A. K. Saxena Assumes Additional Charge as CMD in RINL
A. K. Saxena, CMD (Chairman and Managing Director), MOIL (Manganese Ore India Limited) assumed additional charge of the post of CMD (Chief Managing Director) at RINL (Rashtriya Ispat Nigam Limited), the corporate entity of Visakhapatnam steel plant.
Saxena is currently the Chairman and Managing Director (CMD) of MOIL, a PSU under the Ministry of Steel.
He took charge in the absence of Atul Bhatt who has been on leave.
Also Atul Bhatt will retire on November 30 that's why Saxena assumed additional charge to improve conditions and growth of RINL.
Shankh Air: India's Newest Airline Set to Launch
Shankh Air, India's latest airline, is poised to make its debut by the end of 2024 after receiving approval from the Civil Aviation Ministry. This marks a significant development for Uttar Pradesh as Shankh Air aims to become the state's first scheduled airline, establishing hubs in Lucknow and the upcoming Noida International Airport. The airline plans to focus on both inter- and intra-state routes, targeting areas with high demand and limited direct flight options.
Shankh Air is designed to connect major cities across India, with initial services planned for Lucknow, Varanasi, and Gorakhpur. The airline will operate as a twin-class, full-service carrier, utilising a fleet of new-generation Boeing 737-800NG aircraft.
Shankh Air received a No Objection Certificate (NOC) valid for three years, it must first secure clearance from the Directorate General of Civil Aviation (DGCA). The approval letter from the civil aviation ministry emphasises the necessity for Shankh Air to adhere to all regulatory requirements.
Oct 01, 2024
NSE, BSE Revise Transaction Fees
BSE and NSE announced revisions to their transaction fees, effective from October 1, 2024. The changes, which impact various segments, align with SEBI's July directive mandating a uniform fee structure across market infrastructure institutions (MIIs). This move eliminates the previous slab-based structure and ensures transparency for end clients.
BSE: Transaction charges for Sensex and Bankex options contracts will rise to Rs. 3,250 per crore of premium turnover. For other equity derivatives like Sensex Fifty and stock options, charges remain at Rs. 500 per crore of premium turnover.
NSE: The cash segment will see a charge of Rs. 2.97 per lakh of trade value on both sides, while equity futures will be charged at Rs. 1.73 per lakh. Equity options will incur Rs. 35.03 per lakh of premium value on both sides. Currency futures will see a fee of Rs. 0.35 per lakh, and currency and interest rate options will be charged Rs. 31.10 per lakh of premium value.
The revised fee structure follows SEBI's 'true to label' policy, ensuring that fees charged to end clients accurately reflect the costs paid by trading members, creating a more transparent and fair system for all market participants.
GST Council Establishes GoM on Compensation Cess
The Goods and Services Tax (GST) Council formed a 10-member Group of Ministers (GoM), chaired by Minister of State for Finance Pankaj Chaudhary, to address the future taxation of luxury, sin, and demerit goods as the compensation cess is set to expire in March 2026. The GoM comprises representatives from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh, and West Bengal, with a report expected to be submitted by December 31.
The GoM's primary objective is to propose a new taxation structure to replace the compensation cess after its abolition. Currently, the compensation cess, levied at varying rates on specified goods in addition to the 28% GST, was originally intended to last five years following the rollout of GST. However, the government decided to extend the cess until March 2026 to repay a Rs. 2.69 lakh crore loan borrowed to cover revenue losses experienced by states during the COVID-19 pandemic.