With a view to promoting private financial savings, the Reserve Bank of India has constituted a Working Group to study various issues relating to taxation of financial instruments in India and suggest rationalisation.
The terms of reference of the Working Group are:
- To review the current tax structure as applicable to various financial instruments issued in the Indian financial system;
- to identify possible ‘tax arbitrage’ among financial instruments under the extant tax structure; and
- to suggest rationalisation of tax treatment across financial instruments to promote financial savings and for minimising distortions, taking into account the recommendations of earlier Committees in this regard and the draft Direct Taxes Code.
The Working Group will comprise:
| 1.
| Smt. Balbir Kaur, Adviser, Department of Economic and Policy Research, Reserve Bank of India | Convenor
| | 2.
| Shri Y.H. Malegam, Director, Central Board, Reserve Bank of India | Member
| | 3.
| Shri H. P. Ranina, Corporate Tax Lawyer | Member
| | 4.
| Dr. Susan Thomas, Professor Indira Gandhi Institute for Development Research | Member
| | 5.
| Ms. Shilpa Kumar, Senior General Manager, ICICI Bank | Member
| | 6.
| Dr. Mukesh Anand, Assistant Professor, National Institute of Public Finance and Policy | Member
| | 7.
| Shri Radha Shyam Ratho, General Manager Financial Markets Department, RBI | Member
| | 8.
| Dr. Atri Mukherjee, Assistant Adviser Department of Economic and Policy Research, RBI | Member-Secretary
|
The Working Group is expected to submit its report within three months of its first meeting.
Ajit Prasad Assistant General Manager
Press Release : 2014-2015/366
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