Kavaljit Singh

Citi Never Sleeps

Kavaljit Singh — 2005-02-13T03:16:00Z

From a market capitalization perspective, Citigroup ($243 billion in mid-June 2004) is the biggest financial services group in the world. With $1264 billion in assets, the US-based bank is not just a big bank but provides well-diversified financial services ranging from investment banking to insurance in more than 100 countries. According to The Banker, Citigroup earned pre-tax profits of $26.3 billion in 2003, up 15 per cent from previous year. (...)

- / ZNet

Diluting the Tax

Kavaljit Singh — 2004-08-05T04:55:52Z

Under pressure from powerful lobby of brokers, speculators, arbitrageurs and "noise traders," Finance Minister, P. Chidambaram, diluted several important provisions of the proposed securities transaction tax (STT). For a detailed analysis of the proposed STT, see Kavaljit Singh, Equitable Equity: India Introduces Securities Transaction Tax, at this website [ZNet]). (...)

- / ZNet

Equitable Equity

Kavaljit Singh — 2004-07-20T04:58:17Z

On July 8, 2004, India's Finance Minister, P. Chidambaram, presented Finance Bill (Bill No. 22, 2004) in Parliament in which he proposed the introduction of Securities Transaction Tax (STT) in the Indian financial markets. Under the proposal, every transaction in securities in a recognized stock exchange in India would attract a turnover tax of 0.15 per cent. Transactions in stock and index options and futures would also be subject to transaction tax. Whereas transactions carried out on the Negotiated Dealing System (a screen-based system for trading in government securities and bonds) operated by the central bank, Reserve Bank of India, have been kept out of the purview of this tax. (...)