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With reference to the offshore trusts, consider the following statements:
1. The Indian Trusts Act, 1882, gives legal basis to the concept of trusts.
2. India does not recognises offshore trusts.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
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With reference to the offshore trusts, consider the following statemen...
There are at least 380 persons of Indian nationality in the Pandora Papers.
- The Pandora Papers investigation is the world’s largest-ever journalistic collaboration, involving more than 600 journalists from 150 media outlets in 117 countries.
- The investigation is based on a leak of confidential records of 14 offshore service providers that give professional services to wealthy individuals and corporations seeking to incorporate shell companies, trusts, foundations and other entities in low- or no-tax jurisdictions.
- The entities enable owners to conceal their identities from the public and sometimes from regulators. Often, the providers help them open bank accounts in countries with light financial regulation.
How is Pandora different from the Panama Papers and Paradise Papers?
- The Panama and Paradise Papers dealt largely with offshore entities set up by individuals and corporates respectively.
- The Pandora Papers investigation shows how businesses have created a new normal after countries have been forced to tighten the screws on such offshore entities with rising concerns of money laundering, terrorism funding, and tax evasion.
Is setting up a trust in India, or one offshore/ outside the country, illegal?
- No. The Indian Trusts Act, 1882, gives legal basis to the concept of trusts.
- While Indian laws do not see trusts as a legal person/ entity, they do recognise the trust as an obligation of the trustee to manage and use the assets settled in the trust for the benefit of ‘beneficiaries’. India also recognises offshore trusts i.e., trusts set up in other tax jurisdictions.
Hence only statement 1 is correct.
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With reference to the offshore trusts, consider the following statements:1. The Indian Trusts Act, 1882, gives legal basis to the concept of trusts.2. India does not recognises offshore trusts.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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With reference to the offshore trusts, consider the following statements:1. The Indian Trusts Act, 1882, gives legal basis to the concept of trusts.2. India does not recognises offshore trusts.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the offshore trusts, consider the following statements:1. The Indian Trusts Act, 1882, gives legal basis to the concept of trusts.2. India does not recognises offshore trusts.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the offshore trusts, consider the following statements:1. The Indian Trusts Act, 1882, gives legal basis to the concept of trusts.2. India does not recognises offshore trusts.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
With reference to the offshore trusts, consider the following statements:1. The Indian Trusts Act, 1882, gives legal basis to the concept of trusts.2. India does not recognises offshore trusts.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the offshore trusts, consider the following statements:1. The Indian Trusts Act, 1882, gives legal basis to the concept of trusts.2. India does not recognises offshore trusts.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the offshore trusts, consider the following statements:1. The Indian Trusts Act, 1882, gives legal basis to the concept of trusts.2. India does not recognises offshore trusts.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?.
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