FinMin axes IIFCL proposal to shift UK unit to save tax

IIFCL

IIFCL's UK arm was set up in London in 2008 with a $500 million authorised capital with a line of credit from the Reserve Bank of India.

The wholly owned subsidiary IIFC (UK) Ltd borrows a part of RBI's foreign exchange reserves and then lends it to Indian infrastructure firms for importing machinery to India.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.