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of <h1>India to Notify Rule on Foreign Banks' Branch Conversion to Subsidiaries u/s 115JG(1) of Income-tax Act.</h1> The Indian government plans to issue a notification under section 115JG(1) of the Income-tax Act, 1961, concerning the conversion of Indian branches of foreign banks into Indian subsidiary companies. This follows the Finance Act, 2012, which introduced special provisions for such conversions, including tax exemptions on capital gains if certain conditions are met. The Reserve Bank of India has outlined a scheme for setting up wholly owned subsidiaries by foreign banks in India. Stakeholders are invited to provide feedback on the draft notification by November 30, 2017, via the specified email.
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