No plan to impose tax on share transactions: Jaitley

INDORE, India - Dec. 26, 2016 - PRLog -- Union Finance Minister Arun Jaitley on Sunday tried to calm the frayed nerves of stock market players by saying that the government had no plan to impose tax on long-term capital gains from share transactions. He continued to blame some sections of the media for misinterpreting the speech of Prime Minister Narendra Modi's in Mumbai on Saturday, as Modi said those who profit from financial market must make a fair contribution to nation-building through taxes.

However, the Prime Minister's comments had led to panics that stocks are probably to come under pressure, with several market players saying earlier in the day that there could be a immediate reaction, as stocks resume trading on Monday.

The speech was misinterpreted by a media section which has started speculating that this is an indirect reference to the fact that there could be long-term capital gains on securities transactions. This interpretation is entirely erroneous, Finance
Minister clarified.

Jaitley said, 'the prime minister has made no such statement directly or indirectly
and hence I wish to absolutely clarify that there is no occasion or opportunity for
anybody to reach such a conclusion because this is not what Modi said'. On the
demonetization drive, Jaitley said that the government's bid to go cashless meant 'less cash' and not 'no cash', as reported by the Opposition parties and a section of the media.

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