In a bid to discourage high ticket prices , the Maharashtra government on Wednesday decided to give them a seven-year holiday on entertainment tax, and also set a cap of Rs200 for multiplex tickets
Mumbai: To encourage single-screen theatres in rural area, the Maharashtra government on Wednesday decided to give them a seven-year holiday on entertainment tax, and also set a cap of Rs200 for multiplex tickets, reports PTI.
The government also allowed single-screen halls to levy an additional service charge of Rs2 per ticket if they exhibit Marathi films during “prime time”.
In a bid to discourage high ticket prices, the government decided to stipulate “a maximum entry charge” of Rs200 in multiplexes and Rs100 in single-screen theatres.
The decisions were taken at a meeting of the state cabinet, chaired by chief minister Prithviraj Chavan, here.
The government expects that single-screens, which are losing business, will use the tax sop to adopt modern digital technology, an official release said.
The government also decided to waive entertainment tax for five years for single-screen theatres in A, B and C category municipal councils.
Maharashtra has 81 multiplexes and 549 single-screen theatres, from which the government earned Rs476 crore in revenue last year.
RBI deferred the implementation of Basel III, the global capital norms for banks, by three months to 1st April. Meanwhile, the deadline for the full implementation of the Liquidity Coverage Ratio for banks, which were to kick in from 2015, has been extended till 2019
New Delhi: The finance ministry has requested the Reserve Bank of India (RBI) to relax capital adequacy norms for banks in line with the recommendations made earlier this month by the Basel Committee on Banking Supervision, reports PTI.
“RBI is fully seized of the matter and we have also requested it to look into the issue. We are in conversation with them,” said an official source.
RBI deferred the implementation of Basel III, the global capital norms for banks, by three months to 1st April.
The deadline for the full implementation of the stiff liquidity norms or Liquidity Coverage Ratio (LCR) for banks, which were to kick in from 2015, has been extended till 2019.
Earlier this month, oversight panel Group of Governors and Heads of Supervision (GHOS), which includes representation from India, of the Basel Committee on Banking Supervision decided to ease the LCR regulations.
The Committee, a grouping of top regulators and central bankers, had mooted the stiff liquidity requirements for banks to ring fence as well as prevent financial disruptions.
A major component of the Basel III banking norms, LCR aims to ensure that a bank has an adequate stock of unencumbered high quality liquid assets to meet liquidity needs for a month's stress scenario.
The LCR would be introduced as planned on 1 January 2015, but the minimum requirement would be 60%. The same would be increased by 10 percentage points in the subsequent years to reach 100% on 1 January 2019.
According to GHOS, this graduated approach is designed to ensure that the LCR can be introduced without disruption to the orderly strengthening of banking systems or the ongoing financing of economic activity.
Among others, the panel has approved amendments to LCR rules, including revisions to the definition of high quality liquid assets and net cash outflows.
As per the structure proposed, 99% cent of government holding in the bank will be shifted to the holding company and the government will retain 1% with itself so that it remains a state-owned bank
New Delhi: The government is likely to consider within a few weeks a proposal for setting up a holding company for public sector banks to enable them to raise capital from the market instead of seeking funds from the exchequer, reports PTI.
“We are moving the Cabinet for setting up a holding company for the public sector banks,” said an official source.
It will take 2-3 weeks. There will be one holding company for all public sector banks, sources said.
They said the law ministry’s opinion has been sought for making legislative changes as various acts will have to be synchronised and amendments will be required in the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980.
Besides, State Bank of India Act, 1955, and SBI Subsidiaries Act, 1959, will have to be synchronised with the holding company structure.
“Law ministry has to vet the proposal first. Then it will go to cabinet.” the source said.
As per the structure proposed, 99% cent of government holding in the bank will be shifted to the holding company and the government will retain 1% with itself so that it remains a state-owned bank, sources said.
The company can be managed by three to four part-time officials, they added.
The Budget 2012-13 had proposed the setting up of a financial holding company that would help raise resources to meet capital needs of state-owned banks.