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The Union Cabinet, headed by Prime Minister Narendra Modi, has recommended an ordinance to ease tax rules for foreign investors in certain categories of securities, according to a report by The Times of India. The proposal, moved by the finance ministry, is aimed at making Indian financial markets more attractive to overseas investors. Details of the ordinance were not immediately available.
The move comes amid sustained pressure on the Indian rupee, which has weakened about 6 per cent against the US dollar. Foreign portfolio investors (FPIs) have also remained net sellers of Indian equities, pulling out a record Rs 2.25 lakh crore from domestic stock markets since January.
Market participants view the proposed tax relief as part of broader efforts by the government to attract foreign capital, support financial markets and ease pressure on the currency.
Further details regarding the categories of securities covered under the proposal and the extent of the tax concessions are awaited.
(Details will be added shortly.)
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Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalis…Read More
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