Published On: Aug 23, 2019

Union finance minister Nirmala Sitharaman on Friday declared withdrawal of 'enhanced surcharge' levied on foreign portfolio investors (FPIs) and restored the pre-Budget position. She said, " In order to encourage investment in capital market, it is decided to withdraw enhance surcharge levied by the Finance No. 2 Act 2019. In simple words, the enhance surcharge on FPI goes, surcharge on domestic investors in equity goes. Pre-budget position is restored." She also added, "Banks have now decided to pass on any rate cut through MCLR reduction to benefit all borrowers."  

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