Sitharaman press conference: Govt withdraws higher surcharge on equity gains for both FPIs, domestic investors
Foreign investors pulled out Rs 8,319 crore on a net basis from capital markets in the first half of August, continuing their selling spree in the Indian market amid uncertainty over FPI tax and global trade worries.
- Aug 23, 2019,
- Updated Aug 23, 2019 8:41 PM IST
Finance minister Nirmala Sitharaman Friday revoked higher surcharge on the income tax outgo for Foreign Portfolio Investors (FPIs) and domestic investors, reversing the decision taken in Union Budget 2019. "Pre-Budget position is restored," she said. "The same goes for domestic institutional investments," she added.
The announcement comes as a relief as foreign investors had pulled out over Rs 9,000 crore on a net basis from capital markets in the first half of August, continuing their selling spree in the Indian market amid uncertainty over FPI tax and global trade worries. FPIs, however, invested a net Rs 2,096.38 crore in the debt securities during the period, according to depository data.
Finance minister Nirmala Sitharaman Friday revoked higher surcharge on the income tax outgo for Foreign Portfolio Investors (FPIs) and domestic investors, reversing the decision taken in Union Budget 2019. "Pre-Budget position is restored," she said. "The same goes for domestic institutional investments," she added.
The announcement comes as a relief as foreign investors had pulled out over Rs 9,000 crore on a net basis from capital markets in the first half of August, continuing their selling spree in the Indian market amid uncertainty over FPI tax and global trade worries. FPIs, however, invested a net Rs 2,096.38 crore in the debt securities during the period, according to depository data.