IT SCANNER

About 30 foreign institutional investors (FIIs) are under the scanner of the income-tax department, which is exploring the possibility of claiming tax on income generated from trading of participatory notes, better known as P-Notes (PNs). ABN Amro, Barclays Bank, CLSA Merchant Bank, Calyon, Citicorp Investment Bank, JPMorgan Securities, Goldman Sachs, Morgan Stanley, ICICI International, UBS and Deutsche International Trust Corporation are among those who have received notices from the income-tax department. These banking groups have been asked to provide details of their P-Note dealings.