Finance Minister announced on Monday that the General Anti Avoidance Rules or GAAR will be deferred by one year to FY2013. Commenting on the development, Nicholas de Boursac, CEO of ASIFMA, said that he is quite pleased with the deferment of GAAR. "By one year, if that allows the conversations between the industry and the government to continue then they can make sure that the implementation of the rule is positive and has minimum negative impact on the markets," he added.