Indian exchanges hopeful on commodity tax reversal
Two of Indias largest exchanges believe that the
commodity tax unveiled by the Indian government earlier this
month could be reversed. Both Multi Commodity Exchange (MCX) of
India and National Commodity Exchange (NCDEX) of India also
said that option contracts would be launched before the end of
2008 expanding on Indian current futures contracts product
Speaking at Futures Industry Association annual conference at
Boca Raton, P.H. Ravikumar, managing director, at MCX
stressed his disappointment at the potential tax which would be
imposed on all commodity derivatives that were traded in
Indian. The proposals could lead to the introduction of tax of
up to 12.5 basis points on the underlying value of all
commodity contracts traded in the country.
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