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Letters: Succumbing to FIIs

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This refers to the report “Pranab’s balm on P-notes soothes market nerves” (March 30). It is unfortunate that the finance minister has succumbed to the pressure put by foreign institutional investors (FIIs). The proposal in the Budget to levy short-term capital gain tax would have helped retail investors. It is unfortunate that on the one hand, genuine retail investors have to meet know-your-customer norms, among others, and pay tax on short-term gains, and on the other participatory notes holders speculate and destabilise our stock markets and are allowed to get away with untaxed money.

N Ramamurthy, Chennai

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