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  • Jul 10, 2019
  • FPI surcharge may stay, ‘trust route opaque’, feels government

    The Budget proposal to impose a higher surcharge on the super rich — also applicable on capital gains made by foreign portfolio investors (FPIs) so long as they use the preferred trust route — is likely to stay, as the government on Tuesday seemed averse to making any relaxations in this regard. Speaking to FE, senior tax officials justified the move saying scores of FPIs were apparently using the trust route to invest in India to circumvent the Sebi’s disclosure norms. Central Board of Direct Taxes (CBDT) chairman PC Mody said at a post-Budget event organised by industry body Ficci that, the board saw “no need to clarify the matter over and above what finance minister Nirmala Sitharaman had said on Monday.”