Saturday, March 24, 2018
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India Relaxes Offset Guidelines, Sets 20% penalty on Failure to Fulfill...

Amid growing criticism of its unrealistic demands for buyback, India has relaxed its offset guidelines to enable foreign vendors to fulfill their obligations in timely manner by including Technology Transfer and R&D as offsets. New Delhi also imposed a 20% penalty on vendors failing to fulfill their offset obligations within the prescribed timeframe, as set by the Defense Department procurement procedure.