CDSL’s subsidiary recognized as bullion depository at IFSC

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MUMBAI: An arm of Central Depository Services has been recognized as the bullion depository at the International Financial Services Centre at GIFT City in Gujarat. CDSL IFSC received recognition from the IFSC regulatory authority and can now provide various functions such as holding and transfer of bullion like gold. The company said that the holding … Read more

Wide-ranging reforms make India attractive destination for investment: FM Nirmala Sitharaman

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India’s continuous wide-ranging reforms make the country an attractive destination for foreign investments, Finance Minister Nirmala Sitharaman said on Friday while addressing executives of top US companies. She also mentioned about stimulus packages announced recently; as well as strong, calibrated relief and reforms during COVID leading to sharp decline in new infections with ramping up … Read more

FPIs seek tax clarity on variable capital companies in financial centres

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Foreign portfolio investors (FPIs) are seeking clarity over the tax implications of the recently proposed variable capital company (VCC) structures in financial centres such as Gujarat International Finance Tec-City (GIFT City). Among other benefits, the VCC structure allows funds some concession from short-term and long-term capital gains tax on returns on equities. The onus of … Read more

President gives assent to Taxation and Other Laws bill

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The President of India gave his assent to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, which will extend compliance-related timelines for taxpayers while offering significant relief to foreign investors. The ministry of law and justice issued a notification to the effect. The bill, which now becomes an Act, was … Read more

GIFT SEZ provides approval to 28 entities

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CHENNAI: Around 28 entities bagged approval for setting up units in the Gujarat International Finance Tec-City (GIFT City)’s SEZ virtually, as part of a new approval process was created for unit approval in special economic zone (SEZ) in time of Covid-19. GIFT city, which is located between Ahmedabad and Gandhinagar, has been touted as the … Read more