An expert committee constituted by the International Financial Services Centres Authority (IFSCA), the GIFT City regulator, has suggested tax and regulatory measures to encourage new fintechs and startups to set up shop in the IFSC.At present there are restrictions on Indian AIFs and mutual funds (MFs) under the Foreign Exchange Management Act (FEMA)are capped at _______for MFs.
An expert committee constituted by the International Financial Services Centres Authority (IFSCA), the GIFT City regulator, has suggested tax and regulatory measures to encourage new fintechs and startups to set up shop in the IFSC. Among the key measures, the expert panel led by G Padmanabhan, former executive director, of Reserve Bank of India, suggested rationalising corporate laws, allowing fintechs to raise capital through safe instruments such as special purpose acquisition companies and variable capital companies and listing on offshore exchanges. Further, the panel suggested exempting funds’ investments in securities listed at GIFT exchanges from overseas investment limits prescribed by the central bank. At present, GIFT IFSC is considered a foreign entity and hence there are restrictions on Indian alternative investment funds (AIFs) and mutual funds (MFs) under the Foreign Exchange Management Act (FEMA). And they are capped at $7 billion for MFs and $1.5 billion for AIFs. The committee even suggested creating a “participation exemption” mechanism in order to exempt from capital gains tax the transferring of shares held by the holding/parent company to GIFT IFSC. Other than these, the panel is of the view that angel tax provisions should not apply to holding firms in GIFT because it will encourage direct greenfield investment in GIFT City. The panel wants stakeholders to provide clarity on the residential status of foreign subsidiaries of holding firms. It also wants the government to permit the carry forward of losses or provide an enhanced tax holiday period. At present, GIFT firms get a 10-year tax holiday.
The element used in the manufacture of safety matches is —
The Currency of Mongolia is
पंडित जवाहरलाल नेहरू ने आधुनिक स्तिरीय पंचायती राज व्यव...
Match List-I with List-II and choose the correct answer with the help of given codes:
What was the decadal growth rate as per the 2011 census?
‘Shamsher Khan’ who passed away recently, is associated with __________
Hero MotoCorp has unveiled a new brand named, __________, for its electric vehicles.
The first Chairman of Finance commission was
Garo, Khasi, Jaintiya hills are located in which hills ?
The Union Ministry of Home Affairs (MHA) adjudged ________ police station as the best police station across the country in 2021.