The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1st July2017ortofacehigher tax incidence for payment made…

Date : Jun 23, 2017 RBI amends Banking Ombudsman Scheme: Includes Complaints relating to Misselling and Mobile/ Electronic Banking The Reserve Bank of India has widened the scope of its Banking Ombudsman Scheme 2006, to include, inter alia, deficiencies arising out of sale of insurance/ mutual fund/ other third party investment products by banks. Under…

Date : Jun 23, 2017 RBI to conduct 7 day, 14 day and 28 day Variable rate Reverse Repo auctions under LAF on June 27, 2017 The Reserve Bank of India will conduct the following Variable rate Reverse Repo auctions on June 27, 2017, Tuesday, as per the revised guidelines on Term Repo Auctions issued…

Date : Jun 24, 2017 RBI releases Handbook of Statistics on Indian States 2016-17 Today, the Reserve Bank of India released the second edition of its statistical publication titled “Handbook of Statistics on Indian States 2016-17”. Through this publication, the Reserve Bank has been disseminating wide-ranging data on the regional economy of India. This publication…

Date: Jun 27, 2017 Money Market Operations as on June 23, 2017 (Amount in ₹ billion, Rate in Per cent) MONEY MARKETS @ Volume Wtd.Avg.Rate Range (One Leg) A. Overnight Segment (I+II+III+IV) 1,816.87 6.05 5.00-8.25      I. Call Money 234.58 6.08 5.00-6.25      II. CBLO 642.36 5.87 5.30-6.50      III. Market Repo 939.50 6.17 5.00-6.30      IV. Repo in…

The result of the RBI Fixed Rate Reverse Repo Operations held on June 23, 2017 is as under: Amount (face value in ₹ Billion) Items 4 day Reverse Repo Auction 6.00% Fixed Rate 1. Bids received (i) Number 86 (ii) Amount 392.23 2. Bids accepted (i) Number 86 (ii) Amount 392.23 Ajit Prasad Assistant Adviser…

Securities and Exchange Board Of India SEBI Board Meeting The SEBI Board met in Mumbai today and took the following decisions: Restructuring in stressed companies With a view to facilitate turnaround of listed companies in distress which will benefit their shareholders and lenders, the Board has approved the following proposals: Presently, relaxations from preferential issue…

Securities and Exchange Board of India Press Release Order in the matter of Siyaram Green India Limited Shri G. Mahalingam, Whole Time Member, SEBI, has passed an order dated June 16, 2017 in the matter of Siyaram Green India Limited under Sections 11 and 11B of the SEBI Act, inter – alia directing: SGIL and…

Securities and Exchange Board of India Press Release Order in the matter of Basundhara Agro Resources (India) Ltd SEBI has passed an interim order dated June 7, 2017 against Basundhara Agro Resources (India) Ltd (BARIL) and its Directors/Promoters, viz. Mr. Sujit Dutta, Mr. Bibhas Pal, Mr. Somenath Mukherjee, Mr. Subhash Paul.,under Sections 11(1), 11(4), 11A(1)(b)…

Securities and Exchange Board of India Press Release Order in the matter of Shreebhumi Constructions Ltd. SEBI has passed an Interim Order cum Show Cause Notice dated June 12, 2017 against Shreebhumi Constructions Ltd. (SCL) and its Directors, viz. Shubhranshu Singh, ChhotraiMajhi and Prabin Dash, under Sections 11(1), 11(4) and 11B of the SEBI Act,…

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