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Incorporation of the Corporate Social Responsibility Provision in the New Companies Bill
Posted Date : 10-Dec-2012 , 09:55:53 pm | Posted By CASANSAAR

Clause 135 of the Companies Bill, 2011 inter alia, provides for the specified companies to spend at least 2% of the average net profits (of last 3 years) in pursuance of the company’s Corporate Social Responsibilities (CSR) policy and in case of failure, to specify the reasons for not spending...

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Category : Corporate Law | Comments : 0 | Hits : 246

Govt introduces amendment bill to Competition Act
Posted Date : 10-Dec-2012 , 09:55:12 pm | Posted By CASANSAAR

The government today introduced in Parliament the Bill to amend the Competition Act which, among other things, will require theCompetition Commission to decide on corporate mergers within 180 days.   Once in place, the Bill will allow the Competition Commission of India (CCI) C...

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Category : Corporate Law | Comments : 0 | Hits : 184

Cases of Default in Repayment by the Non-Banking Financial Companies
Posted Date : 10-Dec-2012 , 09:51:42 pm | Posted By CASANSAAR

As on 30th November 2012, eight cases of default in repayment of deposits by the Non-Banking Financial Companies (NBFC) were pending with the Regional Benches of the Company Law Board (CLB) all over the country. Giving this information in written reply to a question in the Parliament, Shri ...

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Category : Finance | Comments : 0 | Hits : 182

MCA 21 Project – Achievements and Continuation
Posted Date : 10-Dec-2012 , 09:51:04 pm | Posted By CASANSAAR

The Government is implementing an e-governance initiative called MCA 21 Project to ensure the efficiency of the core services regarding company affairs. Giving this information in written reply to a question in the Parliament, Shri Sachin Pilot, Minister of Corporate Affairs, said that MCA 21 Projec...

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Category : Corporate Law | Comments : 0 | Hits : 196

Government asks taxpayers to disclose true income or face action
Posted Date : 10-Dec-2012 , 03:56:20 pm | Posted By CASANSAAR

 In a stern warning to tax evaders, the government today asked them to either disclose their correct income and pay advance tax by December 15 or be prepared to face action. "Government would urge all assessees to disclose their true income. There is no advantage in suppressing the true in...

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Category : Income Tax | Comments : 0 | Hits : 340

RBI may hike NPA provision: Deputy governor
Posted Date : 10-Dec-2012 , 07:49:59 am | Posted By CASANSAAR

RBI deputy governor K C Chakrabarty has come down heavily on banks showing higher profits without providing adequately for bad loans and said, if need be, the central bankmay hike provision coverage ratio (PCR) levels. He also said lending rates would have been far lower if banks had ...

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Category : Banking | Comments : 1 | Hits : 549

Wal-Mart lobbying bill hits Rs 125 crore on India entry
Posted Date : 10-Dec-2012 , 07:45:40 am | Posted By CASANSAAR

Global retail giant Wal-Mart — waiting for years to open its supermarkets in India — has been lobbying with the US lawmakers since 2008 to facilitate its entry into the highly lucrative Indian market. According to lobbying disclosure reports filed by Wal-Mart with the US ...

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Category : International Business | Comments : 0 | Hits : 378

CWG tax evasion: Govt. slaps recovery notices for Rs. 505 crore
Posted Date : 09-Dec-2012 , 09:45:38 pm | Posted By CASANSAAR

Many private firms and government departments have been slapped with notices for recovery of over Rs 500 crore tax allegedly evaded by them while executing Commonwealth Games-related projects in New Delhi.   Official sources said recovery notices for Rs 505 crore towards value-added tax (VAT)...

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Category : Income Tax | Comments : 0 | Hits : 219

Finmin withdraws search, seizure powers of IT wing
Posted Date : 09-Dec-2012 , 02:48:31 pm | Posted By CASANSAAR

The elite criminal investigation wing of the Income Tax department, which conducted a number of high-profile actions including raids on liquor baron Ponty Chadha, has been disallowed to carry out any search or seizure operations by the Finance Ministry henceforth.   The just over-an-year old ...

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Category : Income Tax | Comments : 0 | Hits : 542

Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
Posted Date : 06-Dec-2012 , 10:10:17 pm | Posted By CASANSAAR

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.99/2012-CUSTOMS (N.T.), dated the 16th November, 2012 vide number S.O.2719...

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Category : Custom | Comments : 0 | Hits : 286

BSE eyes IPO next year, seeks $1 billion value
Posted Date : 06-Dec-2012 , 10:08:14 pm | Posted By CASANSAAR

BSE Ltd, the operator of the Bombay Stock Exchange which has lost market share to rivals, has chosen 14 banks for a share offering planned for the first half of 2013, its chief executive said. The company, which operates Asia's oldest stock exchange, is seeking an initial public share offering ...

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Category : Shares & Stock | Comments : 0 | Hits : 147

Circulation of Fake Currency Notes
Posted Date : 06-Dec-2012 , 10:06:04 pm | Posted By CASANSAAR

National Crime Records Bureau (NCRB) has informed that the total number of Fake Indian Currency Notes (FICN) seized and recovered in the years 2009-10, 2010-11 and 2011-12 has been as follow:- Period Total No. of FICN Total Value (Rs.) 2009-10 670631 26,81,54,...

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Category : Finance | Comments : 0 | Hits : 261

Announcement for Financial Assistance from Chartered Accountants Students Benevolent Fund
Posted Date : 06-Dec-2012 , 07:40:30 am | Posted By CASANSAAR

THE CHARTERED ACCOUNTANTS STUDENTS BENEVOLENT FUND(CASBF) The Board of Trustees of The Chartered Accountants Students Benevolent Fund have decided to grant financial assistance to 200 students (who are currently undergoing articled training in accordance with The Chartered Accountants R...

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Category : Students Zone | Comments : 0 | Hits : 586

Securities transaction tax collection down 13% as trading volumes plunge
Posted Date : 06-Dec-2012 , 07:26:55 am | Posted By CASANSAAR

Securities transaction tax (STT) collections dipped 12.9% during the April to November 2012 period, as weak investor sentiments over the past several months resulted in a dip in trading volumes.The Income-tax department collected Rs 2,905 crore in STT during the period, compared with ...

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Category : Shares & Stock | Comments : 0 | Hits : 178

IT dept raids singers, actors, film distributors in Punjab
Posted Date : 06-Dec-2012 , 07:25:05 am | Posted By CASANSAAR

The investigations wing of the income tax (IT) department on Wednesday seized Rs 80 lakh in cash and a large amount of unaccounted jewellery in raids that were conducted at 28 different places across Punjab to check tax evasion by top Punjabi singers, actors, film distributors and music companies. T...

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Category : Income Tax | Comments : 0 | Hits : 333

RBI fixes reference rate of rupee for US dollar and EURO
Posted Date : 06-Dec-2012 , 07:21:30 am | Posted By CASANSAAR

The Reserve Bank today fixed the reference rate of the rupee for the US dollar at 54.5690 and the euro at 71.5 as against 54.9 a dollar and 71.7 a euro as on Tuesday.In a press release issued by RBI, the exchange rates for the pound and yen against the rupee were quoted at 87.9 a pound and 66.3 per ...

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Category : RBI | Comments : 0 | Hits : 188

Auditors in trouble on defaults
Posted Date : 05-Dec-2012 , 08:14:28 am | Posted By CASANSAAR

Auditors could be in trouble in case their client companies default on loan repayments.  Under new government norms that seems to upset the independent accounting watchdogs, banks can now lodge a formal complaint against the auditors with the Institute of Chartered Accountants of India (I...

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Category : Auditing | Comments : 0 | Hits : 2478

RBI sets up supervisory college for SBI and ICICI Bank
Posted Date : 05-Dec-2012 , 08:09:07 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has set up a supervisory college for State Bank of India (SBI) and ICICI Bank Ltd, in order to deal with supervisory issues revolving around the banks and establish a cooperation mechanism for cross-border supervision.   For SBI, there are nine host country sup...

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Category : Banking | Comments : 0 | Hits : 277

RIL to be made party to insider trading case between Sebi, RTI activist Arun Agarwal
Posted Date : 05-Dec-2012 , 07:56:36 am | Posted By CASANSAAR

The Bombay High Court has directed thatReliance Industries be made a party to the case between the Securities and Exchange Board of India (Sebi) and right-to-information (RTI) activist-cum-lawyer Arun Agarwal, who is seeking release of names involved in an insider ...

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Category : Shares & Stock | Comments : 0 | Hits : 202

Independent Regulator for Auditors
Posted Date : 04-Dec-2012 , 08:54:42 pm | Posted By CASANSAAR

The Parliamentary Standing Committee on Finance which examined the Companies Bill, 2009 and the Companies Bill, 2011 had recommended that the National Advisory Committee on Accounting and Auditing Standards (NACAAS), proposed in the Companies Bill, 2009, be institutionalized not only as a body for s...

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Category : Auditing | Comments : 0 | Hits : 896

FDI Proposal Worth Rs. 27 Crore Cleared
Posted Date : 04-Dec-2012 , 08:52:50 pm | Posted By CASANSAAR

The Government has approved one proposal of Foreign Direct Investment amounting to Rs. 27.72 croreapproximately. The Foreign Investment Promotion Board (FIPB) approved it while considering the 14 pending proposals decision on which was deferred at its earlier ...

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Category : International Business | Comments : 0 | Hits : 271

Policy Document on Corporate Governance
Posted Date : 04-Dec-2012 , 08:49:39 pm | Posted By CASANSAAR

Ministry of Corporate Affairs had constituted a committee to formulate a Policy document on Corporate Governance under the Chairmanship of Shri Adi Godrej on 07.03.2012.   Giving this information in written reply to a question in the Rajya Sabha, Shri Sachin Pilot, Minister of Corporate Affa...

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Category : Corporate Law | Comments : 0 | Hits : 182

Cheque signature mismatch may lead to criminal proceedings – SC
Posted Date : 04-Dec-2012 , 07:29:39 am | Posted By CASANSAAR

A Bench of justices T.S. Thakur and Gyan Sudha Mishra set aside the verdict of Gujarat High Court which had held that criminal proceedings for dishonouring of cheque can be initiated only when the cheque is dishonoured because of lack of sufficient amount in the bank account and not in case where a ...

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Category : Banking | Comments : 0 | Hits : 488

Tax exemption to political parties in 5 years: a whopping Rs 2,490 crore
Posted Date : 04-Dec-2012 , 07:24:56 am | Posted By CASANSAAR

Ten main political parties of the country had a whopping Rs 2,490 crore of tax-exempted income in the last five years, according to information from the Income Tax department through an RTI plea. Of this the ruling Congress and the main Opposition party BJP have cornered more than 80 per cent. &nbs...

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Category : Income Tax | Comments : 0 | Hits : 236

SC restores limit of 200 SMSes per day per SIM
Posted Date : 04-Dec-2012 , 07:22:41 am | Posted By CASANSAAR

The Supreme Court has stayed Telecom Disputes Settlement and Appellate Tribunal ,TDSAT's order, which had quashed the sector regulator TRAI's circular limiting the number of SMSes to 200 per day per SIM.In a brief hearing on Monday, a bench headed by Justice G S Singhvi stayed the tribunal's order a...

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Category : General | Comments : 0 | Hits : 294

SC to Sahara: Refund Rs 24k crore or face consequences
Posted Date : 04-Dec-2012 , 07:19:50 am | Posted By CASANSAAR

The Supreme Court on Monday gave two Sahara companies 24 hours to decide whether they would comply with the apexcourt's three-month-old directive to refund Rs 24,000 crore to nearly 3 crore investors throughmarket regulator Sebi or face the consequences.  "Tell us by tomorrow (T...

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Category : Income Tax | Comments : 0 | Hits : 232

Rs 1.33 lakh crore tax non-recoverable: Finance Ministry to Parliamentary panel
Posted Date : 03-Dec-2012 , 05:57:51 am | Posted By CASANSAAR

A Parliamentary committee has come down heavily on the Finance Ministry for writing off over Rs 1.33 lakh crore as non-recoverable direct tax saying it owes an explanation on how the situation was allowed to reach "irretrievable" levels.The Parliamentary Standing Committee on Fin...

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Category : Income Tax | Comments : 0 | Hits : 242

Government will carry through FEMA notification on FDI in retail in Parliament, says Kamal Nath
Posted Date : 03-Dec-2012 , 05:40:33 am | Posted By CASANSAAR

The Parliamentary Affairs Minister, Mr. Kamal Nath has expressed confidence that the Government will be able to carry through the Federal Emergency Management Agency (FEMA) notification dealing with the FDI in retail in both Houses of Parliament. He said he is confident of his numbers and has good r...

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Category : FEMA | Comments : 0 | Hits : 188

Check your cheque status, only those in new format will be honoured from January 1
Posted Date : 03-Dec-2012 , 05:39:43 am | Posted By CASANSAAR

Add one more item — get a new cheque book — to your list of 'things to do' before the New Year. You may not be able to use your old cheques from next year with the implementation of the new Cheque Truncation System (CTS-2010), which will eliminate physical movement of cheques f...

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Category : Banking | Comments : 0 | Hits : 1411

10 floors, 48 hrs; it is realty magic
Posted Date : 02-Dec-2012 , 09:04:56 am | Posted By CASANSAAR

The architectural novel stood tall on an industrial plot in the township with no sand or bricks used in the process. After two days of relentless effort by nearly 200 technicians, skilled workers and 25 engineers, the red and grey building has a become the centre of attraction.  Work on the bu...

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Category : General | Comments : 0 | Hits : 297

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