RCM - RBI Overseeing Committee and Security Lending

## RCM on RBI Overseeing Committee Members and Securities Lending

### (a) RBI Overseeing Committee

Services by members of Overseeing Committee constituted by RBI → To Reserve Bank of India → RCM (RBI pays GST).

### (b) Securities Lending Services

Services of lending of securities under the Securities Lending Scheme of SEBI → RCM (security borrower pays GST).

### How Securities Lending Works

In the SEBI Securities Lending Scheme, transactions happen through a Clearing Agent:

```

Lender (Ram) ──Securities──> Clearing Agent ──Securities──> Borrower (Hari)

<──Lending Fees── <──Lending Fees──

```

### Tax Treatment

### Key Point

Both legs of the transaction are under RCM. The clearing agent acts as intermediary and the actual lending arrangement is treated separately at each leg.