FPIs now eye Singapore over Mauritius to channel funds in India, says report
Updated : February 17, 2020 08:18 AM IST
The Finance Bill of 2020 has removed exemptions for category II FPIs and funds that are set up in countries not compliant with the FATF norms to combat money laundering and terror financing.
Shifting to Singapore will ensure that category II FPIs are not saddled with higher tax liability as the city state is still exempt from indirect transfer provisions.
Mauritius accounted for Rs 4.37 trillion worth of portfolio investments into India last year.