- BlackRock continues to engage with the blockchain industry as the world’s largest asset manager announced a new partnership with India’s Jio Financial Services Limited to form Jio BlackRock.
The two firms are looking to attract initial investments of $150 million each in the joint venture. Jio BlackRock plans to launch operations once it receives the required regulatory and statutory approvals. Hitesh Sethia, President and CEO of JFS, said Jio BlackRock will be a “truly transformational, customer-centric and digital-first enterprise with the vision to democratize access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.”
In addition to maintaining the high taxes, the government also added stipulations that could potentially lead to a fine or jail time for non-compliance with the TDS provision. The fine would be equivalent to the tax liability of the transaction while offenders also risk the possibility of spending up to 84 months in jail for failure to comply.
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