The program will feature offshore funds
from different fund families and offer a flexible approach that will complement fee-only, fee-based and commission-based brokerage environments.
No tax liability would arise on the asset management companies that manage offshore funds
There would also be no restriction on them to manage non-investing FPIs Sebi-registered offshore funds
as well as registered investment managers, according to the regulator.
Promoter shareholders who use shell companies or tie up with offshore funds
(acting as fronts) to regain control can be blocked by lenders, the Reserve Bank of India, and authorities like the Ministry of Corporate Affairs on suspic.
Summary: Offshore funds
are often used to escape high taxes and their use is not necessarily illegal
LONDRA (CyHAN)- UK Prime Minister David Cameron is to face a grilling by MPs on Monday over his past involvement with offshore funds
, as the PM sets out new plans to crack down on tax evasion.
What other shareholdings did he secretly own, and what other profits has he had from offshore funds
? Why in 2013 did he personally block EU plans to make trust funds more transparent?
All due taxes appear to have been paid and many people have investments in offshore funds
, most often indirectly through their pensions.
Facing calls to explain his family's finances, the Prime Minister declared he has "no shares, no off-shore trusts, no offshore funds
In a statement on Tuesday, a spokesman for Cameron told Reuters that the prime minister, his wife and their children did not benefit from any offshore funds
The Prime Minister insisted he has "no no offshore trusts, no offshore funds
", after late father Ian's tax were highlighted in the document disclosure.