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FM for plugging regulatory gaps in financial sector

Last Updated: Wednesday, May 22, 2013, 13:56

Amid outcry over Ponzi schemes causing huge losses to common people, Finance Minister P Chidambaram on Wednesday said there are regulatory gaps and efforts are being made to frame a new law to oversee financial sector.

No service tax can be levied on chit business: Delhi HC

Last Updated: Saturday, April 27, 2013, 18:33

The Delhi High Court has quashed the Centre's notification to levy service tax on chit-fund business, saying the act of a foreman, who conducts auction of chit amount among contributors, does not fall under the definition of "service" provided in the Finance Act.