July 8, 2019 / 11:44 AM / 13 days ago

Finance Minister Sitharaman sees no reason to clarify higher tax on FPIs

India's Finance Minister Nirmala Sitharaman and the Reserve Bank of India (RBI) Governor Shaktikanta Das arrive to attend the RBI's central board meeting in New Delhi, India July 8, 2019. REUTERS/Anushree Fadnavis

NEW DELHI (Reuters) - Finance Minister Nirmala Sitharaman said on Monday there was no need for any clarification on the additional tax burden that could apply to foreign portfolio investors due to higher surcharges introduced by her budget last week.

The government on Friday raised income tax surcharge on people with an annual income of more than 20 million Indian rupees ($291,248.00) who make up the top end of Indian society.

Indian markets crashed due to a selloff led by foreign portfolio investors, who now may have to pay higher tax on their income due to the new rules.

($1 = 68.6700 rupees)

Reporting by Manoj Kumar; Editing by Subhranshu Sahu

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