Page 4 - Traders

With GST being linked to ED, traders paying tax can be arrested: Kejriwal

Delhi Chief Minister Arvind Kejriwal alleged on Tuesday that with the Goods and Services Tax (GST) being linked with the Enforcement Directorate (ED), even those traders paying the tax can be arrested by the federal agency. Kejriwal hoped that people would oppose this development at the GST Council meeting on Tuesday. The government has amended the provisions of the money-laundering law to allow the ED to share information with the GST network. The move would help in the recovery of the GST evaded through money laundering. "A large proportion of traders do not pay GST -- some out of compulsion, some intentionally. A few days ago, the Centre also brought the GST within the purview of the ED. It means that now, if a businessman does not pay the GST, the ED will arrest him directly and bail will not be granted," Kejriwal alleged in a tweet in Hindi. GSTN handles the technology backbone of the indirect-tax regime and is the repository of all GST-related information, including return, t

Meta, CAIT to upskill 1 mn traders on use of WhatsApp Business application

Meta on Monday announced it has partnered with the Confederation of All India Traders to upskill 10 lakh traders on how to use the WhatsApp Business App over the next three years in a bid to reach more customers and scale up their businesses. The owner of WhatsApp, Instagram and Facebook also announced the launch of Meta Small Business Academy, a new programme to enable emerging entrepreneurs to learn digital marketing skills and earn a certification. "A certification by Meta Small Business Academy will especially help new entrepreneurs and marketers gain critical digital marketing skills to grow on the Meta apps. To enable the programme to reach MSMEs across India, the course module and the examination are available in seven languages - English, Hindi, Marathi, Bengali, Kannada, Tamil, and Telugu," a release stated. Secretary General of the Confederation of All India Traders (CAIT) Praveen Khandelwal said with businesses of all sizes using WhatsApp to communicate, coordinate, and .

Sebi slaps Rs 20 lakh penalty on 4 entities for non-genuine trades on BSE

Capital markets regulator Sebi on Thursday slapped penalties totalling Rs 20 lakh on four entities for indulging in non-genuine trades in the illiquid stock options segment on BSE. The regulator imposed a fine of Rs 5 lakh each on Niruben Manojbhai Chudasama, Raj Kumar Lohiya, Nufact Merchandise Pvt Ltd and Nitu Agarwal. Sebi had observed large-scale reversal trades in the illiquid stock options segment on BSE, leading to artificial volumes on the exchange. The regulator conducted an investigation into the trading activities of certain entities engaged in the segment from April 2014 to September 2015. The four entities that have been fined on Thursday were among those who indulged in the execution of reversal trades. Reversal trades are alleged to be non-genuine in nature as they are executed in the normal course of trading, which leads to a false or misleading appearance of trading in terms of generating artificial volumes, the regulator said. By indulging in these acts, the enti

DPIIT convenes retail traders' meet on June 16 to discuss compliance burden

The Department for Promotion of Industry and Internal Trade (DPIIT) has convened a meeting of retail traders on June 16 to discuss issues related to further reducing compliance burden and promoting ease of doing business for the sector, a government official said. The department is taking a series of measures to promote the growth of the sector and provide them friendly business environment. The meeting will be chaired by the department's joint secretary Sanjiv. Issues likely to figure in the meeting include the utility of a national single window system, coverage of clearances, compliances required in the sector, suggestions for compliance reduction, and easing processes and inspections, the official said. Officials from ministries and departments related to the retail sector will also participate.

Traders not facing problem in exchanging Rs 2,000 notes: Union minister

Union Minister Som Prakash on Thursday claimed businesspersons and traders were not facing any problem in depositing or exchanging Rs 2,000 notes which were withdrawn from circulation by the Reserve Bank of India (RBI) last month. He said enough time has been given to people to deposit or exchange the high-value currency, which was introduced in November 2016. I have spoken to a number of traders and industrialists over the decision to withdraw the Rs 2,000 notes. Anyone can go to a bank and get them exchanged. None of them have a problem," the Minister of State for Commerce and Industry told reporters here while responding to a question. On May 19, the RBI announced the withdrawal of Rs 2,000 notes and set September 30 as the deadline for exchanging and depositing them with banks. On May 26, the Confederation of All India Traders (CAIT) said the RBI must put in place a standard operating procedure (SOP) for banks for deposit and exchange of the withdrawn bills. CAIT president B

Tax bodies must ensure fast closure under trader amnesty scheme: CBIC

The scheme was announced by the DGFT in the Foreign Trade Policy on 31 March and is set to benefit 2,500-3,000 exporters

Sebi slaps fine of Rs 75 lakh on 15 entities for non-genuine trades

Capital markets regulator Sebi on Friday slapped fines totalling Rs 75 lakh on 15 entities for indulging in non-genuine trades in the illiquid stock options segment on BSE. In fifteen separate orders, the regulator levied a fine of Rs 5 lakh each on Vanshika Gurbani, UNNO Industries, Vaishali Tushar Shah, Varshaben ManojKumar Jadav, Surendra Kumar Bagri HUF, Ketan Desai, Kiran Bhawani and Kiran Gupta. Kiran Rasiklal Mehta, Ask Realty and Developers, Sunita Agarwal, Suresh Maheshwari, Usha Maurya, Union Commodities and Sunrise Legal Advisor and Consultant were also penalised by the markets watchdog. The Securities and Exchange Board of India (Sebi) had observed large-scale reversal of trades in the illiquid stock options segment of BSE, leading to the creation of artificial volumes on the bourse. It conducted an investigation into the trading activities of certain entities engaged in the segment on BSE from April 2014 to September 2015. According to Sebi, these 15 entities were amo

Take action against traders not making disclosure of tur dal stocks: Govt

The Centre on Wednesday directed state governments to take strict action against traders, millers and importers and stockists, who have not provided full disclosure about their tur dal stocks. In a review meeting on status of stock disclosure of tur and urad with major pulses producing and consuming states, Consumer Affairs Secretary Rohit Kumar Singh said that the quantity of tur dal stocks disclosed as compared to its production and consumption has also been found to be "low" in certain states. While the number of entities registered in the stock disclosure portal has increased, it was observed that the actual number of stakeholders in certain states could be higher, he said in a statement. "The states were directed to conduct verification of stocks held by various entities and take strict action on undisclosed stocks under relevant sections of the Essential Commodities Act, 1955, and the Prevention of Blackmarketing and Maintenance of Supplies of Essential Commodities Act, 1980,"

CBIC waives interest charges on EXIM traders due to payment woes

Besides, since importers are not able to clear their goods at the ports, the CBIC has urged shipping lines to waive detention and demurrage charges till April 10

Issues faced during customs duty payment to be resolved soon: CBIC

The Central Board of Indirect Taxes (CBIC) on Monday said the difficulties being faced by traders in paying customs duties in the newly launched upgraded duty payments systems will be resolved at the earliest. In a tweet, the CBIC said it has noted difficulties being faced by members of the trade in making duty payments over the customs automated system. An upgraded and modern system of payment is live since April 1. "Our technical teams are working overtime to fix some teething issues and the problems being temporarily noticed will be resolved at the earliest," the CBIC tweeted.

FSSAI warns traders, FBOs against using calcium carbide for ripening fruits

Food regulator FSSAI has warned traders, fruit handlers and food business operators (FBOs) not to use prohibited calcium carbide for artificial ripening of fruits and said strict actions will be taken against the users. The regulator asked them to use approved material like ethylene in a proper manner. In a statement, Food Safety and Standards Authority of India (FSSAI) said it has already prohibited the use of calcium carbide also known as 'Masala' as a ripening agent for artificial ripening of the fruits as per the provision in sub-regulation of Food Safety and Standards (Prohibition and Restrictions on Sales) Regulation, 2011. Acetylene gas released from calcium carbide is equally harmful to handlers, it said. "It has been brought to the notice of FSSAI that the traders/handlers are still indulging in use of prohibited material i.e. calcium carbide or are using the approved sources of ethylene gas in an incorrect manner like dipping the fruits in ripening agent solutions which m

RBI possibly buying dollars in spot, paying forwards via PSBs: Traders

The Reserve Bank of India (RBI) was possibly buying dollars in spot and paying in forwards via public sector banks on Thursday to mop up foreign currency inflows, three traders told Reuters

India must limit H1 bond sales to 55% of annual goal, say traders

India aims to borrow gross Rs 15.43 trillion ($187.85 billion) through a sale of bonds in the next financial year beginning April 1, up from the Rs 14.21 trillion raised this year

Govt to bring retail trade policy to promote ease of doing biz: Official

The government is working to bring a national retail trade policy for brick and mortar retail traders with an aim to promote ease of doing business, a senior official said on Monday. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that the policy would also help in providing better infrastructure and more credit to traders. The Department, he said, is also working to bring an e-commerce policy for online retailers. "We want that there should be synergy between e-commerce as well as retail traders," Sanjiv said at a conference on FMCG and e-commerce here. The Department is also in the process of formulating an insurance scheme for all the retail traders. The accident insurance scheme would particularly help small traders of the country, he added. "The government is trying to do policy changes not only in e-commerce but national retail trade policy which will be for physical traders which will be introducing ease of doing business,

Counting on RBI support, offshore investors build rupee crosses positions

The rupee will hold up better in an environment where the dollar is likely to receive support from the hawkish U.S. Federal Reserve, they said

Salaried employment rises in Gujarat

This upward trend in salaried employment is certainly a cheery outcome for Gujarat as it suggests an improvement in the quality of jobs in the state

The real gainers from F&O 'casino'

Whether they make or lose money, traders have to incur transaction costs, including brokerage, exchange fees, turnover fees, and securities transaction tax, etc.

Sebi study suggests 89% retail traders in equity F&O suffered losses

Sebi on Wednesday said it will soon issue guidelines on additional risk disclosures required to be made by brokers and exchanges to investors as its study suggested that every 9 in 10 individual traders in the equity F&O segment suffered losses in FY 2021-22. The findings, part of a study conducted by the regulator under the supervision of a working group, analysed the trading by individual investors with regard to net profit or loss encountered by them in the equity F&O (Futures & Options) segment for the period FY19 and FY22 only. The study is based on a sample of all individual clients of all the top-10 stock brokers, accounting for 67 per cent of the overall individual client turnover in the equity F&O segment during FY 2021-22. It revealed that 89 per cent of the individual traders (9 out of 10 individual traders) in the equity F&O segment incurred losses, with an average loss of Rs 1.1 lakh during FY22. Moreover, 90 per cent of the active traders incurred ...

Traders can get licence online for serving food in open area in MCD areas

People can now get an MCD licence to serve food in the open or on terrace applying online, officials have said

T+1 transition's final leg litmus test for foreign investors' heavyweights

Industry experts are of the opinion that the success of the T+1 settlement cycle will hinge on institutional traders -both foreign as well as domestic