There is a bonanza for India’s high net-worth stock market traders. The government has now opened the doors for HNI traders to plan on Gujarat International Financial Tech (GIFT) city platform. It is a massive tax break for those who can trade stocks, commodities and currencies on GIFT platform as it is completely exempt from all the levies, income and capital gains tax.
With this, India is also bringing in partial capital convertibility of the rupee in the offshore jurisdiction, experts said.
India has a Liberalised Remittance Scheme (LRS) of RBI under which residents can transfer up to $250,000 (roughly ₹1.5 crore) annually for investment or trading purposes to any exchange in the world. GIFT is considered as an offshore venue and the same LRS scheme has now been extended to the stock exchanges in that jurisdiction. Both the BSE and the National Stock Exchange have their platforms there. Earlier this month, a government notification said that resident Indians with annual…
