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Draft tax law risks huge unwinding of securities by FIIs, India warned

Georgina Lee
The finance ministry must exempt foreign institutional investors in Indian equities and bonds unless it wants to see massive capital outflows, argues advocacy body Asifma.
Draft tax law risks huge unwinding of securities by FIIs, India warned

The general anti-avoidance rule (GAAR) under proposed new tax legislation in India risks triggering a huge, disorderly unwinding of securities by foreign institutional investors unless cross-border portfolio exposures are exempted, warns advocacy body Asifma.

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