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Insurance cos lead primary market offering

Financial sector companies led by insurance companies, stock exchanges and small finance banks are likely to dominate the primary market offering in the coming months as has been the trend so far in 2017.

BSE was the first company to list in 2017. It was followed by Housing and Urban Development Corporation (HUDCO), Central Depository Services(CDSL) and AU Small Finance Bank.

Lending rates may fall

Banks are pre­paring  for the next round of lending rate cut after setting the ball rolling by cutting savings rates by 25-50 basis points, as barriers to reduce interest rates appears to have dropped, according to bank officials. “Banks cutting saving rates have created a scenario where it looks like you have more of easing,” said Ashutosh Khaju­ria, executive director, Federal Bank.

Jewellery stocks glitter as DGFT curbs round-tripping in gold

Jewellery stocks surged on Wednesday as India banned export of gold products with purity above 22 carats. Industry experts said the curb imposed were intended to crack down on irregularities in the trade.

PC Jewellers, TBZ, Thangamayil Jewellery, Tara Jewels and Rajesh Exports gained in the range of 4-13 per cent on the BSE (See chart).

The Directorate General of Foreign Trade issued a notice limiting shipments of jewellery, coins and medallions to 22 carats or below, without giving a reason.

Gold imports from South Korea to attract 12.5% safeguard duty

The government may soon levy a 12.5 per cent safeguard duty on gold imports from South Korea as the domestic refineries have come a complete stop after surge in inbound shipments of the precious metal from South Korea at zero customs duty.

MMTC Pamp, India’s largest gold refiner, has diverted a consignment to its refinery to Switzerland instead of taking delivery in India while some other refiners have cancelled their order or postponed the delivery. This is the reason why the government wants to bring back the safeguard duty at the earliest.

DeMo saw excess deposits of up to Rs 4.3L cr in first 2 months

Scheduled banks saw unusual cash deposits to the tune of Rs 1.6 lakh crore to 1.7 lakh crore in specific accounts, including basic saving accounts, Jan Dhan accounts and bullion trader/jewellers’ accounts, during the first two months of demonetisation, shows a study undertaken by the Reserve Bank of India (RBI).

RBI mega currency bid, now wants to make in India

With the nation’s narrative being hijacked by FICN (Fake Indian Currency Notes) and Demonetisation over the last year or so, as part of its larger Make in India initiative, Government of India wants to indigenise currency note production with improved security features.

RBI’s problem of plenty

The Reserve Bank of India (RBI) will likely have to drain up to $22 billion in excess liquidity from the financial system as surging foreign investments forces the central bank to absorb the dollar inflows and sell rupees to cap gains in the local currency.

Foreign investments into debt and shares have reached a net $31 billion this year, compared with $2.7 billion in sales last year, due to factors including India’s low inflation and improving economic growth.

Gold imports more than doubled in July

Gold imports by India are said to have risen in July on arrival of some delayed shipments boo­k­ed ahead of the implementation of a new national goods and services tax on the first of last month, according to a person familiar with the information.

Inbound purchases rose to 53.4 tonnes last month from 22 tonnes a year earlier, said the person, who didn’t wish to be identified because the data is not public. Sequentially, imports of the metal fell from 72 tonnes in June.

To ease uncertainties, govt issues revised GST filing timelines

Amid doubts over readiness of businesses to file their first return under the goods and services tax (GST), the government on Wednesday notified the revised timelines for the months of July and August.

Accordingly, outward supplies in Form GSTR-1 for the month of July will have to be filed from September 1 to September 5.

For the month of August, the final returns have to be filed between September 16 and September 20. The original date for filing GSTR-1 was September 10.

I-T detected Rs 13,715 cr undisclosed income in FY17

The inco­me-tax dep­a­rtment detected un­disclosed income of Rs 13,715 crore through surveys in 2016-17, minister of state for finance Santosh Kumar Gangwar informed Parliament on Tuesday.

Also, as many as 1.26 crore new taxpayers were added in the last financial year, he said in a written reply in the Rajya Sabha.