Government Says Safeguards in Place to Prevent Misuse of P-Notes
Minister of State for Finance Jayant Sinha said FPIs are prohibited from issuing P-Notes to resident Indians/non-resident Indians. New Delhi: The government has put in place several safeguards to prevent misuse of Participatory Notes, or P-Notes, and there is no information with the Securities and Exchange Board of India (Sebi) wherein entities or investors in the country are using the route of and investing black money through it, Parliament was informed on Friday. “Foreign Portfolio Investors (FPIs) are prohibited from issuing PNs to Resident Indians/Non-Resident Indians (NRIs) and they are…
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