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NSE cautions brokers and investors against unsolicited messages Leading stock exchange NSE has cautioned traders and investors against unsolicited messages being circulated by unregistered entities to induce investment and sale of shares.Earlier, BSE had also issued similar message to investors. The direction comes after the bourses and capital markets regulator Securities and Exchange Board of India (Sebi) noticed that "unsolicited messages are being sent to induce investment or sale of the stock of certain listed companies, indicating target prices by unregistered or unauthorised entities". "Trading members are requested to advise their clients to remain cautious on such unsolicited messages being circulated by unregistered or unauthorised entities," National Stock Exchange (NSE) said in a notice The exchange also said that in case the trading member "suspects that there is an unusual trading pattern" by any client then it should release the payo

No Monopoly Govt will Ensure Digital Inclusion The government will not allow any monopoly over the internet to exist in India even though it upholds freedom of speech, electronics and IT minister Ravi Shankar Prasad said.“India believes in freedom (of speech). But I can tell you that any kind of abuse of the platform for extraneous and collateral purposes will not be allowed,” the minister said in an interview to ET, addressing concerns over how social media may have been used to influence the US election results and how India plans to deal with similar situations. There are “laws in place” to deal with situations like that and the government is in favour of “digital inclusion” but not in favour of “digital monopoly”, Prasad said. “You may recall the whole concept of Free Basics by Facebook — you get through only when you go through my gateway — we had taken a very strong position on that,” said Prasad, who is also minister for law and justice. Two years ago, the telecom regula

HC judges, experts brainstorm on GST litigations With the goods and services tax(GST) in place, 20 judges from 12 high courts brain stormed with experts and top government officials on identifying grey areas in the new regime that may throw up litigations in coming days. Top domain expert sand officials from the GST Intelligence and the Central Board of Excise and Customs briefed judges, according to documents available in the public domain. The deliberations took place at a recent national judicial conference for high court judges on the GST regime organised by the Bhopal based National Judicial Academy. Topics ranging from ´potential areas of conflict and litigation under GST´to ´comparative analysis of concepts: GST visavis Central Excise, Service Taxand VAT´, were discussed. The Business Standard,New Delhi, 20th November 2017

Act fast on GST rate cut or face action Hasmukh Adhia Companies, including FMCG firms, might be prosecuted if their retailers do not immediately cut the prices of products whose goods and services tax (GST) rates have been slashed.Union Finance Secretary Hasmukh Adhia says the retailers or the companies cannot continue with higher prices on grounds that the old stocks have not been exhausted. “We have made provisions for the companies to claim the difference from the government as input tax credit. But I am not willing to accept their argument to postpone passing on the benefits to consumers till they have disposed of their old stocks.” According to him, the new prices should be effective from November 15.  The GST Council in its last meeting this month cut the tax rate on 176 items from 28 per cent to 18 per cent and on two to 12 per cent. There was a huge demand to make these cuts. Speaking in a Doordarshan interview in which Business Standard was present, Adhia, who is als

GST rules changed on refund claims The Finance Minister has decided  thet applications/documents/forms pertaining to refund claims on account of certain Zero reated supplies shall be fileld and processed manually till further orders. Last Wednesday, notification  no 55/2017-central tax was issued, amending teh central goods and services tax (CGST)Rules and precribing new refund  application form  RFD-01A. Simultaneously, the Central Board of Excise and Customs(CBSE) presribed the procedure through Circular 17/17/17/2017-GST. For refund of Integrated GST (IGST) paid on export of goods,the present  procedure for disbursement through custom remians unchanged.For refund of IGST paid on export of services or supplies to Special Economic Zone (SEZ) developers or units, RFD-01A must be filed by the supplier on the common portal. Then, a print out of the form should be given to the jurisdictional tax officer, with the necessary documentary evidence. For refund of unutilised input tax c

NSE s SME Platform to List 100th Co Today The number of listed firms on NSE's small and medium-sized enterprises (SME) platform would touch 100-mark on Monday and further traction is expected in the next six months with 50 more initial public offerings on this segment, the top official said. So far, 99 companies are listed on the NSE's Emerge platform with an aggregate market capitalisation of over Rs 7,600 crore. However, on the rival BSE's SME platform, more than 200 companies got listed in over five years of its existence. BSE and the National Stock Exchange (NSE) had launched SME platforms in 2012, becoming the only two bourses to offer such a segment in the country. The Economic Times, New Delhi, 20th November 2017

Govt Seeks RS 13,000-cr Surplus from RBI The government has not asked the Reserve Bank to pay any special dividend and is only seeking Rs 13,000 crore of surplus lying with the central bank, Economic Affairs Secretary Subhash Chandra Garg has said. In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017. It was less than half the Rs 65,876 crore it had paid in 2015-16 The government had budgeted for a Rs 58,000 crore dividend from the RBI in its Budget for this fiscal year. “There is no proposal at this stage to ask for any special dividend. What is being discussed is to only ask for what the RBI earned this year but did not distribute. That is about ?13,000 crore. That's what the government has suggested the Reserve Bank to transfer,” Garg said. RBI's profit was about  Rs 44,000 crore, of which  Rs 30,000 crore has been distributed and  Rs13,000 crore it retained towards risks and reserves. So the government has made a suggestion that