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Red Ribbon Advisory Services (RRAS), part of U.K.-based Red Ribbon Asset Management, today said it has received the Foreign Account Tax Compliance Act (FATCA) approval, enabling American investors to invest in its incubated projects in India.
FATCA is a United States legislation that primarily aims to prevent tax evasion by US taxpayers through non-US financial institutions and offshore investment instruments.
“This approval will allow the American investors to not only invest in RRAS’ projects but also contribute towards the ’Make in India’ initiative.
“I am sure this move will trigger a lot of inquiries from the American as well as Indian investors, thereby giving an extra push to our efforts,” Red Ribbon Asset Management Founder-CEO Suchit Punnose said.
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