Anil Singhvi believes renegotiation of double taxation treaties has been on the anvil for sometime now. According to him, Raghuram Rajan needs to look at the interest rate scenario in a more global context.
Anil Singhvi, chairman, ICAN Investment Advisors believes the mid-term review does not capture recent events (global) of crude oil price fall. It infact concentrates more on local events, he adds.
He believes renegotiation of double taxation treaties has been on the anvil for sometime now. According to Singhvi, Raghuram Rajan needs to look at the interest rate scenario in a more global context.
Below is the verbatim transcript of Anil Singhvi's interview with Reema Tendulkar and Latha Venkatesh on CNBC-TV18.
Reema: In the statements that have come through on the mid-year economic review, does any statement stand out to you, how would you interpret it?
A: Not really. If you look at the global events and local events, it is more or less on expected lines. So I don't see that there is much of a thing to be read out of it. But the two factors very clearly - one is fiscal deficit - we have talked enough on that whether 4.1 percent will be met or not. Looking at global events, which are so favourable for us in terms of low oil prices, which should favour us in terms of keeping the fiscal in check, but what it missed out in the last two-three weeks, I don't think the mid-term review captures what has happened in the last two-three weeks when we were looking at the global situation. So it has talked about more of the domestic situation but not the global situation. So somewhere I am a bit confused on that when we have presented it today, it should have been tempered with the situation which is there globally rather than just looking at the local events.
Latha: There is a ticker that is running. One of the lines is renegotiating double tax avoidance (DTA) treaties, is this just what you knew or are you taking any renewed meaning from the statement?
A: This was on the anvil for quite some time - we are looking at all double taxation treaties because India needs to now look at the global scenario and work out how we want to negotiate double taxation agreements. So this has been going on for some time and I am glad that some statement of that nature has been made that we will review all DTA because of the commitment which this government has made on account of black money. We have been taking a lot of shelter saying that because you have asked certain questions, we will have a problem in DTA so we need to renegotiate all our double taxation treaties which is a step in the right direction. However, the point that I was making and other day also I was talking on that that we have been looking at local situation and our entire focus has been on local situation and whereas I think I am a big fan of Raghuram Rajan, here I would like to just draw a point that interest rate scenario has to be now looked into more from a global scenario perspective than from local scenario and this is where going forward the focus in the next three months likely to be there where the situation is in a globe is.
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