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Service tax on repo and reverse repo transactions

This query is : Resolved 
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(Querist)
07 September 2014 Where a Repo or Reverse Repo transaction happens between banks and RBI, is it transaction in money excluded from the definition of service ? If yes, the interest charged has to be considered as specified in negative list 'Specified financial services' and thereby no levy of Service tax ? Is this contention right ? Plz clarify
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
07 September 2014 Yes your contention is right it is included in specified Financial services
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