services for Indian
flagships (CPC n.a.)
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Mode 1: None
Mode 2: None
Mode 3: None, except as indicated in the
Head Note
Mode 4: Unbound except as in horizontal commitments
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Mode 1: None
Mode 2: None
Mode 3: None, except as indicated in the Head Note Mode 4: Unbound except
as in horizontal commitments
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438
Maritime Freight Forwarding
Services (CPC 748**, 749**)
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Mode 1: None
Mode 2: None
Mode 3: None, except as indicated in the
Head Note
Mode 4: Unbound except as in horizontal commitments
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Mode 1: None
Mode 2: None
Mode 3: None, except as indicated in the Head Note Mode 4: Unbound except
as in horizontal commitments
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Maintenance and repairs of seagoing vessels (CPC 8868**)
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Mode 1: None
Mode 2: None
Mode 3: None, except as indicated in the
Head Note
Mode 4: Unbound except as in horizontal commitments
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Mode 1: None
Mode 2: None
Mode 3: None, except as indicated in the Head Note Mode 4: Unbound except
as in horizontal commitments
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International freight transport
(By Air) (CPC 732)
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Mode 1: Unbound Mode 2: Unbound Mode 3: None Mode 4: Unbound
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Mode 1: Unbound Mode 2: Unbound Mode 3: None Mode 4: Unbound
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Maintenance and repair of aircraft (CPC 8868**)
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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Mode 1: None Mode 2: None Mode 3: None
Mode 4: Unbound except as in horizontal commitments
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439
Attachment A
Definitions Related to Maritime Transport Services
Maritime Freight and Passengers by sea going vessels from the port of loading in one country to the port of discharge in another country.
and the subsoil of the seabed, or situated on the continental shelf of India.
Maritime Transport Service suppliers to undertake local activities which are necessary for the supply to their customers of a partially
or fully integrated transport service, within which maritime transport constitutes a substantial element. These activities include, but are not limited to:
a. marketing and sales of maritime transport and related services through direct contact with customers, from quotation to invoicing, these services being those operated or offered by the service supplier itself or by service suppliers with which the service seller has established standing business arrangements;
b. acquisition on their own about or on behalf of their customers (and the resale to their customers) for any transport and related services, including anchorage, berth and berth services, and onward transport services by any mode, particularly road and rail, inland waterways, necessary for the supply of the integrated services;
c. the preparation of transport documents, customs documents, or other documents related to the origin and character of goods transported;
d. the provision of business information, including computerized information systems and electronic data interchange;
e. setting up of business arrangements with any locally established shipping agency and the appointment of personnel recruited locally (or, in the case of foreign personnel, subject to horizontal commitments on movement of personnel);
440
g. the provision of Ships Managers’ Services.
NOTE: {In order to enforce certain standards and conditions which need to be fulfilled by shipping service suppliers, particularly those providing ship personnel and crew and also those engaged in providing ships management services, and to ensure that the owner, operator, agent or manager has:
- the capability of implementing international standards as well as IMO stipulations and recommendations;
- the necessary financial structure so that he is responsible and accountable;
- the capability of implementing, the safety; and marine pollution controls;
- fulfilled requirements of quality management and his operations are transparent;
a system of registration/ licensing of shipping service supplier is under consideration in India}
of assessing requirements, negotiating and authorizing expenditures necessary to the maintenance and operations of a vessel as well as
the Handling of Cargo.
- the loading/ discharging of cargo to/ from a ship;
- the lashing/unlashing of cargo;
- the reception/delivery and safekeeping of cargoes before shipment or after discharge.
The organization and supervision includes the arrangements for (1) engaging skilled workers (dockworkers), (2) using all necessary equipment for on board or shore use and appropriate storage space, whether by ownership, rental or otherwise, (3) the checking of parcels and markings, the weighing and measuring of cargo, and (4) the administrative duties and responsibilities related
to the services.
441
more shipping lines or shipping companies for the following purposes:
- marketing and sales of maritime transport and related activities from quotation to invoicing (cargo booking and canvassing)
- issuance of bills of lading on behalf of the companies;
- acquisition and resale of other necessary related services (settlement of disbursements and claims) preparation of documentation, and provision of business information;
- acting on behalf of the companies in organizing the call of the ship or taking control of cargoes;
- to make arrangement in order to get all necessary port services required by the foreign vessel during its stay in Indian Ports;
- to appoint a stevedoring company for cargo loading and unloading on behalf of its principal;
- to collect freight on behalf of the principal.
the main or secondary activity of the services provider.
a view to their stuffing/ stripping, repairs and making them available for shipments.
sea-going vessels with crew or on bare-boat basis (whereafter the ship will be manned by Indian nationals only during the period of rental/ lease) for the purposes of international trade (like tankers, dry bulk cargo vessels, cargo and freight vessels etc).
442