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  • Aug 14, 2019
  • Finance ministry may consult Law ministry on FPI surcharge

    The finance ministry may soon consult the law ministry on how best to provide relief to foreign portfolio investors (FPIs) from the super-rich surcharge that was announced in the July 5 budget. The government is exploring various options and the one considered most effective and legally feasible will be taken up, said people with knowledge of the matter. The surcharge has taken effect after presidential assent to the Finance Bill. Among the options on the table are relief via a circular, an announcement to be followed up with an amendment later, or an ordinance to immediately amend the Finance Act.