Higher taxes on super rich 'politically' correct move: Azim Premji

Earlier in the month, Rangarajan pitched for higher taxes on super rich, saying that the forthcoming budget could look at imposing surcharge on income above a threshold.

Talks of taxing the super rich has been gaining grounds after the US Congress this month voted for raising taxes on rich Americans, as part of resolutions of crisis over the so-called fiscal cliff.

The US legislation proposes to hike tax rates on individual earning more than USD 400,000 per year, and on couple earning more than USD 450,000.

Speaking to another television channel, Premji said it should be left to the Reserve Bank to decide on who should enter the banking space.

"There can be a non-corporate who can get into banking. But it is not clear who will be issued the new bank licenses," he said when asked whether the corporates should be allowed to set up banks.