SlideShare ist ein Scribd-Unternehmen logo
1 von 23
Downloaden Sie, um offline zu lesen
Offshore Banking Units and International
Financial Services Centres: FEMA Perspective
CA Divakar Vijayasarathy
Credits and Acknowledgments
V Thirumal
CA Jugal Gala
Legends used in the Presentation
AOP Association of Person
BOI Body of Individuals
FEMA Foreign Exchange Management Act, 1999
FEM Foreign Exchange Management
IFSC International Financial Services Centre
INX India International Exchange
IRDA Insurance Regulatory and Development Authority
NBFC Non-Banking Financial Company
OBU Offshore Banking Unit
PFRDA Pension Fund Regulatory and Development Authority
RBI Reserve Bank of India
SEBI Securities Exchange Board of India
SEZ Special Economic Zone
Presentation Schema
International
Financial Services
Centre
Offshore Banking
Units
FEM (International
Financial Services
Centre)
Regulations, 2015
Definitions
Provisions
FEM ( Offshore
Banking Unit )
Regulations, 2002
Meaning of OBU Applicability
Permitted
Transactions
Income-tax
Provisions
India’s First IFSC –
GIFT City
International Financial Services Centre
Such centers deal with the flow of finance, financial products
and services across borders
An IFSC caters to customers outside the jurisdiction of the
domestic economy.
An International Financial Services Centre is set-up to
provide financial services which are provided by Foreign
Financial Institutions and Foreign Branches/Subsidiaries of
Indian Financial Institutions
Offshore Banking Units
An offshore banking unit
(OBU) is a financial
service unit (normally a
branch or subsidiary of a
non-resident bank),
which plays an
intermediary role
between non-resident
borrowers and lenders
Generally an offshore
banking unit is located in
an International financial
centre. In India OBUs can
be established in Special
Economic Zones
The advantage of an OBU
against a regular bank is
that the offshore banking
unit is free of regulations
and restrictions normally
imposed on domestic
financial establishments
Benefits of OBUs and IFSCs
Benefits
Lesser
Regulations
and
Restrictions
Ease of
Transacting
in Foreign
Exchange
Attracts
Foreign
Clientele for
Indian Banks
Flexible
International
Financial
Trade
Options
Tax Benefits
and
Incentives
Increases
cross-border
flow of funds
and
resources
Regulations under FEMA
Foreign Exchange Management Act, 1999 has the authority to govern the Capital Account Transactions
and Provision of Services between Non-Residents and Realisation and Repatriation of Foreign Exchange.
FEMA empowers the RBI to prescribe Regulations in order to govern such transactions
Regulations governing OBUs and IFSCs
FEM (International Financial Services
Centre) Regulations, 2015
FEM (Offshore Banking Unit)
Regulations, 2002
FEM (International Financial Services Centre)
Regulations, 2015
Definitions – Financial Institution
Financial Institution includes
Company Firm AOP or BOI
Any Artificial Judicial Person not falling within any of
the preceding categories engaged in rendering financial
services or carrying out financial transactions
Without any loss of generality of above, the expression ‘financial institution’ shall include
Banks NBFCs
Insurance
companies
Brokerage
firms
Merchant
banks
Investment
banks
Pension funds Mutual funds Trusts Exchanges
Clearing
houses
Any other
Specified
entity
Financial Service & Financial Transaction
Financial service
Activities a financial institution is allowed to carry out as specified in
the respective act or as allowed by the respective regulating authority
Financial
transaction
Making any payment to, or for the credit of any person, or
Receiving any payment for, by order or on behalf of any person, or
Drawing, issuing or negotiating any bill of exchange or promissory note, or
Transferring any security or
Acknowledging any debt
means
Regulatory Authority & IFSC
Regulatory Authority shall include
RBI SEBI IRDA
Pension Fund Regulatory
and Development
Authority (PFRDA)
or any other statutory
authority empowered to
regulate a financial
institution
International Financial
Services Centre
Means an International Financial Services Centre which has been
approved by the Central Government under Sec 18 of the SEZ Act
Sec 18 of the SEZ Act –
Central Government shall approve the setting up of an IFSC in an SEZ,
provided it shall approve only one IFSC in a SEZ
Provisions
Shall be treated as a person resident outside India
And permitted/recognised as such by the Government of India or a Regulatory Authority
Any financial institution or branch of a financial institution set up in the IFSC
A financial institution or branch of a financial institution shall conduct such business in such foreign currency
and with such persons, whether resident or otherwise, as the concerned Regulatory Authority may determine
Subject to regulations governing entities controlled by Indian Residents, unless specified otherwise, other
FEMA regulations shall not apply to a financial institution or branch of a financial institution set up in an IFSC
FEM (Offshore Banking Unit) Regulations, 2002
Meaning of Offshore Banking Unit
Offshore Banking Unit (OBU)
And holds approval of RBI for opening a new place of business
Located in the Special Economic Zone (SEZ)
Means a branch of a bank in India
Applicability of FEMA
Unless otherwise
provided, other
FEMA Regulations do
not apply to an OBU
Despite an OBU
being an Authorised
Dealer of the bank
setting up the OBU, it
shall not be regarded
as an AD for the
purposes of FEMA
Other than the permitted transactions or
without the prior permission of RBI,
an OBU shall not conduct any activity or undertake
any transactions with residents in India
Permitted Transactions
An OBU may undertake foreign exchange transactions with any authorised dealer in India only on
principal-to-principal basis
An OBU may undertake transaction in foreign exchange with a unit located in SEZ to the extent the unit
is eligible to enter into or undertake such transaction subject to ceilings and conditions prescribed
under FEMA
An OBU may engage in any of the forms of business allowed under the Banking Regulation Act, 1949
subject to regulations and satisfaction of conditions for acquiring license, however, only in Foreign
Exchange
Income-Tax Provisions
Sec 80LA of the Income-tax Act, 1962 -Deductions in Respect
of Certain Incomes of OBUs and IFSC
• Income from an OBU in SEZ
• Income from eligible forms of business for banks from any
undertakings in SEZ or which develops or operates and SEZ
• Income of Unit in IFSC from its approved business
Eligible Income
100% of eligible income for 10
consecutive years out of first 15
years at the option of assessee
• 100% of eligible income for 5 AYs
from obtaining permit
• 50% of eligible income for next 5 AYs
Unit of an IFSC
A Scheduled Bank or a Foreign
Bank having an OBU in a SEZ
Assessee
Deduction
Conditions
• Report of Accountant in Form 10CCF must be filed
• Copy of RBI Approval for Banks to set up new place of business to be filed
Other Income-tax Incentives
Sec 10 (15) (viii)
Any income by way of interest received by a non-resident or a person
who is not ordinarily resident, in India on a deposit made in an OBU
Sec 10 (15) (ix)
Any income by way of interest payable to a non-resident by a unit
located in an IFSC in respect of monies borrowed by it
Sec 197A
An OBU shall not deduct taxes on interest paid on deposits and
borrowings of Non-residents or Not ordinarily residents
Contd.
Sec 115JB The Minimum Alternate Tax rate in case of IFSC shall be 9%
Sec 47(viiab)
Transfer of Bonds, GDRs, RDBs, Derivatives by a non-resident in a stock-
exchange located in any IFSC and where the consideration is in foreign
currency shall be exempt from Capital Gains
Sec 115-O
Dividend Distribution Tax shall not be applicable to a company being an unit
of IFSC deriving income solely from convertible foreign exchange
India’s First IFSC – GIFT City
Gujarat International Finance Tech-city (GIFT) SEZ is India’s first International Financial Services
Centre (IFSC) under SEZ Act. It is being developed as a global financial services hub.
GIFT IFSC is a Multi Services SEZ with 105 hectors of land and commenced its business in April 2015
• The India International Exchange (INX) is India's
first international stock exchange, commenced
operations on Jan 16, 2017
• It is located at the IFSC, GIFT City in Gujarat
• It is a WOS of the Bombay Stock Exchange (BSE)
• NSE International Exchange commenced
operations on June 5th 2017
• It is established in GIFT IFSC
• It is a WOS of the National Stock Exchange
of India Ltd (NSE)
Thank You
DVS Advisors LLP
India-Singapore-London-Dubai-Malaysia-Africa
www.dvsca.com
Copyrights © 2019 DVS Advisors LLP
Scan the QR Code to Join our
Research Group on WhatsApp
Scan the QR Code to explore more
Research from our Website

Weitere ähnliche Inhalte

Was ist angesagt?

Banking Regulation Act 1949
Banking Regulation Act 1949Banking Regulation Act 1949
Banking Regulation Act 1949Vishal Pinto
 
Trends in banking sector
Trends in banking sectorTrends in banking sector
Trends in banking sectorRinkle Kaur
 
Factoring and forfaiting
Factoring and forfaitingFactoring and forfaiting
Factoring and forfaitingAbhinav Rai
 
Presentation of fema case study oct 2016 21.10.2016
Presentation of fema case study   oct 2016 21.10.2016Presentation of fema case study   oct 2016 21.10.2016
Presentation of fema case study oct 2016 21.10.2016P P Shah & Associates
 
Role of rbi in the mgmt of forex mkt in india
Role of rbi in the mgmt of forex mkt in indiaRole of rbi in the mgmt of forex mkt in india
Role of rbi in the mgmt of forex mkt in indiaZenobia Sukhia
 
Capital account convertibility
Capital account convertibilityCapital account convertibility
Capital account convertibilityAyush Gupta
 
Export of Goods, Services and Currencies: FEMA Perspective
Export of Goods, Services and Currencies: FEMA PerspectiveExport of Goods, Services and Currencies: FEMA Perspective
Export of Goods, Services and Currencies: FEMA PerspectiveDVSResearchFoundatio
 
Impact due to change in residential status - FEMA perspective
Impact due to change in residential status - FEMA perspectiveImpact due to change in residential status - FEMA perspective
Impact due to change in residential status - FEMA perspectiveDVSResearchFoundatio
 
International finance
International financeInternational finance
International financeEric Mukupa
 
FATCA OVERVIEW
FATCA OVERVIEWFATCA OVERVIEW
FATCA OVERVIEWGLG
 
Anti Money Laundering - CDD & KYC
Anti Money Laundering - CDD & KYCAnti Money Laundering - CDD & KYC
Anti Money Laundering - CDD & KYCBesart Qerimi
 
Indian money market and role of rbi
Indian money market and role of rbiIndian money market and role of rbi
Indian money market and role of rbiPrateek Chauhan
 
Foreign Exchange Management Act, 1999
Foreign Exchange Management Act, 1999Foreign Exchange Management Act, 1999
Foreign Exchange Management Act, 1999Nikhil kumar Tyagi
 
Private banks & Public banks
Private banks & Public banksPrivate banks & Public banks
Private banks & Public banksSachin Raj
 

Was ist angesagt? (20)

Banking Regulation Act 1949
Banking Regulation Act 1949Banking Regulation Act 1949
Banking Regulation Act 1949
 
Registration under GST Law
Registration under GST LawRegistration under GST Law
Registration under GST Law
 
Trends in banking sector
Trends in banking sectorTrends in banking sector
Trends in banking sector
 
Factoring and forfaiting
Factoring and forfaitingFactoring and forfaiting
Factoring and forfaiting
 
Presentation of fema case study oct 2016 21.10.2016
Presentation of fema case study   oct 2016 21.10.2016Presentation of fema case study   oct 2016 21.10.2016
Presentation of fema case study oct 2016 21.10.2016
 
Role of rbi in the mgmt of forex mkt in india
Role of rbi in the mgmt of forex mkt in indiaRole of rbi in the mgmt of forex mkt in india
Role of rbi in the mgmt of forex mkt in india
 
Capital account convertibility
Capital account convertibilityCapital account convertibility
Capital account convertibility
 
Export of Goods, Services and Currencies: FEMA Perspective
Export of Goods, Services and Currencies: FEMA PerspectiveExport of Goods, Services and Currencies: FEMA Perspective
Export of Goods, Services and Currencies: FEMA Perspective
 
History and Development of Banks
History and Development of BanksHistory and Development of Banks
History and Development of Banks
 
Impact due to change in residential status - FEMA perspective
Impact due to change in residential status - FEMA perspectiveImpact due to change in residential status - FEMA perspective
Impact due to change in residential status - FEMA perspective
 
International finance
International financeInternational finance
International finance
 
Ind AS 24
Ind AS 24Ind AS 24
Ind AS 24
 
FATCA OVERVIEW
FATCA OVERVIEWFATCA OVERVIEW
FATCA OVERVIEW
 
Anti Money Laundering - CDD & KYC
Anti Money Laundering - CDD & KYCAnti Money Laundering - CDD & KYC
Anti Money Laundering - CDD & KYC
 
Indian money market and role of rbi
Indian money market and role of rbiIndian money market and role of rbi
Indian money market and role of rbi
 
Foreign Exchange Management Act, 1999
Foreign Exchange Management Act, 1999Foreign Exchange Management Act, 1999
Foreign Exchange Management Act, 1999
 
Foreign Exchange Management Law
Foreign Exchange Management LawForeign Exchange Management Law
Foreign Exchange Management Law
 
Reporting under fema
Reporting under femaReporting under fema
Reporting under fema
 
Swift
SwiftSwift
Swift
 
Private banks & Public banks
Private banks & Public banksPrivate banks & Public banks
Private banks & Public banks
 

Ähnlich wie Offshore Banking Unit and IFSC: FEMA Perspective

IFSC Regulators: Reserve Bank of India
IFSC Regulators: Reserve Bank of IndiaIFSC Regulators: Reserve Bank of India
IFSC Regulators: Reserve Bank of IndiaDVSResearchFoundatio
 
Presentation for BSE delhi road show 30.09.2016 w.r.t opportunities in IFSC ...
Presentation for BSE delhi road show  30.09.2016 w.r.t opportunities in IFSC ...Presentation for BSE delhi road show  30.09.2016 w.r.t opportunities in IFSC ...
Presentation for BSE delhi road show 30.09.2016 w.r.t opportunities in IFSC ...Ashish Jhagarawat
 
Entry strategies presentation by CA. Sudha G. Bhushan
Entry strategies presentation by CA. Sudha G. BhushanEntry strategies presentation by CA. Sudha G. Bhushan
Entry strategies presentation by CA. Sudha G. BhushanTAXPERT PROFESSIONALS
 
Accounts for non residents under fema
Accounts for non residents under femaAccounts for non residents under fema
Accounts for non residents under femaDVSResearchFoundatio
 
FEMA Act, FDI In india, ECB Compliance
FEMA Act, FDI In india, ECB Compliance FEMA Act, FDI In india, ECB Compliance
FEMA Act, FDI In india, ECB Compliance Enterslice
 
Securities and Exchange Board of India (International Financial Services Cent...
Securities and Exchange Board of India (International Financial Services Cent...Securities and Exchange Board of India (International Financial Services Cent...
Securities and Exchange Board of India (International Financial Services Cent...GAURAV KR SHARMA
 
FEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside India
FEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside IndiaFEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside India
FEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside IndiaDVSResearchFoundatio
 
Key Compliances in Investing Abroad | Vinita Bahri-Mehra
Key Compliances in Investing Abroad | Vinita Bahri-MehraKey Compliances in Investing Abroad | Vinita Bahri-Mehra
Key Compliances in Investing Abroad | Vinita Bahri-MehraKegler Brown Hill + Ritter
 
Borrowing and Lending under FEMA
Borrowing and Lending under FEMABorrowing and Lending under FEMA
Borrowing and Lending under FEMANamrata Dedhia
 
Foreign Trade, Nr Is And International Business
Foreign Trade, Nr Is And International BusinessForeign Trade, Nr Is And International Business
Foreign Trade, Nr Is And International BusinessDr. Trilok Kumar Jain
 
Foreign Trade, Nr Is And International Business
Foreign Trade, Nr Is And International BusinessForeign Trade, Nr Is And International Business
Foreign Trade, Nr Is And International BusinessDr. Trilok Kumar Jain
 
Company law- foreign venture capital investor
Company law- foreign venture capital investor Company law- foreign venture capital investor
Company law- foreign venture capital investor Divyansh Sharma
 
FDI in India.pptx
FDI in India.pptxFDI in India.pptx
FDI in India.pptxyash985247
 

Ähnlich wie Offshore Banking Unit and IFSC: FEMA Perspective (20)

IFSC Regulators: Reserve Bank of India
IFSC Regulators: Reserve Bank of IndiaIFSC Regulators: Reserve Bank of India
IFSC Regulators: Reserve Bank of India
 
Presentation for BSE delhi road show 30.09.2016 w.r.t opportunities in IFSC ...
Presentation for BSE delhi road show  30.09.2016 w.r.t opportunities in IFSC ...Presentation for BSE delhi road show  30.09.2016 w.r.t opportunities in IFSC ...
Presentation for BSE delhi road show 30.09.2016 w.r.t opportunities in IFSC ...
 
Entry strategies presentation by CA. Sudha G. Bhushan
Entry strategies presentation by CA. Sudha G. BhushanEntry strategies presentation by CA. Sudha G. Bhushan
Entry strategies presentation by CA. Sudha G. Bhushan
 
PPT Fema.pptx
PPT Fema.pptxPPT Fema.pptx
PPT Fema.pptx
 
FEMA
FEMAFEMA
FEMA
 
Accounts for non residents under fema
Accounts for non residents under femaAccounts for non residents under fema
Accounts for non residents under fema
 
PPT Fema.pptx
PPT Fema.pptxPPT Fema.pptx
PPT Fema.pptx
 
HOSPITALITY LAW LECTURE 6
HOSPITALITY LAW LECTURE 6 HOSPITALITY LAW LECTURE 6
HOSPITALITY LAW LECTURE 6
 
AIF in IFSC
AIF in IFSCAIF in IFSC
AIF in IFSC
 
FEMA Act, FDI In india, ECB Compliance
FEMA Act, FDI In india, ECB Compliance FEMA Act, FDI In india, ECB Compliance
FEMA Act, FDI In india, ECB Compliance
 
Securities and Exchange Board of India (International Financial Services Cent...
Securities and Exchange Board of India (International Financial Services Cent...Securities and Exchange Board of India (International Financial Services Cent...
Securities and Exchange Board of India (International Financial Services Cent...
 
FEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside India
FEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside IndiaFEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside India
FEMA Regulations for Incorporation of WOS/JV/ Step-down Subsidiary outside India
 
Key Compliances in Investing Abroad | Vinita Bahri-Mehra
Key Compliances in Investing Abroad | Vinita Bahri-MehraKey Compliances in Investing Abroad | Vinita Bahri-Mehra
Key Compliances in Investing Abroad | Vinita Bahri-Mehra
 
Fema
FemaFema
Fema
 
Investments in IFSC AIFs
Investments in IFSC AIFsInvestments in IFSC AIFs
Investments in IFSC AIFs
 
Borrowing and Lending under FEMA
Borrowing and Lending under FEMABorrowing and Lending under FEMA
Borrowing and Lending under FEMA
 
Foreign Trade, Nr Is And International Business
Foreign Trade, Nr Is And International BusinessForeign Trade, Nr Is And International Business
Foreign Trade, Nr Is And International Business
 
Foreign Trade, Nr Is And International Business
Foreign Trade, Nr Is And International BusinessForeign Trade, Nr Is And International Business
Foreign Trade, Nr Is And International Business
 
Company law- foreign venture capital investor
Company law- foreign venture capital investor Company law- foreign venture capital investor
Company law- foreign venture capital investor
 
FDI in India.pptx
FDI in India.pptxFDI in India.pptx
FDI in India.pptx
 

Mehr von DVSResearchFoundatio

SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIA
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIASCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIA
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIADVSResearchFoundatio
 
INCORPORATING A COMPANY IN DUBAI MAINLAND
INCORPORATING A COMPANY IN DUBAI MAINLANDINCORPORATING A COMPANY IN DUBAI MAINLAND
INCORPORATING A COMPANY IN DUBAI MAINLANDDVSResearchFoundatio
 
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...
Key Takeaways:  - Analysis of section 45(4), section 9B of the Income Tax Act...Key Takeaways:  - Analysis of section 45(4), section 9B of the Income Tax Act...
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...DVSResearchFoundatio
 
WITHHOLDING ON GRATUITY PAYMENT SUPREME COURT OF INDIA
WITHHOLDING ON GRATUITY PAYMENT SUPREME COURT OF INDIA WITHHOLDING ON GRATUITY PAYMENT SUPREME COURT OF INDIA
WITHHOLDING ON GRATUITY PAYMENT SUPREME COURT OF INDIA DVSResearchFoundatio
 
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
 
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
 
CANCELLATION OF REGISTRATION OF TRUST U/S 12AA
CANCELLATION OF REGISTRATION OF TRUST U/S 12AACANCELLATION OF REGISTRATION OF TRUST U/S 12AA
CANCELLATION OF REGISTRATION OF TRUST U/S 12AADVSResearchFoundatio
 
Advance tax liability when tds not deducted
Advance tax liability when tds not deductedAdvance tax liability when tds not deducted
Advance tax liability when tds not deductedDVSResearchFoundatio
 
How to make an application for SME IPO listing?
How to make an application for SME IPO listing?How to make an application for SME IPO listing?
How to make an application for SME IPO listing?DVSResearchFoundatio
 
What are the post listing compliance norms for SME entities?
What are the post listing compliance norms for SME entities?What are the post listing compliance norms for SME entities?
What are the post listing compliance norms for SME entities?DVSResearchFoundatio
 
What are the steps to be taken after issue by SME?
What are the steps to be taken after issue by SME?What are the steps to be taken after issue by SME?
What are the steps to be taken after issue by SME?DVSResearchFoundatio
 
What are the steps to be taken prior to SME listing?
What are the steps to be taken prior to SME listing?What are the steps to be taken prior to SME listing?
What are the steps to be taken prior to SME listing?DVSResearchFoundatio
 
What are the criteria for SME listing?
What are the criteria for SME listing?What are the criteria for SME listing?
What are the criteria for SME listing?DVSResearchFoundatio
 
TAXATION OF MNCs – HEADING TOWARDS A RESOLUTION
TAXATION OF MNCs – HEADING TOWARDS A RESOLUTIONTAXATION OF MNCs – HEADING TOWARDS A RESOLUTION
TAXATION OF MNCs – HEADING TOWARDS A RESOLUTIONDVSResearchFoundatio
 
INCORPORATING A COMPANY IN SINGAPORE BY AN INDIAN
INCORPORATING A COMPANY IN SINGAPORE BY AN INDIANINCORPORATING A COMPANY IN SINGAPORE BY AN INDIAN
INCORPORATING A COMPANY IN SINGAPORE BY AN INDIANDVSResearchFoundatio
 
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...DVSResearchFoundatio
 

Mehr von DVSResearchFoundatio (20)

ODI DRAFT REGULATIONS
ODI DRAFT REGULATIONSODI DRAFT REGULATIONS
ODI DRAFT REGULATIONS
 
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIA
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIASCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIA
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIA
 
INCORPORATING A COMPANY IN DUBAI MAINLAND
INCORPORATING A COMPANY IN DUBAI MAINLANDINCORPORATING A COMPANY IN DUBAI MAINLAND
INCORPORATING A COMPANY IN DUBAI MAINLAND
 
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...
Key Takeaways:  - Analysis of section 45(4), section 9B of the Income Tax Act...Key Takeaways:  - Analysis of section 45(4), section 9B of the Income Tax Act...
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...
 
WITHHOLDING ON GRATUITY PAYMENT SUPREME COURT OF INDIA
WITHHOLDING ON GRATUITY PAYMENT SUPREME COURT OF INDIA WITHHOLDING ON GRATUITY PAYMENT SUPREME COURT OF INDIA
WITHHOLDING ON GRATUITY PAYMENT SUPREME COURT OF INDIA
 
DISALLOWANCE U/S 14A
DISALLOWANCE U/S 14ADISALLOWANCE U/S 14A
DISALLOWANCE U/S 14A
 
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...
 
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...
ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...
 
DENIAL OF EXEMPTION U/S 10(23C)
DENIAL OF EXEMPTION U/S 10(23C)DENIAL OF EXEMPTION U/S 10(23C)
DENIAL OF EXEMPTION U/S 10(23C)
 
CANCELLATION OF REGISTRATION OF TRUST U/S 12AA
CANCELLATION OF REGISTRATION OF TRUST U/S 12AACANCELLATION OF REGISTRATION OF TRUST U/S 12AA
CANCELLATION OF REGISTRATION OF TRUST U/S 12AA
 
Advance tax liability when tds not deducted
Advance tax liability when tds not deductedAdvance tax liability when tds not deducted
Advance tax liability when tds not deducted
 
FDI in LLP
FDI in LLPFDI in LLP
FDI in LLP
 
How to make an application for SME IPO listing?
How to make an application for SME IPO listing?How to make an application for SME IPO listing?
How to make an application for SME IPO listing?
 
What are the post listing compliance norms for SME entities?
What are the post listing compliance norms for SME entities?What are the post listing compliance norms for SME entities?
What are the post listing compliance norms for SME entities?
 
What are the steps to be taken after issue by SME?
What are the steps to be taken after issue by SME?What are the steps to be taken after issue by SME?
What are the steps to be taken after issue by SME?
 
What are the steps to be taken prior to SME listing?
What are the steps to be taken prior to SME listing?What are the steps to be taken prior to SME listing?
What are the steps to be taken prior to SME listing?
 
What are the criteria for SME listing?
What are the criteria for SME listing?What are the criteria for SME listing?
What are the criteria for SME listing?
 
TAXATION OF MNCs – HEADING TOWARDS A RESOLUTION
TAXATION OF MNCs – HEADING TOWARDS A RESOLUTIONTAXATION OF MNCs – HEADING TOWARDS A RESOLUTION
TAXATION OF MNCs – HEADING TOWARDS A RESOLUTION
 
INCORPORATING A COMPANY IN SINGAPORE BY AN INDIAN
INCORPORATING A COMPANY IN SINGAPORE BY AN INDIANINCORPORATING A COMPANY IN SINGAPORE BY AN INDIAN
INCORPORATING A COMPANY IN SINGAPORE BY AN INDIAN
 
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...
AUTOMATIC VACATION OF STAY GRANTED BY TRIBUNALDCIT v. PEPSI FOODS LTD. [2021]...
 

Kürzlich hochgeladen

Pitch Deck Teardown: Xpanceo's $40M Seed deck
Pitch Deck Teardown: Xpanceo's $40M Seed deckPitch Deck Teardown: Xpanceo's $40M Seed deck
Pitch Deck Teardown: Xpanceo's $40M Seed deckHajeJanKamps
 
Roman Kyslyi: Використання та побудова LLM агентів (UA)
Roman Kyslyi: Використання та побудова LLM агентів (UA)Roman Kyslyi: Використання та побудова LLM агентів (UA)
Roman Kyslyi: Використання та побудова LLM агентів (UA)Lviv Startup Club
 
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...SOFTTECHHUB
 
Types of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdfTypes of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdfASGITConsulting
 
WSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdfWSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdfJamesConcepcion7
 
Vladyslav Fliahin: Applications of Gen AI in CV (UA)
Vladyslav Fliahin: Applications of Gen AI in CV (UA)Vladyslav Fliahin: Applications of Gen AI in CV (UA)
Vladyslav Fliahin: Applications of Gen AI in CV (UA)Lviv Startup Club
 
Data Analytics Strategy Toolkit and Templates
Data Analytics Strategy Toolkit and TemplatesData Analytics Strategy Toolkit and Templates
Data Analytics Strategy Toolkit and TemplatesAurelien Domont, MBA
 
Welding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan DynamicsWelding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan DynamicsIndiaMART InterMESH Limited
 
Darshan Hiranandani (Son of Niranjan Hiranandani).pdf
Darshan Hiranandani (Son of Niranjan Hiranandani).pdfDarshan Hiranandani (Son of Niranjan Hiranandani).pdf
Darshan Hiranandani (Son of Niranjan Hiranandani).pdfShashank Mehta
 
Driving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon HarmerDriving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon HarmerAggregage
 
Jewish Resources in the Family Resource Centre
Jewish Resources in the Family Resource CentreJewish Resources in the Family Resource Centre
Jewish Resources in the Family Resource CentreNZSG
 
WSMM Media and Entertainment Feb_March_Final.pdf
WSMM Media and Entertainment Feb_March_Final.pdfWSMM Media and Entertainment Feb_March_Final.pdf
WSMM Media and Entertainment Feb_March_Final.pdfJamesConcepcion7
 
Excvation Safety for safety officers reference
Excvation Safety for safety officers referenceExcvation Safety for safety officers reference
Excvation Safety for safety officers referencessuser2c065e
 
Unveiling the Soundscape Music for Psychedelic Experiences
Unveiling the Soundscape Music for Psychedelic ExperiencesUnveiling the Soundscape Music for Psychedelic Experiences
Unveiling the Soundscape Music for Psychedelic ExperiencesDoe Paoro
 
Planetary and Vedic Yagyas Bring Positive Impacts in Life
Planetary and Vedic Yagyas Bring Positive Impacts in LifePlanetary and Vedic Yagyas Bring Positive Impacts in Life
Planetary and Vedic Yagyas Bring Positive Impacts in LifeBhavana Pujan Kendra
 
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdf
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdfGUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdf
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdfDanny Diep To
 
Paul Turovsky - Real Estate Professional
Paul Turovsky - Real Estate ProfessionalPaul Turovsky - Real Estate Professional
Paul Turovsky - Real Estate ProfessionalPaul Turovsky
 
How Generative AI Is Transforming Your Business | Byond Growth Insights | Apr...
How Generative AI Is Transforming Your Business | Byond Growth Insights | Apr...How Generative AI Is Transforming Your Business | Byond Growth Insights | Apr...
How Generative AI Is Transforming Your Business | Byond Growth Insights | Apr...Hector Del Castillo, CPM, CPMM
 
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdf
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdftrending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdf
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdfMintel Group
 
Entrepreneurial ecosystem- Wider context
Entrepreneurial ecosystem- Wider contextEntrepreneurial ecosystem- Wider context
Entrepreneurial ecosystem- Wider contextP&CO
 

Kürzlich hochgeladen (20)

Pitch Deck Teardown: Xpanceo's $40M Seed deck
Pitch Deck Teardown: Xpanceo's $40M Seed deckPitch Deck Teardown: Xpanceo's $40M Seed deck
Pitch Deck Teardown: Xpanceo's $40M Seed deck
 
Roman Kyslyi: Використання та побудова LLM агентів (UA)
Roman Kyslyi: Використання та побудова LLM агентів (UA)Roman Kyslyi: Використання та побудова LLM агентів (UA)
Roman Kyslyi: Використання та побудова LLM агентів (UA)
 
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...
How To Simplify Your Scheduling with AI Calendarfly The Hassle-Free Online Bo...
 
Types of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdfTypes of Cyberattacks - ASG I.T. Consulting.pdf
Types of Cyberattacks - ASG I.T. Consulting.pdf
 
WSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdfWSMM Technology February.March Newsletter_vF.pdf
WSMM Technology February.March Newsletter_vF.pdf
 
Vladyslav Fliahin: Applications of Gen AI in CV (UA)
Vladyslav Fliahin: Applications of Gen AI in CV (UA)Vladyslav Fliahin: Applications of Gen AI in CV (UA)
Vladyslav Fliahin: Applications of Gen AI in CV (UA)
 
Data Analytics Strategy Toolkit and Templates
Data Analytics Strategy Toolkit and TemplatesData Analytics Strategy Toolkit and Templates
Data Analytics Strategy Toolkit and Templates
 
Welding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan DynamicsWelding Electrode Making Machine By Deccan Dynamics
Welding Electrode Making Machine By Deccan Dynamics
 
Darshan Hiranandani (Son of Niranjan Hiranandani).pdf
Darshan Hiranandani (Son of Niranjan Hiranandani).pdfDarshan Hiranandani (Son of Niranjan Hiranandani).pdf
Darshan Hiranandani (Son of Niranjan Hiranandani).pdf
 
Driving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon HarmerDriving Business Impact for PMs with Jon Harmer
Driving Business Impact for PMs with Jon Harmer
 
Jewish Resources in the Family Resource Centre
Jewish Resources in the Family Resource CentreJewish Resources in the Family Resource Centre
Jewish Resources in the Family Resource Centre
 
WSMM Media and Entertainment Feb_March_Final.pdf
WSMM Media and Entertainment Feb_March_Final.pdfWSMM Media and Entertainment Feb_March_Final.pdf
WSMM Media and Entertainment Feb_March_Final.pdf
 
Excvation Safety for safety officers reference
Excvation Safety for safety officers referenceExcvation Safety for safety officers reference
Excvation Safety for safety officers reference
 
Unveiling the Soundscape Music for Psychedelic Experiences
Unveiling the Soundscape Music for Psychedelic ExperiencesUnveiling the Soundscape Music for Psychedelic Experiences
Unveiling the Soundscape Music for Psychedelic Experiences
 
Planetary and Vedic Yagyas Bring Positive Impacts in Life
Planetary and Vedic Yagyas Bring Positive Impacts in LifePlanetary and Vedic Yagyas Bring Positive Impacts in Life
Planetary and Vedic Yagyas Bring Positive Impacts in Life
 
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdf
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdfGUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdf
GUIDELINES ON USEFUL FORMS IN FREIGHT FORWARDING (F) Danny Diep Toh MBA.pdf
 
Paul Turovsky - Real Estate Professional
Paul Turovsky - Real Estate ProfessionalPaul Turovsky - Real Estate Professional
Paul Turovsky - Real Estate Professional
 
How Generative AI Is Transforming Your Business | Byond Growth Insights | Apr...
How Generative AI Is Transforming Your Business | Byond Growth Insights | Apr...How Generative AI Is Transforming Your Business | Byond Growth Insights | Apr...
How Generative AI Is Transforming Your Business | Byond Growth Insights | Apr...
 
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdf
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdftrending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdf
trending-flavors-and-ingredients-in-salty-snacks-us-2024_Redacted-V2.pdf
 
Entrepreneurial ecosystem- Wider context
Entrepreneurial ecosystem- Wider contextEntrepreneurial ecosystem- Wider context
Entrepreneurial ecosystem- Wider context
 

Offshore Banking Unit and IFSC: FEMA Perspective

  • 1. Offshore Banking Units and International Financial Services Centres: FEMA Perspective CA Divakar Vijayasarathy
  • 2. Credits and Acknowledgments V Thirumal CA Jugal Gala
  • 3. Legends used in the Presentation AOP Association of Person BOI Body of Individuals FEMA Foreign Exchange Management Act, 1999 FEM Foreign Exchange Management IFSC International Financial Services Centre INX India International Exchange IRDA Insurance Regulatory and Development Authority NBFC Non-Banking Financial Company OBU Offshore Banking Unit PFRDA Pension Fund Regulatory and Development Authority RBI Reserve Bank of India SEBI Securities Exchange Board of India SEZ Special Economic Zone
  • 4. Presentation Schema International Financial Services Centre Offshore Banking Units FEM (International Financial Services Centre) Regulations, 2015 Definitions Provisions FEM ( Offshore Banking Unit ) Regulations, 2002 Meaning of OBU Applicability Permitted Transactions Income-tax Provisions India’s First IFSC – GIFT City
  • 5. International Financial Services Centre Such centers deal with the flow of finance, financial products and services across borders An IFSC caters to customers outside the jurisdiction of the domestic economy. An International Financial Services Centre is set-up to provide financial services which are provided by Foreign Financial Institutions and Foreign Branches/Subsidiaries of Indian Financial Institutions
  • 6. Offshore Banking Units An offshore banking unit (OBU) is a financial service unit (normally a branch or subsidiary of a non-resident bank), which plays an intermediary role between non-resident borrowers and lenders Generally an offshore banking unit is located in an International financial centre. In India OBUs can be established in Special Economic Zones The advantage of an OBU against a regular bank is that the offshore banking unit is free of regulations and restrictions normally imposed on domestic financial establishments
  • 7. Benefits of OBUs and IFSCs Benefits Lesser Regulations and Restrictions Ease of Transacting in Foreign Exchange Attracts Foreign Clientele for Indian Banks Flexible International Financial Trade Options Tax Benefits and Incentives Increases cross-border flow of funds and resources
  • 8. Regulations under FEMA Foreign Exchange Management Act, 1999 has the authority to govern the Capital Account Transactions and Provision of Services between Non-Residents and Realisation and Repatriation of Foreign Exchange. FEMA empowers the RBI to prescribe Regulations in order to govern such transactions Regulations governing OBUs and IFSCs FEM (International Financial Services Centre) Regulations, 2015 FEM (Offshore Banking Unit) Regulations, 2002
  • 9. FEM (International Financial Services Centre) Regulations, 2015
  • 10. Definitions – Financial Institution Financial Institution includes Company Firm AOP or BOI Any Artificial Judicial Person not falling within any of the preceding categories engaged in rendering financial services or carrying out financial transactions Without any loss of generality of above, the expression ‘financial institution’ shall include Banks NBFCs Insurance companies Brokerage firms Merchant banks Investment banks Pension funds Mutual funds Trusts Exchanges Clearing houses Any other Specified entity
  • 11. Financial Service & Financial Transaction Financial service Activities a financial institution is allowed to carry out as specified in the respective act or as allowed by the respective regulating authority Financial transaction Making any payment to, or for the credit of any person, or Receiving any payment for, by order or on behalf of any person, or Drawing, issuing or negotiating any bill of exchange or promissory note, or Transferring any security or Acknowledging any debt means
  • 12. Regulatory Authority & IFSC Regulatory Authority shall include RBI SEBI IRDA Pension Fund Regulatory and Development Authority (PFRDA) or any other statutory authority empowered to regulate a financial institution International Financial Services Centre Means an International Financial Services Centre which has been approved by the Central Government under Sec 18 of the SEZ Act Sec 18 of the SEZ Act – Central Government shall approve the setting up of an IFSC in an SEZ, provided it shall approve only one IFSC in a SEZ
  • 13. Provisions Shall be treated as a person resident outside India And permitted/recognised as such by the Government of India or a Regulatory Authority Any financial institution or branch of a financial institution set up in the IFSC A financial institution or branch of a financial institution shall conduct such business in such foreign currency and with such persons, whether resident or otherwise, as the concerned Regulatory Authority may determine Subject to regulations governing entities controlled by Indian Residents, unless specified otherwise, other FEMA regulations shall not apply to a financial institution or branch of a financial institution set up in an IFSC
  • 14. FEM (Offshore Banking Unit) Regulations, 2002
  • 15. Meaning of Offshore Banking Unit Offshore Banking Unit (OBU) And holds approval of RBI for opening a new place of business Located in the Special Economic Zone (SEZ) Means a branch of a bank in India
  • 16. Applicability of FEMA Unless otherwise provided, other FEMA Regulations do not apply to an OBU Despite an OBU being an Authorised Dealer of the bank setting up the OBU, it shall not be regarded as an AD for the purposes of FEMA Other than the permitted transactions or without the prior permission of RBI, an OBU shall not conduct any activity or undertake any transactions with residents in India
  • 17. Permitted Transactions An OBU may undertake foreign exchange transactions with any authorised dealer in India only on principal-to-principal basis An OBU may undertake transaction in foreign exchange with a unit located in SEZ to the extent the unit is eligible to enter into or undertake such transaction subject to ceilings and conditions prescribed under FEMA An OBU may engage in any of the forms of business allowed under the Banking Regulation Act, 1949 subject to regulations and satisfaction of conditions for acquiring license, however, only in Foreign Exchange
  • 19. Sec 80LA of the Income-tax Act, 1962 -Deductions in Respect of Certain Incomes of OBUs and IFSC • Income from an OBU in SEZ • Income from eligible forms of business for banks from any undertakings in SEZ or which develops or operates and SEZ • Income of Unit in IFSC from its approved business Eligible Income 100% of eligible income for 10 consecutive years out of first 15 years at the option of assessee • 100% of eligible income for 5 AYs from obtaining permit • 50% of eligible income for next 5 AYs Unit of an IFSC A Scheduled Bank or a Foreign Bank having an OBU in a SEZ Assessee Deduction Conditions • Report of Accountant in Form 10CCF must be filed • Copy of RBI Approval for Banks to set up new place of business to be filed
  • 20. Other Income-tax Incentives Sec 10 (15) (viii) Any income by way of interest received by a non-resident or a person who is not ordinarily resident, in India on a deposit made in an OBU Sec 10 (15) (ix) Any income by way of interest payable to a non-resident by a unit located in an IFSC in respect of monies borrowed by it Sec 197A An OBU shall not deduct taxes on interest paid on deposits and borrowings of Non-residents or Not ordinarily residents
  • 21. Contd. Sec 115JB The Minimum Alternate Tax rate in case of IFSC shall be 9% Sec 47(viiab) Transfer of Bonds, GDRs, RDBs, Derivatives by a non-resident in a stock- exchange located in any IFSC and where the consideration is in foreign currency shall be exempt from Capital Gains Sec 115-O Dividend Distribution Tax shall not be applicable to a company being an unit of IFSC deriving income solely from convertible foreign exchange
  • 22. India’s First IFSC – GIFT City Gujarat International Finance Tech-city (GIFT) SEZ is India’s first International Financial Services Centre (IFSC) under SEZ Act. It is being developed as a global financial services hub. GIFT IFSC is a Multi Services SEZ with 105 hectors of land and commenced its business in April 2015 • The India International Exchange (INX) is India's first international stock exchange, commenced operations on Jan 16, 2017 • It is located at the IFSC, GIFT City in Gujarat • It is a WOS of the Bombay Stock Exchange (BSE) • NSE International Exchange commenced operations on June 5th 2017 • It is established in GIFT IFSC • It is a WOS of the National Stock Exchange of India Ltd (NSE)
  • 23. Thank You DVS Advisors LLP India-Singapore-London-Dubai-Malaysia-Africa www.dvsca.com Copyrights © 2019 DVS Advisors LLP Scan the QR Code to Join our Research Group on WhatsApp Scan the QR Code to explore more Research from our Website