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Govt Defers Orix Corporation s FDI Proposal; Dubs It As Round-Tripping

Posted on July 04, 2009

The Department of Revenue, part of the Finance Ministry of India,has objected to a proposal by Japan-based Orix Corporation to invest in an Indian trust. The IL&FS Orix Trust, which bought 2% stake in Multi Commodity Exchange, was to issue units to Mauritius-based OrixMauritius Trade Winds Investment Company. The proposal is facing objections as the department of revenue belives that the proposal istaking advantage of the India-Mauritius Double Taxation Avoidance Agreement, reports Economic Times. The department has dubbed the investment as round-tripping - capital belonging to a count...

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