government securities

The Government has increased the current limit of Foreign Institutional Investors (Fll) investment in Government Securities by US $ 5 billion raising the cap to US $ 10 billion and the incremental limit of US $ 5 billion be invested in securities wit Full Article

The Finance Ministry has clarified that underwriting commission received by primary dealers while dealing in Government securities will not attract any service tax. This is because Government securities are not securities of a body corporate. Service tax is applicable on underwriting commission only for dealing in securities of a body corporate, the Revenue Department said in a circular issued here. Full Article

The matter has been examined. Underwriting service is taxable by virtue of section 65 (105) (z) of the Finance Act, 1994. In the definition of taxable service, two technical terms are mentioned, namely underwriting and underwriter. The term underwriting [section 65 (117) of the Finance Act, 1994] has the meaning assigned to it in clause (g) of rule 2 of the Securities and Exchange Board of India (Underwriters) Rules, 1993, which reads as follow Full Article

As regards the settlement mechanism for the IRF contracts, it has been decided that all entities having short (sold) position in the IRF contracts and required to deliver securities on the appointed date will move these securities from their respective Subsidiary General Ledger/Constituents ' Subsidiary General Ledger (SGL/CSGL) accounts with the RBI to a special "Settlement" SGL account of the respective Clearing Corporations of the Exchanges [Exchange Clearing House (E.. Full Article

Ref.No.IDMD/2479/08.02.033/2009-10 December 4, 2009 - n all the auctions, Government Stock up to 5% of the notified amount of sale will be allotted to the eligible individuals and institutions under the Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities (enclosed with the notifications F. No.4 (1)-W&M/2009, F. No.4 (1)-W&M/2009(i) and F. No.4 (1)-W&M/2009(ii) all dated December 4, 2009). Each bank or PD on the basis of firm orders receiv.. Full Article

Ref.No.IDMD /2407 /08.02.033/2009-10 - Dated:- November 27, 2009 The Reserve Bank of India at Mumbai will conduct the auctions on December 4, 2009. The salient features of the auctions and the terms and conditions governing the issue of the Stocks are given in the Notifications (copies enclosed), which should be read along with the General Notification F. No. 4 (13)–W&M/2008, dated October 8, 2008 issued by Government of India. Full Article

RBI/2009-10/ 136  (IDMD.PDRD.No. 1050/ 03.64.00/2009- 10) Dated: August 31, 2009 All Standalone Primary Dealers Dear Sir, Investment Portfolio of Primary Dealers - Relaxation in the existing norms 1. Please refer to our Master Circular RBI/2009-2010/ 56 IDMD.PDRS. 01 / 03.64.00 / 2009-10 dated July 1, 2009 on Operational Guidelines to Primary Dealers containing, inter alia, guidelines [...] Full Article

1. Agricultural income: Any income which you receive as income from any agricultural activity is deemed as not included in total income. If your father is into agriculture and he gives you a part of the income as a gift, then you don’t need to pay tax on it, provided, your father files his tax [...] Full Article