April 2015

ICCC Newsletter

Indo-Canada Chamber of Commerce 924 The East Mall, Etobicoke ON M9B 6K1

ICCC Newsletter April 2015

President's Message

“The historic visit by Prime Minister Modi to Canada combined with the number and scope of agreements signed today between our governments clearly demonstrate the commitment of both countries to taking bilateral relations to new heights.”

Prime Minister Stephen Harper

Indo Canada Chamber of Commerce is delighted that India and Canada have agreed to elevate their bilateral relations to a strategic partnership. It welcomes concrete measures announced to expand bilateral cooperation in trade and investment, civil nuclear cooperation, energy, education & skills development, agriculture, defense and security, science, technology, innovation, space, culture, people-to-people ties, and regional and global issues.

The Chamber welcomed the signing of an agreement between the Department of Atomic Energy of the Government of India and Cameco of Canada for long-term supply of uranium to India to meet its energy needs. This agreement would impart a new significance to India-Canada Civil Nuclear Cooperation. In particular, it noted with satisfaction a collaborative program that may result in leveraging their industries' respective strengths in the field of Pressurized Heavy Water Reactor technology for mutual benefit, as well as for the benefit of global nuclear energy needs

The Chamber notes with satisfaction that:

Both countries agreed that Canada’s prioritization of India in its Global Markets Action Plan (GMAP) aligned well with bilateral objectives.

The two countries consider that bilateral business and commercial linkages constitute key drivers of the wide ranging India-Canada partnership and recognize the role of Business community in promoting it.

The leaders have agreed to intensify discussions to finalize the outstanding issues and expeditiously conclude a progressive, balanced, and mutually beneficial Comprehensive Economic Partnership Agreement as per road map agreed till September 2015.

The Chamber welcomes and will encourage Canada’s partnership in the Global Initiative of Academic Networks (GIAN) of India to enable Canadian researchers to cooperate in

Dharma P Jain

learning, research and teaching in select Indian educational institutions which will enhance cooperation in higher education.

The Chamber is confident that specific initiatives launched by Modi such as Make in India', Affordable Housing for all by 2022' and Smart Cities' offered significant collaborative commercial opportunities for Indian and Canadian businesses and industry.

The Chamber appreciates:

The importance of intensifying and facilitating bilateral collaboration in the area of agriculture & agri-food, including continued collaboration in fertilizers, as well as in the fields of cold chain management, animal development, dryland farming, food processing technologies and agricultural sustainability.

Increasing connectivity to grow commercial and people-to-people links with the resumption of non-stop air links between Canada and India, commencing November 2015.

The Chamber underlines following six significant initiatives between Canadian and Indian government organizations, agencies and companies:

1. Civil Aviation

Transport Canada will finalize a memorandum of understanding with India’s Ministry of Civil Aviation that will promote collaboration and cooperation in areas such as airport development, planning and management; aircraft certification; regional and general aviation development; aviation safety and security; and skills development. It will also create a civil aviation working group, bringing together industry stakeholders from both countries.

2. Rail

A Memorandum of understanding with the Indian Ministry of Railways that will foster communication, sharing of information and exchange of best practices in rail transportation, and help create potential opportunities for Canadian private sector investment in rail development projects in India.

3. Education and Skills Development

Thirteen memoranda of understanding between India’s National Skill Development Council and Canadian colleges and institutes in the fields of agriculture, apparel and

textiles, automotive, aviation, construction, green economy, healthcare, hydrocarbons, information technology, telecom and electronics, sports sector, and water.

4. Space

An updated memorandum of understanding between the Canadian Space Agency (CSA) with the Indian Space Research Organization (ISRO) that will in part recognize Indian launch capabilities for Canadian satellites.

5. Social Security Agreement

The entry-into-force of the Canada-India Social Security Agreement will help eligible individuals qualify for retirement, disability or survivor benefits, and enable employees from Canada who are sent to work temporarily in India to continue to contribute to the Canada Pension Plan and be exempt from contributing to the Employees’ Pension Scheme of India.

6. Maternal, Newborn and Child Health

Grand Challenges Canada, and India’s Department of Biotechnology, Ministry of Science and Technology announced an investment of $2.5 million toward five innovative projects on newborn and early childhood development in India.

Concluding Observation

The above is by way of preliminary analysis of the historic visit of Prime Minister Modi to Canada. The Chamber intends to prepare for the benefit of its members future agenda for its work in coming years by way of building upon the understandings and agreements between two Prime Ministers.

Know your Organization

Indo-Canada Chamber of Commerce is a 37-year-old organization with twin objectives of fostering bilateral trade between Canada and India and creating entrepreneurial and professional opportunities for Indo-Canadians. It is run by an elected board with the help of various committees involving member.

To know more about your organization, please visit: www.iccconline.org

ACTIVITIES IN MARCH 2015

March 02, 2015 ICCC- Business reception for Indian delegation to PDAC

Indo-Canada Chamber of Commerce (ICCC) organized a business reception for the Indian

mining delegation visiting the annual Prospectors and Developers Association

Convention (PDAC) in Toronto on 2nd March, 2015.

Dharma P Jain, President, ICCC, emphasized the significance of the PDAC convention

and the role chamber has played in promoting bilateral trade and investment between

Canada and India in the mining sector.

R. Sridharan, Additional Secretary, Ministry of Mines, Government of India, led the

Indian delegation comprising over 24 representatives from the government and the

private sector. He said that it’s his second visit to the ICCC reception. The mining sector

is undergoing a fundamental transformation in India and the government has set the

priorities for the sector for future role. The government of India has amended the mining

legislation to attract the private players and foreign direct investment in the sector.

“Transparency in the entire process of grant of mineral concessions and their

administration should be given the utmost priority”, said Sridharan.

Several prominent members of the Indo-Canada Chamber of Commerce (ICCC),

including Akhilesh Mishra, Consul General of India in Toronto, Stanley Hartt, Counsel,

Norton Rose Fulbright LLP, Tony Chawla Vice President ICCC and Indira Singh, Chair of

ICCC’s Mining Committee, R K Perindia, Commercial Consul, Rahool P. Agarwal,

Partner, Norton Rose Fulbright were present on the occasion.

ICCC board members with the delegation

March 03, 2015

ICCC President Mr. Dharma P Jain met with Mr. Ritesh Malik, Director, Om Trans Logistics

and discussed bilateral areas for cooperation. He was keen to work with the chamber for

hosting ICCC's business delegations and B2B meetings for the chamber in India.

March 04, 2015

ICCC president Mr. Jain met with Mr. Ben Tiangco, Senior Vice President of the company

to discuss the various modes of cooperation between ICCC & Quantum and discussed how

Chamber and Quantum can work in the interest of both organizations.

March 06, 2015

Mr. Dharma P Jain, met Ms. Beata Kratiuk, KMI Brokers Inc and discussed the

cooperation between the ICCC and KMI Brokers. KMI Brokers decided to join the

chamber as Associate member for the year 2015-16. KMI Brokers are set up a new Group

Health insurance Plan for chamber members. Under the new arrangements, ICCC

members will get the group insurance plans for health and dental benefits.

March 09, 2015 ICCC- Foreign Reporting Requirements: A Tax Landmine for the Unwary

From L to R: Imtiaz Seyid, Raza Hasan, Dharma P Jain, Vinay Khosla, Brij K Sharma & Tony Chawla

Indo- Canada Chamber of Commerce organized an interactive session on Foreign

Reporting Requirements – A Tax Landmine for the Unwary on 09 March 2015 at the ICCC

headquarter.

Mr. Vinay Khosla, Tax Partner, Bateman MacKay LLP was the guest speaker at the

session. In his presentation, he discussed in detail the T1135 requirements, definition of

specified foreign property, determining cost, excluded properties, penalties and extended

reassessment. Its mandatory to report foreign properties and income from those

properties for Canadian residents who have specified foreign properties worth over

$100,000 CDN at any time in the reporting period, said, Khosla.

The individuals who have Mutual Fund

Corporation or mutual fund trust; or a

non-resident owned Investment

Corporation need not to file T1135. Form

T1135 filing requirements do not apply to

investments held within a registered plan,

such as a Tax-Free Savings Account

(TFSA), Registered Retirement Savings

Plan (RRSP), Registered Retirement

Income Fund (RRIF) or Registered

Education Savings Plan (RESP), personal

use property, such as a foreign vacation

property used primarily as a personal

residence.

March 12, 2015

ICCC-International Women's Day Panel Discussion

Indo-Canada Chamber of Commerce (ICCC) organized the fourth annual International Women’s Day panel discussion on Thursday March 12, 2015, at the Marriott Hotel, to discuss the role of women’s in active politics. The theme of the panel discussion was Women in Politics. The panelists and the audience included highly successful women entrepreneurs, professionals, and public figures. The panelists were: Hon. Asha Seth, former senator, Senate of Canada, Ms. Harinder Malhi, Member of Provincial Parliament, Ontario, Ms. Nirmala Armstrong, Regional Councilor, City of Markham and Dr. Ananya Mukherjee, Professor of Political Science and Public Policy, York University.

Panelist from L to R: Hon. Dr. Asha Seth, Ms. Harinder Malhi, Ms. Nirmala Armstrong & Dr. Ananya Mukherjee

Session in progress

Ginni Sethi, Director, Women Entrepreneurs & Professionals (WEP) committee, said that condition of women's can only be transformed when a proper place of women should be provided in the decision making process of the government. She also moderated the session. The panel discussion drew tremendous response from the Indo-Canadian community, and was attended by an overwhelming number. Ms. Rajni Tekriwal, Corproate Secretary & Vice president

ICCC and Mr. Tony Chawla, Vice President ICCC were also present at the event. Ms. Shibani Sahney, Chair WEP committee gave a vote of thanks. March 17, 2015

President was invited to attend a community organizations meeting organized by

National Alliance of Indo Canadians (NAIC). Chamber was invited to become a partner

organization for meetings and programs for Indian Prime Minister Narendra Modi. The

chamber felt that these high profile visits should include the business meetings to

encourage the entrepreneurial community.

March 19, 2015 Indo Canada Chamber of Commerce has signed an affinity partnership with Quantum

Global POS inc. ICCC president Mr. Jain met with Mr. Maxwell Jeffers, President

Quantum & Mr. Ben Tiangco, Senior Vice President of the company to discuss the various

modes of cooperation between ICCC and Quantum. It is one of the fastest growing

merchant services in Canada. The competitive rates, service orientation, and steadfast

attention to our merchant clients has made Quantum an industry leader. Quantum Global

is powered by First Data who is the world’s largest credit card processor with over $25

billion annual processing.

March 23, 2015

ICCC President Mr. Dharma P Jain met Ms. Caroline Grimont of Excel Funds. The Excel

Funds showed interest in sponsoring the chamber in 2015-16.

Session in progress

March 25, 2015 Economics and Strategies

following the Budget

Indo- Canada Chamber of

Commerce organized an

interactive session on

Economics and Strategies

following the Budget on 25-

March 2015 at the ICCC

headquarter.

Mr. Avery Shenfeld, Managing

Director and Chief Economist

CIBC World Markets Inc was

the guest speaker. He said that

after the recession; economies

of major countries has started

gaining its momentum but the

lower crude oil prices affected it adversely whereas some oil importing countries got

benefit. BRIC (Brazil, Russia, India and China) countries will contribute more in the

international economy to move further.

Mr. Dharma P Jain, President, ICCC in his remarks said

conveyed thanks to Mr. Shenfeld for sparing his time to

interact with the ICCC members. He further said that

CIBC is chamber’s lead sponsor. He also informed the

audience regarding the visit of Indian Prime Minister

Modi to Canada from 14-16 April 2015 which will further

strengthen the trade ties between the two countries.

Mr. Brij K Sharma, Vice President, ICCC said, that the

session was aimed to create awareness among the

Chamber’s membership regarding the trends in the international economy and how they

can strategies their financial planning.

Participants at the event

From L to R: Hari Panday, Dharma P Jain, Avery Shenfeld, Brij K Sharma, Rajeev Misra & Naval Bajaj

UPCOMING EVENTS

05-May-2015 CIBC’s offers for Newcomers to Canada

13-May-2015 Covered Calls- A Unique Strategy to Manage & Grow your Stock Investment Portfolio Defensively

06-June 2015 Annual Awards & Gala Night

17-July-2015 17th ICCC Golf Classic

For details please see www.iccconline.org

ICCC in news

http://www.theglobeandmail.com/news/politics/indian-pm-modi-expected-to-include-canada-in-visa-on-arrival-program/article23853933/

http://us.india.com/toronto/alexander-targets-50000-applications-under-express-entry-315865/

http://theindiandiaspora.com/news-details/business-and-investment/primary_news/mining-rights-to-become-more-transparent-delay-free.htm#.VQQNdl6BsCw.gmail

http://theindiandiaspora.com/Gallery/editor.htm

http://www.embassynews.ca/2015/04/01/as-modi-visit-looms-canada-restarts-india-trade-talks/46911

FOR ADVERTISEMENT IN NEWSLETTER Please contact Mr. Pawan Chankotra at iccc@iccconline.org, or by calling 416-224-0090 BECOME A MEMBER

Membership is open to any person who is in agreement with the objectives of the Indo-Canada Chamber of Commerce.

The present membership represents a wide range of industries and professions.

The benefits of joining the ICCC include:

Professional and personal development through business and social networking Exposure to business and professional opportunities in Canada, India and

around the world Tickets to events at discounted member rates Invitations to selected free business programs An annual magazine Annual membership directory Opportunity to serve on various committees and be elected to the Board of

Directors Benefits through the Chamber's Affinity Program

To join ICCC as member please click here

SUGGESTIONS Your board is committed to make this esteemed organization member friendly, open, transparent, and truly a business organization working to achieve its mission and vision. Board is considering of: i) Publishing achievements of members in the upcoming issues of ICCC newsletter. Therefore, members are advised to send their achievements such as new position, additional qualification, awards etc. at iccc@iccconline.org. ii) Publishing articles on different topics involving trade, commerce, tax etc. Interested writers can send their articles (500 words) at iccc@iccconline.org

iii) Starting blogs on Chamber's website. Send your resumes and subjects you wish to write a blog. iv) Constituting a newsletter committee. Those who have flare of writing, designing and passionate about this, send in their resumes at iccc@iccconline.org Board is there to steer this august body in the direction provided by articles and by-laws and ensuring that interest of various stakeholders is protected. Board invites your suggestions and opinions regarding future events, newsletter content, and ask you to get engaged more and more and participate in Chamber events. You are the true ambassador of Chamber and your board is working for you in. Please feel free in contacting any board member. Please feel free in sending your suggestions and recommendations at: president@iccconline.org or iccc@iccconline.org. Follow us on social media:

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