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India rules out tax policy changes for inclusion of bonds in global indices

The government doesn't plan to waive capital gains taxes, and it's concerned that foreign inflows will increase the volatility of local markets

Photo: Bloomberg
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India’s bonds will likely only be included in JPMorgan’s index early next year as the government still needs to address operational issues, Reuters reported. (Photo: Bloomberg)

Vrishti Beniwal, Ronojoy Mazumdar and Ruchi Bhatia | Bloomberg
India has ruled out any changes to tax policies that will make it easier for the nation’s bonds to be included in global indexes, according to people familiar with the matter.  
 
The government doesn’t plan to waive capital gains taxes, and it’s concerned that foreign inflows will increase the volatility of local markets, said the people, who didn’t want to be identified discussing policy matters. Those taxes have been a stumbling block in previous negotiations.

FTSE Russell and JPMorgan Chase & Co. are due to unveil the results of their index reviews in coming weeks, with investors piling into Indian

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First Published: Sep 28 2022 | 7:58 AM IST

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