Tax avoidance: GK, General Studies and Current Affairs

Usha Thorat heads RBI task force on Offshore Rupee Markets

The RBI task force on Offshore Rupee Markets (ORM), headed by Usha Thorat, has suggested liberal currency market for offshore users. The panel recommended that onshore market hours may be suitably extended to match the flexibility provided by the offshore markets (or NDF markets). This is aimed at incentivizing non-residents to hedge in the onshore ..

India notifies a tax data pact with Marshall Islands

India has notified a Tax Information Exchange Agreement (TIEA) with the Marshall Islands, which enables a bilateral sharing of banking & ownership information and allows officials of one country to undertake tax examinations in the other. The TIEA for exchange of information with respect to taxes was signed on March 18, 2016 at Majuro, the ..

Income Tax department alters method to tax MNCs and Digital Firms in India

The income tax department has changed the method to tax multinational companies and digital firms with permanent establishment in India by taking into account various factors like domestic sales, employee strength, assets and user base. In ‘Profit Attribution to Permanent Establishment in India’s report, the Central Board of Direct Taxes Committee stated that MNCs that ..

Usha Thorat head of RBI task force on offshore rupee markets

The Reserve Bank of India (RBI) has recently constituted an 8-member task force headed by its former deputy governor Usha Thorat to examine issues related to offshore rupee markets and recommend policy measures to ensure the stability of the external value of the domestic currency. The task force will assess the causes behind the development ..

Union Cabinet to set up an unified authority for regulating all financial services in IFSC

The Union Cabinet has recently approved establishment of a unified authority for regulating all financial services in International Financial Services Centres (IFSCs) in India through IFSCs Authority Bill of 2019. The establishment of a unified financial regulator for IFSCs will result in providing world-class regulatory environment to market participants from an ease of doing business ..