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» 2021 » September » 23
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India Has Signed Social Security Agreement With How Many Countries

“The issue of totalization was also raised. There was a feeling that Indian professionals who spend less than eight years and contribute to social security. I really have to get that money back,” Shringla said Tuesday. Despite years of negotiations, the U.S. has not signed the totalization agreement, also known as the Social Security Agreement (SSA), with India to protect the rights of computer scientists and other service workers who divide their professional careers between India and the United States. “In the absence of an SSA with the US, Indian employees face a difficult time when billions of dollars of their revenue remain stuck there. In contrast, U.S. employees do not suffer in India because the mandatory social security in India is too low for an American worker,” said Shankar Agarwal, a former union labor minister. SSA is a bilateral agreement between India and another country to protect the interests of cross-border workers. The agreement provides for the prevention of “double coverage” and guarantees equal treatment of workers from both countries from the point of view of social security.

The agreement also provides disability insurance benefits for Indian nationals working abroad. Until 2008, foreigners who were employed in India were not covered by the provident Fund (PF) rules, as PF contributions were not mandatory if workers` wages exceeded the salary cap. On the contrary, Indian nationals who worked abroad had to contribute to each country`s social security system. However, these contributions have generally been lost due to limited membership abroad or non-compliance with the minimum contribution or residence period. Indian industry in the United States pays about $1 billion for Social Security, which is only viable after 10 years. As the typical duration of a temporary holder of a high-qualification visa is three to six years, most workers cannot get benefits, the Confederation of Indian Industry (CII) and the United States India Business Council (USIBC) said in a new report on Tuesday. Click here to read that Mint ePaperMint is now on Telegram. Join the mint channel in your telegram and stay up to date with the latest business news. As in the past, India has SAAs with at least 18 countries and the United States has an agreement with more than 24 nations. While SAAs aim to mitigate the complexity of cross-border social security, some issues and challenges still require attention to maximise the benefits of these bilateral agreements.

Since different SSAs have different concepts and requirements, the conditions of each SSA need to be closely examined in order to derive the greatest possible benefit. While there are practical challenges, FP authorities have consistently highlighted clarifications to support the successful implementation of ASAs. Increasing country coverage under bilateral agreements, combined with good implementation, brings considerable benefits to the mobile population and its employers and is therefore a step in the right direction. According to Richa Mohanty Rao, a partner at the law firm Cyril Amarchand Mangaldas, double taxation treaties are akin to double taxation treaties in which workers from signatory states do not have to be covered by the social security laws of the host state when they contribute in their home country. The result is fairer treatment of workers and employers on a reciprocal basis, she added. India on Tuesday asked the United States to consider signing a totalization agreement to avoid double deductions from the incomes of workers working in other countries and to allow Indian workers in the United States to recover billions of dollars in social security bonds. Prime Minister Narendra Modi spoke about the need for the totalization agreement, while Foreign Minister Harsh Vardhan Shringla said that the two issues regarding the H-1B visa, which has a direct influence on the IT sector, and the tabination agreements with the US authorities were discussed. . . .

23 September 2021 Uncategorized Read more

Icsid Arbitration Agreement

Each arbitral tribunal established under this Agreement shall be composed of [a single arbitrator]/[an odd total number of arbitrators appointed by each party and an arbitrator who shall be president of the Tribunal, appointed by [agreement of the parties]/[title of neutral official]/[agreement of the parties or, if such an agreement is not concluded, by officials neutral in title. Article 47 of the Convention provides that, unless otherwise agreed by the parties, a court may recommend all interim measures which should be taken to preserve the respective rights of one of the parties if the circumstances so consider necessary. In accordance with Rule 39(5), the parties, where provided for in their approval agreement, may also apply to a court or other authority for interim measures. If the parties so wish to provide for the possibility of applying for interim measures ordered by the courts, they may use a clause such as the following clause for this purpose. Additional factual elements in the Facility should serve as a mechanism for prevention and not for dispute settlement. In accordance with Article 16 of the Fact-Finding (Additional Facility) rule, the procedure ends with a report “limited to factual findings”. The report is not binding and should not even contain recommendations. However, the establishment of the facts may enable the parties to assess impartially the facts which, if accepted by them, can prevent differences of opinion on certain substantive issues from degenerating into litigation. Contrary to the position on mediation and arbitration under the Additional Facility, all States and nationals of another State (whether Contracting States) may have recourse to the finding of facts of the Additional Facility, and the agreement of the parties in this regard is not subject to the approval of the Secretary-General of the Centre. Such an agreement could be as follows.

Under the Convention, approval of a defined class of future disputes may be granted in advance. Future dispute clauses are a common feature of investment agreements between States Parties and investors who are nationals of other States Parties. The host State thus waives any right to sovereign immunity in respect of itself and its property in respect of the enforcement and enforcement of an arbitral award rendered by an arbitral tribunal established under this Agreement. [12] In accordance with the formula set out in Article 37(2)(b) of the Convention, the Tribunal shall consist of three arbitrators, one of whom shall be appointed by each party, and a third presiding arbitrator, appointed by mutual agreement between the parties. If, on the expiry of the 90-day period provided for in Article 38 of the Convention and Arbitration Rule 4, or on the expiry of another period on which the parties may agree, the Tribunal may request the Chairman of the Board of Directors of CISID to appoint the arbitrator or arbitrators not yet appointed. In accordance with Rule 4 of the Arbitration, the President must respond to such requests within thirty days. If, as far as possible, under paragraph 9, a neutral official other than the President may be called upon to appoint arbitrators, it is advisable to obtain the prior consent of the official (see section XII. The second sentence of Article 26 of the Convention allows a Contracting State to “require the exhaustion of local administrative or judicial remedies as a condition of its consent to arbitration under this Convention”. If a State so requires, a clause along the following lines may be included in the approval agreement.

A number of States have developed systems to insure their nationals, usually through government authorities, against losses that may result from foreign investment. At present, there are also two intergovernmental agencies – the Multilateral Investment Agency and the Inter-Arab Investment Guarantee Corporation – which manage similar investment insurance schemes. Where such a State or intergovernmental authority compensates an investor, the Agency normally enters into the rights of the investor. . . .

23 September 2021 Uncategorized Read more

How To Negotiate A Licensing Agreement

DuPont`s William Cotreau continues to refine the theme of identifying an internal champion. If the technology is more cakes in the sky (for example.B. at an earlier stage), technicians have more influence than if the technology is ready to be reduced to practice. In the latter scenario, businessmen will have more influence, as the licensing of the technology will impact their operating budgets. The negotiation of the main terms of the agreement usually takes place face to face. While you can negotiate these terms over the phone or even email, there`s nothing like measuring the other party`s body language and expression during a negotiation. As mentioned in the previous section, communication is an important part of the negotiating framework. If both parties have thought in advance about their negotiation strategy – that is: an agreement can be reached on the deal terms Sheet in a single day…

23 September 2021 Uncategorized Read more


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