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Union Budget 2024: Financial Sector Highlights
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