Import licences were mostly abolished starting 1991, when India ushered in its much-documented economic reforms and liberalisation.
Or, so we thought. The story of the week suggests otherwise.
Story of the week
On Thursday, the government imposed import restrictions on laptops, tablets, personal computers, and other similar data-processing units citing “security risks”. Although China was not mentioned, the restrictions mean such items can be sourced only from “trusted partners” through a licensing regime.
T N Ninan says the move makes this a season of bad ideas. The objectives, he says, are worthy (security and import substitution), but the road to the economic hell that India once was, was always paved with good intentions.
Personal computer companies planned to request the Directorate General of Foreign Trade for a three-month grace period before implementing the restrictions.
Last heard, the government was likely to decide “soon” on the industry proposal to delay the plan to require import licences for laptops and tablets by three to six months, a senior government source told Reuters, the news agency.
On Monday, Reliance Retail had announced the launch of JioBook at a price of Rs 16,499, making it one of the most affordable 4G-enabled laptops in the country.
With this stab at the bottom of the laptop pyramid, Mukesh Ambani’s daughter, Isha, who helms Reliance Retail, has shown that she is a true Ambani. Can she do an encore of what her father did with Jio? Read here about the Ambani way.
In other news…
On Wednesday, the Goods and Services Tax Council softened its stance and decided to implement a 28 per cent tax on electronic gaming, casinos, and horse racing, but said this would be applied on the initial amount paid upon entry, not on the total value of each bet placed.
On July 11, the GST Council had approved a uniform 28 per cent tax on the full “face value” of bets involving online gaming, casinos, and horse racing, bringing them on a par with betting and gambling.
IAMAI, which represents online gaming companies, said the GST Council’s decision of July 11 was a blow to India’s goal of becoming a $1 trillion digital economy by 2025.
The revised proposal is to impose a levy of 28 per cent GST on the amounts deposited by players with online gaming companies. This is in contrast to the original recommendation, which was to charge 28 per cent on the wager in each game.
What does this mean? You can learn more about it here and here.
Fitch on Tuesday became the second major agency, the first since Standard & Poor’s in 2011, to strip the United States of its prized triple-A credit rating. The move drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago.
Here is a look at what led to this and its possible impact. And here is more on what this means for the markets.
Tech that: Word from the world of technology and start-ups
The government on Thursday introduced the Digital Personal Data Protection Bill, 2023, in the Lok Sabha, outlining the lawful collection, processing and protection of private data. It also prescribed penalties of up to Rs 250 crore for data breaches.
Watch it: From The Morning Show
Maruti Suzuki India is set to acquire parent Suzuki’s manufacturing facility in Gujarat. Why? Is there more to it than meets the eye? Watch it here.
This is Suveen signing off. Please send tips, comments, news, or views about anything, be it imported laptops or taxing games, to suveen.sinha@bsmail.in.
(Suveen Sinha is Chief Content Editor at Business Standard)
Or, so we thought. The story of the week suggests otherwise.
Story of the week
On Thursday, the government imposed import restrictions on laptops, tablets, personal computers, and other similar data-processing units citing “security risks”. Although China was not mentioned, the restrictions mean such items can be sourced only from “trusted partners” through a licensing regime.
T N Ninan says the move makes this a season of bad ideas. The objectives, he says, are worthy (security and import substitution), but the road to the economic hell that India once was, was always paved with good intentions.
Personal computer companies planned to request the Directorate General of Foreign Trade for a three-month grace period before implementing the restrictions.
Last heard, the government was likely to decide “soon” on the industry proposal to delay the plan to require import licences for laptops and tablets by three to six months, a senior government source told Reuters, the news agency.
On Monday, Reliance Retail had announced the launch of JioBook at a price of Rs 16,499, making it one of the most affordable 4G-enabled laptops in the country.
With this stab at the bottom of the laptop pyramid, Mukesh Ambani’s daughter, Isha, who helms Reliance Retail, has shown that she is a true Ambani. Can she do an encore of what her father did with Jio? Read here about the Ambani way.
In other news…
On Wednesday, the Goods and Services Tax Council softened its stance and decided to implement a 28 per cent tax on electronic gaming, casinos, and horse racing, but said this would be applied on the initial amount paid upon entry, not on the total value of each bet placed.
On July 11, the GST Council had approved a uniform 28 per cent tax on the full “face value” of bets involving online gaming, casinos, and horse racing, bringing them on a par with betting and gambling.
IAMAI, which represents online gaming companies, said the GST Council’s decision of July 11 was a blow to India’s goal of becoming a $1 trillion digital economy by 2025.
The revised proposal is to impose a levy of 28 per cent GST on the amounts deposited by players with online gaming companies. This is in contrast to the original recommendation, which was to charge 28 per cent on the wager in each game.
What does this mean? You can learn more about it here and here.
Fitch on Tuesday became the second major agency, the first since Standard & Poor’s in 2011, to strip the United States of its prized triple-A credit rating. The move drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago.
Here is a look at what led to this and its possible impact. And here is more on what this means for the markets.
Tech that: Word from the world of technology and start-ups
The government on Thursday introduced the Digital Personal Data Protection Bill, 2023, in the Lok Sabha, outlining the lawful collection, processing and protection of private data. It also prescribed penalties of up to Rs 250 crore for data breaches.
Watch it: From The Morning Show
Maruti Suzuki India is set to acquire parent Suzuki’s manufacturing facility in Gujarat. Why? Is there more to it than meets the eye? Watch it here.
This is Suveen signing off. Please send tips, comments, news, or views about anything, be it imported laptops or taxing games, to suveen.sinha@bsmail.in.
(Suveen Sinha is Chief Content Editor at Business Standard)