With a number of firms, including some telecom companies, threatening to drag India to international tribunals to protect their investment, the Centre has decided to form a committee headed by the cabinet secretary to handle broader issues involving foreign investments made under bilateral agreements with other countries.
Sources in the government said the Finance Ministry has told the Department of Telecom (DoT) that a new committee will be formed to oversee broader issues arising out of Bilateral Investment Treaty (BIT) or Bilateral Investment Protection Agreement (BIPA) signed between India and other nations.
“The proposed standing committee of secretaries chaired by cabinet secretary to oversee all issues arising out of BITs or BIPA may handle broader issues relating to BIPAs, already signed and under negotiation,” according to government sources.
Earlier, DoT had sought clarification over the function of the proposed committee and the already formed inter-ministerial group for handling the legal notice served by a mobile company.
Sources in the government said the Finance Ministry has told the Department of Telecom (DoT) that a new committee will be formed to oversee broader issues arising out of Bilateral Investment Treaty (BIT) or Bilateral Investment Protection Agreement (BIPA) signed between India and other nations.
“The proposed standing committee of secretaries chaired by cabinet secretary to oversee all issues arising out of BITs or BIPA may handle broader issues relating to BIPAs, already signed and under negotiation,” according to government sources.
Earlier, DoT had sought clarification over the function of the proposed committee and the already formed inter-ministerial group for handling the legal notice served by a mobile company.