FM soothes jittery markets, indicates changes in GAAR

The finance ministry on Tuesday calmed the stock markets, jittery over apprehensions on the implications of the General Anti-Avoidance Rule (GAAR) proposed in the Union Budget. Finance Minister Pranab Mukherjee made it clear the rules were meant to check tax avoidance through complicated deals, and not directed against any particular mode of investment like participatory notes (PNs)


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