Bollywood actress and Member of Parliament Hema Malini performs `Laxmi Puja' at the Bombay Stock Exchange during the Diwali festival. Photo: Sebastian D'Souza/AFP/Getty Images
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6. MAJOR FINANCIAL SECTOR REFORMS:
Setting up of the Competition Commission; Amendments to Companies Act, Fiscal Responsibilities, and Securitisation Act for creditors' security.
Board for Industrial & Financial Reconstruction to be repealed. Computerisation of Customs interface.
Stable tax regime. Only 3 rates of indirect tax. Trade facilitation measures introduced.
Foreign Exchange Management Act, 1999 provides a liberal regime; forex procedures eased.
Stocks can be sold on the without prior approval.
Profits, dividends and capital investment can be repatriated.
Royalties can be paid by wholly owned arms to parent companies.
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