Cabinet may take up ordinance to rollback FPI surcharge

The Union Cabinet may take up the ordinance to repeal the FPI surcharge on Wednesday, sources said.

Sources said that the government is keen to adopt the ordinance route for repealing the surcharge on high net worth individuals, which was part of the budget already been passed by Parliament.

Finance Minister Nirmala Sitharaman had last week announced that the surcharge will be removed. FPIs, under protest over the surcharge, had pulled Rs 8000 crore from stock markets.

In its meeting, the cabinet may also take up proposals to relax FDI norms for some sectors including single brand retail and some media segments too.
IANS