Doing Business in India - RSM Austria

The Central Government by order may direct that all or any provisions of this Act
shall apply to works of other countries. This means that any person who enjoys a
copyright in one of the convention countries automatically enjoys a statutory
protected copyright in India.
4.4 Competition Policy
The newly enacted Competition Act, 2002, has constituted the Competition
Commission of India (‘CCI’) which is empowered to ensure free and fair competition
in the market. The Competition Act aims at preventing practices having adverse
effect on competition, to promote and sustain competition in markets, to protect
the interest of consumers and to ensure freedom of trade carried on by the other
participants in the markets in India. The main purposes of the Competition Act are
(a) Prohibition of anti-competitive agreements, (b) Prohibition of abuse of dominant
position, and (c) Regulation of combinations.
4.5 Environmental Regulation
All proposed industrial units have to obtain environmental clearance from the
relevant air and water pollution control boards, which operate under the Ministry of
Environment and Forests.
5.0 FINANCIAL SECTOR
5.1 Banking System
India has a vast network of about 88,408 bank branches that held deposits of about
Rs. 38,341 billion as of 31 March 2009.
5.1.1 Reserve Bank of India (RBI)
The Indian central bank is the Reserve Bank of India (RBI) and its primary function is
to act as the banker and financial adviser to the government, the commercial banks
and some of the other financial institutions. It is the sole authority for the issue of
bank notes and the supervisory body for all banking operations in the country. Its
other functions include execution of the government’s monetary policy, regulating
the money flow in the economy and acting as the custodian of India’s foreign
exchange reserves.
5.1.2 Commercial Banks
The commercial banks may be classified into the following five categories:
i. The State Bank of India and its associate banks
ii. Other nationalized banks
iii. Private sector banks
iv. Regional rural banks and
v. Foreign banks
The commercial banks transact all types of commercial banking business. They are
also allowed to set up (with the prior approval of the RBI) subsidiaries to engage in
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