LETTER TO INDIA REQUESTING CLARIFICATION OF PRE-2002 CAPITAL GAIN AND LOSS NETTING RULES

[16015] May 5, 2003 TO: TAX COMMITTEE No. 27-03 INTERNATIONAL COMMITTEE No. 30-03 RE: LETTER TO INDIA REQUESTING CLARIFICATION OF PRE-2002 CAPITAL GAIN AND LOSS NETTING RULES On May 1, 2003, the Institute sent the attached letter to the Indian Ministry of Finance requesting clarification of the netting conventions applicable to Foreign Institutional Investors (“FIIs”) prior to April 1, 2002. More specifically, the letter requests clarification that the netting conventions adopted by FIIs (applying to both current capital gains and losses and brought forward capital gains and losses) will be respected for that period. Catherine Barré Assistant Counsel Attachment (in .pdf format)