India to scrap capital gains tax on foreign investment in government bonds, ET reports
MUMBAI, June 4 (Reuters) – India plans to scrap capital gains tax on investments in government securities by foreign portfolio investors (FPIs), the Economic Times reported on Thursday, citing sources. The plan is part of efforts to draw capital flows into India, amid pressure on the South Asian nation’s currency. Reuters could not independently verify the report. An email to the federal finance ministry went unanswered. Here are more details from the report: Cabinet meet on Wednesday approved the scrapping of capital gains tax on foreign portfolio investment in government bonds. Decision likely to be implemented via an ordinance amending