AMCHAM’s Defense Committee engaged in a virtual discussion with Mr. V.L. Kantha Rao, Additional Secretary Defence Production, Department of Defence Production, Ministry of Defence, on August 17th. Members discussed the recent announcement on the abolishment of offset banking and discussed the requests ranging from inclusion of civil aerospace and services, uncapped penalty, India value addition, removal of regressive multiplier of 0.5X on components and introduce definition of ‘components’ and requested extension indirect offset discharge to ‘ToT to Indian enterprises/sourcing.’