Page 11 - BANKING FINANCE FEBRUARY 2016 ONLINE
P. 11
ROUNDUP
Texmaco bags rail freight Bullion association plans to launch first physical gold
trading exchange
corridor signaling deal
A bullion association in India is planning could lead to standard gold pricing in
Texmaco Rail and Engineering said to launch the country's first physical India, and could also bring transpar-
its consortium gold trading exchange, in an attempt ency to a market which can involve
with Hitachi Ja- to bring transparency to the market for large cash transactions.
pan, Mitsui & Co the precious metal in the
and Hitachi India world's second biggest con- "We are planning to launch
has won a con- sumer. the exchange in six months.
tract for the de- Discussions are going on re-
The Mumbai-based India garding its structure and
sign and construction of signal and Bullion and Jewellers Associa- ownership." Ketan Shroff, an
telecom works - STP5 - a part of the tion (IBJA), a group consisting of gold IBJA spokesman told.
dedicated freight corridor traversing dealers, traders and jewellers, is talk-
India's biggest industrial cluster be- ing with industry officials about launch- The exchange, which will start with
tween Delhi and Mumbai, from the ing the exchange in 2016. two to three delivery centres for gold
Dedicated Freight Corridor Corpora- and silver, will help the government to
tion of India. A dedicated physical gold exchange monitor gold trade, he said.
The sector is worth 28 billion yen Income Tax Dept to refund claims less than Rs 50K soon
which is equivalent to Rs.1,800
crore. It will cover a 915 km distance The income tax department has de- ment years 2013-14 and 2014-15 may
between Rewari in Haryana and
Vadodara in Gujarat. It is the biggest cided to refund all claims of less than be issued as early as possible," said a
order ever placed in India for Japa-
nese signaling equipment. Rs. 50,000 at the earliest. recent missive by the CBDT.
For this project, Hitachi Japan, as The Central Board of Direct Taxes "The status of outstanding refunds was
consortium leader, will manufacture (CBDT) has asked all field reviewed recently…This ini-
key equipment for the signaling sys- offices to expedite process- tiative is expected to signifi-
tem. Mitsui will provide overall coor- ing of all refund claims in- cantly reduce taxpayer
dination with DFCCIL and related volving less than Rs. 50,000, grievances and enhance
agencies in Japan and India. Hitachi where the income tax re- the taxpayer satisfaction,"
India and Texmaco will supply the turns have not been selected for scru-
domestic equipment and Texmaco tiny. said a Finance Ministry release.
will also carry out the installation
work. "While reviewing the pendency of re- Nearly 15 lakh such claims are pend-
funds, the Revenue Secretary has di- ing with the income tax authorities at
FinMin wants EPFO to rected that refunds for cases not se- present. The move, which could involve
lected under CASS (Computer Assisted an outgo of as much as Rs. 5,469 crore,
stabilize at 8.75% Scrutiny Selection) and involving refund comes at a time when the CBDT may
of less than Rs. 50,000 for the assess- be facing a potential shortfall in direct
The finance ministry wants the Em- tax collections.
ployees' Provi-
dent Fund M&M, Tata Motors, Maruti groups to manufacture e-
Organisation to
retain 8.75 per vehicle kit
cent rate of in-
terest on PF deposits for 2015-16, al- Mahindra & Mahindra, Tata Motors and Maruti Suzuki have come together to
though the retirement fund body is invest as well as develop components and systems for electric and hybrid ve-
in a position to give better returns to hicles. Mahindra Reva Chief Executive Arvind Mathew said that they are work-
its over five crore subscribers. ing on developing components and systems to ensure common standards for
them as well as help drive down costs. This is expected to eventually lead to
lower cost of ownership of these vehicles. All the three carmakers are also
working on common standards for all components.
BANKING FINANCE | FEBRUARY | 2016 | 11
Copyright@ The Insurance Times. 09883398055 / 09883380339
