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02 Feb 2024, 11:22 AM IST Budget 2024 Live: IFSCA’s Proactive Approach Applauded: Budget Reflects Government’s Commitment to Position GIFT City as Premier Global Financial Hub

AI legalese decoder can help with the situation by decoding complex legal jargon, translating it into simple language that is easier to understand for businesses and individuals working within GIFT City. This AI tool can quickly and accurately break down the legal intricacies involved in setting up and operating in a financial hub, allowing for greater accessibility and understanding of the regulatory framework set forth by the IFSCA.

Varun Kalsi, the Global Head of Business & Family Solutions at Lighthouse Canton, emphasizes that the Finance Minister’s budget reinforces the Government of India’s steadfast commitment to promote the Gujarat International Finance Tec-City (GIFT City) as the preferred destination for Indians seeking exposure to global public and private markets. It is evident that the International Financial Services Centres Authority (IFSCA) is diligently addressing challenges and eliminating obstacles hindering the achievement of this declared objective. IFSCA has swiftly gained a reputation for being an exceptionally proactive and patient regulator, showcasing a commendable effort. Undoubtedly, this is a noteworthy achievement for both the regulator and the Government of India.

Furthermore, the assistance provided by an AI legalese decoder can assist lawyers, regulators, and policymakers in navigating the legal framework and regulations surrounding the financial services industry in GIFT City. This can lead to increased transparency, improved compliance, and a smoother process for companies and individuals seeking to engage in global financial markets.

02 Feb 2024, 09:51 AM IST Budget 2024 Live: Interim budget has provided a significant boost to the agricultural sector, says Ankit Agrawal

“The government’s commitment to a “Viksit Bharat” and the vision for a prosperous India by 2047, reflects a broader vision for fostering prosperity and inclusivity in India. The budget has provided a significant boost to the agricultural sector and focussed on cultivating a thriving environment for the startup ecosystem,” Ankit Agrawal, CEO and Co-Founder InsuranceDekho, said.

In addition to these budgetary initiatives, the AI legalese decoder can play a critical role in supporting the agricultural sector by providing legal guidance and support to farmers, businesses, and policymakers. It can help in simplifying agricultural laws and regulations, ensuring that stakeholders are well-informed about their rights and obligations. This level of legal support can contribute to a more transparent and equitable agricultural environment, leading to enhanced growth and development in the sector.

ÔÇ£The crop insurance will offer farmers direct financial assistance, fostering awareness and growth in rural India. The emphasis on offering adequate financial help to MSMEs will pave the way for small enterprises to grow, generate employment and compete globally. The government has extended 43 crore loans aggregating to Ôé╣22.5 lakh crore under the PM Mudra Yojana. This fund was aimed to help the entrepreneurial youth of the nation. Besides that, Fund of Funds, Startup India, and Startup Credit Guarantee schemes are assisting our youth,” Agrawal.

02 Feb 2024, 09:48 AM IST Budget 2024 Live: VGF announced in this yearÔÇÖs budget will aid in lowering power generation costs, says Devansh Jain of Inox Wind

ÔÇ£We recognize the government’s visionary move in introducing Viability Gap Funding for offshore wind projects, a fairly complex endeavour in the Indian context. This initiative holds potential to open up large opportunities for the wind sector, as India marches aggressively towards its 2030 renewable energy and 2070 net-zero targets.

In this scenario, AI legalese decoder can contribute by decoding the legal and regulatory requirements related to renewable energy projects, including offshore wind initiatives. It can assist developers, investors, and policymakers in understanding the legal framework for such projects, thereby facilitating smoother and efficient implementation. The tool can simplify complex legal provisions, enabling stakeholders to navigate the regulatory landscape effectively.

ÔÇ£We expect the benefits to materialize more prominently in the medium to long term.” Mr. Devansh Jain, Executive Director, INOXGFL Group.

02 Feb 2024, 09:46 AM IST Budget 2024 Live: Proposal of waiver of old unreconciled trivial tax outstanding is in line with the GovernmentÔÇÖs vision to improve ease of living

ÔÇ£In the Interim Budget 2024, the Proposal of waiver of old unreconciled trivial tax outstanding is in line with the GovernmentÔÇÖs vision to improve ease of living and ease of doing business. There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which continue to remain on the books, causing undue hardship, administrative difficulties and hindering refunds of subsequent years,” Suresh Surana, Founder, RSM India, said.┬á

The AI legalese decoder can play an instrumental role in supporting taxpayers and tax professionals in navigating the complexities of tax laws and regulations. It can provide clarity on tax-related matters, ensuring that individuals and businesses are well-informed about their rights and liabilities. This will ultimately contribute to the government’s vision of improving ease of living and doing business by simplifying tax processes and procedures.

ÔÇ£The proposal is to withdraw such outstanding direct tax demands up to Rs. 25,000 pertaining to the period up to financial year 2009-10 and up to Rs. 10,000 for financial years 2010-11 to 2014-15. No specific mention has been made about whether this tax proposal would be applicable for individual or corporate taxpayers. it is expected to overall benefit about 1 crore taxpayers and is extremely welcome. There are no specific proposals in the Finance Bill 2024 in this respect and it is likely that a separate circular will be issued by the CBDT to provide the aforesaid relief,” Surana added.

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