Government of India makes changes in indirect tax rates, effective from today that is 19th October, 2015:
Government of India makes
changes in indirect tax rates, effective from today
Government has
made the following changes in indirect tax rates, effective from today, that is
19th October, 2015:
1) In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from 10% to 25% for a period upto 31.03.2016. Notification No.51/2015-Customs, dated 19.10.2015 may be referred to in this regard.
1) In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from 10% to 25% for a period upto 31.03.2016. Notification No.51/2015-Customs, dated 19.10.2015 may be referred to in this regard.
2) Specified biodiesel is exempt from central excise duty. However, its inputs namely, RBD Palm Stearin, Methanol and Sodium Methoxide are chargeable to central excise duty leading to CENVAT credit accumulation. Central excise duty has been exempted on RBD Palm Stearin, Methanol and Sodium Methoxide used in the manufacture of such biodiesel subject to actual user condition for a period upto 31.03.2016. Notification No.42/2015-Central Excise, dated 19.10.2015 may be referred to in this regard.
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Auction For Sale (Re-Issue) of
Government Stock
Government of
India have announced the Sale (re-issue/issue) of (i) “7.68 per cent Government
Stock 2023” for a notified amount of Rs. 2,000 crore (nominal) through price
based auction, (ii) “7.88 per cent Government Stock 2030” for a notified
amount of Rs. 7,000 crore (nominal) through price based auction,
(iii) “7.73 per cent Government Stock 2034” for a notified amount of Rs.
3,000 crore (nominal) through price based auction, (iv) “8.17 per
cent Government Stock 2044” for a notified amount of Rs. 2,000 crore (nominal)
through price based auction (v) “New 40 year Government Stock
” for a notified amount of Rs. 1,000 crore (nominal) through yield
based auction,. The auctions will be conducted using multiple price method.
The auctions will be conducted by the Reserve Bank of India, Mumbai Office,
Fort, Mumbai on October 23, 2015 (Friday).
Up to 5% of the
notified amount of the sale of the stocks will be allotted to
eligible individuals and Institutions as per the Scheme for Non-Competitive
Bidding Facility in the Auction of Government Securities.
Both competitive
and non-competitive bids for the auction should be submitted in electronic
format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on October
23, 2015. The non-competitive bids should be submitted between 10.30 a.m.
and 11.30 a.m. and the competitive bids should be submitted between
10.30 a.m. and 12.00 noon.
The result of the
auctions will be announced on October 23, 2015 and payment by
successful bidders will be October 26, 2015 (Monday).
The Stocks will be
eligible for “When Issued” trading in accordance with the guidelines on ‘When
Issued transactions in Central Government Securities’ issued by the
Reserve Bank of India vide circular No. RBI/2006-07/178 dated November 16, 2006
as amended from time to time.
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Ministry of Finance to hold
interactive meetings with Foreign Portfolio Investors (FPIs) and domestic
financial market participants as part of the Government’s endeavor to improve
ease of doing business in financial markets
Department of
Economic Affairs, Ministry of Finance is organizing two interactive meetings
with Foreign Portfolio Investors (FPIs) and domestic financial market
participants in New Delhi as part of Government’s endeavor to improve ease of
doing business in financial markets. The meeting with FPIs is scheduled to be
held tomorrow, Tuesday, 20th October 2015. The meeting with domestic financial
market participants and stock exchanges will be held on 21 October, 2015. The
meetings would also be attended by representatives of RBI, SEBI and CBDT among
others.
The meeting with FPIs would include discussion on (i) simplifying the procedures and documentation for registration of FPIs, (ii) development of Fund Management Industry in India, and (ii) FPI investment in Corporate Bond Market. The meeting with domestic market participants would include discussion on (i) integration of various segments of the market, (ii) increasing retail participation and (iii) deepening of corporate bond market. Foreign investors and domestic market participants would raise various issues of interest to them as part of this consultation exercise.
The meeting with FPIs would include discussion on (i) simplifying the procedures and documentation for registration of FPIs, (ii) development of Fund Management Industry in India, and (ii) FPI investment in Corporate Bond Market. The meeting with domestic market participants would include discussion on (i) integration of various segments of the market, (ii) increasing retail participation and (iii) deepening of corporate bond market. Foreign investors and domestic market participants would raise various issues of interest to them as part of this consultation exercise.
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