Indian Commodity Market Live News By Money CapitalHeight

Commodity Transaction Tax:

The Finance Ministry today notified the implementation of Commodity Transaction Tax (CTT) which will be levied primarily on processed agricultural commodities, including sugar, soya oil and mentha oil. The lax will be levied from 1 July.

Finance Minister P Chidamabaram had  proposed this new levy in the Finance Bill, 2013 for augmenting financial resources.

Commodity Transaction Tax (CTT) is applicable for those dealing in trading of commodities. It is introduced to tax the commodity trading in India where both the buyer and the seller of a contract will be taxed depending on the amount of contract size.

CCT will be similar to the securities transaction tax (STT) levied on the purchase and sale of equities in the stock market.

Under the new arrangement, sellers will have to pay 0.01 percent tax, that is, Rs 10 for a transaction value of Rs 1 lakh. The current transaction cost (without any tax) is less than a third of this.

Indian Commodity Exchange, Universal Commodity Exchange in talks for merger

Merger talks have surfaced in the decade-old commodity futures market. Universal Commodity Exchange, promoted by Commex Technology, owned by IT entrepreneur Ketan Sheth, is learnt to have called on R-ADA, anchor investor through Reliance Exchange Next, in loss-making Indian Commodity Exchange (ICEX), for a possible merger, sources said.

The  RBI sold $107 million in the spot market in order to cushion the rupee’s fall in May as the Indian currency started its free fall in that month, data from the central bank showed.

Besides the dollar sales in the spot market RBI also sold $5.80 billion in the forwards market in May to temper future expectations on the rupee as the Indian currency started to weaken in that month.

Data released by RBI in its July bulletin on Wednesday showed that the forward dollar sales were lower than the $8.23 billion the central bank sold in April. However, the dollar sales in the spot market were in contrast to the $518 million the central bank bought in April.

In May, the rupee had lost 4.21% against the dollar to weaken past the Rs 56 per dollar mark, making it Asia’s worst performer and the second worst among all emerging market currencies.

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