“I will have a look at it in my new role as the Law Minister and get back to you,” he said when asked about the NDA government’s stand on the Lokpal Act

Prasad further said that the Lokpal Bill was passed by the Select Committee of the Rajya Sabha after improving it in a better way.
He emphasized on the need for a more stable, transparent and investment friendly regime.
“For good governance a good legal regime is very necessary” he said.

He said their larger view is to have evident fiscal policy and taxation regime because India needs investment and those who invest in India may not have to face uncertainty, adding that assurance of stable fiscal policy and legal regime is required.
Prasad, however, warned that any form of corruption would be deal with seriously.

“Retrospective tax should be maximum avoided,” he sai, when asked whether he endorsed the former government’s move to retrospectively tax companies especially keeping in mind the cases of Vodafone and Nokia. India’s image as an investment destination took a beating when the UPA Government in 2012 changed the rules to tax certain deals retroactively despite the fact that the Apex Court ruled that Vodafone, the parent company of Vodafone India, didn’t have to pay capital gains tax over its $11 billion deal to buy Hong Kong-based Hutchison’s stake in Hutchison Essar in 2007.

(JPN)

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