Ex-RBI Governor D Subbarao, in an open letter on TOI, warned Finance Minister Nirmala Sitharaman of foreign investors' exodus. He said India's "repeated tinkering" with capital gains taxation and a "complex and often unpredictable withholding tax regime has eroded policy credibility". "If India wants stable...capital...it may be time to rethink both capital gains and withholding taxes," he added.