PM misinterpreted: Jaitley calms nerves, says no plan to tax market gains

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In a bid to calm frayed nerves of stock market players, Finance Minister Arun Jaitley on Sunday clarified the government has no intention to impose a tax on long-term capital gains from trading in shares. He went on to blame “some sections” of the media for “misinterpreting” Prime Minister Narendra Modi’s speech in Mumbai on Saturday.

The Prime Minister’s speech in Mumbai on Saturday has been misinterpreted in some sections of the media, which have started speculating this is an indirect reference to the fact that there could be long-term capital gains (tax) on securities transactions.”

Such an interpretation was “absolutely erroneous,”, adding the “Prime Minister had made no such statement directly or indirectly and therefore, I wish to absolutely clarify there is no occasion or opportunity for anybody to reach such a conclusion because this is not what the Prime Minister said, nor is the intention of the government as has been reported.”