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India could pitch for a broader application of the global proposal to tax multinationals backed by the G7, which covers all those identified by the OECD, not just the top 100 as well as the higher stake, officials said. Case.Earlier this month, G7 countries supported a proposal to impose minimum taxes on multinationals and digital enterprises, which have usually paid lower taxes or avoided taxes altogether by shifting profits to a lower tax jurisdiction.The G7 proposal envisages running a pilot with 100 MNCs against about 2,000 identified by OECD. The G7 plan suggests tax rights for market jurisdictionwhere customers are located at least 20% profit by 10% margin for the largest and most profitable multinationals.If the proposal is accepted, India will have to remove the 2% equalization levy on the sale of digital multinationals, even if the existing proposal does not generate as much revenue. A comprehensive application will ensure that India will not lose tax under the new regime The proposal will be considered in the G20-OECD Inclusive Framework on Base Iron Profit Sharing (BEPS) in July. This framework brings together 139 countries. G20 is a group of major global economies including India which account for 80% of the world GDP.Securities and Exchange Board of India has come with fresh guidelines for participation of mutual funds schemes in interest rate swap. Mutual funds will now be able to enter into plain Interest Rate Swaps for hedging purposes.India’s largest public sector bank, The State Bank of India along with ICICI Bank, Kotak Mahindra, Axis Bank and 11 others have formed Indian Banks’ Blockchain Infrastructure Company Private Limited. IBBIC will use blockchain technology to solve the processing of Letters of Credit, GST Invoices and e-way bills.The Reserve Bank of India has granted in-principle approval to the Centrum Financial Services to set up a small finance bank. This will pave the way for Centrum Financial Services to take over PMC Bank.The US National Republican Congressional Committee becomes the first national party to accept donations in cryptocurrency like Bitcoin. This would help it support Republican candidates in next year’s midterm elections.Goldex, a multi- dealer marketplace for allocated physical gold, has launched a unique trading platform to serve fintechs and organisations looking to invest in stores and sell physical gold.#G7 #G7TaxProposal #minimumglobalcorporationtax #taxation #GlobalMinimumTax #GlobalMinimumCorporateTax #GlobalTaxDeal #commonminimumtax #mncs #Multinationals #CorporateTaxes #G7Summit2021 #G7Summit #TaxReform #G7nations #MNCs #Economy #CurrentAffairs #BusinessNews #indiaatG7 #G7support #IndiaAndG7 #SEBI #mutualfunds #investment #IndianBanksBlockchain #rbi #donationsincryptocurrency #Goldex #fintechs #physicalgold #askmentor #mystartuptv #majorsunilshetty #startupchannel #startupnews #startupindia #MSMEnews #makeinindia #madeinindia