In India, 30 percent of goods sold by foreign companies must be manufactured or produced in the country, a requirement Apple does **t meet as its products are largely made in China. India last year exempted retailers Selling state-of-the-art goods from the rule, prompting Apple to file a new application with the Indian government.
Apple was expected to receive an exemption from the rule, earning a recommendation from country's Department of Industrial Policy and Promotion, but the ministry of finance has decided Apple's products do **t fall into the cutting-edge tech**logy category. A source told Reuters Apple did **t provide e**ugh material to justify the exemption.
"They did ask for a waiver but didn't provide any material on record to justify it. The decision was taken only after a thorough examination of their application," the source said.
The waiver is available only for investment in "state of the art" or "cutting-edge tech**logy", he added.
The ministry of finance's ruling comes just after Tim Cook spent several days in India, where he met with Prime Minister Narendra Modi and other local business leaders, actors, politicians, and developers.
05-26-2016, 02:57 PM
Apple **t Able to Open Retail Stores in India Without Selling 30% Locally Sourced Goo
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