Cabinet clears Micro Finance Bill; RBI to regulate MFIs
Posted Date : 10-May-2012 , 10:18:00 pm | Posted By CASANSAAR
The Union Cabinet today approved a bill to regulate the micro finance industry and bring the micro lenders under the purview of the Reserve Bank. "It (Micro Financial Sector Development and Regulation Bill, 2011,) has also been cleared," Finance minister Pranab Mukherjee tol...
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Finance |
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Facebook launches its own app store
Posted Date : 10-May-2012 , 02:45:23 pm | Posted By CASANSAAR
Facebook has created its own ‘App Centre’, in which it will showcase the best apps across the web, all mobile platforms and on the social network.
The App Centre will be rolled out over the coming weeks and aims to display the finest Ios, Android, mobile and web apps.
F...
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General |
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FinMin to recover Rs 20,300 crore tax from Vodafone
Posted Date : 09-May-2012 , 10:42:23 pm | Posted By CASANSAAR
A day after the approval of the Finance Bill by the Lok Sabha, the government on Wednesday said that it will move ahead to recover the tax and penalty from the British telecom major Vodafone which is currently estimated at Rs 20,300 crore.Finance Secretary R S Gurjal said that no new notice would be...
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Income Tax |
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RBI further eases norms on FX deposits
Posted Date : 09-May-2012 , 10:40:51 pm | Posted By CASANSAAR
The RBI has allowed banks to use funds from foreign currency non-resident deposits as collateral against lending to related local residents.
The funds in the foreign currency non-resident (FCNR) can be used for foreign exchange needs or for working capital needs in rupees for exporters and corpor...
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RBI |
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ICICI Bank raises foreign currency deposit rates
Posted Date : 09-May-2012 , 05:45:09 pm | Posted By CASANSAAR
ICICI Bank , India’s No. 2 lender, raises foreign currency deposit rates by up to 175 basis points, effective May 8. It raised rates for 1 to 2 year tenure by 75 basis points and for 3 to 5 year tenure by 175 basis points.
The move comes within a week of Reserve Bank hiking intere...
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Banking |
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Visa fee hike: India plans to take US to WTO
Posted Date : 09-May-2012 , 05:10:40 pm | Posted By CASANSAAR
India proposes to take the US to WTO against the latter's visa fee hike, which discriminates Indian software companies from American firms.
"Department of Commerce proposes to seek consultations with the USA under the Dispute Settlement Understanding of WTO," Minister of State for Commerce and ...
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General |
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Pranab's Vodafone message to MNCs: India no tax haven
Posted Date : 09-May-2012 , 08:54:24 am | Posted By CASANSAAR
Finance minister Pranab Mukherjee on Tuesday offered no relief to British telecom major Vodafone on its five-year-old tax dispute with the Indian government, making it clear there was no rethink on the proposal to allow authorities to tax older corporate deals. The remarks are seen as a ...
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Income Tax |
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Outstanding Credit of Scheduled Commercial Banks
Posted Date : 09-May-2012 , 08:40:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) maintains data on Outstanding credit of Scheduled Commercial Banks (SCBs), not on loans disbursed. Outstanding credit of SCBs is given below:
(Rs. Crore)
As on 31 March 2008
As on 31 March 2009...
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Banking |
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Competition Commission of India (CCI) constitutes an Eminent Persons Advisory Group (EPAG)
Posted Date : 09-May-2012 , 08:39:21 am | Posted By CASANSAAR
The Competition Commission of India (CCI) has constituted an Eminent Persons Advisory Group (EPAG). This will serve as a group of ‘wise persons’ to give broad inputs and advice on larger issues impacting markets and competition, good international practices, improved advocacy etc. to t...
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Corporate Law |
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RBI allows transfer of funds within NRI accounts
Posted Date : 09-May-2012 , 08:35:24 am | Posted By CASANSAAR
The Reserve Bank on Monday allowed non-resident Indians (NRIs) to transfer funds from non-resident ordinary (NRO) account to Non-Resident External (NRE) account subject to a ceiling of $1 million in a financial year.
"On a review, it has been decided that henceforth NRI... shall be eligible...
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RBI |
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Direct Tax collection at Rs 4.93 lakh cr in 2011-12
Posted Date : 08-May-2012 , 10:29:21 pm | Posted By CASANSAAR
The government today said it has collected over Rs 4.93 lakh crore as per provisional estimates from direct taxes during the 2011-12 fiscal, as against a revised estimate of Rs 5 lakh crore.
The net direct tax collection (provisionally) stood at Rs 4,93,912 crore, Minister of State for Fi...
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Income Tax |
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LS passes Finance Bill 2012, Govt to bring white paper on black money in current Parl session
Posted Date : 08-May-2012 , 10:26:37 pm | Posted By CASANSAAR
The Lok Sabha today passed the Finance Bill, giving effect to the financial proposals of the Central government for the fiscal 2012-13. The government will bring a white paper on black money in the current session of Parliament. Mr. Pranab Mukherjee disclosed this while replying to a debate on the F...
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Income Tax |
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Subsidiarisation of foreign banks would be tax neutral: Finance Minister Pranab Mukherjee
Posted Date : 07-May-2012 , 10:35:04 pm | Posted By CASANSAAR
In order to encourage foreign banks to operate in India as subsidiaries, Finance Minister Pranab Mukherjee today said such move be tax neutral. "The Reserve Bank of India is formulating a scheme for subsidiarisation of Indian branches of foreign banks to ring fence Indian capital and I...
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Banking |
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Furnishing of Misleading Information by Multinational Network Accounting Firms (MNAFs)
Posted Date : 07-May-2012 , 10:30:10 pm | Posted By CASANSAAR
According to the information furnished by the Institute of Chartered Accountants of India (ICAI) a High Power Committee (HPC) appointed by them for examining the operation of Multinational Network Accounting Firms (MNAFs) in India, has observed, that certain Indian CA firms and private limited compa...
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ICAI |
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FinMin announces implementation of GAAR deferred till April 2013
Posted Date : 07-May-2012 , 09:52:18 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee today announced deferment of that implementation of the General Anti-Avoidance Rules or GAAR till April 2013. The proposal was made in the budget for the current fiscal. The rule is being used to check avoidance of tax. Introducing the Finance Bill for the curr...
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Income Tax |
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Good news: Portable provident fund account numbers coming soon
Posted Date : 07-May-2012 , 05:56:23 pm | Posted By CASANSAAR
New Delhi: Here's some good news for people employed in the organised sector. Retirement fund body EPFO is reportedly planning to provide portable numbers to salaried individuals.
The move might stem the trend of premature withdrawal which most people prefer over getting their account...
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General |
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Tax on long-term capital gains for PE investors slashed to 10%
Posted Date : 07-May-2012 , 05:49:32 pm | Posted By CASANSAAR
India will slash the tax on long-term capital gains for private-equity investors to 10 percent from 20 percent, a finance ministry statement said on Monday.
India will also exempt long-term capital gains on the sale of unlisted securities in initial public offerings from tax, the statement sa...
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Income Tax |
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Tax dept unlikely to waive penalty on Vodafone dues
Posted Date : 07-May-2012 , 07:51:31 am | Posted By CASANSAAR
The income tax department is unlikely to waive penalty on Vodafone’s tax dues as it feels this will create a bad precedent for all its major pending tax cases. It has also decided to make it compulsory for all its officers from now on to charge penalty on taxes that get due but are not paid...
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Income Tax |
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Facebook IPO to make Mark Zuckerberg pay $903 mn (Rs.5000 Cr.app) in taxes
Posted Date : 07-May-2012 , 07:46:51 am | Posted By CASANSAAR
The US tax authorities are in for a major windfall from Facebook chief Mark Zukerberg, as the upcoming IPO of the social networking giant could make him pay in taxes as much as $ 903 million (about Rs 5,000 crore). Interestingly, his total estimated tax payout amounts to more than 85 per cent o...
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International Business |
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Lateral entry for graduates: ICAI
Posted Date : 06-May-2012 , 02:38:42 pm | Posted By CASANSAAR
Soon, a minimum of 60 per cent marks in an under-graduation course would make one eligible to enter the Chartered Accountancy course. The Institute of Chartered Accountants of India (ICAI) will soon introduce the lateral entry option for graduates that will exempt them from appearing for the Commo...
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Students Zone |
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Important Announcement - CA Examination May-2012
Posted Date : 05-May-2012 , 09:49:49 pm | Posted By CASANSAAR
Important Announcement
No.13-CA(Exams)/May, 2012/2May 5, 2012
Enquires are being received as to whether the examination for the Paper - 4 of Professional Competence Examination (PCE) and Paper - 3 of Integrated Professional Competence Examination (IPCE) Cost Accounting and Financial Management w...
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Students Zone |
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Pension regulator empanels six life insurers for National Pension Scheme
Posted Date : 05-May-2012 , 03:09:02 pm | Posted By CASANSAAR
The Pension Fund Regulatory Development Authority (PFRDA) has empanelled six life insurers for providing annuity services to subscribers of the National Pension Scheme (NPS). The NPS was extended to all citizens from May 1, 2009. After retirement at the age of 60 years, an employee ca...
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General |
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Mobile tariffs to rise marginally on Trai plan
Posted Date : 05-May-2012 , 08:12:33 am | Posted By CASANSAAR
Angry mobile operators have slammed the telecom regulator's recommendations on auction of spectrum and have said they would be forced to shut shop if these are accepted but independent estimates show that the impact on tariff would be marginal - small enough for the operators to bear the costs. A...
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General |
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Loans to Companies/ Industrial Houses by SCBs
Posted Date : 05-May-2012 , 08:06:54 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) maintains data on outstanding credit of Scheduled Commercial Banks (SCBs) to public, private corporate and household sectors and not on loans disbursed to different sectors of the economy. The outstanding credit of SCBs to Private Corporate Sector during ...
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Banking |
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MCA set up a Committee for Future Implementation of XBRL
Posted Date : 05-May-2012 , 08:02:52 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has set up a Committee to develop the roadmap for future implementation of Extensible Business Reporting Language (XBRL). This Committee comprises of XBRL experts and representatives fromthe corporate sector as well as the Institute of Chartered Ac...
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Corporate Law |
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India reviewing tax treaty with Mauritius
Posted Date : 04-May-2012 , 05:06:18 pm | Posted By CASANSAAR
The government is considering a review of India's tax treaty with Mauritius to raise inflows of Foreign Direct Investment through that country. In reply to a question in the Lok Sabha today, Minister of State for Finance S.S. Palanimanickam said a substantial percent of foreign investment in th...
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International Business |
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Facebook sets USD 28-35 price range for IPO
Posted Date : 04-May-2012 , 05:01:32 pm | Posted By CASANSAAR
Facebook, which is gearing to launch its IPO later this month, today said the offering will be priced between USD 28-35 a share.
In a regulatory filing, Facebook said it will sell 337.41 million shares and the initial public offering price will be between USD 28 and USD...
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International Business |
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US Transportation Dept slaps USD 80,000 fine on Air India
Posted Date : 04-May-2012 , 04:57:15 pm | Posted By CASANSAAR
The US Transportation Department has slapped a USD 80,000 fine on Air India for failing to post customer service and tarmac delay contingency plans on its website and adequately inform passengers about its optional fees.
This is the first penalty assessed for a violation of the Department's new a...
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International Business |
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CAs plea to revamp exam rejected
Posted Date : 04-May-2012 , 08:28:34 am | Posted By CASANSAAR
A writ plea from V Venkatesa Sivakumar, a chartered accountant (CA) of Rangarajapuram in Kodambakkam, to constitute an independent experts commitee to study the existing examination system for CA and consider the necessity and possibility of revamping the same in the interest of the students, was re...
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ICAI |
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Prosecution filed against Sesa Goa for violation of Cos Act
Posted Date : 04-May-2012 , 07:59:51 am | Posted By CASANSAAR
The government Thursday informed Parliament that it has initiated prosecution proceedings against Vedanta Resources-owned Sesa Goa for violation of certain provisions of the Companies Act."Based on the recommendation made by SFIO in its investigation report, prosecutions under Sections 147 and 395 o...
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Corporate Law |
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