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This year, the budget exempted taxes on income generated from trades in P-notes by a foreign investor in IFSC, GIFT City. However, the opaque structure of these instruments has made regulators uncomfortable several times.
Apart from giving a leg-up to the pernicious practice of round-tripping, FPI seems to have failed to achieve its broader objectives
Prabal Basu Roy - Questions will linger on till we have the collective courage to handle the truth, , adani enterprises, Hindenburg Research
Gagandeep Sood - Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, in accepting offshore derivative instruments (such as PNs) as legitimate contracts for growing economic activity in the GIFT City International Financial Services Centre (IFSC) has brought PNs into even more prominence considering that income distribution on PNs is now tax-exempt,
With major changes in tax slabs and tax regimes, it is expected to be a budget that will positively impact the middle- and lower-income segments