Page 16 - Banking Finance July 2023

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Adani Group probe over start with the country getting "below ployees was Rs 3 lakh which was fixed
normal" rainfall in June even as the in 2002, when the highest basic pay in
MPS norms on since Oct
entire four-month (June-September) the government was Rs 30,000 per
2020: SEBI to SC rainy season may collectively have month.
"normal" rainfall, showed the latest
Sebi, investigating the Hindenburg The Central Board of Direct Taxes
forecasts of the India Meteorological
report's accusation that the Adani (CBDT), in a statement, said the aggre-
Department (IMD) released. There is
Group allegedly manipulated share gate amount exempt from income tax
55% probability of "normal to above
prices by exploiting loopholes in the under section 10(10AA)(ii) shall not
normal" rainfall during the season in
'minimum public shareholding' (MPS) exceed the limit of Rs 25 lakh, where
India.
norms, has informed the Supreme any such payments are received by a
Court that it has been probing this is- "Quantitatively, the southwest (sum- non-government employee from more
sue since October 2020 but clarified mer) monsoon seasonal (June to Sep- than one employer.
that its 2016 probe into issuance of tember) rainfall over the country as a
The increased limit for tax exemption
global depository receipts (GDRs) by 51 whole is likely to be 96% of the long
on leave encashment on retirement or
Indian listed companies was uncon- period average (LPA) with a model er-
otherwise of non-government salaried
nected to the Adani Group companies. ror of ± 4%," said D S Pai, head of the
employees to Rs 25 lakh with effect
IMD's Environment Monitoring and
In a supplementary affidavit filed, mar- from April 1, 2023.
Research Center, while releasing
ket regulator Sebi said, "In the context
stage-II long range forecast carrying
of investigation into MPS norms, Sebi Imports of coking coal
prediction on spatial distribution of
has already approached 11 overseas
rainfall. from Russia my double
regulators under the multilateral
After crude oil, the import of yet an-
memorandum of understanding
other key Russian resource is set to
(MMoU) with the International Orga- Encashment of leave: Tax
flood the Indian market in the years
nization of Securities Commissions
exemption limit notified ahead: coking coal. The reasons re-
(IOSCO). Various requests for informa-
In line with the Budget announce- main the same-lower prices, quicker
tion were made to these regulators.
ment, the finance ministry hiked the deliveries, and supply diversification.
The first request to overseas regula-
tax exemption limit for leave
tors was made on October 6, 2020." Russia's supply of coking coal-the prime
encashment upon retirement for pri-
raw material in steelmaking-may more
vate sector salaried employees to Rs 25
'Normal' overall monsoon than double in FY24, led by state-
lakh.
owned Steel Authority of India Ltd and
despite 'slow start': IMD So far, the tax exemption on leave private steelmakers such as JSW Steel
Monsoon is likely to have a sluggish encashment for non-government em- Ltd and Jindal Steel and Power Ltd
BANKING FINANCE | JULY | 2023 | 15