President of Cyprus to visit India

New Delhi, April 24 (IANS) Cyprus President Nicos Anastasiades will be paying India a state visit from April 25 to 29, an official statement said.

"This is the first visit of the President Anastasiades to India," said the Ministry of External Affairs in a statement.

Starting his visit from Mumbai on April 25, President Anastasiades will have a meeting with Governor of Maharashtra C. Vidyasagar Rao.

On April 26, he will address a business forum in the western metropolis and laterb in the day travel to Delhi.

On April 28, he will be accorded ceremonial welcome and will participate in delegation-level talks with Prime Minister Narendra Modi.

President Pranab Mukherjee will hold a banquet in his honour.

Cyprus, eighth largest foreign investor in India, has cumulative Foreign Direct Investment of above $8.5 billion in areas of financial leasing, stock exchange, auto manufacture, manufacturing industries, real estate, cargo handling, construction, shipping and logistics.

On November 18, India and the Mediterranean island nation signed a revised agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, along with its protocol. This replaced the earlier Double Taxation Avoidance Agreement (DTAA) signed on June 13, 1994.

The revised DTAA will enable source based taxation of capital gains on shares, except in respect of investments made prior to April 1, 2017.

In addition, the DTAA will bring into effect updated provisions as per international standards and in accordance with the consistent position of India.

"Some Agreements and Memorandum of Understandings are currently under negotiation and will be signed during the visit," the statement said.

President Anastasiades had meetings with Modi on the sidelines of the UN General Assembly in New York in September 2015.

In October 2009, President Pratibha Devisingh Patil paid a state visit to Cyprus.