Bombay chamber seeks easy documentation

The Bombay Chamber of Commerce and Industries (BCCI) has made a plea to the Reserve Bank of India (RBI) for simplification of documentation by banks. It has also asked the apex bank's assistance for taking up the issue of central enactment on stamp duty with the government.

Senior representatives of the chamber met the RBI deputy governor V Leeladhar and executive director and legal advisor Anand Sinha to discuss the 15-point agenda submitted by the chamber with a detailed memorandum.

The memorandum emphasised the need for RBI's support for enabling legal infrastructure for the financial sector in general and especially for Mumbai's development as a regional financial hub.

It includes the need for protecting rights of borrowers and customers by banks under the Credit Information Act and also the Right to Information Act.

The chamber has also sought the assistance of the RBI deputy governor in convincing the state government to review the latest amendments in the Bombay Stamp Act. This has led to signing of financial agreements in other states thus resulting in a loss of revenue for Maharashtra.

The delegation has also asked to exclude service tax on forex trade, which has recently been clarified for inclusion vide a central board of direct taxes' circular.