Investing in stocks will be cheaper now with Finance Minister P Chidambaram proposing a cut in the securities transaction tax, or STT. He proposed to make the following reductions in the rates of tax:
Equity futures: from 0.017% to 0.01 percent
MF/ETF redemptions at fund counters: from 0.25 to 0.001 percent
MF/ETF purchase/sale on exchanges: from 0.1 to 0.001 percent, only on the seller
He also proposed to introduce Commodities Transaction Tax (CTT) on non-agricultural commodities futures contracts at the same rate as on equity futures, that is, at 0.01 percent of the price of the trade. Trading in commodity derivatives will not be considered as a 'speculative transaction' and CTT shall be allowed as deduction if the income from such transaction forms part of business income. Agricultural commodities will be exempt.
Mumbai, April 23 (IANS) Mukesh Ambani-led Reliance Industries Ltd (RIL) Wednesday said it has raised $550 million as loan from Japanese banks for part-funding expansion of its petrochemical plant and new gasification unit. "In continuation of the fund raising programme initiated in 2012-13, RIL has tied up Export Credit Agency (ECA) facility of up to USD 550 million co-financed by JBIC (Japan Bank for International Cooperation) and a group of other Japanese banks," the company said in a …