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    Govt looking into FPI surcharge matter, action awaited

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    Govt looking into FPI surcharge matter, action awaited

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    On Monday, CNBC-TV18 reported that the government was looking atcarve-out for foreign portfolio investment (FPIs) from the surcharge. This is a matter under “serious consideration”. Legal opinion had been sought on how this can be done, what the implications will be and modalities were being worked out.

    On Monday, CNBC-TV18 reported that the government was looking at
    carve-out for foreign portfolio investment (FPIs) from the surcharge. This is a matter under “serious consideration”. Legal opinion had been sought on how this can be done, what the implications will be and modalities were being worked out.
    This continues to be the stated position and that instructions on further action are “awaited”. There is a meeting tomorrow of FPIs with the finance minister. Earlier this week, the finance minister also held meetings with the auto sector representatives.
    The fact that the government is looking at addressing this concern is something that we have already reported. What it will now mean in terms of action, whether it will mean an ordinance or a circular and whether that decision has finally been taken is still a question mark.
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