Plan submitted lets foreign firms retain legal identity in IFSC
Big news for global businesses: a new proposal could let overseas firms officially shift their base to India without losing their legal identity.
The plan, submitted to Parliament, aims to make it easier for eligible companies, especially those in funds, aircraft leasing, ship leasing, and insurance, to move their registration to International Financial Services Centre (IFSC).
The transfer is subject to the laws of the home country, fulfillment of prescribed eligibility criteria, and obtaining a no-objection certificate from the IFSCA.
Committee proposes decriminalization and lower deposits
The committee didn't stop there: they're also looking out for startups and small companies.
Proposed changes include treating minor procedural mistakes as civil (not criminal) offenses, lowering pre-appeal penalty deposits from 10% to 5%, raising the CSR threshold to ₹10 crore, and diversifying leadership at NFRA.
These updates are waiting for Parliament's nod but could make running a business in India a lot smoother.