Bonds, Currencies & Commodities
Commodities transaction tax to come into effect from 1st July

Besides gold, silver, crude oil and base metals, processed farm items like sugar, soya oil and guar gum will come under CTT, according to the notification from the finance ministry

 

Commodities Transaction Tax (CTT) will be levied at 0.01% on various non-agricultural commodities, including gold, sugar and edible oils, with effect from 1st July.

Notifying the CTT today, the finance ministry said 23 agricultural commodities, including wheat, barley, chana, cotton and potato, would be exempted from the levy.

The tax would be levied on futures trading and not on spot trading in the commodities. Besides gold, silver, crude oil and base metals, processed farm items like sugar, soya oil and guar gum will come under CTT. Coriander, cardamom and guar seed is also out of CTT.

In the 2013-14 Budget speech, finance minister P. Chidambaram had said that the commodity transaction tax will be levied on non-farm items at the rate of 0.01% and would be paid by the seller.

According to sources, the implementation of CTT has been delayed as there have been consultations between the stakeholders and the finance ministry over the list of non-agri commodities to be brought under the ambit of CTT.

Exchanges and brokers are of the view that CTT would discourage day traders and speculators, resulting in a big drop in business of five national bourses.

There are 22 commodity bourses in the country, of which six of them operate at national level. The combined turnover of these bourses stood at Rs1,70,46,840 crore in 2012-13, down by 6% from the previous fiscal.

Of the total turnover, more than 80% comes from non-agricultural commodities.
 

User

Using sunscreen on a daily basis can slow down ageing of the skin

A study by Dr Adele Green published in the journal Annals of Internal Medicine found that regular use of the sunscreen slows skin aging in the young and middle-aged

 

One secret to younger looking skin can be as simple as using sunscreen regularly. The study which was conducted in Nambour, Australia—a region known as the Sunshine Coast—with 903 participants younger than 55 found that after four and a half years, those who applied sunscreen daily to their skin had no detectable skin aging and had 24% less aging of the skin than those who used sunscreen less often.

The study was restricted only to those under 55 years of age, because their skin aging is caused mainly due to the effects from the sun as opposed to getting older. The participants were randomly assigned to one of the four groups, those who could use sunscreen when they felt it was necessary and those who were to use it on a daily basis. Participants in both groups either took a daily beta-carotene supplement, or placebo, or neutral substance.

Participants had moulds made of the back of their hands and were graded for aging at the start and end of the study. When the moulds were compared researchers saw no increased or progressive aging amongst the people who had used the sunscreen regularly compared with more severe progressive aging in those who didn’t use sunscreen on a regular basis. “Our findings now provide evidence that regular sunscreen use slows down skin aging in healthy middle-aged men and women,” said study author Dr Adele Green, a specialist in public health medicine and senior scientist at the Queensland Institute of Medical Research in Brisbane, Australia.

Researchers were also considering whether participants who took beta-carotene, an antioxidant-rich dietary supplement might have fewer wrinkles and sun damage compared with those who took a placebo. But the study found no benefit to beta-carotene supplements for reducing skin aging, though it could not rule out a small effect. Skin aging is due to the cumulative effect of sun exposure, superimposed on chronological aging, experts say. Billions of dollars are spent each year on products that promise to treat or protect against it.

Courtesy: worldscience.net
 

User

Employee unique ID number mandatory in case of sale of MF schemes, says SEBI

EUIN would be applicable for transactions such as purchases, switches, registrations of various mutual fund plans, but would apply for payments of instalments under any plans, as also for dividend reinvestments, bonus units and redemption

 

With an aim to check mis-selling of mutual funds by bank staff and employees of other financial services firms, the regulators have made it mandatory for such persons to get an “Employee Unique Identification Number” (EUIN) for sale of MF schemes.

The decision has been taken by the mutual fund industry body and self-regulatory organisation Association of Mutual Funds in India (AMFI) in consultation with capital markets regulator Securities and Exchange Board of India (SEBI).

As per the notifications issued by the fund houses, the EUIN would be mandatory for all kinds of mutual fund transactions with effect from 1st August.

While EUIN regime has been brought into effect this month for mutual fund transactions through traditional physical modes this month, the transactions made through mobile, stock exchanges, ATMs and call centre platforms would mandatorily need EUINs from 1st August onwards.

As per directions from SEBI, which regulates mutual fund in the country, the fund houses have been asked to create a unique identity number of the employee, relationship manager, salesperson of the distributors interacting with the investor for the sale of mutual fund products. This is in addition to the AMFI Registration Number (ARN) of the distributor.

EUIN aims to assist in tackling the problem of mis-selling even if the employees, relationship managers, salespersons leave the employment of the distributor and would also apply to employees of banks who sell mutual fund products.

The issue of mis-selling of mutual funds by bank staff has come under the regulatory scanner in the recent past, amid suspicion that certain employees might be selling wrong products to the investors to get higher commissions.

Quoting of EUIN would be mandatory in case of advisory transactions. The EUIN is largely applicable to sales persons of non-individual mutual fund distributors.

It would be applicable for transactions such as purchases, switches, registrations of various mutual fund plans, but would apply for payments of instalments under any plans, as also for dividend reinvestments, bonus units and redemption.
 

User

COMMENTS

Nilesh KAMERKAR

3 years ago

Noble intentions must be periodically reviewed with the outcome.

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)