India has scrapped a capital gains tax and opened up more debt to foreign bond buyers, the latest in a slew of measures seen as supporting the languishing rupee.
The government said on Friday it had removed a 12.5 per cent capital gains tax for foreign institutions on interest from India’s sovereign debt. The Reserve Bank of India also said it would allow global investors to buy 40-year bonds, up from the current 10-year maturity limit.
RBI governor Sanjay Malhotra said the central bank would also raise the current 10 per cent ceiling for individual foreign ownership of India-listed companies, though he did not specify by how much.
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