 "GIFT CITY")
The regulator is making attempts to ease potential tax issues for foreign funds at international financial services centres, based on proposals for a new vehicle for funds setting up there.
The report from a committee headed by former bureaucrat KP Krishnan, deals with the introduction of variable capital company (VCC) structures in India. Similar structures are popular in international financial centres elsewhere, especially Singapore. India has been attempting to create an offshore jurisdiction on Indian soil to compete with such financial centres. The government has set one up at the Gujarat International Finance Tec-city (‘GIFT city’).
The regulator for such
