Enhanced surcharge on FPIs removed, 'pre-Budget position' restored: FM

Sitharaman said surcharge on long and short term capital gains arising from transfer of equity shares has been withdrawn

Giving in to the demands of overseas investors, Finance Minister Nirmala Sitharaman on Friday announced rollback of enhanced surcharge on foreign portfolio investors levied in the Budget.

Surcharge on long and short term capital gains arising from transfer of equity shares has been withdrawn, she said.

"The pre-Budget position is restored," the minister said.

 

It is being done to encourage investment in the capital market, the finance minister said.
 

The decision taken in the Budget to levy enhanced surcharge had spooked the stock markets.
 

Following the increase in