Page 13 - Banking Finance January 2020

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Personal insolvency Govt gives premature retirement to 96 corrupt officers
framework to be "begin- As informed by the Rajya Sabha, the centre has given premature retirement to
96 corrupt officers in the last five years. From July 2014
ning of a new learning": to October 2019 (as on November 21, 2019), Fundamen-
M S Sahoo tal Rules 56(j) has been invoked against a total number
Personal insolvency framework will be of 96 Group ‘A’ officers of different ministries/depart-
the "begin- ments, Minister of State for Personnel Jitendra Singh said
ning of a new in a written reply. The government has the absolute right
learning" to retire government officials prematurely on the ground of lack of integrity and
and the next ineffectiveness, in public interest, under the provisions of Fundamental Rules (FR)
big thing in 56(j)/(l), Rule 48 of Central Civil Services (CCS) Pension Rules, 1972, he said.
insolvency
reforms, IBBI Govt issues uniform stamp duty structure across states
chief M S Sahoo has said. The frame-
work under the Insolvency and Bank- In order to curb the menace of different states flexing muscle on stamp duty
ruptcy Code (IBC) for personal guaran- collection in equity, currency and commodity markets,
tors to corporate debtors has come the Central Government has issued a uniform stamp
into force from December 1. duty structure across states. The Gazatte notifica-
Sahoo, Chairperson of the Insolvency tion for uniform stamp duty would be effective from
and Bankruptcy Board of India January 2020.
(IBBI), emphasised that insolvency Currency traders in Mumbai, a city which generates
resolution of personal guarantors largest trading volume in the segment, will have to
complements insolvency resolution pay a stamp duty of only Rs. 10 per crore against Rs. 200 they pay as of now.
of corporate debtors. "It (personal The same is for Delhi. Details of stamp duty charged is based on traded volume
insolvency) is the next big thing in and is mentioned in a contract note. Brokers collected it and passed it on to the
insolvency reforms. It will be begin- respective states where the trading volumes came from.
ning of a new learning," he told PTI
in a recent interview. Stamp duty of around Rs. 250 to 300 has been levied by many states on per Rs.
In the last three years, Sahoo said it 1 crore worth of intra-day and derivative trades. This has now been fixed at Rs.
was learning about corporate insol- 300 for intra-day, and Rs. 200 for derivative on every Rs. 1 crore worth of vol-
vency and in the next three years, umes.
"we will invest in learning personal On delivery based trades, the stamp duty has been fixed at Rs. 1,500 per crore
insolvency". The IBC came into effect on buy side. This is instead of Rs. 750 on each buy and sell side. The same for
from December 2016. options trading is Rs. 300 and Rs. 10 for currency segment trading on every crore.

BANKING FINANCE | JANUARY | 2020 | 13