Experts say concerns about a slowdown in the domestic economy, combined with fears of a global recession, have eclipsed the move to withdraw the surcharge
The provisions have undergone changes and exemptions were introduced in subsequent years
The Centre on Friday announced a slew of measures to revive growth momentum, including rollback of enhanced super-rich tax on foreign and domestic equity investors imposed in the Budget
The tax payable at normal rate on business income arising from the transfer of derivatives to a person other than FPI shall be liable for the enhanced surcharge
Taxes had risen for foreign portfolio investors (FPIs) and others following surcharges introduced in the Budget
The Rs 70,000-crore recapitalisation announced in the Budget will be sped up
Nirmala Sitharaman had proposed increasing the effective tax rate on individuals with taxable annual income of above Rs 2,000 cr by about 3%, and for those earning above Rs 5,000 cr by 7%
Gold and international funds, too, act as currency hedges
FPIs, however, invested a net Rs 2,096.38 crore in the debt securities during the period
Sensex gains 637 points, most in a day since January 31
The Budget provided for increased personal income taxes on those with an annual income of more than Rs 2 crore
Of the net inflows received in FY20 so far, 54 per cent are in the equity segment, 34 per cent in debt and the rest hybrid
ADR is a popular market breadth indicator. It compares the number of shares that ended higher against those that ended lower, over their previous day's close
The government on Thursday ruled out a rollback of the "super-rich" tax on FPIs organised as trusts or association of persons
FPIs may consider the option of structuring as companies and FPIs functioning as trusts may consider being registered as companies, said FM Sitharaman
Despite the large FPI pullout last week, the rupee has remained stable
According to reports, about 2,000 FPIs operate as trusts
The move will also help Embassy Office Park REIT
Besides the rejig of shareholding norms, the government's proposal to hike income tax surcharge on high net-worth individuals (HNIs) dented the market sentiment
She said a number of steps would be taken in consultation with the RBI and Sebi to deepen the corporate bond market