Auction for Sale (Re-issue ) of Government Stocks
Auction for Sale (Re-issue )
of Government Stocks
The Government of India have announced the Sale (re-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) “7.72 per cent Government Stock
2025” 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. 1,000
crore (nominal) through price based auction and
(v) “7.72 per cent Government Stock 2055” for a notified amount of Rs. 2,000
crore (nominal) through price based auction. The auctions
will be conducted using multiple price method. The auctions
will be conducted by the Reserve Bank of India (RBI), Mumbai Office, Fort,
Mumbai on December 11, 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 December 11, 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 December 11,
2015 and payment by successful bidders will be December 14,
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 (RBI), vide circular No. RBI/2006-07/178 dated November 16, 2006
as amended from time to time.
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In Tamil Naidu, Public Sector
Insurance Companies to organise awareness camps for facilitation and
coordination in settlement of claims;
Adequate number of surveyors deputed to process the claims speedily and effectively;
Survey formats simplified to meet the emergent need;
Private Sector Insurance Companies asked to appoint Nodal Officers and for expeditious disposal claims by them
Adequate number of surveyors deputed to process the claims speedily and effectively;
Survey formats simplified to meet the emergent need;
Private Sector Insurance Companies asked to appoint Nodal Officers and for expeditious disposal claims by them
A meeting was held today in
the Department of Financial Services (DFS), Ministry of Finance, Government of
India with IRDA, LIC, all Public Sector General Insurance Companies and GIPSA
to review the position in flood affected State of Tamil Naidu . The following
points were discussed and conveyed.
1. Nodal Officers in respect of settlement of insurance claims were appointed last week by LIC and all four Public Sector Insurance Companies and details shared with the Government of Tamil Nadu.
2. LIC and other companies are organising awareness camps for facilitation and coordination in settlement of claims. Joint publicity for these camps will be made by the United India Insurance Company Ltd.(UICL) based at Chennai and also for collecting and sharing the data for all the companies for better coordination
. 3. The insurance companies have deputed adequate number of surveyors on the ground so as to process the claims speedily and effectively .They are also deputing surveyors from the adjoining states if necessary. The survey formats have been simplified to meet the emergent needs.
4. Insurance companies have delegated additional financial power to their field functionaries so that claims can be approved in minimum time at the local level.
5. IRDA has also issued instructions for the appointment of Nodal Officers for Private Sector Insurance Companies and expeditious disposal of claims by them.
1. Nodal Officers in respect of settlement of insurance claims were appointed last week by LIC and all four Public Sector Insurance Companies and details shared with the Government of Tamil Nadu.
2. LIC and other companies are organising awareness camps for facilitation and coordination in settlement of claims. Joint publicity for these camps will be made by the United India Insurance Company Ltd.(UICL) based at Chennai and also for collecting and sharing the data for all the companies for better coordination
. 3. The insurance companies have deputed adequate number of surveyors on the ground so as to process the claims speedily and effectively .They are also deputing surveyors from the adjoining states if necessary. The survey formats have been simplified to meet the emergent needs.
4. Insurance companies have delegated additional financial power to their field functionaries so that claims can be approved in minimum time at the local level.
5. IRDA has also issued instructions for the appointment of Nodal Officers for Private Sector Insurance Companies and expeditious disposal of claims by them.
******
Minister of State for Finance
Shri Jayant Sinha to inaugurate the 1st Conference of State Finance Secretaries
in the national Capital tomorrow;
Issues concerning Banking and Financial Sectors, Budget and Plan Expenditure high on the Agenda
Issues concerning Banking and Financial Sectors, Budget and Plan Expenditure high on the Agenda
The Minister of State for
Finance Shri Jayant Sinha will inaugurate the 1st Conference of State Finance
Secretaries in the national Capital tomorrow. This is the First initiative of
its kind by the Ministry of Finance where the important issues concerning
Department of Expenditure, Financial Services and Economic Affairs would be
discussed with the State Finance Secretaries. The Conference would be Chaired
by the Finance Secretary and Secretary (Expenditure) Shri R.P. Watal.
There will be three Sessions involving the topics concerning Department of Expenditure, Financial Services and Economic Affairs. Issues concerning Banking and Financial Sectors, Budget and Plan Expenditure will be high on the Agenda.
Besides above, issues pertaining to Social Sector expenditure, Capital Expenditure and growth etc would also be discussed among others during the one day Conference of the State Finance Secretaries.
There will be three Sessions involving the topics concerning Department of Expenditure, Financial Services and Economic Affairs. Issues concerning Banking and Financial Sectors, Budget and Plan Expenditure will be high on the Agenda.
Besides above, issues pertaining to Social Sector expenditure, Capital Expenditure and growth etc would also be discussed among others during the one day Conference of the State Finance Secretaries.
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In Tamil Naidu, Government
directs all the banks to restore banking services in flood affected areas as
early as possible and provide ATM and other services to the people round the
clock;
8849 branches (92%) out of 9653 branches of Scheduled Commercial Banks (SCBs) and 16556 ATMs (90%) out of 18430 ATMs are functional in the State
8849 branches (92%) out of 9653 branches of Scheduled Commercial Banks (SCBs) and 16556 ATMs (90%) out of 18430 ATMs are functional in the State
In the State of Tamil Nadu,
8849 branches (92%) out of 9653 branches of Scheduled Commercial Banks (SCBs)
are functional. 16556 ATMs (90%) out of 18430 ATMs are functional. 804 bank
branches and 1874 ATMs are not functional due to unprecedented rain and
consequential glitches.
In Chennai city, 1317 branches (88%) out of 1509 bank branches are functional. 2818 ATMs (68%) out of 4172 ATMs are functional. 192 bank branches and 1354 ATMs are not functional due to damages/connectivity issues/still submerged.
All the banks have been asked to restore banking services in flood affected areas as early as possible and provide ATM and other services to the people round the clock. They have been requested to provide mobile ATMs/POS Machine services mounted on boat or other means. Banks have been asked to ensure replenishment of cash in all the ATMs. The banks have been asked to ensure that no banking operation is affected on account of lost/damaged pass book. The banks are also been advised to issue duplicate passbooks where required at the earliest.
Department of Financial Services (DFS), Ministry of Finance, Government of India is closely monitoring the situation through SLBC, Tamil Nadu and banks.
In Chennai city, 1317 branches (88%) out of 1509 bank branches are functional. 2818 ATMs (68%) out of 4172 ATMs are functional. 192 bank branches and 1354 ATMs are not functional due to damages/connectivity issues/still submerged.
All the banks have been asked to restore banking services in flood affected areas as early as possible and provide ATM and other services to the people round the clock. They have been requested to provide mobile ATMs/POS Machine services mounted on boat or other means. Banks have been asked to ensure replenishment of cash in all the ATMs. The banks have been asked to ensure that no banking operation is affected on account of lost/damaged pass book. The banks are also been advised to issue duplicate passbooks where required at the earliest.
Department of Financial Services (DFS), Ministry of Finance, Government of India is closely monitoring the situation through SLBC, Tamil Nadu and banks.
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Central Board of Direct Taxes
(CBDT) issues directions for expediting pending refunds below Rs. 50,000/ for
Assessment Year(s) 2013-14 and 2014-15 in all cases except those selected for
scrutiny
The Income-tax Department is committed to improving taxpayer
services and redressing grievances in a timely manner.
The status of outstanding refunds was reviewed recently.
Following the review, Central Board of Direct Taxes (CBDT) has issued
directions to its field formations to expedite the issue of pending refunds
below Rs. 50,000/ for assessment years 2013-14 and 2014-15 in all such cases
which have not been selected for scrutiny. The field formations and the Central
Processing Centre (CPC), Bengaluru have been directed to complete the process
as early as possible.
This initiative is expected to significantly reduce
taxpayer grievances and enhance the taxpayer satisfaction.
The communication is available on the website of the
Department at www.incometaxindia.gov.in
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Due date for deposit of tax
deducted at source and tax collected at source during November 2015 has been
extended to 20th December, 2015 for the deductors located in the State of Tamil
Nadu
Chennai and a large part of Tamil Nadu have received
unprecedented rainfall leading to flooding of large areas and disruption of
normal life, including business and commerce. Given the extent of disruption,
it is considered expedient in public interest to extend the due date for
deposit of tax deducted at source and tax collected at source to provide relief
to the deductors located in the State of Tamil Nadu.
Accordingly, the Central Board of Direct Taxes(CBDT), in
exercise of its powers conferred under Section 119 of the Income-tax Act, 1961
( the Act) has issued an Order extending the date for deposit of tax deducted
at source [under section 200(1) of the Act] and tax collected at source [under
section 206C (3) of the Act] during the month of November 2015 from 7th of
December to 20thDecember, 2015 in respect of deductors located in
the State of Tamil Nadu.
The Order is available on the website of the Department
at www.incometaxindia.gov.in
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