Mr Sinha has promised an expanded list of industries for which there is automatic permission for foreign investment, and for other industries where a decision is promised within 30 days.

ECONOMIST: India

Second, the suspension of the 3-year statute of limitations is expanded to (1) annual reports required to be filed by a Passive Foreign Investment Company (PFIC), (2) the election of a PFIC shareholder to have the PFIC treated as a qualifying electing fund and (3) reports of foreign financial assets (a new form to be attached to and made a part of a tax return).

FORBES: THE GOOD OLD DAYS PRE-FACTA

He argued that an expanded investment is needed to lay the foundation for long-term economic growth, cut dependence on foreign oil and slow the process of global warming.

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