19 May '17, 1pm

FPI holdings from Singapore, Mauritius surge 25% before DTAA implementation

FPI holdings from Singapore, Mauritius surge 25% before DTAA implementation

Foreign portfolio investors (FPIs) based in Mauritius and Singapore had, it now appears, rushed to take advantage of the ‘grandfathering’ clause in the new Double Tax Avoidance Agreement signed between both the governments of the two countries and New Delhi. The treaties took effect from April 1. According to the data from Prime Database, 22 of the top 50 funds which invested in India through these two routes increased their India exposure to Rs 1.25 lakh crore by end-March, from Rs 1.04 lakh crore at end-December 2016 — a rise of around 25 per cent. The other 28 FPIs’ exposure to India saw a marginal decrease. The data cover FPI exposure to Indian companies in excess of one per cent. Grandfathering is the term that allows investment actions taken before a certain date to be subject to old rules. In the new tax arrangement with Mauritius and Singapore, all investments from...

Full article: http://www.business-standard.com/article/markets/fpi-hold...

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