The government today kick-started discussions on the proposed Infrastructure Debt Fund (IDF), holding meetings with banking and market regulators to discuss the broad contours of the proposed fund. Sources told The Indian Express that the proposed fund would become a part of the Direct Taxes Code, which is currently being vetted by the Parliamentary Standing Committee on Finance and would be implemented from April 1, 2012. A source said the officials of the Reserve Bank of India, and market regulator, Sebi, met finance ministry officials to discuss the structure and the regulator of the fund. The terms of borrowing, minimum corpus requirement, among other things, would be worked out soon. The official added that the income of the fund would be exempt from tax because the intent of the fund is not to generate income but to mobilise the same in infrastructure. However, it will have to file return.
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