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India to reserve 30 percent of tax free bonds for sovereign funds

August, 13th 2013
India will allow sovereign wealth funds to invest up to 30 percent in the tax free bonds to be sold by state-run infrastructure companies, Finance Minister P Chidambaram said on Monday. The government has allowed state-run companies to sell about 500 billion rupees worth of tax-free bonds in the current fiscal year 2013/14. (Reporting by Rajesh Kumar Singh; Editing by Anand Basu)