Foreign Institutional Investors (FIIs) do not seem convinced of the changes and delay in implementation of the General Anti Avoidance Rules (GAAR) and continued to be net sellers in equities.
FIIs net sold equities worth Rs 592 crores on Tuesday, a day after the Finance Minister announced some changes/additions and a delay in implementation of GAAR.
After a couple of months of stress and anxiety over The General Anti Avoidance Rules (GAAR) and its provisions, Finance Minister Pranab Mukherjee on Monday deferred GAAR by a year.
Mukherjee also said the onus of proof of tax evasion would lie with the tax authorities and that the proposed retrospective amendment of income tax laws would not override DTAAs with 82 countries.
This has however failed to cheer investors and foreign institutional investors. A day after the announcement the markets dropped dramatically by more than 2%, with the Nifty falling below 5000 for the first time in four months.
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