National

Sitharaman announces withdrawal of surcharge on capital gains on FPIs

ANI | August 23, 2019 06:01 PM
Finance Minister Nirmala Sitharaman/ File photo

New Delhi, Aug 23 (ANI): The surcharge levied in the union budget on short-term and long-term capital gains of foreign portfolio investors (FPI) and the one on equity in the case of domestic investors have been abolished, Finance Minister Nirmala Sitharaman announced on Friday restoring the pre-budget position.

The surcharge on foreign portfolio investors has been withdrawn to stimulate capital inflows and investment.

"In order to encourage investment in capital market, it is decided to withdraw enhance surcharge levied by the Finance No. 2 Act 2019. In simple words, the enhance surcharge on FPI goes, surcharge on domestic investors in equity goes. Pre-budget position is restored," Sitharaman said at a press conference here.

She said the global GDP was projected at 3.2 per cent and India is placed in a better position than many developed countries like the US and Germany.

The weak demand globally points to lowering of consumption.

Her comments came as Moody's Investors Service lowered India's GDP growth forecast for the calendar year 2019 to 6.2 per cent from its previous estimate of 6.8 per cent.

Sitharaman said that the government was committed to the reform agenda and has several steps for ease of doing business including of labour reforms. (ANI)

Have something to say? Post your comment
Must Read
PSLSA organizes national Lok Adalat throughout the state of Punjab
PSLSA organizes national Lok Adalat throughout the state of Punjab
MP: Shivraj Singh Chouhan assures help to families of deceased in boat capsize incident
MP: Shivraj Singh Chouhan assures help to families of deceased in boat capsize incident
Biggest challenge playing in India is dealing with conditions: says Klusener
Biggest challenge playing in India is dealing with conditions: says Klusener
It could create rift between people: Salman Khurshid criticizes Shah over Hindi Divas comment
It could create rift between people: Salman Khurshid criticizes Shah over Hindi Divas comment
Satej Patil appointed president of Kolhapur District Rural Congress Committee
Satej Patil appointed president of Kolhapur District Rural Congress Committee
Auction of PM Modi's gifts begins, proceeds to go to Namami Gange project
Auction of PM Modi's gifts begins, proceeds to go to Namami Gange project
Odd-even scheme required to counter stubble burning in Delhi: Atishi Marlena
Odd-even scheme required to counter stubble burning in Delhi: Atishi Marlena
 Gujarat: Group of lions walk into Junagarh city, sent back to Gir Sanctuary
Gujarat: Group of lions walk into Junagarh city, sent back to Gir Sanctuary
Bihar: Man distributes flowers urging people to follow traffic rules
Bihar: Man distributes flowers urging people to follow traffic rules
James Gunn reveals full cast of 'The Suicide Squad'
James Gunn reveals full cast of 'The Suicide Squad'
Saradha chit fund scam: Kolkata top cop does not turn up at CBI office following summons
Saradha chit fund scam: Kolkata top cop does not turn up at CBI office following summons
Taapsee Pannu introduces Pavail Gulati from 'Thappad'
Taapsee Pannu introduces Pavail Gulati from 'Thappad'