Question : When has a new online platform named ‘Infinite India’ launched by ICICI Bank ?
(a)22 December 2020
(b)20 December 2020
(c)28 December 2020
(d)2 January 2021
Answer (a)
Related facts
- ICICI Bank has recently(December 2020) launches an online platform(Infinite India) for foreign companies setting up operations in India.
- ’Infinite India’ provides banking solutions, as well as value-added facilities.
- Here are some significant characteristics of this platform —
A. ‘value-added’ offerings
1.Incorporation services — Under ‘value-added’ offerings it offers advisory on laws and regulations to incorporate business in India as a joint venture, wholly owned subsidiary, liaison office, branch office, project office or a Limited Liability Partnership (LLP).
- License and registration — Another ‘value-added’ offer of this platform is ease of licensing and registration.
- Taxation and compliance — Foreign companies can access to an array of tax and compliance related services such as filing annual returns of company, GST registration, income tax returns as well as corporate filings with the Ministry of Corporate Affairs (MCA) for registered office and amendment in memorandum of association (MOA).
- HR services — Platform provides a value added offer to the foreign companies in HR services.
B. Banking services
- Under the valuable banking services of ‘Infinite India’ foreign companies can avail the treasury services as well as trade services with global network.
- Besides it the Bank can authorise the setup of Liaison Office (LO), Branch Office (BO) as well as a Project Office (PO) in India within the FEMA (Foreign Exchange Management Act) framework.
- State-of-the-art digital channels enables businesses(foreign companies) to complete almost all their banking requirements digitally such as payments, receivables, foreign exchange, tax payments among many others.
By — Pankaj Pandey.