We believe that streamlining the foreign investment process through the proposed regulatory changes will add a level of transparency and certainty required by our member companies to inform investment decisions...", the memorandum said.
It said this will significantly increasing the capacity of the Government of India to manage both capital flows and financial markets with greater efficiency.
"While concerns of capital flows can continue to be regulated vis a vis foreign exchange management and other processes, liberalising the framework for FII would be consistent with India's goal to increase the efficiency and liquidity of its markets through allowing greater participation in its markets by foreign investors, USIBC noted.
US Electronic Payment Providers want opportunity to continue to support India's efforts in expanding access to financial services, in mobile banking, domestic and international remittances, ATMs, credit cards, and other services, the USIBC memorandum said.
"The regulatory framework around India's National Payments System should not discriminate against foreign providers in the interest of low cost, high quality payment and money transfer services", it said.
"We believe it would be beneficial to establish an Advance Pricing Mechanism to provide clarity and security to foreign firms on their future tax liabilities," it said.
USIBC urged reduction in tariff on a range of products including heavyweight motorcycles, restaurant equipments including ovens, freezers and cash registers and security equipment and life saving devices among other items, it said.
In order to best facilitate improvements to agricultural sector, it is imperative that the multi-brand retail sector be liberalised to a minimum 51 per cent in the near-term, with a solid plan to fully liberalise to 100% in the medium term, USIBC urged.
In addition to the liberalisation of FDI norms, market access barriers in form of tariffs often impair the ability of food service firms and food processors to develop value added products for the Indian market, it said while calling for conducive steps in this direction.
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