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INDIAN (B)

Will India's tax on the rich hit foreign investment inflows?

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There are about 9,400 foreign portfolio investors registered in India, largely from tax domiciles in the United States, Mauritius, Ireland, Luxembourg, Singapore and the United Kingdom, who have invested nearly $50 billion in Indian equity, debt and hybrid instrument markets. Tax experts say 30-40% of them, registered as trusts, could be affected by the new rules.



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INDIAN (B)

ONGC may sell golf course with oil well assets

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A recent govt move asking flagship explorer ONGC to sell a golf course in one of its fields could lead ONGC to give away producing oil wells. This is part of the government’s strategy to spur investment in the country by forcing PSUs to monetise non-core assets. The company is required to sell golf courses in Ahmedabad and Vadodara and a sports club in Mumbai.



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