Page 250 - General Knowledge

GENERAL KNOWLEDGE 2019

 Stamp duties and Land Revenue: Since land is a matter on which only State Governments
can govern, thus the Stamp duties on transfer of immovable properties are levied by State
Governments.
 State Excise on Liquor and certain agricultural goods.
 Special Excise Duty: This is the duty leviable under Second Schedule to the Central Excise
Tariff Act, 1985 at the rates mentioned in the said Schedule. At present this is leviable on
very few items.
 Additional Duties of Excise: This duty is leviable under section 3 of the Additional Duties of
Excise (Textiles and Textile Articles) Act, 1978. This is leviable at the rate of fifteen per cent
of Basic Excise Duty payable on specified textile articles.
 Additional Duties of Excise Special: duty is leviable under the Additional Duties of Excise
Act, 1957 on the specified goods mentioned in its First Schedule.
 National Calamity Contingent Duty (NCCD): This duty is levied as per section 136 of the
Finance Act, 2001, as a surcharge on specified goods like pan masala, branded chewing
tobacco, cigarettes, domestic crude oil and mobile phone.

SEBI:
 Formed in 1992 under the SEBI Act 12992, it functions as the regulator of ―Securities‖
market in India.
 Having its headquarters in Mumbai, its primary functions and responsibilities are: Issues of
securities, Safeguarding of Investors‘ interests and, to act as Market intermediaries.
 It has quasi-judicial powers.
 It conducts investigation and enforces action as an executive body and passes rulings and
orders in its judicial capacity.
Overview of SEBI
 Securities Exchange Board of India was established in 1988 to regulate the functions of
securities market.
 SEBI promotes orderly development in the stock market.
 SEBI was set up with the main idea to keep a check on malpractices and protect the
interest of investors.
Objectives of SEBI
 To regulate activities in stock exchange and ensure safe investments.
 To prevent fraudulent practices by striking a balance between business and its statutory
regulations.
Functions of SEBI
 The three main functions of SEBI are as follows:
 Protective functions are performed by SEBI to protect interest of investors and provide
safe investments.
 Developmental functions are performed by the SEBI to develop activities in stock
exchange to increase the business in stock exchange.
 Regulatory functions are performed by SEBI to regulate the business in stock exchange.

5. FINANCE COMMISSION IN INDIA
Functions of Finance Commission in India
 Finance Commission of India was constituted under the Finance Commission Act of 1951.

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