This provides for source-based taxation of capital gains on share sale. The double taxation avoidance agreement grand fathers all income prior to 1 April 2017. On June 29, 2016, the negotiation on the Double Taxation Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income between Cyprus and India has been successfully completed, in New Delhi.

India’s average connection speed during the quarter was 3.5 Mbps, Philippines also had the same speed with 3.5 Mbps. South Korea recorded the highest average speed in APAC, and globally, with 29 Mbps. The data has been collected from Akamai’s ‘Intelligent Platform’, which records Internet speed and adoption rates from 175,000 servers in more than 1,300 networks over 100 countries.

The two countries finalised a deal that allows their militaries to help each other with crucial supplies, and Washington formally recognised India as a ‘major defence partner’. Modi’s meeting with Obama began on a propitious note as the two sides disclosed that India had cleared all hurdles to become a member of the 34-member Missile Technology Control Regime, a non-proliferation regime of which China is not a member.

The payment will be made via European banks unlocking $6.4 Bn of stalled funds. Buyers of Iranian oil were prevented from using global banking channels to clear their transactions after sanctions were imposed on Iran in 2011 over its nuclear programme. With the end of those sanctions in January Iran is finally gaining needed access to the funds.

The chief executive of Toshiba Corp’s Westinghouse Electric said he expects to sign a deal in June to build 6 nuclear reactors in India after marathon negotiations that began more than a decade ago. The deal would be the first nuclear commercial power project since the US and India agreed in 2008 to cooperate in the civil nuclear arena.

American-Chinese food chain Panda Express plans to make an India entry in partnership with JSM. Mumbai-based JSM had earlier brought international chains like Hard Rock Cafe and California Pizza Kitchen into the domestic market and is learnt to have inked a master franchise agreement with Panda Restaurant Group. According to sources, JSM is likely to roll out the first few outlets of Panda Express over the next 6 months starting with major metros. It plans to open around 50 outlets for the brand over the next 5 years.