scorecardresearch
Monday, Dec 05, 2022
Premium

To revive growth, govt rolls back super-rich surcharge on foreign, domestic equity investors

Finance Minister: Banks to pass on rate cuts to consumers, CSR violation will no longer be a criminal offence.

nirmala sitharaman, sitharaman press conference, india economic slowdown, sitharaman csr, sitharaman on msmes, bs 4 vehicle norms Surcharge on long and short term capital gains arising from transfer of equity shares, Sitharaman told reporters, has been withdrawn.

In a bid to stabilise the faltering economy, Union Finance Minister Nirmala Sitharaman Friday announced removal of the surcharge on capital gains on shares for both foreign and domestic investors, provided an upfront Rs 70,000-crore equity infusion into public sector banks to boost lending, and unveiled measures to push automobile sales.

Surcharge on long and short term capital gains arising from transfer of equity shares, Sitharaman told reporters, has been withdrawn. “The pre-Budget position is restored.” The steps come in the wake of a slide in equity markets and a slowdown in demand that has impacted industries ranging from automobiles to items of daily use such as biscuits and groceries.

Read highlights of Nirmala Sitharaman’s press conference

  • Next Story

    INX Media case: Chidambaram gets arrest shield for now from SC in case filed by ED

    Latest Comment
    Post Comment
    Read Comments
    Advertisement
    Advertisement
    Advertisement
    Advertisement
    close