Surcharge on super-rich: Fear grips retail traders as FPIs pull-out over Rs 20,500 crore
The rationale behind such an increase in surcharge is reportedly to levy a higher surcharge only on high net worth individuals (HNIs) to garner more revenues in tax falling scenario, but it has sent jitters among FPIs, and partially triggered the subsequent crash in the stock market.
Recently, CBDT Chairman P.K. Modi had offered a solution to such FPIs that restructure themselves as corporate entities. Representational Image, source: Pixabay