The Parliamentary Standing Committee on Commerce, headed by BJP leader Murli Manohar Joshi, is now turning its attention to the retail sector. Apparently, the committee is examining the proposal to allow big investments, including FDI, in organised retail. The committee has now invited comments from the public at large. Given that the subject evokes extreme reactions, the committee will have its hands full. And with Joshi’s flair for generating controversy, it’s quite likely that he himself will have a lot to say. Expect some fireworks in the days to come.
—Shalini S. Dagar
There is nervousness on the Street after the I-T authorities issued notices to FIIs, claiming that the income on participatory notes is taxable with retrospective effect in India. Market players are worried that it will impact inflows into the market. Says a trader: “Already, ambiguity on the taxation front has seen FIIs pulling out from India equities this year.” Clearly, something for the authorities to chew on, given the volatility in the Indian stock markets recently.