Bombay Commodity Exchange Limited (BCEL) lose recognition
- The Securities and Exchange Board of India (SEBI) on 29 October 2016 allowed Bombay Commodity Exchange (BCEL) to exit the commodity futures business with immediate effect.
- With this BCEL became the first commodity exchange to lose recognition since SEBI took over the regulation of commodities from FMC in September 2015.
SBI to Allot Shares to Govt
- Country’s largest lender State Bank of India's central board of directors has notified that it will issue equity shares on preferential basis to the government for capital infusion of Rs5,681 crore.
- The bank has also sought approval from government and the Reserve Bank of India (RBI).
Country’s Forex Reserves Rises by $1 b
- Country’s Forex Reserves rose by USD 1 billion to USD 367.14 billion for the week ended October 21 on the back of increase in the core currency assets.
- The Reserve Bank said that Foreign Currency Assets -FCAs, a major component of the overall reserves, increased by USD 1.015 billion to USD 341.923 billion.
- Gold reserves remained steady at USD 21.406 billion.
PNB Plans to Raise Rs.6,000 cr via Bonds
- Punjab National Bank said it plans to raise Rs 6,000 crore in tranches from bonds to fund business expansion.
- The board will be considering issuance of Basel-III compliant debt instruments — Perpetual Additional Tier-I capital bonds worth Rs. 3,000 crore & Tier-II bonds of up to Rs. 3,000 crore.
- Under the Basel-III norms, AT-1 bonds come with loss absorbency features.
Govt notified a new Double Taxation Avoidance Agreement with S Korea
- The government has notified a new Double Taxation Avoidance Agreement (DTAA) between India and South Korea.
- The provisions of the new DTAA will have effect in India in respect of income derived in fiscal years beginning on or after April 1, 2017.
- The earlier Double Taxation Avoidance Convention was notified on Sept 26, 1986.
Axis Bank’s KYC Goes Online
- Axis Bank has launched ‘Insta Services’ to enable electronic submission of Form15G/H through its mobile application and thus will allow customers to click an image or upload the scanned copy of KYC documents.
- Form 15G/H are self-declaration forms required to be furnished by the assessee to the banker.
SMS alerts from the Income Tax department for TDS deductions at Source Service launched
- Aprox. 2.5 crore salaried tax payers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions.
- The CBDT will soon extend this SMS facility to another 4.4 crore non-salaried tax payers. She said taxpayer will initially receive a welcome message from the CBDT informing her/him about the facility and after that each assessee would be sent messages informing them about their respective TDS deductions.
Deposit portfolio of Indian banks crossed Rs.100 Trillion
- The deposit portfolio of Indian banks crossed has Rs.100 Trillion milestone figure as on 30 September 2016, as disclosed during October 2016
- Asia’s third largest and the world’s fastest-growing major economy, has almost took five years and seven months to double from Rs. 50.46 trillion in February 2011.
- Earlier, the deposit base doubled in a much shorter span like it had taken nearly three years and 11 months to double from Rs. 25.04 trillion in March 2007; and four years and four months each to double from Rs. 12.57 trillion in November 2002 and Rs. 6.26 trillion in June 1998.
RBI introduce newest denomination currency note of Rs. 2000
- The Reserve Bank of India (RBI) will launch Rs.2000 newest denomination currency note very soon, as reported in the media on 21 October 2016
- The notes have already been printed, and their dispatch from the currency printing press in Mysuru has commenced.
- The highest denomination note printed by the RBI was the Rs.10,000 note in 1938 and in 1954. They were demonetized in 1946 and 1978, respectively.
The Union Government completed 15% disinvestment in NBCC (India) Limited
- On 21 October 2016, Government has completed its 15% disinvestment in NBCC (India) Limited company and with that collected around Rs. 2,200 crore. Govt. of India held 90% in the company, which has a market capitalisation of Rs 15,180 crore.
- NBCC was 2016-17’s third disinvestment by the government through the OFS route. So far this financial year, the government has raised a total of Rs. 5,317 crore by selling its holdings in three public sector undertakings (PSUs), the other two sales being in NHPC (11.3%) and Hindustan Copper (7%).
