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Union Budget 2021: Centre Proposes To Hike FDI Cap To 74 Percent From 49 Percent In Insurance Sector
It was in 2015 when the government hiked the foreign direct investment (FDI) limit in the insurance sector from 26 per cent to 49 per cent.
Representational Image Outlook Web Bureau 2021-02-01T15:28:59+05:30 Union Budget 2021: Centre Proposes To Hike FDI Cap To 74 Percent From 49 Percent In Insurance Sector outlookindia.com 2021-02-01T15:34:23+05:30
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In a major move, Finance Minister Nirmala Sitharaman on Monday proposed to increase foreign direct investment (FDI) limit in the insurance sector to 74 per cent from the current 49 percent cap, a move aimed at attracting greater overseas capital inflows to help enhance insurance penetration in the country.
Finance Minister Nirmala Sitharaman in her Budget speech on Monday kept income-tax rates untouched but announced a slew of measures to simplify tax administration, ease compliance, and reduce litigation to boost revenue. These include a dispute resolution committee for small taxpayers, a faceless income tax appellate tribunal (ITAT), addressing double taxation concerns for non-resident Indians, exempting senior citizens from income tax return filing, and reducing the reassessment window to three years from six years in normal cases. Besides, the Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling. It will be chaired by an officer not below the rank of chief commissioner. Advance rulings of such a board shall not be binding on the applicant or the department and could be appealed before the high court.
India: DLF ropes in Morgan Stanley, KPMG as advisors to Reit
Photo: Pradeep Gaur/Mint
January 31, 2021
The rental arm of DLF Ltd, India’s largest real estate firm, has appointed consultants as it prepares for a real estate investment trust, that could provide a significant leg-up to the country’s emerging Reit market.
It has appointed Morgan Stanley as banker, Shardul Amarchand Mangaldas & Co as legal advisor and KPMG as financial and tax advisor, the firm said in an analyst presentation.
Deliberations are on regarding the proposed Reit’s corporate and capital structure as well as asset perimeters, the firm said.
DLF Preps for Public REIT, Hiring KPMG and Morgan Stanley
Posted on 01/30/2021
DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF and Singapore’s GIC Private Limited. DLF Cyber City Developers owns and operates a 35 million square-foot rental portfolio. The rental unit of DLF Ltd. hired consultants as it prepares for a real estate investment trust (REIT). DLT hired Morgan Stanley as banker, Shardul Amarchand Mangaldas & Co as legal advisor, and KPMG as financial and tax advisor.
DLT is impacted by the coronavirus pandemic.
In a recent quarter, DLF Cyber City Developers entered into a Securities Purchase Agreement with funds managed by Hines for acquisition of their stake in Fairleaf Real Estate, which manages the One Horizon Center, for Rs 780 crore.