No cash transactions in Collective Investment Schemes : SEBI move to check laundering

Securities and Exchange Board of India, SEBI has made it compulsory for all investments into Collective Investment Scheme, CIS funds to be made through banking channels, and not in cash. The step has been taken to thwart money laundering activities through such schemes.Besides, the new norms would a...

Mediclaim PIL: GIC says can't come out with pre-packaged rates for ailments

General Insurance Council, which represents 25 non-life insurance companies, on Thursday told the Bombay High Court that it was not possible for its members to come out with a pre-packaged compensation in the policies on the basis of sum insured and on the type of hospital. GIC said in an affidavit ...

SEBI notifies stricter settlement system for serious offences

Entities charged with serious offences like illegal money pooling, insider trading and fraudulent trades will not be able to settle these cases any more after Securities and Exchange Board of India, Sebi on Thursday notified a stricter set of settlement norms.Making things even worse for such offend...

RBI eases FDI norms; gives FIs exit option

Rupee ends unchanged at 62.07 vs dollar

The rupee ended unchanged, at 62.07 against the dollar. After gaining 23 paise to close at a one-week high of 62 rupees 07 paise yesterday, the domestic currency resumed 17 paise lower at 62 rupees 24 paise today.

Launch of 7PL in Dubai scheduled for today deferred

Import duty on refined edible oil to go up to 10%

Import duty on refined edible oil is go up from 7.5 per cent to ten per cent to protect domestic industry and farmers. The Cabinet Committee on Economic Affairs, CCEA, today gave its nod to the hike. Food Minister K V Thomas told this to reporters in New Delhi this evening. The move is expected to f...

Import duty on refined edible oil to go up to 10%10

Import duty on refined edible oil is go up from 7.5 per cent to ten per cent to protect domestic industry and farmers. The Cabinet Committee on Economic Affairs, CCEA, today gave its nod to the hike. Food Minister K V Thomas told this to reporters in New Delhi this evening. The move is expected to f...

IT withdraws tax-exemption given to four cricket associations<br/>

The Income Tax authorities have withdrawn tax-exemption given to four cricket associations. They are Saurastra Cricket Association, Baroda Cricket Association, Kerala Cricket Association and Maharastra Cricket Association. The tax authorities found that these cricket associations were engaged in cer...

GoM defers decision on disinvestment in IOC

A group of ministers headed by Finance Minister P Chidambaram has deferred a decision on disinvestment in Indian Oil Corporation, IOC. This follows strong opposition to the stake sale by the Oil Ministry.Oil Minister Veerappa Moily told this to reporters after the meeting of the Empowered Group of M...