India’s stock market is waving goodbye to speculators - FT.com:
"As foreign direct investment into India has surged over the past decade, by far the biggest source of funds has been the tiny Indian Ocean state of Mauritius.
The island nation's outsized role in India's economy stems from a 1983 bilateral tax treaty, which exempts Mauritius-based companies from capital gains tax on Indian investments.
Foreign investors around the world — from private equity groups to multinational corporations such as GlaxoSmithKline — have enthusiastically embraced the tax loophole, pumping tens of billions of dollars into India through subsidiaries in Mauritius."
'via Blog this'
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