India's finance minister sees no reason to clarify higher tax on FPIs

NEW DELHI: Indian Finance Minister Nirmala Sitharaman said on Monday there was no need for any clarification on the additional tax burden that could apply to foreign portfolio investors due to higher surcharges introduced by her budget last week.

The government on Friday raised income tax surcharge on people with an annual income of more than 20 million Indian rupees ($291,248.00) who make up the top end of Indian society.

Indian markets crashed due to a selloff led by foreign portfolio investors, who now may have to pay higher tax on their income due to the new rules.