RBI norms for primary dealers

The Reserve Bank of India has announced the guidelines and procedures for enlistment of Primary Dealers in the Government securities market. The guidelines released by the RBI are as follows: (i) Subsidiaries of scheduled commercial banks or all-India financial institutions and a company incorporated under the Companies Act, 1956, dedicated predominantly to the securities business, and in particular, to the Government securities market, and having net owned funds of a minimum of Rs. 50 crores, will be eligible to apply for Primary Dealership...

Six brokers chargesheeted

The CBI on Wednesday chargesheeted 16 accused, including six top brokers, for diverting funds of the Bombay Mercantile Cooperative Bank to the tune of nearly Rs. 131 crores. This is the 18th chargesheet filed by the CBI in the securities scam case, according to the CBI.

Export obligation on net forex earnings basis

The Centre has decided to introduce the concept of net foreign exchange earnings' (NFE) for calculating export obligation under the export promotion capital goods (EPCG) scheme. The option of importing capital goods at nominal or zero duty is also likely to be provided under the EPCG scheme, which is being revised, with the string of higher and stricter export obligation attached to it. The EPCG scheme alterations will be part of the revised EXIM Policy, scheduled to be unveiled on Friday. The NFE approach would mean that the export turnover for purposes of fulfilment of export obligation will be calculated by deducting the GIF value of imported raw materials and intermediates used from the FOB value of gross exports.

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