TAX VEX ON BANK ARMS RESOLVED
Foreign banks converting their branches into wholly owned subsidiaries will not be required to pay capital gains tax from the transfer of assets and properties during this procedure. The finance
ministry has resolved the tax tangle in the issue and wants the Reserve Bank of India to go ahead
and allow foreign banks to convert themselves into wholly-owned subsidiaries at the earliest.
ministry has resolved the tax tangle in the issue and wants the Reserve Bank of India to go ahead
and allow foreign banks to convert themselves into wholly-owned subsidiaries at the earliest.
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