Finance Minister Arun Jaitley assures investors in New York

By Editor News
Finance Minister Arun Jaitley said any decision which is retrospective and creates fresh liabilities is not acceptable except in very unusual circumstances.

Allying concerns of American business community and investors, Finance Minister Arun Jaitley has said that any decision which is retrospective and creates fresh liabilities is not acceptable.

"I have no difficulty in saying that any decision which is retrospective, except in some very unusual circumstances, which creates fresh liabilities is certainly not acceptable," he told a New York audience when asked about the concerns of the US business community with regard to retrospective taxes.

"Therefore, ever since the present government has been formed, we said it when we were not in government and therefore we've lived up to our word, this government will not legislate anything that is retrospective," he said during an interaction at the Council on Foreign Relations, a think tank.

"Many of us who have done business in India have experienced retroactive changes to some of the investment regulations by the government or the Reserve Bank of India. In the spirit of expanding the opportunity for foreign investment, I’d like you to please talk a bit about the philosophy of those retroactive changes making transactions a bit more difficult to underwrite," Jaitley was asked by a US businessman.

Responding to a question on infrastructure, Jaitley said the Union Government has started putting money in this sector.

"The government has started putting money substantially into the sector so the sector will start moving. The resources have come from the budget. The resources have come from the increased tax on petrol and diesel. And therefore extra resources this year have been put in," he said.

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