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No more commissions for arms agents: Manohar Parrikar | Zee News
Last Updated: Monday, October 12, 2015 - 11:29
Panaji: Arms agents earning sales commissions could soon be passe, Defence Minister Manohar Parrikar said, adding that agents would have to be paid fixed fees while representing foreign defence manufacturing companies.
Parrikar, who was speaking during a public interaction event near here, late on Sunday, also said that guidelines for foreign defence manufacturing companies to enlist arms agents will be issued by the third or fourth week of October.
"Giving percentage is very risky in India. Money can be paid to various people through this percentage, so we are permitting agents, but not by way of percentage or success fee or failure penalty. By fixed amount reasonable payment to the agency, you can keep an agency for following up your work," he said.
"Amended new guidelines will start coming from the third or fourth week of this month, they are under final drafting. I feel that agents can be there as a supplementary supporting technically or administratively to the companies, because foreign companies may not be able to keep an office for every supply they make," the Defence Minister said.
IANS
Last Updated: Monday, October 12, 2015 - 11:29
Panaji: Arms agents earning sales commissions could soon be passe, Defence Minister Manohar Parrikar said, adding that agents would have to be paid fixed fees while representing foreign defence manufacturing companies.
Parrikar, who was speaking during a public interaction event near here, late on Sunday, also said that guidelines for foreign defence manufacturing companies to enlist arms agents will be issued by the third or fourth week of October.
"Giving percentage is very risky in India. Money can be paid to various people through this percentage, so we are permitting agents, but not by way of percentage or success fee or failure penalty. By fixed amount reasonable payment to the agency, you can keep an agency for following up your work," he said.
"Amended new guidelines will start coming from the third or fourth week of this month, they are under final drafting. I feel that agents can be there as a supplementary supporting technically or administratively to the companies, because foreign companies may not be able to keep an office for every supply they make," the Defence Minister said.
IANS
