New panel to oversee issues of bilateral investment pacts

NEW DELHI: The government will form a committee headed by cabinet secretary to handle broader issues involving foreign investments made under bilateral pacts with other countries.

It is learnt that the finance ministry has informed the department of telecom ( DoT) that a new committee will be formed to oversee issues arising out of Bilateral Investment Treaty (BIT) or Bilateral Investment Protection Agreement (BIPA) signed between India and other nations.

"The proposed Standing Committee of Secretaries chaired by cabinet secretary will oversee all issues arising out of BITs or BIPA," according to sources.

DoT had sought clarification over the function of the proposed panel and the already formed Inter-Ministerial Group for handling notice served by Russian conglomerate Sistema JSFC, following licence cancellation of its JV firm Sistema Shyam Teleservices.