India Scraps Tax on Foreign Bond Investors to Deepen Government Securities Market

印度取消外国债券投资者税收以深化政府证券市场

What Happened | 政策内容

On June 5, 2026, India's Central Government issued the Income-tax (Amendment) Ordinance 2026, exempting Foreign Portfolio Investors (FPIs) from tax on interest and capital gains from investments in Government Securities (G-Secs). The exemption applies to any income arising on or after April 1, 2026.

2026年6月5日，印度中央政府发布《2026年所得税（修正）条例》，免除外国证券投资者（FPI）投资政府债券（G-Secs）产生的利息和资本利得税。豁免适用于2026年4月1日及之后产生的任何收益。

Before vs. After | 税负前后对比

Previously, foreign investors paid 12.5% long-term capital gains tax on G-Sec holdings, plus tax on interest income. Under the new ordinance, both fall to zero for FPIs.

此前，外国投资者持有印度政府债券需缴纳12.5%的长期资本利得税，利息收入同样征税。新条例下，两项税负对FPI均降为零。

| Tax Item 税项 | Before 调整前 | After 调整后 |

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

| Long-term capital gains 长期资本利得税 | 12.5% | 0% |

| Interest income 利息收入税 | Taxed 征税 | 0% |

| Effective date 生效日期 | — | April 1, 2026 |

Why India Did This | 政策动机

The ordinance is part of a package announced on June 5, 2026 to deepen the G-Sec market and pull in foreign capital. Removing tax friction makes Indian sovereign debt directly competitive with other emerging-market bonds for global asset managers.

该条例是2026年6月5日公布的深化政府债券市场一揽子措施之一，目的是吸引外资流入。消除税负摩擦后，印度主权债券在全球资管机构的配置清单中可直接与其他新兴市场债券竞争。

What Companies Should Do | 企业该做什么

- Asset managers and corporate treasuries: review existing India bond positions and confirm custodians apply the zero rate to income accrued after April 1, 2026

- 资管机构和企业财资部门：核查现有印度债券头寸，确认托管行对2026年4月1日后产生的收益适用零税率

- Firms without FPI registration: start the SEBI registration process now to access the exemption

- 尚未注册FPI资格的企业：立即启动印度证监会（SEBI）注册流程，否则无法享受豁免

Significance for Outbound Strategy | 对企业出海的意义

Step one: confirm your entity's FPI registration status with SEBI. Step two: instruct your custodian bank to apply the exemption retroactively to income from April 1, 2026 and recover any excess withholding. Step three: for companies raising rupee debt in India, expect lower funding costs as foreign demand for G-Secs compresses yields — lock in borrowing within the next 6 months.

第一步：确认主体在SEBI的FPI注册状态；第二步：通知托管行对2026年4月1日起的收益追溯适用豁免，追回多扣税款；第三步：在印度发行卢比债的企业，外资买入G-Secs将压低收益率，未来6个月内锁定融资成本更划算。