Insurance cos being probed for evasion of service tax
Several insurance firms and companies are being probed for suspected evasion of service tax and recoveries have been made in some cases, finance minister P Chidambaram told Lok Sabha on Friday. During Question Hour Chidambaram provided a list of such insurance companies and firms which are suspected to have evaded service tax or found after investigations to have engaged in financial wrongdoings. “In cases where investigation has been completed, show cause notices have been issued. Some cases have been adjudicated and demands of service tax confirmed. Appeals against some orders are pending before the Customs, Excise and Service Tax Appellate Tribunal,” the finance minister said. He said recoveries have been made in some cases.
Marginal rise in complaints against PSBs, says FM
The government on Friday said there has been a marginal increase in the number of customer complaints received against public sector banks (PSBs). “There is a marginal increase in the complaints received under Banking Ombudsman Scheme, 2006, against PSBs,” finance minister P Chidambaram said in a written reply to the Lok Sabha. The total number of complaints against the PSBs stood at 48,180 during 2011-12, higher than 42,724 during 2010-11 and 41,924 during 2009-10, he said.
RBI mulls comments on bank exposure to group cos
The Reserve Bank is examining the comments from stakeholders to firm up norms including on the issue of providing capital by the banks to their subsidiaries, the government said on Friday. “The RBI is presently considering the comments received from the stakeholders to finalise the norms that also include the issue of providing capital by banks to their subsidiaries,” the minister of state for finance Namo Narain Meena said. The Minister was responding to a query on whether the RBI is considering implementing guidelines on bank exposure to their own group non-financial and financial entities.
Indusind Bank allots shares under stock option
Private sector Indusind Bank on Friday said it has alloted 73,082 equity shares to those who had exercised the option under the employee stock option scheme. "Indusind Bank has informed...that the company has allotted 73,082 equity shares of R10 each on December 7 to those grantees who had exercised their option under the company's employee stock option Scheme," it said. The said shares will rank 'pan passu' with the existing shares of the company in all respect, it added.