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With an aim to deepen the nascent commodity market, Sebi is likely to give mutual funds the go-ahead to trade in commodity markets in a month, while the regulator is also in talks with the RBI to allow institutional investors like banks and FPIs to trade in the segment. Mutual funds' participation in commodities derivatives would be the first one to happen among institutional investors," Securities and Exchange Board of India (Sebi) Chairman U K Sinha today said, and hinted that the move could be implemented in a month. Sinha, whose term as Sebi Chairman ends on March 1, was speaking to reporters on the sidelines of the regulator's international conference on commodity derivatives. On allowing participation of banks, alternative investment funds and foreign portfolio investors (FPIs) in commodities, he said Sebi is in active consultation with the Reserve Bank over the issue. "Our argument with RBI has been, in any case bank's have huge exposure to commodit...

The Employees´ Provident Fund Organisation has extended the deadline for its subscribers to submit Aadhaar number to March 31 from February 28. An order also said the deadline for submitting Aadhaarlinked digital life certificate has also been extended till March 31, 2017. PTI< President nod for wages via cheques or emode The central and state governments can now specify industrial units and other establishments which will have to pay wages either through cheques or by electronic transfors into workers´ bank accounts, according toanew law. President Pranab Mukherjee recently approved the Payment of Wages (Amendment) Act, 2017, an official order said. The Act enables employers to pay wages to workers through cheque or by transferring into their bank account without their written authorisation. Business Standard New Delhi,18th Februray 2017

The income tax department is "verifying" over Rs.4.5 lakh crore of suspicious deposits made by 1.8 million people after the note ban and will send ´nonstatutory´ letters to those who have not responded to its SMS and email queries seeking explanation. Business Standard New Delhi,18th February 2017

After thrashing out the contentious issue of administrative turf, Finance Minister Arun Jaitley is set to meet state finance ministers on Saturday for what could be the secondlast meeting of the Goods and Service Tax (GST) Council before the expected July 1 rollout of the new indirect tax system. On the agenda are the ratification of supporting pieces of the GST legislation andaproposed compensation law. Most of the contentious issues the council has been dealing with, including crossempowerment or dual control and rate slabs, have been dealt with in the previous meetings. The 10th meeting of the GST Council to be held at Udaipur would be crucial. The council´s consent to the draft integrated GST, central GST, and state GST Bills are required before the first two can be taken up in the Budget session. The Parliament session would reconvene on March 9. Each state´s legislature will also have to pass their own state GST laws. “The GST council meeting on Saturday could be the second...

Tax authorities are investigating Goods and Service Tax Network (GSTN) for possible service tax evasion. GSTN was floated to create the technology platform for combined indirect tax levy . CEO Prakash Kumar of GSTN, where banks and financial institutions are majority shareholders, was initially summoned by service tax superintendent with the books of accounts, details of funds received from the Centre as well as a copy of the agreement with Infosys, which is designing the system along with payments made to the IT major. An official, however, said that the “summon does not exist now“, indicating that the letter which had been issued last Saturday was withdrawn. “I have not received anything,“ GSTN CEO Prakash Kumar told TOI adding that the GST network operator had paid all taxes on time including service tax. Tax experts said GSTN was liable to pay service tax under the rules. “Though service provided by government is in negative list but service provided by a company to governm...