Highlights of India-Singapore pact

Following are the highlights of the India-Singapore Comprehensive Economic Cooperation Agreement to be signed between Prime Minister Manmohan Singh and his Singapore counterpart Lee Hsien Loong on Wednesday.

• Three Singapore banks to set up subsidiaries.
• Indian banks to get full banking status in Singapore.
• Bilateral Investment protection agreement part of CECA.
• Double Taxation Avoidance Agreement with safeguards.
• Trade likely to go up to 50 billion dollars by 2010.
• FII inflow to go up to 5 billion dollars in one year.
• FDI inflow to go up to 2 billion dollars in one year.
• FII ceilings relaxed for Temasek and SGIC.
• Customs duty on 506 items to be eliminated from Aug 1.
• Duties on 2,202 items to be eliminated by 2009.
• Duties on 2,407 items to be reduced by 2009.
• Negative list of 6,551 items with no concessions.
• Visa norms relaxed for 127 professional services.
• Mutual recognition of 129 education degrees.
• Technical cooperation between stock exchanges.
• India Inc to be able to raise funds through SDRs.