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International Treaty - Section

Section 7 in European Economic Community International Institutional Partners Scheme, 1993

7. Tax exemption.

(1)The tax exemption would be available to EEC only in respect of investments made out of ECIIP funds, which would be used by the EEC through partner institutions as seed money for promoting industrial enterprises with the European Investors hailing from EEC member countries in India.
(2)The exemption from income-tax on dividend, interest and capital gains tax on disinvestment available to EEC under this Scheme will not be available in respect of the equity held by foreign investors hailing from EEC member countries, or the equity held by the ECIIP partner institutions out of their own funds.Annexure
  Facility Facility Facility Facility
  1 2 3 4
Typeof operation Identificationof potential joint venture projects and partners. Operationsprior to launching a joint venture. Financingcapital requirements. Humanresource development : training and management assistance.
Beneficiaries Chambersof commerce, professional associations, public agencies and ECIIPFinancial Institutions, Individual companies may not benefit fromfacility 1. Companies,either individually or jointly, local or European, wishing toundertake a joint venture investment project. Jointventures established by partners from EEC and from eligiblecountries Both partners must have a meaningful participation.Investment in local companies which operate under a licensing andtechnical assistance agreement with an EEC company.
Access Thebeneficiary may apply directly to the EEC or through a finan­cialinstitution.   Applicationto be made through a financial institution.
Typeof finance Grant Interestfree advance to be converted later either into a grant, a loan orequity. Equityholding or equity loan The financial institution must co-financethe projects. Interestfree loan
Amountavailable Maximumof 10,000 ECU Maximumof 2,50,000 ECU Maximumof 10,00,000 ECUThemaximum total support per project is 10,00,000 ECU Maximumof 2,50,000 ECU
Limits Upto 50 per cent of the cost. Upto 50 per cent of the cost. 20per cent of the capital of the joint venture. Upto 50 per cent of the cost.