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Our Bureau

New Delhi, Feb. 8

Industry chamber Assocham has urged the Finance Ministry to allow all private banks to raise foreign currency borrowings to finance infrastructure projects and exempt them from paying a withholding tax on interest charged on such borrowings.

In a representation sent to the Union Finance Ministry and the RBI, the Assocham President, Mr Venugopal N. Dhoot, has argued that whenever public sectors banks borrow in foreign currencies from their overseas branches, they are exempted from levy of such a withholding tax on their interest. The private banks do not fall in this ambit and, therefore, there is no level playing field for them vis-à-vis their counterparts in the public sector.

More Stories on : Infrastructure | Private Banks | Overseas Borrowings | Industry Associations

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