The Government of India has provided much-needed clarifications on transfer pricing arrangements between Indian operations of foreign companies and the parent foreign companies. Good job. Incidentally, one must compliment the Business Standard on a well-written article on this somewhat arcane matter.
Hope it would put an end to what is being perceived as arbitrary tax claims made by Indian tax authorities. The latest one being against Cairns. James Crabtree of FT mentions that in his article yesterday. Surely, India needs a lot to do to improve business conditions. But, this is an important milestone and needs to be acknowledged.