The Hindu Business Line : No move to cap FII inflows, reiterates Chidambaram

THE Finance Minister, Mr P. Chidambaram, on Thursday reiterated that the Government has no plans to impose any fresh taxes on the portfolio inflows from the foreign institutional investors (FIIs).

He also clarified that FII inflows would not be capped even while maintaining that the Government would monitor capital flows into the country.

"Every country monitors capital flows. We are also watching capital flows into the country. But watching capital flows does not mean either curbing or capping them. Nor does it mean taxing FII inflows'', Mr Chidambaram told reporters here on the sidelines of a seminar on water management.

The Reserve Bank of India Governor, Dr Y.V. Reddy, had called upon the Government to have an option to impose a ceiling on FII inflows or even taxing them.

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