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Showing posts from August 8, 2017

Banks to shut out builders without RERA listing

Banks to shut out builders without RERA listing Builders who have been thinking of ways to beat the new Real Estate Regulation Act are fast running out of time as banks, in consultation with the Reserve Bank of India, have decided not to extend loans to those projects which have not been registered under RERA.  "We have to look for some security mechanism, and since RERA is designed to weed out fly-by-night operators, we have decided not to extend credit to projects not registered with it," said a bank official who did not wish to be identified. "Adhering to the regulations will safeguard our interests, it's better to be safe now than regret later."  Banks have also sought additional collateral, including on personal properties of promoters, as guarantees while disbursing loans to a few real estate developers.  "We are very apprehensive because even if we disburse loans as prescribed under the law, the way it is designed, it does not protect our credit. If a l…

DeMo Impact : Individual I-T Returns Up 25%

DeMo Impact : Individual I-T Returns Up 25% With the Centre tightening the screws on black-money holders, the number of income-tax returns (ITRs) filed this fiscal year has risen nearly 25 per cent. According to official data released on Monday, the total number of ITRs filed till August 5 grew 24.7 per cent to 2.82 crore, as against 2.26 crore during the corresponding period of 2016-17. The number of returns filed by individuals rose 25.3 per cent to 2.79 crore, as against 2.22 crore in the previous fiscal year. “This clearly shows that substantial number of new tax payers have been brought into the tax net subsequent to demonetisation,” said the Finance Ministry. August 5 was the last day for filing income-tax returns after the deadline was extended from July 31. The Income-Tax Department had launched ‘Operation Clean Money’ to look into suspicious cash deposits during the note-ban period. Taxpayers also had to declare cash deposits of over ?2 lakh made in their bank accounts during the de…

Over one million pan cards deleted by the government.

Over one million pan cards deleted by the government. PAN card is an identifier of taxable entity for all financial transactions undertaken by one person. As per the government of India, a person is not eligible to register with more than one PAN number. The government of India traced fake PAN cards which have not been allotted to existing individuals or people who have submitted false information about them. More than one million permanent account numbers have been deleted or de-activaed by the government, in a move to check of the fake identities. In the current fiscal year the income tax department researched on the same and launched an operation clean money where the results came out to be that near about 1.8 million people's transactions did not appear in the line with their tax profile and they were approaced by the government. There have been about 5.56 lakhs new cases. Besides this about 200 high risk persons were indentified for appropriate action. Also, the de-activation of P…

Sebi asks bourses to act against 331 suspected shell companies

Sebi today directed bourses to initiate action against 331 suspected shell companies that are listed and these scrips will not be available for trading this month, according to a communication. The regulator's directive came after the corporate affairs ministry shared a list of 331 listed companies that are suspected to be shell entities and could even face "compulsory delisting". Stepping up the surveillance measures, these entities would be subject to independent audit and if required, forensic audits could also be initiated to check their credentials. In a communication sent to the BSE, the NSE and the Metropolitan Stock Exchange, the markets regulator has asked them to keep the 331 shares in stage four of the Graded Surveillance Mechanism (GSM) with immediate effect. Securities coming in stage four are permitted to trade only once a month under trade to trade category. Since these shares would be moved to stage four from tomorrow, these securities would not be available f…

Derivatives may get longer trading hours

Inabid to bring back some of the lost zing, the markets regulator, the Securities and Exchange Board of India (Sebi), is looking to extend the trading hours for the derivatives market. Sources said Sebi was considering if trading in index futures could be kept open even after the cash market closed. The move will provide investors the tool to price in news flow that comes after market hours. Currently,alot of foreign investors use global platforms such as the Singapore Stock Exchange (SGX) and the Chicago Mercantile Exchange (CME) —which offer almost roundtheclock trading on some Indian contracts —for trading or hedging their underlying exposure to Indian stocks. “Extending derivatives market timing would beagreat idea. Our market should be open whenever customers want it to remain open. Given the current setting, there isacrisis on the international competitiveness of the Indian exchanges. A decade ago, nearly 100 per cent of the trading on Indian underlying used to take place domestically…