No enchanced surcharge on FPI, no harassment by IT officers

Union Minister for Finance and Corporate Affairs Nirmala Sitharaman today said that the GDP rates are coming down worldwide.  She made this observation in the context of the dim growth outlook for India.  “Just to give you briefly a picture of what is happening globally. The current projected global GDP growth is about 3.2 % and probably is going to be even revised downwards,” the Finance Minister said.  

Giving much relief to foreign investors, Sitharaman provided them relief from the recently increased surcharge on long-term and short-term capital gain. “In order to encourage investment in the capital market, it is decided to withdraw enhanced surcharge levied by the Finance Act 2019. In simple words, the enhance surcharge on FPI goes, surcharge on domestic investors in equity goes. Pre-budget position is restored,” she added.  

This will definitely boost the market sentiment.  

About making IT governance friendly, she said, “There will be faceless scrutiny from Dussehra this year.  This means that there shall not be even that one odd over-enthusiastic officer who might go and sit and talk about things, which may be construed as harassment.  That will not happen because the whole process is going to be faceless and randomized.”