Rashesh Shah, chairman and managing director of Edelweiss Financial Services,
said India should consider removing capital gains tax on foreign investors to
help revive the stock market and support the rupee, calling it a relatively easy
step to signal welcome to long-term foreign allocators. Dozens of market
participants have urged exemption of long-term capital gains tax on foreign
investment in Indian listed equities. Earlier this week Finance Minister Nirmala
Sitharaman said she would consider adjusting equity-related tax policy but gave
no confirmation that the government is reviewing changes to capital gains or
transaction taxes.
