'Is this the way to respect honest taxpayers?': Mohandas Pai seeks PM's help over GIFT City's family office rules
Pai in his post urged PM Modi to reconsider the regulation that he believes contradicts the government's objectives. Pai also reached out to the PMO, asking for immediate intervention.
- Aug 23, 2024,
- Updated Aug 23, 2024 12:52 PM IST
Mohandas Pai, former CFO of Infosys, has in a post on X flagged concerns over a new regulation that reportedly prevents local family offices from setting up investment funds in Gujarat’s GIFT City.
This move, as reported by Bloomberg, stems from fears that these arrangements could be used to bypass taxes and capital controls.
Pai took to social media to voice his frustration, warning that this decision could stifle global investments.
Pai in his post urged PM Modi to reconsider the regulation that he believes contradicts the government's objectives. Pai also reached out to the PMO, asking for immediate intervention to prevent family investment fund applications from being put on hold.
In a pointed question on X, Pai criticized the mindset of certain regulators, questioning whether they view all Indian citizens as potential tax evaders. He challenged the decision, asking, “You have said you respect taxpayers, is this the way to respect honest taxpayers?”
On Thursday, Pai also tagged Finance Minister Nirmala Sitharaman in another post, where he argued that the regulation would “harass and deny honest taxpayers.”
Pai’s comments followed a post by Rajeev Mantri, who expressed concern that the regulation could limit access to essential global technologies. Mantri’s long post added weight to Pai’s argument, highlighting the broader implications of the regulation.
The reported halt in approvals for local family offices to establish funds in GIFT City has sparked debate, with experts noting that such funds are crucial for attracting wealthy Indians to invest domestically rather than in financial hubs like Singapore or London.
Mohandas Pai, former CFO of Infosys, has in a post on X flagged concerns over a new regulation that reportedly prevents local family offices from setting up investment funds in Gujarat’s GIFT City.
This move, as reported by Bloomberg, stems from fears that these arrangements could be used to bypass taxes and capital controls.
Pai took to social media to voice his frustration, warning that this decision could stifle global investments.
Pai in his post urged PM Modi to reconsider the regulation that he believes contradicts the government's objectives. Pai also reached out to the PMO, asking for immediate intervention to prevent family investment fund applications from being put on hold.
In a pointed question on X, Pai criticized the mindset of certain regulators, questioning whether they view all Indian citizens as potential tax evaders. He challenged the decision, asking, “You have said you respect taxpayers, is this the way to respect honest taxpayers?”
On Thursday, Pai also tagged Finance Minister Nirmala Sitharaman in another post, where he argued that the regulation would “harass and deny honest taxpayers.”
Pai’s comments followed a post by Rajeev Mantri, who expressed concern that the regulation could limit access to essential global technologies. Mantri’s long post added weight to Pai’s argument, highlighting the broader implications of the regulation.
The reported halt in approvals for local family offices to establish funds in GIFT City has sparked debate, with experts noting that such funds are crucial for attracting wealthy Indians to invest domestically rather than in financial hubs like Singapore or London.