Page 13 - Banking Finance March 2022

ROUNDUP

aerospace, explosives and ship building nance to take immediate action to mobile phone based, this app will be
basic industries or those which obtain address the long festering problem. helpful in easily accessing the relevant
at least 10 per cent of revenues from information. I am sure that in coming
the defence industry are eligible to be Over 16K died by suicide times this App will be popular among
included in the index. Stock weights in the investors especially the young
index are based on their free-float due to bankruptcy in 3 ones."
market capitalisation and will be years: Govt
capped at 20 per cent each. GST official bust fake tax
Over 16,000 people died by suicide due
The index is expected to act as a to bankruptcy or indebtedness while credit racket
benchmark for asset managers and be 9,140 people ended their lives due to Goods and Services Tax (GST) officials
a reference index tracked by passive unemployment between 2018 and
funds in the form of Exchange Traded 2020, Rajya Sabha was informed. have bust a tax credit racket and ar-
Funds (ETFs), index funds and struc- Union Minister of State for Home rested the proprietor of a metal trad-
tured products, NSE said in a release. ing firm, the finance ministry said in a
Nityanand Rai said 5,213 people died statement.
The base date for the index is April 2, by suicide due to bankruptcy or indebt-
2018, and base value is 1000. Index edness in 2020, 5,908 in 2019 and Officials of the Central GST
Commissionerate in Navi Mumbai de-
reconstitution will be done on a semi- 4,970 in 2018.
annual basis. tected that the firm engaged in trad-
A total of 3,548 people died by suicide ing of scrap of ferrous, aluminum, cop-
due to unemployment in 2020, 2,851 per and other metals allegedly availed
21% indirect texes hitting
in 2019 and 2,741 in 2018, he said re- of and passed on input tax credit
airlines hard: IndiGo CEO plying to a written question. fraudulently on the basis of bogus in-
The civil aviation industry has to pay 21 voices of more than Rs. 60 crore, the
per cent of its revenues as indirect SEBI launches app for in- statement said.
taxes and this "unreasonable proposi- vestors A team of officers held an enquiry into
tion" is resulting in a chronically ill sec- the firm and arrested the proprietor
Markets regulator Securities and Ex-
tor, IndiGo CEO Ronojoy Dutta said. for alleged offences under CGST Act.
change Board of India (SEBI) launched
Dutta requested the Ministry of Fi- "Saa?thi" - a mobile app on investor He was produced before a magistrate
nance to reduce central excise taxes education in Mumbai. The new app and has been sent on judicial custody
on fuel from 11 per cent to 5 per cent for 14 days, the statement said quot-
aims to create awareness among inves-
and eliminate custom duties on aircraft ing Prabhat Kumar, commissioner of
tors about the basic concepts of the
repair parts. CGST and Central Excise at Navi
securities market.
Civil aviation provides efficient infra- Mumbai.
Additionally, the app will also explain
structure, critical for economic growth about KYC process, trading and settle- The regulatory action in this case is a
and employment in our country, he said ment, mutual funds (MF), recent mar- part of an anti-evasion drive by the
in a statement. Mumbai Zone officials, the statement
ket developments, investor grievances
"Yet civil aviation pays 21 per cent of redressal mechanism, etc, the market said. As a part of this drive, Navi
its revenues to the government in in- regulator said in a press release. Mumbai Commissionerate has detected
direct taxes with very little input tax evasion of more than Rs. 450 crore
credit," Dutta said. Launching the app, SEBI chairman Ajay and recovered Rs. 20 crore and arrested
Tyagi said, "This mobile app is yet an- 12 persons recently, it said.
"This unreasonable proposition is re- other initiative of SEBI with a view to
sulting in an industry that is chronically empowering investors with knowledge EPFO may invest in pvt
ill and is unable to live up to its true about securities market. With the re-
potential of boosting commerce and cent surge in individual investors enter- corporate bonds
employment," he said. ing the market, and more importantly Looking to maximise yields, the Em-
Dutta requested the Ministry of Fi- a large proportion of trading being ployees' Provident Fund Organisation

BANKING FINANCE | MARCH | 2022 | 13