- Interview: Richa Chadha: Ambition still a negative word when applied to a womanSalman Khan praises sports-persons; compares them to superstarsFreida to promote women empowerment at CannesDaily yoga can help reduce multiple sclerosis symptomsRelease of SRK's 'Raees' pushed to next yearWear sunglasses to avoid eye damageBig B, Kangana, Kalki, Kabir, Bhansali at their best in awards functionWant my fan base to increase in South: HumaSee what Bips made Karan do post weddingAndamans gets a leg-up to showcase heritage
Real Madrid defeated Manchester City 1-0 on aggregate and will face cross-town rivals Atl
Taxing super-rich could be counter-productive: Aditya Puri Last Updated : 19 Feb 2013 01:35:24 PM IST Taxing super-rich could be counter-productive: Aditya Puri
HDFC Bank Managing Director Aditya Puri on Tuesday said the idea of taxing the super-rich could prove counter-productive and lead to evasions.
"If you go back in the last 50 years, in any country,it has proved counter-productive. If you are charging the super-rich more, they know how to do their tax planning and you only lead to an evasion," he told reporters on the sidelines of a co-branded credit card, targeting the youth, launched by HDFC Bank and Times Card.
Finance Minister P Chidambaram had last month said that "when the economy requires, government requires more resources, the very rich willingly should pay a little more". The comments had stirred up a debate making investors looking for a stable tax regime uneasy.
Clarifying that he is neither against the move and nor supporting it, Puri said though it was "a good political move it does not serve any purpose".
Asked for his expectations from the Union Budget to be presented on February 28, Puri said one should be happy if Chidambaram delivers on whatever he has been promising lately.
"I would be very happy if Mr Chidambaram is able to produce what he says is going to produce," Puri said, adding that he would watch out for areas like fiscal deficit,arresting subsidy burden and steps to revive investors' sentiment in the budget.
In a bid to woo global investors, Chidambaram had done a series of road shows in financial centres like Hong Kong,Singapore and Frankfurt affirming the government's commitment to the reform process and resolve to stick to the road-map of fiscal consolidation.
Puri informed that HDFC Bank is the largest player in the credit cards business, commanding a 35 per cent market share, and its portfolio stands at Rs 10,000 crore, the largest in the industry.Source: IANS, Other Agencies, Staff Reporters
For Latest Updates Please-
Join us on
Follow us on
Post Your Comment (0 posted):
The first theatrical trailer of Ribhu Dasgupta's film, "Te3n", which stars Amitabh Bachcha
- Interview: Richa Chadha: Ambition still a negative word when applied to a woman
- Salman Khan praises sports-persons; compares them to superstars
- Madhuri Dixit is my idol: Mandana Karimi
- I stand by her in all her legal battles: Kangana's father
- Right time to introduce AbRam to sports: SRK
- Freida to promote women empowerment at Cannes
- Randeep Hooda brilliant in 'Sarbjit': Johnny Lever
- SRK, AbRam practise dance moves for KKR match
In a weird incident in Turkey, a 34-year man was beaten black and blue for doing a lewd ac
Sony India on Monday launched a new portable wireless speaker for music aficionados in Ind