Promissory note spared in gaar

The income-tax department in its guideline on the GAAR (General Anti Tax Rules )  has spared the popular participatory notes (P-notes), through which many foreign investors invest in India, from the ambit of the controversial tax avoidance rules in a bid to allay investor concerns over the law that has been put off by a year after it seriously dampened sentiments.  The draft rules which is put for discussion , states that  the investors of foreign institutional investors will not be covered  to attract GAAR .