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FPI tax relief this week via grandfathering clause: Official sources

The Prime Minister's Office (PMO) has reportedly asked the Finance Ministry to quickly review the tax proposal on FPIs and come out with a solution that reduces the impact of new taxation on the these institutional investors. A proposal to grandfather all income generated by FPIs till the presentation of the Union Budget on July 5 is being considered that will reduce the impact of the new taxation by almost 33%. The ministry may announce the changes this week after the monetary policy review by RBI on August 7. 


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