New Delhi, Aug 23 (IANS) Finance Minister Nirmala Sitharaman on Friday announced the roll back of the controvertial tax surcharge on the Foreign Portfolio Investment (FPIs) announced in the Budget last month.
"The enhanced surcharge levied by Finance Act, 2019 on long and short term capital gains tax is being withdrawn," Sitharaman said in a special media briefing here.
The rollback comes after Indian capital markets witnessed massive outflow of foreign funds in the month of July. Since the Budget, the benchmark index, Sensex had fallen over 3,000 points after it touched a life-time high of 40,000.
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz