Uniform norm for gold jewellery valuation as loan collateral
Mumbai: The Reserve Bank came out with standardised norms for valuation of gold jewellery as collateral for loan from banks. “In order to standardise the valuation and make it more transparent to the borrower, it has been decided that gold jewellery accepted as security/collateral will have to be valued at the average of the closing price of 22 carat gold for the preceding 30 days as quoted by the India Bullion and Jewellers Association Ltd,” RBI said in a statement. “If the gold is of purity less than 22 carats, the bank should translate the collateral into 22 carat and value the exact grams of the collateral. In other words, jewellery of lower purity of gold should be valued proportionately,” it said.
Govt cracks whip on service tax evaders
New Delhi: Coming down heavily on the service tax evaders, the Revenue Department has arrested 27 persons for alleged tax evasion and proposes to take tough action against those who had failed to take advantage of the amnesty scheme which concluded on December 31. “In majority of cases, service provider had collected the service tax amount but did not remit the same with the government,” a senior Finance Ministry official said. The official added that “In just one fortnight in January, the revenue department has arrested seven persons, and total tax amount due to them is around Rs 35 crore.
Cipla appoints Sameer Goel as India Head
New Delhi: Drug major Cipla announced the appointment of Sameer Goel as Country Head – India, with effect from Monday. Goel, who comes to Cipla from GlaxoSmithKline (GSK), will be reporting to company’s Managing Director and Global CEO Subhanu Saxena. “This appointment signals the continuation of Cipla’s strategy of strengthening the highly experienced senior management team and showing our strong determination to increase the market share in India,” Saxena said.
Delisting: Rel Media shares zoom 19%
Mumbai: Shares of Reliance MediaWorks shot up by 19% after the company’s board of directors approved proposed delisting offer. Reliance MediaWorks’ stock ended 19.07% higher at Rs 55.25 at the BSE.
Sebi asked to disclose MCX-SX details
New Delhi: Sebi has been asked by its Appellate Authority to disclose details through RTI on process related to grant of recognition to MCX Stock Exchange, as all such information may not be confidential any more. Hearing an appeal against the market regulator’s denial of information sought through RTI (Right to Information) Act, the Appellate Authority has ruled the process relating to grant of recognition of MCX-SX in 2008 has been completed. “The decision-making process that contributed towards such grant of recognition cannot be argued as totally exempt from disclosure under the provisions of the RTI Act, though a part of it may qualify as such,” the Authority said.