_________________ 
 * En inglés solamente.   ORGANIZACIÓN MUNDIAL  
DEL COMERCIO  S/DCS/W/IND 
2 de abril de 2003  
 
(03-1841) 
Comercio de Servicios Original:   inglés 
   
COMUNICACIÓN DE LA INDIA  
 
Proyecto de Lista refundida de compromisos específicos
 
   El documento adjunto contiene el proyecto de  la Lista refundida de compromisos específicos 
y de la Lista de exenciones del artículo II (NMF) de la India
*.  No es un documento jurídicamente 
vinculante y no sustituye los compromisos jurídica mente vinculantes ni las exenciones suscritas, por 
la India, en su Lista de compromisos específicos (GATS/SC/42;  GATS/SC/42/Suppl.1;  GATS/SC/42/Suppl.2;  GATS/SC/42/Suppl.3;  y GATS/SC/42/Suppl.4) y en su Lista de exenciones del artículo II (NMF) (GATS/EL/42;  GATS/EL/42/Suppl.1 y GATS/EL/42/Suppl.2). 
 
_______________  S/DCS/W/IND 
Página 2 INDIA – SCHEDULE OF SPECIFIC COMMITMENTS  
  
Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
I.  HORIZONTAL COMMITMENTS  
ALL SECTORS INCLUDED 
IN THIS SCHEDULE   
 
 
3) In case of collaboration with public sector 
enterprises or government undertakings as 
joint venture partners, preference in access will be given to foreign service 
suppliers/entities which offer the best terms 
for transfer of technology.  
 4) Unbound except for measures affecting the 
entry and temporary stay of natural persons 
who fall in any of the following categories: 4) Unbound except for measures referred to 
under Market Access.  
 (a) Business visitors  
Persons who visit India for the purposes 
specified in (i) and (ii) below and who will not 
receive remuneration from within India: 
(i) for business negotiations, or 
(ii) for preparatory work for establishing a 
commercial presence in India.   
 Entry for persons in this category shall be for 
a period of not more than 90 days.  
  
   S/DCS/W/IND
 Página 3Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
 
 (b) Intra-corporate transferees  
At the level of Managers, Executives and 
Specialists who have been in the employment of a juridical person of another Member for a 
period not less than one year prior to the date 
of application for entry into India and are being transferred to a branch or a 
representative office or a juridical person 
owned or controlled by the aforesaid juridical person.   
 Managers are:  
Persons who direct a branch office or one or 
more departments as their head, or supervise or control the work of other supervisory, 
professional or managerial personnel and 
have the authority to appoint or remove the personnel and powers to exercise 
discretionary authority over day-to-day 
operations.  
  
 
 Executives are:  
Persons who are in senior positions within a 
juridical person including a branch who 
primarily direct the management, have wide 
decision-making power s and are either 
members of the board of directors or receive 
directions from the board or the general body 
of shareholders.   
 
 Specialists are:  
Persons who possess high qualifications and 
knowledge at an advanced level relevant to 
the organization's activities or of the 
organization's research, equipment, techniques or management and may include 
persons who are members of accredited 
professional bodies.  
  
  S/DCS/W/IND 
Página 4 Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
 
 Entry for persons in the above categories 
shall be for a maximum period of five years.  
  
 
 
 (c) Professionals  
Natural persons to be engaged by a juridical 
person in India as part of a services contract 
for rendering professional services for which 
he/she possess the necessary academic credentials and professional qualifications 
with three years experience in the field of 
physical sciences, engineering or other 
natural sciences.  
  
 
  Entry and stay in this category shall be for a 
maximum period of one year extendable with 
permission for a maximum of three months. 
  
  
 
II.  SECTOR – SPECIFIC COMMITMENTS  
1.  BUSINESS SERVICES 
 A. Professional Services
    
(e) Engineering Services 
(CPC 8672) 1) Unbound 
2) Unbound 
3) Only through incorporation with a foreign 
equity ceiling of 51 per cent 
4) Unbound except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 
3) None  
4) Unbound except as indicated in the 
horizontal section    S/DCS/W/IND
 Página 5Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
B. Computer and Related 
Services  
 (a) Consultancy services 
related to the installation 
of computer hardware (CPC 841) 
(b) Software implementation 
services (CPS 842) 
(c) Data processing services 
(CPC 843) 
(d) Database services (CPC 
844) 
(e) Maintenance and repair 
services of office machinery and equipment 
including computers (CPC 
845) 
  
 
 1) Unbound 
2) Unbound 
3) Only through incorporation with a foreign 
equity ceiling of 51 per cent 
4) Unbound except as indicated in the horizontal 
section  
 
 1) Unbound 
2) Unbound 
3) None  
4) Unbound except as indicated in the 
horizontal section  
C. Research and 
Development Services   
 
(a) R&D services on the 
following natural sciences only: 
 
 Heat, light, 
electromagnetism, 
astronomy, but excluding 
atomic energy and related matters (CPC 85101)   
 
 
1) Unbound 
2) Unbound* 3) Only through incorporation with a foreign 
equity ceiling of 51 per cent. 
4) Unbound except as indicated in the horizontal 
section.  
 
 
1) Unbound 
2) Unbound* 3) None 
 
4) Unbound except as indicated in the 
horizontal section.   S/DCS/W/IND 
Página 6 Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
Engineering and 
technology, including 
applied science and technology for casting, 
metal, machinery, 
electricity, communications, vessels, 
aircrafts, civil engineering, 
construction, information, etc. (CPC 85103) 
    
F.  Other Business Services 
 (e) Technical testing and 
analysis services (CPC 
8676)  
 1) Unbound 
2) Unbound 
3) Only through incorporation with a foreign 
equity ceiling of 51 per cent 
4) Unbound except as indicated in the horizontal 
section 
  
 1) Unbound 
2) Unbound 
3) None  
4) Unbound except as indicated in the 
horizontal section    S/DCS/W/IND
 Página 7Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
2. COMMUNICATION 
SERVICES  
  
  
 
C. Telecommunication 
Services1 
 
(a) Voice telephone service 
(CPC 7521**) 
 
Limited to local/long 
distance, for public use over a public 
telecommunication 
transport network.  
  
1) Unbound 
2) Unbound 3) The service will be permitted to be provided 
only after the operator gets a licence from the 
Designated Authority who shall determine the need, if any, for issuance of new licences.  
The terms and conditions of the licence will 
be as laid down by the Designated Authority or Government or the prevailing laws in the 
country.  
  
1) Unbound 
2) Unbound 3) Unbound The definition and principles on 
the regulatory framework for the basic telecommunication 
services subscribed to by India 
are contained in the annex titled "Explanatory Paper on 
Additional Commitments by 
India". 
Wire based (i.e. for fixed network of subscribers). 
 There will be one operator other than 
Department of Telecommunications 
(DOT)/Mahanagar Telephone Nigam Ltd. 
(MTNL) in each service area for a period of 10 years from the grant of licence after which 
the position will be reviewed.   
 The private operator should be a company 
registered in India in which total foreign 
equity must not exceed 25%.  The subject of opening up of  
national long-distance service 
beyond service area to competition will be reviewed in 
the year 1999 
 Service operator will be permitted to provide 
long distance service within the licensed 
service area only.  Also, the subject of opening up 
of international service to 
competition will be reviewed in 
the year 2004)  
                                                      
     1excluding broadcasting services and measures  affecting such services.  Broadcasting is defined as a form of the uni-directional  telecommunications intended for 
large number of users having appropriate receiving facilities and car ried out by means of radio or cable network. This may incl ude sound transmission, te levision transmission or 
other types of transmission.  S/DCS/W/IND 
Página 8 Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
 Resale of voice telephone services will not be 
permitted.  However, licensees can grant 
franchises on commission basis for providing public call offices (PCOs) service.   
 The detailed terms and conditions for 
providing the service will be as per licence 
conditions.   
 4)  Unbound except as indicated in the 
horizontal commitments 
 4)  Unbound except as indicated in the 
horizontal commitments  
(c) Circuit switched data 
transmission services 
(CPC 7523**) 1)  Unbound 
2) Unbound 
3) Licensed voice telephone service operators 
will be permitted for transmission of data on 
the PSTN2 network in its licensed service 
area. 
4) Unbound except as indicated in the horizontal 
commitments 
 1)  Unbound 
2)  Unbound 
3) Unbound  
 
 4) Unbound except as indicated in the 
horizontal commitments  
(f) Facsimile services  
(CPC 7521**) 1) Unbound 
2) Unbound 
3)  Licensed voice telephone service operators 
will be permitted for transmission of 
facsimile on the PSTN network in its licensed service area.  Franchisees of service 
operators can provide commercial facsimile 
services 
4) Unbound except as indicated in the 
horizontal commitments 
 1)  Unbound 
2) Unbound 
3) Unbound 
 
  
 
4) Unbound except as indicated in the 
horizontal commitments  
                                                      
     2PSTN refers to Public Switched Voice Telephone Network which is operated by DoT/ MTNL or licensed operator.   S/DCS/W/IND
 Página 9Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
(g) Private Leased Circuit 
Services (CPC 7522**) 1) Unbound 
2) Unbound 
3)  Licensed voice telephone service operators 
will be permitted to provide leased circuits  
to their customers, fo r their own use within 
their licensed service area.  Resale of such leased circuits will not be permitted. 
4) Unbound except as indicated in the 
horizontal commitments 1) Unbound 
2) Unbound 
3) Unbound  
 
  
 
4) Unbound except as indicated in the 
horizontal commitments 
  
 
Data and message transmission 
services, the following: 
 
(h) Electronic mail 
 (CPC 7523**)  
(i) Voice mail   
 (CPC 7523**)  
(j) On-line information and 
data base retrieval (CPC 
7523**) 
 (l) Enhanced / value added 
facsimile services, 
including store and forward, store and retrieve 
(CPC 7523**) 
 
(n) On-line information 
and/or data processing 
(CPC 843**) 
 1) None 
2) Unbound 3) Only through incorporation with a foreign 
equity ceiling of 51% 
4) Unbound except as indicated in the horizontal 
section. 1) None 
2) Unbound 3) None 
 
4) Unbound except as i ndicated as indicated in 
the horizontal section.   S/DCS/W/IND 
Página 10 Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
(o) Other 
 
Cellular mobile telephone 
services. 1) Unbound 
2) Unbound 
3) The service will be permitted to be provided 
only after the operator gets a licence from the 
Designated Authority who shall determine 
the need, if any, for issuance of new licences.  The terms and conditions of the licence will 
be as laid down by the Designated Authority 
or Government or the prevailing laws in the country 1) Unbound 
2) Unbound 
3) Unbound  
 
 Only digital (GSM) technology will be 
permitted and this will only be terrestrial 
based. 
There will be two cellular service operators 
in each service area.  The position will be 
reviewed after 10 years.  The right of DoT/MTNL to enter into each service area is 
reserved.  
  
 
 
 The private operator should be a company 
registered in India in which total foreign 
equity must not exceed 25%. 
 The detailed terms and conditions for 
providing the service will be as per licence 
conditions.   
 
 4) Unbound except as indicated in the horizontal 
commitments 4) Unbound except as indicated in the 
horizontal commitments 
  
[ S/DCS/W/IND 
 Página 11 
 
 
Explanatory Paper on  
Additional Commitments by India  
  Scope
 
 
The following are definitions and principles on the regulatory framework for the basic 
telecommunications services.  Definitions
 
 
Users  mean service consumers and service suppliers. 
 Essential facilities
 mean facilities of a public telecommunications transport network or service that 
 
(a) are exclusively or predominantly provided  by a single or limited number of suppliers; 
and 
 
(b) cannot feasibly be economically or tec hnically substituted in order to provide a 
service. 
 
A major supplier  is a supplier which has the ability to mate rially affect the terms of participation 
(having regard to price and supply) in the releva nt market for basic telecommunications services as a 
result of :  
(a) control over essential facilities; or 
 
(b) use of its position in the market. 
 1. Competitive safeguards
 
 
Appropriate measures shall be maintained for the purpose of preventing service suppliers 
from engaging in or continuing in anti-co mpetitive practices of the following type: 
 
(a) using information obtained from comp etitors with anti-competitive results; and 
 
(b) not making available to other services suppliers on a timely basis technical 
information about essential facilities and co mmercially relevant information which 
are necessary for them to provide services. 
 2. Interconnection
 
 2.1 This section applies to linking with supplie rs providing public telecommunications transport 
network or services in order to allow the users of  one supplier to communicate with users of another 
supplier and to access services provided by anot her supplier, where specific commitments are 
undertaken.  2.2 Interconnection to be ensured
 
 
Interconnection with a major supplier will be en sured at any specified feasible point in the 
network as indicated in the licence.  Such interconnection is provided: 
 
(a) of a quality no less favourable than that provided for its own like services or for like 
services of non-affiliated service suppliers or for its subsidiaries or other affiliates; S/DCS/W/IND 
Página 12  
 
 
(b) upon request, at points in addition to the network termination points offered to the 
majority of users as per licence conditions , subject to mutually agreed charges. 
 2.3 Public availability of the pro cedures for interconnection negotiations
 
 
The procedures applicable for interconnecti on to a major supplier will be made publicly 
available.  
 
2.4 Transparency of interconnection arrangements  
 
It will be ensured that a major supplier will ma ke publicly available either its interconnection 
agreements, or a reference interconnection offer.  2.5 Interconnection: dispute settlement
 
 
A service supplier requesting interconnection with  a major supplier will have recourse, either: 
 
(a) at any time or 
 
(b) after a reasonable period of time which has been made publicly known 
 
to a domestic regulatory authority to resolve di sputes regarding appropria te terms, conditions 
and rates for interconnection within reasonable period of time, to the ex tent that these have not been 
established previously.  
3. Universal service
 
 
India retains the right to define the kind of universal service obligation it wishes to maintain. 
Such obligations are not regarded as anti-competitive per se , since they would be administered in a 
transparent and non-discriminatory manner.  
4. Public availability of licensing criteria
 
 
Where a licence is required, the following will be made publicly available: 
 
(a) All the licensing criteria and  
 
(b) the terms and conditions  of individual licences. 
 5. Regulatory Authority
 
 
The decisions of and the procedures used by the regulatory authority  shall be impartial with 
respect to all market participants. 
 6. Allocation and use of scarce resources
 
 
Any procedures for the allocation and use of s carce resources, including frequencies, numbers 
and rights of way, will be carried out in an objective and timely manner.   S/DCS/W/IND
 Página 13 
Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
D. Audiovisual Services  
 (a) Motion picture or video 
tape distribution services 
(CPC 96113) 
  
 1) Unbound 2) Unbound* 3) (i) Only through representative offices 
which will be allowed to function as 
branches of companies incorporated 
outside India. 
 (ii) Import of titles restricted to 100 per 
year 
      4) Unbound except as indicated in the horizontal 
section. 
  
 1) Unbound 2) Unbound* 3) Subject to the prescribed authority having 
certified that the motion picture has: 
(a) won an award in any of the international 
film festivals notified by the Ministry of Information & Broadcasting, Government 
of India; or 
(b) participated in any of the official sections of 
the notified international film festivals; or 
(c) received good reviews in prestigious film 
journals notified by the Ministry of 
Information & Broadcasting, Government 
of India 
4) Unbound except as indicated in the 
horizontal section 
   S/DCS/W/IND 
Página 14 Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
3. CONSTRUCTION AND 
RELATED 
ENGINEERING 
SERVICES 
 B. Construction work for 
civil engineering  
 
 Roads & Bridges only:   Construction of highways, 
streets, railways, runways, bridges, tunnels, subways, waterways, harbours, 
dams, pipelines, 
communication lines, power lines and 
construction work of 
constructions for mining 
and manufacturing not 
elsewhere classified e.g. power plants, iron 
foundries, blast furnaces 
and coke ovens. It excludes construction 
work of warehouses and 
industrial buildings, residential and non-
residential buildings. 
(CPC Ex. 513) 
  
    1) Unbound* 2) Unbound* 3) Only through incorporation with a foreign 
equity ceiling of 51 per cent 
4) Unbound except as indicated in the horizontal 
section. 
  
    1) Unbound* 2) Unbound* 3) None  4) Unbound except as indicated in the 
horizontal section. 
    S/DCS/W/IND
 Página 15Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
7. FINANCIAL SERVICES 
The commitments in financial services are ma de in accordance with the General Agreement on Trade in Services and the Annex on F inancial Services.  All the commitments 
are subject to entry requirements, domestic laws, rules and regu lations and the terms and conditions of the Reserve Bank of Ind ia, Securities and Exchange Board of India and 
any other competent authority in India. 
 
A. Insurance and 
Insurance-related services  
    
 Non-life, limited to 
insurance of freight Ex. 
5(a)(i)(B) 1) Unbound except in the case of insurance of 
freight, where there is no requirement that 
goods in transit to and from India should be insured with Indian insurance companies 
only.  Insurance is taken by the buyer or seller 
in accordance with the te rms of the contract.  
This position will be maintained.  Once under 
a contract the Indian importer or exporter 
agrees to assume the responsibility for insurance such as in  the case of f.o.b. 
contracts for imports into India or c.i.f. 
contracts for exports from India, insurance has to be taken only with an Indian insurance 
company. 1) Unbound  
 2) Unbound 2) Unbound  
 3) Unbound 3) Unbound  
 4) Unbound except as indicated in the horizontal 
section 
 4) Unbound except as indicated in the 
horizontal section  
 Reinsurance and 
retrocession 5(a)(ii) 1),2) Reinsurance can be taken with foreign 
reinsurers to the extent of the residual 
uncovered risk after obligatory or statutory 
placements domestically with Indian 
insurance companies.  1) Unbound 
2) Unbound  
 3) Unbound 3) Unbound  
 4) Unbound except as indicated in the horizontal 
section 
 4) Unbound except as indicated in the 
horizontal section   S/DCS/W/IND 
Página 16 Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
 Insurance intermediation, 
limited to reinsurance  
 Ex. 5(a)(iii) 1),2) Reinsurance of domestic risks can be placed 
with foreign reinsurers through overseas 
brokers, to the extent mentioned under 
reinsurance and retrocession  1) Unbound 
2) Unbound  
 3) (i) Overseas brokers are allowed to have 
resident representatives and representative offices who can procure reinsurance business from Indian insurance companies to the extent 
mentioned above.  They can also place 
reinsurance business from  abroad with Indian 
insurance companies. 
 (ii) Except for the business indicated 
above, the resident representatives and representative offices cannot undertake any 
other activity in India. 
 (iii) All expenses of the resident 
representatives and representative offices have to be met by remittances from abroad and no 
income can be received in India from Indian 
residents. 3) Unbound 
  
 
 4) Unbound except as indicated in the horizontal 
section 
 4) Unbound except as indicated in the 
horizontal section  
   S/DCS/W/IND
 Página 17Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
B. Banking and other 
financial services 
(excluding insurance)  
    
1.(i) Acceptance of deposits 
and other repayable 
funds from the public 
 5(a)(v)  (ii) Lending of all types, 
including consumer 
credit, mortgage credit 
and financing of commercial transactions 
but excluding factoring 
 Ex. 5(a)(vi)  (iii) All payment and money 
transmission services including credit, charge 
and debit cards, 
travellers cheques and bankers' drafts 
 5(a)(viii) 
 (iv) Guarantees and 
commitments 
 5(a)(ix)  1) Unbound 
2) Unbound 3) (i) Only through branch operations of a 
foreign bank licensed and supervised as 
a bank in its home country. 
 (ii) Grant of licence as permissible under 
existing laws. 
 (iii) A limit of twelve licences per year both 
for new entrants and existing banks. 
 (iv) Banks are allowed to install ATMs at 
branches and at other places identified by them.  Installation of ATM at a place 
other than in licensed branches is treated 
as a new place of business and requires a licence.  Licences issued for ATMs 
installed by foreign banks will not be 
included in the ceiling of twelve licences referred to in item (iii) above. 
 (v) Investments in other financial services 
companies by branches of foreign banks licensed to do banking business in India individually not to exceed 10 per cent of 
owned funds or 30 per cent of the 
invested company's capital whichever is lower. 1) Unbound 
2) Unbound 3) (i) Foreign banks are required to 
constitute Local Advisory Boards 
consisting inter alia  of professionals 
and persons having expertise in areas 
such as small-scale industry and 
exports.  The Chairman and members of the Local Advisory Board must be 
resident Indian nationals except for the 
Chief Executive Officer who may be a foreign national.  The appointment of 
Chairman and members of the Board 
requires Reserve Bank of India approval. 
 (ii) Public sector enterprises can invest 
surplus funds in term deposits only with scheduled commercial banks incorporated in India. 
  
(v) Trading for own account 
of: 
 
(a) money market 
instruments 
(b) foreign exchange (c) transferable securities  Ex. 5(a)(x)(A)(B)(E)  (vi) Licences for new foreign banks may be 
denied when the maximum share of 
assets in India both on and off balance 
sheet of foreign banks to total assets both on and off balance sheet of the banking 
system exceeds 15 per cent.    S/DCS/W/IND 
Página 18 Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
(vi) Portfolio management, 
custodial and trust 
services 
 Ex. 5(a)(xiii)  (vii) Clearing services for 
other banks for cheques, drafts and 
other instruments 
 Ex. 5(a)(xiv)   (vii) Foreign banks are subject to 
non-discriminatory resource allocation 
requirements. 
 4) Unbound except as indicated in the horizontal 
section  
   4) Unbound except as indicated in the 
horizontal section  
2. Participation in issues 
of all kinds of securities, including underwriting and 
placement as agent 
(whether publicly or privately) and 
provision of services 
related to such issues 5(a)(xi) 
 1) Unbound 
2) Unbound 3) (i) Allowed for foreign bank branches 
licensed to do banking business in India. 
 (ii) Allowed for foreign financial services 
companies (including banks) through incorporation with foreign equity not 
exceeding 51 per cent. 
4) Unbound except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 3) Unbound except for entities established in 
accordance with the lim itations specified in 
the market access column. 
   4) Unbound except as indicated in the 
horizontal section  
   S/DCS/W/IND
 Página 19Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
3. Stock broking 
 Ex. 5(a)(x)(E) 1) Unbound 
2) Unbound 3) Through establishment of locally incorporated 
joint venture company with foreign equity not 
exceeding 49 per cent. The foreign equity 
participation will be limited to recognized foreign stock broking companies 
4) Unbound except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 3) Unbound except for entities established in 
accordance with the lim itations specified in 
the market access column 
  4) Unbound except as indicated in the 
horizontal section  
4. Financial consultancy 
services, i.e. financial advisory services provided by financial advisers, etc. 
to customers on financial 
matters, investment and portfolio research and 
advice, advice on 
acquisitions and on corporate restructuring and 
strategy 
 Ex. 5(a)(xvi)  1) Unbound 
2) Unbound 3) (i) Allowed for Foreign bank branches 
licensed to do banking business in India. 
 (ii) Allowed for foreign financial services 
companies (including banks) through incorporation with foreign equity not 
exceeding 51 per cent. 
4) Unbound except as indicated in the horizontal 
section 1) Unbound 
2) Unbound 3) Unbound except for entities established in 
accordance with the lim itations specified in 
the market access column.  
   4) Unbound except as indicated in the 
horizontal section  
5. Factoring 
 Ex. 5(a)(vi) 1) Unbound 
2) Unbound 3) Allowed for foreign financial services 
companies (including banks) through incorporation with foreign equity not 
exceeding 51 per cent. 
4) Unbound except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 3) Unbound except for entities established in 
accordance with the lim itations specified in 
the market access column. 
 
4) Unbound except as indicated in the 
horizontal section   S/DCS/W/IND 
Página 20 Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
6. Financial leasing 
 5(a)(vii) 1) Unbound 
2) Unbound 3) Allowed for foreign financial services 
companies (including banks) through 
incorporation with foreign equity not 
exceeding 51 per cent. 
4) Unbound except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 3) Unbound except for entities established in 
accordance with the lim itations specified in 
the market access column. 
 4) Unbound except as indicated in the 
horizontal section  
7. Venture capital 1) Unbound 
2) Unbound 3) (i) Allowed for foreign financial services 
companies (including banks) through 
incorporation with foreign equity not 
exceeding 51 per cent. 
 (ii) Funding has to be entirely out of equity. 4) Unbound except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 3) Unbound except for entities established in 
accordance with the lim itations specified in 
the market access column. 
  4) Unbound except as indicated in the 
horizontal section  
8. HEALTH RELATED 
AND SOCIAL SERVICES 
 A. Hospital Services
 
 (CPC 9311)  
   1) Unbound* 2) Unbound 3) Only through incorporation with a foreign 
equity ceiling of 51 per cent 
4) Unbound except as indicated in the horizontal 
section  
   1) Unbound* 2) Unbound 3) None   4) Unbound except as indicated in the 
horizontal section    S/DCS/W/IND
 Página 21Modes of supply:    1) Cross-border supply 2)  Consumption abroad 3)  Commercial presence 4) Presence of natural persons  
Sector or Sub-sector Limitations on Market Access Limi tations on National Treatm ent Additional Commitments 
9. TOURISM AND 
TRAVEL RELATED 
SERVICES 
 A. Hotels and other lodging 
services  (CPC Ex. 641) 
  
   1) Unbound* 2) Unbound 3) Only through incorporation with a foreign 
equity ceiling of 51 per cent 
4) Unbound except as indicated in the horizontal 
section. 
  
   1) Unbound* 2) Unbound 3) None  4) Unbound except as indicated in the 
horizontal section 
  
B. Travel Agency and Tour 
Operator Services   
 (CPC 747) 1) Unbound 
2) Unbound 3) Only through incorporation with a foreign 
equity ceiling of 51 per cent 
4) Unbound except as indicated in the horizontal 
section 
 1) Unbound 
2) Unbound 3) None  4) Unbound except as indicated in the 
horizontal section  
  S/DCS/W/IND 
Página 22 INDIA – FINAL LIST OF ART ICLE II (MFN) EXEMPTIONS 
 
Sector or Sub-sector Description of measure 
indicating its inconsistency 
with Article II Countries to which the 
measure applies Intended duration Conditions creating the need 
for the exemption 
2.C Telecommunication services – International service Measures including the 
application of different accounting rates for different 
operators / countries covered by 
International 
Telecommunication Services 
Agreements between Videsh Sanchar Nigam Limited and 
various foreign operators. 
 Countries covered by 
International Telecommunication Services 
Agreements between Videsh 
Sanchar Nigam Limited and 
foreign operators. Indefinite On account of bilateral 
agreements between Videsh Sanchar Nigam Limited and 
various foreign operators 
dealing with various aspects of 
cooperation. 
2.C Telecommunication services 
– International service Measures including the 
application of different accounting rates for different neighbouring countries covered 
by Telecommunication 
Agreements entered into by the Government of India with 
governments of neighbouring 
countries. 
 Neighbouring countries 
(Pakistan, Bangladesh, Nepal and Bhutan)   Indefinite On account of bilateral 
agreements with governments of  neighbouring countries. 
AUDIOVISUAL SERVICES Measures which define norms 
for co-production of motion 
pictures and television 
programmes with foreign countries and grant national 
treatment to motio n pictures and 
television programmes co-
produced with foreign countries 
which maintain a co-production agreement with India 
 All countries indefinite The agreements aim at the 
promotion of cultural exchange.   S/DCS/W/IND
 Página 23Sector or Sub-sector Description of measure 
indicating its inconsistency 
with Article II Countries to which the 
measure applies Intended duration Conditions creating the need 
for the exemption 
SHIPPING 
a) Cargo sharing between 
bilateral partners 
   b) Cargo Reservations  
Equality in freight liftings 
originating in the ports of partners to the agreement and equality in freight earnings 
 
Cargo reservation under the UN 
Code of Conduct for Liner Conferences, Shar ing of cargo 
between the national lines of 
contracting states and third – 
country lines in the ratio of 40:40:20 as provided in the 
Liner Code. 
  
Bulgaria, Pakistan and the 
United Arab Republic 
   All Countries  
Indefinite     Indefinite  
In the context of overall trade 
relations. 
   To fulfil obligations under the 
convention. 
RECREATIONAL SERVICES Waiver on the prohibition of 
sale of lottery tickets in India. Bhutan Indefinite It is part of a comprehensive 
bilateral agreement between India and Bhutan. 
 
 
 
__________ 
 