India cuts withholding tax on rupee infrastructure bonds
India cut the withholding tax on rupee infrastructure bonds to 5 percent from 20 percent, according to a document from the Finance Ministry sent to banks and seen by Reuters.
India cut the withholding tax on rupee infrastructure bonds to 5 percent from 20 percent, according to a document from the Finance Ministry sent to banks and seen by Reuters.
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Foreign investors have been asked to remit funds in foreign currency to be able to buy the rupee infrastructure debt, a senior government official and a custodian banking head at a foreign bank additionally told Reuters.
The lower rate of withholding tax will be applicable for bonds issued during the period from July 1, 2012 to June 30, 2015, as per the document.
Reuters
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