No long-term capital gains tax: FM

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New Delhi: Stating that the 'India growth story' was intact, Finance Minister P Chidambaram today turned down the demand of the left parties to introduce long-term capital gains tax and clarified that the government will not unilaterally revisit the Mauritius Tax Treaty.

"The government has no intention to introduce long-term capital gains tax for securities traded in the stock markets," Chidambaram told a Press Conference on Saturday.

"We are also not proposing to unilaterally review the Mauritius

tax treaty," he said in an apparent attempt to pacify the turbulent stock markets.

During the last two trading sessions, the Sensex registered the steepest ever fall in its history as well as experienced high volatility.

The Finance Minister was dismayed at some "ill-informed reporting and editorialist by media organisations and asked journalists to be cautious while reporting on sensitive issues.

Chidambaram said, "The India growth story continues to be a growth story" and claimed that the fundamentals of the economy were "sound and strong" looking forward to high GDP growth, buoyancy in growth of the manufacturing sector, low inflation and burgeoning foreign exchange reserves.

The Finance Minister said the circular issued by his ministry, which many believe triggered the crash, was only intended to solicit the comments of the public and there was nothing in it to suggest that FII's would be taxed a new rate.

"The position in this regard is well known to the FIIs", he said.