Zee Media Bureau
New Delhi: Union Finance Minister Arun Jaitley on Monday said the government will not to take any steps that will adversely impact the country's investment climate. The government will not go for any knee-jerk reaction with respect to P-Notes.
“It is too early to say what action government will take on SIT recommendations,” Jaitley said. “The government will take view on FSLRC Recos on MPC after receiving feedback.”
Jaitley also said government will wait for public comments on draft finance code before forming any view on monetary policy committee.
The Supreme Court-appointed SIT on black money last week recommended a host of measures, including suggesting the securities regulator SEBI to tighten norms related to participatory notes investments into India.
The SIT had suggested the Securities and Exchange Board of India (SEBI) to put in place regulations to help identify individuals holding participatory notes or offshore derivative instruments (ODIs), and take other steps required to curb black money and tax evasion through the stock market route.
Participatory Notes or P-Notes are instruments issued by registered foreign institutional investors (FII) to overseas investors, who wish to invest in the Indian stock markets without registering themselves with the market regulator.
