New Delhi, Aug 5 (TIWN) Despite the flight of over Rs 20,500 crore worth of foreign funds from the country's stock market, the government seems adamant to implement the taxation surcharge on the super-rich category which has spooked Foreign Portfolio Investors (FPIs).

The carnage at the indices began since July 5, when the Budget proposed a levy of an additional surcharge on individuals and trusts earning more than ₹2 crore and ₹5 crore, respectively. 

However, Finance Minister Nirmala Sitharaman in Parliament made it clear that the super-rich tax was here to stay. She also gave a solution to the FPIs by advising them to register as companies to be out of the ambit of the surcharge. 

In a recent panel discussion which was organised by ET, the then Finance Secretary Subhash Chandra Garg, who is now the Power Secretary, was quoted as saying: "So FPI, I'd also mentioned it, was not in the frame in the surcharge that was raised. It's a little collateral kind of consequence.