Thursday, Mar 28, 2024 | Last Update : 04:10 PM IST

  Business   Economy  10 Aug 2019  Nirmala Sitharaman silent on higher taxes for foreign investors: sources

Nirmala Sitharaman silent on higher taxes for foreign investors: sources

REUTERS
Published : Aug 10, 2019, 10:33 am IST
Updated : Aug 10, 2019, 10:33 am IST

Investors in turn pulled USD 1.8 billion out of Indian equities in July alone.

Finance Minister Nirmala Sitharaman. (Photo: ANI)
 Finance Minister Nirmala Sitharaman. (Photo: ANI)

New Delhi: Finance Minister Nirmala Sitharaman gave no indication at a meeting with foreign portfolio investors on Friday that she would withdraw a proposal to raise their taxes, some of the investors said.

Finance Minister Nirmala Sitharaman unnerved many foreign investors with the tax increases in her proposed budget, which parliament ratified last month. Investors in turn pulled USD 1.8 billion out of Indian equities in July alone.

The government was considering an exemption for foreign investors from the tax increase, which would be imposed on those on those earning more than 20 million rupees (USD 282,925.45) a year, sources told Reuters on Thursday.

But at the meeting with foreign investors, Sitharaman “only heard us and did not speak,” according to two foreign portfolio investors who attended the meeting.

The meeting was attended by about 18 global investment banks, among them Goldman Sachs, Deutsche Bank, Standard Chartered and J.P Morgan.

Tags: nirmala sitharaman, foreign investors, tax, investment
Location: India, Delhi, New Delhi