India Exempts Foreign Portfolio Investors from Tax on Government Bond Interest and Capital Gains from April 1, 2026

印度自2026年4月1日起免征外国证券投资者国债利息及资本利得税

Policy Core / 政策核心

On June 5, 2026, the Government of India officially announced a tax exemption for Foreign Portfolio Investors (FPIs): any interest income or capital gains arising from investments in Government Securities (G-Secs) on or after April 1, 2026, are fully exempt from Indian income tax. The measure is part of a package designed to deepen the government bond market by pulling in long-term foreign capital.

2026年6月5日，印度政府正式公告：境外证券投资者（FPI）投资印度政府债券（G-Sec）所取得的利息和资本利得，凡在2026年4月1日及之后产生的，全部免征印度所得税。该政策是印度深化国债市场、吸引长期外资的一揽子措施之一。

Before and After / 税负前后对比

| Item 项目 | Before April 1, 2026 免税前 | From April 1, 2026 免税后 |

|---|---|---|

| Interest income on G-Secs 国债利息 | Taxable, standard withholding rates applied 按标准预提税率征税 | 0% 全额免税 |

| Capital gains on G-Secs 国债资本利得 | Taxable as per holding-period rules 按持有期规则征税 | 0% 全额免税 |

| Instrument scope 适用工具 | — | Government Securities only 仅限政府债券 |

The exemption is prospective: it applies only to income and gains accruing on or after April 1, 2026, so positions held before that date still generate taxable events under the old rules for the earlier period.

免税是向前生效的：仅适用于2026年4月1日及之后产生的收益，此前持有期间的收益仍按旧规则计税。

Who Qualifies / 谁有资格

- Entities registered as Foreign Portfolio Investors with SEBI (India's securities regulator) 在印度证监会SEBI注册的境外证券投资者

- Income source must be G-Sec interest or disposal gains 收益必须来自政府债券利息或转让利得

- Corporate bonds, state development loans and other debt are not covered by this specific exemption 公司债、地方债等其他债务工具不在本次免税范围内

资格门槛集中在两点：SEBI的FPI注册身份，以及标的必须是中央政府债券。

What Companies Should Do / 企业第一步做什么

Step one: corporates with treasury operations or financial arms should confirm whether their existing Indian market access entity already holds FPI registration — registration through a Designated Depository Participant typically takes 30 to 60 days if starting fresh. Step two: route new G-Sec purchases through the FPI structure from the next settlement cycle, so income accrues under the exemption window that began April 1, 2026. Step three: review existing bond portfolios — income accrued before April 1, 2026 remains taxable, so clean segregation of holding periods avoids disputes at filing.

第一步：有资金管理或金融业务板块的企业，先确认旗下印度主体是否已有FPI注册；如从零申请，通过指定存管参与人（DDP）注册通常需30至60天。第二步：从下一个结算周期起，将新增国债投资通过FPI架构执行，确��收益落在2026年4月1日开启的免税窗口内。第三步：梳理存量债券持仓——免税前产生的收益仍需纳税，按持有期间分段核算可避免申报争议。

Bottom Line / 对企业的意义

The exemption takes the tax cost on Indian sovereign debt for FPIs to zero for income from April 1, 2026 onward. Act in sequence: confirm or initiate FPI registration this quarter, restructure the investment route next, then back-test the portfolio's accrual dates before the first filing cycle.

这项免税把FPI投资印度主权债的税负在2026年4月1日之后降为零。按顺序行动：本季度确认或启动FPI注册，随后调整投资路径，并在首个申报周期前回测持仓收益归属日期。