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Key amendments proposed in Union Budget 2024 in respect of financial services sector
The Hon’ble Finance Minister, presented the Union Budget 2024 on 23 July 2024 in the Lok Sabha.
The following are the key changes/ initiatives proposed to the Financial Services sector:
- Simplification of rules and regulations for FDI and OI in order to facilitate FDI, push for prioritization and promote opportunities for using Indian Rupee as a currency for OI
- Introduction of a ‘variable capital company structure’ under the regulations, for providing an efficient and flexible mode for financing leasing of aircrafts and ships in IFSC, and pooling funds for private equity players
- Strengthening and deepening or debt recovery tribunals
- Introduction of incentives for attracting investments in IFSC
- Emphasis on rationalization of tax implications in case of non-residents
- Major revamp in the taxation of capital gains