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Showing posts from August 16, 2017

Sebi proposes Aadhaar-based identification for investors

Sebi proposes Aadhaar-based identification for investors The Securities and Exchange Board of India (Sebi) is planning identification of stock market investors through their Aadhaar numbers. In its annual report for 2016-17 released on Monday, Chairman Ajay Tyagi said “Sebi will continue to strengthen market supervision through various steps such as Aadhaar-based identification of investors, effective market surveillance and monitoring of compliances by regulated entities.” The move is in line with the government agenda of making Aadhaar mandatory for opening bank accounts, filing tax returns as well as for any financial transaction of ~50,000 and above. The government in Budget 2017-18 has already mandated linking of the Aadhaar number with the Permanent Account Number (PAN) to avoid creation of multiple accounts for evasion of taxes. In the annual report, Sebi said it was working on linking Aadhaar with individual demat accounts.  “Sebi will try to enhance market integrity delisting of …

Govt bans pure gold jewellery exports from India

Govt bans pure gold jewellery exports from India In a major blow for domestic jewellery manufacturers, exports of gold ornaments, medallions, or any other articles of more than 22 carats (ameasure of purity) have been banned. In a notification issued on Monday, the Directorate General of Foreign Trade (DGFT) said: “The Foreign Trade Policy 201520 are amended to allow export of gold jewellery (plain or studded) and articles containing gold of 8 carats and above up toamaximum limit of 22 carats only from domestic tariff area and export oriented units (EOU) or any such privileged facilities.” This means exports of jewellery or medallion, withagold content of more than 22 carats have been banned with immediate effect (24carat is pure gold). A group of jewellers see it asamajor blow while for others it hasa “negligible” impact because the demand for pure gold jewellery is minuscule. “We had written to the Ministry of Finance about eight months ago highlighting the round tripping of gold coins …

Sebi proposes Aadhaar-based identification for investors

Sebi proposes Aadhaar-based identification for investors The Securities and Exchange Board of India (Sebi) is planning identification of stock market investors through their Aadhaar numbers. In its annual report for 2016-17 released on Monday, Chairman Ajay Tyagi said “Sebi will continue to strengthen market supervision through various steps such as Aadhaar-based identification of investors, effective market surveillance and monitoring of compliances by regulated entities.” The move is in line with the government agenda of making Aadhaar mandatory for opening bank accounts, filing tax returns as well as for any financial transaction of ~50,000 and above. The government in Budget 2017-18 has already mandated linking of the Aadhaar number with the Permanent Account Number (PAN) to avoid creation of multiple accounts for evasion of taxes. In the annual report, Sebi said it was working on linking Aadhaar with individual demat accounts.  “Sebi will try to enhance market integrity delisting of …

Note ban raised tax base: PM

Note ban raised tax base: PM Haryana Chief Minister Manohar Lal Khattar honours freedom fighters´ family members atafunction at Tau Devi Lal Stadium to celebrate 71st Independence Day, in Gurugram on Tuesday PHOTO: PTI Tamil Nadu Chief Minister EdappadiKPalaniswami inspects the guard of honour during the 71st Independence Day function at Fort St George in Chennai on Tuesday PHOTO: PTI West Bengal Chief Minister Mamata Banerjee at the Independence Day function at Red Road in Kolkata on Tuesday. The Business Standard, New Delhi, 16th August 2017

PAN deactivation jolt for tax evaders in stock market

PAN deactivation jolt for tax evaders in stock market Of the 1.1 million permanent account numbers (PAN) that the government deactivated last month, income-tax (I-T) sources say a majority were duplicates and were being used to open share-trading and demat accounts, transact on the stock markets, and operate in shell firms. The I-T department has discovered one individual could have five to seven PAN cards, each with a slightly different spelling of the holder’s name. According to I-T officials, such people, who have been identified as small- and medium-sized stock brokers, sub-brokers and their clients, have evaded taxes. They could have evaded so by using one card for filing tax returns, and others for investing in financial instruments or making high-value transactions, said a senior tax official. High-value transactions of more than Rs 50,000 and above require PAN details. During demonetisation, PAN was required to be quoted in the case of cash deposits of more than Rs 2 lakh in saving…

Inflationary pressure back after GST roll-out

Inflationary pressure back after GST roll-out Amid concerns over deflationary impulses expressed in the second volume of the Economic Survey 2016-17, the retail inflation rate rose to a three-month high of 2.36 per cent in July, against the record low of 1.5 per cent in June due to the impact of the goods and services tax (GST) rates for some services and the revision in house rent allowance (HRA) for central government employees. However, as the Survey had pointed out, food prices continued to fall, though at a lower rate at 0.3 per cent in July, compared to the 2.1 per cent in June. In the remaining months of the current financial year (FY18), economists expect the retail inflation rate to rise, which might discourage the Monetary Policy Committee (MPC) from cutting rates further, despite the Survey recommending monetary easing.  However, the wholesale food inflation rate was 2.1 per cent in July, against a fall of 3.5 per cent in June and 2.1 per cent in May. Since wholesale prices are …