Page 13 - Banking Finance August 2022

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Industry

In Singapore, you need wrong hands, Prime Minister Narendra and implement an online web-based
Modi said at the inauguration of Digi- complaints redressal system of their
$75k just for the right to
tal India Week at the Mahatma own, which will facilitate investors to
own a car Mandir in Gandhinagar. file complaints and escalate complaints
for redressal through Grievance
The cost of ownership for new cars in Modi stated that the Digital India mis-
Redressal Committee (GRC), arbitra-
Singapore just got even more expen- sion has helped reduce the rural-urban
tion, appellate arbitration etc. in ac-
sive. divide. "We started the Digital India
cordance with their respective bye-
mission eight years ago. It has ex-
Bids for open category certificates of
laws, rules and regulations," Sebi said
panded with changing times and added
entitlement (COE), which can be used
in a circular.
new dimensions and new technologies
for any vehicle type but end up being
to it every year," he said.
used for larger cars, set a new record
No GST on office perks to
of S$104,400 ($75,119) in June's second
round of bidding. That's a cost incurred Create online complaint employees
before purchasing the actual car.
redressal system: SEBI A wide range of benefits such as free
Premiums for larger and more power- Market regulator Sebi asked stock ex- beverages, canteen facilities, free park-
ful cars in Category B also reached a ing space, journal subscriptions or even
changes and depositories to launch an
new record of S$106,001, making the group medical insurance provided by
online complaints redressal system of
previous record set on June 8 short- business entities to its employees in
their own within six months.
lived, as prices for private transport in terms of a contractual agreement be-
This is in line with the online platform,
Singapore skyrocket amid inflationary tween the two, will not be subject to
SCORES, launched by the capital mar-
pressures. Goods and Services Tax (GST).
kets regulator in June 2011 to help in-
This circular on the 'taxability of per-
vestors lodge their complaints, pertain-
In 8 years, Rs. 23-lakh quisites' to employees, has been issued
ing to the securities market, against
crore transferred using listed companies and Sebi-registered by the Central Board of Indirect Taxes
and Customs (CBIC) in response to clari-
DBT intermediaries. The online redressal
fications sought from its field officials,
system will enable investors to lodge
In the past eight years, as much as Rs. in order to ensure uniform implemen-
their complaints online and track the
23-lakh crore has been transferred to tation of the law.
status of redressal of such grievances,
the beneficiaries of government
Sebi said.
schemes using digital payment modes
State MSMEs bag Rs. 1.4L
under the Direct Benefit Transfer "All recognized stock exchanges includ-
mechanism, which has saved about Rs. ing commodity derivatives exchanges crore funds in FY22
2.3-lakh crore from going into the / depositories are advised to design MSME sector in Bengal has attracted
BANKING FINANCE | AUGUST | 2022 | 13