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Upstox · India · India exempts FPIs from G-sec taxes, bond inflows jump sixfold to ₹39,640 crore in June
Explains the mechanics of the ordinance for a retail audience: previously FPIs paid 20% withholding on coupon income and 12.5% LTCG on bond sales; the exemption now places India on par with most EM markets and aligns with Bloomberg Global Aggregate requirements that led to the January 2026 deferral.
“India removed the 20% withholding tax on interest and 12.5% long-term capital gains for FPIs in government securities, effective retroactively from April 2025.”