FinMin axes IIFCL proposal to shift UK unit to save tax
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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.
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