No intention of govt to impose long-term capital gains tax: FM

Trying to calm the jangled nerves, Finance Minister Arun Jaitley today went to great lengths clarifying that there is no intention of the government to impose tax on long-term capital gains from share transactions.

Referring to the speech made by Prime Minister Narendra Modi in Mumbai yesterday, he said the interpretation being given to the speech is not correct.

"The speech has been misinterpreted in some sections of the media which have started speculating that this is an indirect reference to the fact that there could be long-term capital gains (tax) on securities transactions," he clarified.

"Now, this interpretation is absolutely erroneous, the Prime Minister has made no such statement directly or indirectly... and therefore I wish to absolutely clarify that there is no occasion or opportunity for anybody to reach such a conclusion because this is not what the Prime Minister said, nor is the intention of the government as has been reported."