US makes changes in export control laws to benefit India
Wednesday, February 8, 2017 IST
Recognising India's status as a 'Major Defence Partner', the US has made necessary changes in its export control laws that would benefit India by facilitating a smoother transfer of technologies and arms to it.
The new rule that makes necessary changes in the export control laws "creates a presumption of approval" for Indian companies seeking to import Commerce Department-controlled military items, except Weapons of Mass Destruction-related goods.
This means that only under the rarest circumstances will India be denied licenses, a source familiar with the changes said.
"I'm pleased to see India's status as a 'Major Defence Partner' - a designation that we have strongly supported - being translated into tangible regulatory reform," said Mukesh Aghi, president of US-India Business Council (USIBC).
The new rule also amends the law so that companies will not need a license at all after becoming a Validated End-User (VEU).
Related Topics
Related News & Articles
Tundla railway station will become India's railway station to have Centralised Traffic Control (CTC) system. The system is being installed in the Kanpur-Ghazi...
Recently posted . 1K views . 3 min read
If FDI was allowed freely, there would be no need for an FIPB approval or a bribe for it ... If Modi really wants to rid India of corruption, he has to eliminate ...
Recently posted . 708 views . 2 min read
Since the ban, countries such as Bangladesh have turned to the likes of Myanmar, Egypt, Turkey and China to increase supplies in a bid to bring down prices.
Recently posted . 543 views . 1 min read
Covid-19 update: India had restricted the exports of pharmaceutical ingredients and medicines on March 3. Paracetamol and its formulations accoun...
Recently posted . 581 views . 2 min read
There was silence in the room when communication with Vikram lander was lost. India had hoped of becoming the first nation in the world to reach closest to the luna...
Recently posted . 497 views . 2 min read
Trending News & Articles
While the Uttarakhand High Court has asked to block 857 websites, the Ministry of Electronics and IT (Meity) found 30 portals without any pornographic content.
...
Recently posted . 61K views . 1 min read
The four boys as well as five school officials, including the director and principal, were arrested after the incident. The minors were presented before the Juvenil...
Recently posted . 8K views . 1 min read
Rahul was having an Italian passport and was carrying suitcase full of dollars. Some say it was about was it $2 million.
Rahul and his girl friend was th...
Recently posted . 7K views . 7 min read
True – Tr...
Recently posted . 6K views . 83 min read
More in National
The blaze broke out in the wee hours on Tuesday.
Recently posted. 552 views . 0 min read
The Sessions Court struck down the defence lawyer’s argument that the teenager be given ‘default bail’ since the CBI failed to file a chargesheet ...
Recently posted. 532 views . 1 min read
A panel of federal and state finance ministers on Thursday decided to revise GST rates on 29 goods and 53 services, Finance Minister Arun Jaitley told reporters a...
Recently posted. 644 views . 1 min read
Recently posted . 883 views
Recently posted . 775 views
Recently posted . 1K views
Recently posted . 1K views
Recently posted . 1K views . 34 min read
Recently posted . 1K views . 42 min read
"We both share common values, such as commonwealth heritage and democracy. And, also, the common language that is, English and now also Hindi," Joanna Kem...
Recently posted. 581 views . 1 min read
The transport and water resources minister, who was addressing a Moroccan delegation -- led by its Minister for Equipment, Transport, Logistics and Water Abdelkad...
Recently posted. 538 views . 1 min read