Tax surcharge on rich: FM Sitharaman, PMO to meet FinMin officials on Saturday

Intensifying its efforts to find ways out of pressing issues of tax surcharge on the rich and a slowdown in auto and housing sectors, the Prime Minister`s Office will hold a meeting with top officials, including Finance Ministry`s five secretaries, again on Saturday while Finance Minister Nirmala Sitharaman said the government is still discussing steps of revival.

On Saturday the Principal Secretary PMO Nripendra Misra will hold meetings with senior Finance Ministry officials who are expected to come up with options and solutions on tackling the slowdown in auto and realty sectors and also on the equity market battering by FPIs, sources said.

Sitharaman in Ahmedabad said on Friday that the ministry is still in talks with PMO in reviving financial sentiment. "Since Monday I have met five different groups representing banks and financial institutions, SMEs, industries and automobiles and listened to their problems. We are analysing what steps should be taken," she told media.

"Yesterday (Thursday) we had a meeting with the Prime Minister on the economy," the minister said, adding "Discussions are going on about what steps should be taken. We will announce them when we are ready." 

The FinMin`s first priority is handling the FPI tax which is turning the market upside down with flight of capital further aggravating the gloom scenario. 

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A refinance window for auto sector is also under consideration.