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This E-Newsletter has been published by India Juris, full service Indian law firm with special expertise in Business, Corporate & IP laws, on requests from clients and associates worldwide with an object to keep them abreast of latest legal & business developments in India.

 Contents 

• Remittances for expenses for branch offices abroad

• Extension of period of realization of Export payments

• Indian Patent Office launches online patent searchable database

• Amendment in Patent Rules

Remittances for expenses for branch offices abroad

Earlier in India banks were permitted to allow remittance up to 2% and 1% of average annual sales/income or turnover during last two accounting years of the Indian entity for initial and recurring expenses respectively of the branch or office or representative abroad.

Now Govt. has decided to increase the existing limit to 10% and 5% for initial and recurring expenses respectively subject to the existing terms and conditions Now banks in India may allow remittance up to 10% for initial and up to 5% for recurring expenses of the average annual sales/income or turnover during last two accounting years subject to the existing terms and conditions.

Extension of period of realization of Export payments

Earlier banks have been permitted to grant extension of time for realization of export proceeds beyond six months from the date of export, where invoice value does not exceed US$ 100,000 subject to the conditions prescribed therein.

Now Govt. has decided to increase the invoice value limit to US$ 1 million from existing US$ 100,000 with immediate effect. Accordingly, banks may henceforth grant extension of time for realization of export proceeds beyond six months from the date of export up to the invoice value of US$ 1 million subject to existing terms and conditions.

Intellectual Property Rights 

Indian Patent Office launches online patent searchable database

Indian Patent Office has come up with online searchable patent database. This step is very effective and important towards timely disposal of Patent Applications. Applicants can now search the database free of cost. Please click here to visit patent search website.  http://pk2id.delhi.nic.in/ 

Amendment in Patent Rules

The government has now shortened the time-frame for processing of patent applications by notifying the Patents (Amendment) Rules of ’06 with effect from 5th May 2006

The new rules bring in more transparency, decentralization of the functioning of patent offices and simplify various procedures associated with grant of patent applications to make them user-friendly. The introduction of product patents in India is in line with its commitment to the World Trade Organisation (WTO). 

As per the changes notified under the patents (Amendment) rules, ’06, patent applications are now to be published within one month after expiry of the statutory period of 18 months. In case of request for an early publication, the application is to be published within one month from the date of request. This step will introduce an element of certainty regarding the date of publication. Further, with a view to enforcing transparency and ensuring time-bound disposal of patent applications, definitive time-frames have been prescribed for various activities of the Patent Offices.

A patent application now has to be referred to an examiner within one month of a request for its examination and the controller will be required to take a decision within one month of its submission and the first ‘examination report’ must be issued in six months of the date of request for examination of a patent.

To make the system more user-friendly, the time-frame for making a request for examination has been extended from 36 to 48 months, while the time for filing a pre-grant opposition extended from 3 to 6 months. The time for filing reply to pre-grant opposition extended from 1 to 3 months and that for meeting the requirements of the First Examination Report increased to 12 months.

For details on patent amendment rules please contact us.

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