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Withholding tax on FPI debt return may surge to 20% The move will impact at least 4,000 foreign funds that together hold debt paper worth ₹4 lakh crore in the Indian market, said people with direct knowledge of the matter. Synopsis The government tweaked income tax rules to accommodate a beneficial withholding tax rate of 10% to alternative investment funds (AIFs) that invest through the Gujarat International Finance Tec (GIFT) City International Financial Service Centre (IFSC). Mumbai: Foreign funds betting on Indian bonds may be in for a tax shock. The withholding tax for foreign portfolio investors (FPIs) funds dealing in debt securities is set to surge to as much as 20% with effect from April 1 from 5%. The fine print of the budget notification has showed that a special law allowing lower taxes to them has been removed. The move will impact at least 4,000 foreign funds that together hold debt paper worth ₹4 lakh ....
Customers can obtain new cheque books and information on new IFSC or MICR codes of the erstwhile Syndicate Bank branches through the bank s website, internet banking, Candi app/ mobile banking, and branches of Canara Bank, the statement said. ....
Gujarat govt relaxes GIFT City residential occupancy condition SECTIONS Share Synopsis Individuals not working in GIFT City also allowed to reside in the city; initially capped at 5,000 residential units. Agencies In a move that is expected to bolster development at GIFT City, the government of Gujarat has issued a resolution allowing those not working within GIFT City to reside in the city. However, the relaxation would be limited to the first 5,000 residential units, or for units whose construction begins before March 31, 2023, whichever is earlier. So far, only those working in GIFT City could be allowed to occupy residences in India’s first operational smart city and International Financial Services Centre (IFSC). ....
IFSC Executive Board official statement 02/19/21 The Executive Board of the International Federation of Sport Climbing (IFSC) met via teleconference on 18 February 2021 to address a series of important topics and ratify a number of decisions. IFSC WORLD CUP MEIRINGEN 2021 The IFSC is pleased to confirm that the inaugural competition of 2021 will take place as scheduled in Meiringen, Switzerland, on 16 and 17 April. The mountain village in the Swiss Alps is a fixture on the IFSC calendar, one with a longstanding tradition of organising the opening World Cup of the season. This tradition was interrupted last year by the COVID-19 pandemic, and the IFSC is excited to welcome it back in 2021. ....
Read more about Budget 2021 sops likely to bring rupee trading from offshore to GIFT on Business Standard. Foreign banks at IFSC likely to focus on non-deliverable forward business, say experts ....