India Unties $6.4 Billion Tax Knot That Rattled Investors
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India said foreign portfolio investors can use tax treaties to reject demands on past capital gains, seeking to defuse a row that cast a cloud over the $48 billion poured into stocks and bonds from overseas.
Foreign institutional investors domiciled in countries that have signed double taxation avoidance treaties with India are exempt from these levies, Central Board of Direct Taxes Chairwoman Anita Kapur said in a phone interview in New Delhi.