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NEW DELHI: Congress president Rahul Gandhi on Friday used ‘parliamentary language’ to mock the Centre’s Budget 2018, informing the Prime Minister Narendra Modi-led government that the Sensex crashing 800 points was a “No Confidence Motion” against it.
In Parliamentary language, the Sensex just placed a solid 800 point No Confidence Motion against Modi’s budget. #BasEkAurSaal
— Office of RG (@OfficeOfRG)
A ‘No Confidence Motion’ in Parliament can only be introduced only in the Lower House, that is, the Lok Sabha, and is allowed only when a minimum of 50 members support it.
Such a motion, if passed, makes it obligatory for the government at the Centre to vacate office.
The Sensex today fell almost 840 points to end the day at 35,066.75, the biggest single day fall of the index since August 24, 2015, when it had fallen by 1,624.51 points, reported PTI.
Investors lost Rs 4.6 lakh crore amid massive selling in the stock market.
“The major part of today’s correction can be attributed to the budget announcement of imposition of long term capital gains tax on equity, introduction of tax on distributed income by equity oriented mutual funds and fiscal slippage. The move surprised the Street as most participants were factoring in a change in definition of Long Term to two or three years from a year,” Devang Mehta, Head – Equity Advisory, Centrum Wealth Management, told PTI.
(With inputs from PTI)