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FPI inflows hit $2.3 bn in April; reaches $15 bn this year
Highlights
Overseas investors have poured in over USD 2.3 billion in the Indian capital markets this month so far, taking total inflows to USD 15 billion since January.
Overseas investors have poured in over USD 2.3 billion in the Indian capital markets this month so far, taking total inflows to USD 15 billion since January.
Foreign Portfolio Investors (FPIs) have bought shares worth USD 2.6 billion (Rs 16,316 crore) till April 24, while they pulled out USD 261 million (Rs 1,643 crore) from the debt markets, taking their net investment to USD 2.33 billion (Rs Rs 14,673 crore), as per data compiled by Central Depository Services Ltd.
However, the pace of investment by overseas investors has slowed down in April compared to the previous three months on apprehensions that government will impose a 20 per cent minimum alternate tax (MAT) on profits earned by them.
Besides, forecast of weak monsoons has lowered enthusiasm for Indian equities among foreign investors.
The Income Tax department has sent notices to 68 Foreign investors for payment of dues totalling Rs 602.83 towards MAT.
The government has recently clarified that foreign investors can avail of residence benefits from tax treaties it has with some nations, and avoid being subjected to MAT. A formal clarification to this effect is likely in the Finance Bill to be passed by Parliament next month.
FPIs infused a net USD 3.34 billion in March, USD 3.96 billion in February and USD 5.45 billion in January.
Since January 2015, total net investment by overseas investors in the country's capital markets (equity and debt) stood at USD 15.1 billion (about Rs 93,648 crore).
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