Lokpal bill passed in Lok Sabha
Posted Date : 27-Dec-2011 , 11:10:25 pm | Posted By CASANSAAR
Lok Sabha on Tuesday passed the Lokpal and Lokayukta Bill, 2011 by voice vote even as the Left, BSP and SP staged a walkout.
SP and BSP staged a walk out from the Lok Sabha shortly before the voting on the lokpal bill in protest against the government bringing a "weak" legislation. "We ...
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General |
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EC writes to parties over Black money in polls
Posted Date : 27-Dec-2011 , 11:04:22 pm | Posted By CASANSAAR
In order to curb the use of black money during assembly polls in five states, the Election Commission has written to all political parties asking them to avoid cash transactions and instruct their cadres not to carry huge cash during elections. The Commission, in this context, has written a let...
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General |
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Govt introduces Money Laundering Bill in LS
Posted Date : 27-Dec-2011 , 03:51:45 pm | Posted By CASANSAAR
The Government today presented three Bills in the Lok Sabha. The Prevention of Money Laundering (Amendment) Bill, 2011, presented by Finance Minister Pranab Mukherjee, seeks to strengthen the relevant Act of 2002 by amending some of its provisions.The Electronic Delivery of Services Bill, 2011, was ...
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General |
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SEBI to launch toll-free helpline for investors
Posted Date : 27-Dec-2011 , 08:20:10 am | Posted By CASANSAAR
Market regulator SEBI would launch a toll-free helpline as part of educating investors on the securities market, Chairman U K Sinha said today. With the launch of helpline, an investor can ask any question regarding the securities market which will be answered. "The reason why we are launching i...
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SEBI |
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Reforms commission looking at uniform legislation for banks
Posted Date : 27-Dec-2011 , 08:18:40 am | Posted By CASANSAAR
The Financial Sector Legislative Reforms Commission (FSLRC) is considering a single, harmonised and uniform legislation applicable to all banks and giving the central bank the power to sanction takeover of a co-operative bank by commercial banks, said Mr Anand Sinha, Deputy Governor, Reserve Bank ...
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Banking |
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Sebi bans incentive payment in debt issues
Posted Date : 27-Dec-2011 , 08:17:01 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Monday banned payment of incentives to investors to bid in public sale of bonds as it considers the practice leads to an 'unfair advantage' to a select few and raises the cost to issuer. "In order to curb such practices, it is advised that in ...
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SEBI |
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Income-Tax authorities serve notice to Jet Airways' Naresh Goyal on Tailwinds' foreign account
Posted Date : 27-Dec-2011 , 08:14:41 am | Posted By CASANSAAR
Naresh Goyal, founder-promoter of Jet Airways, has received two notices from Income Tax authorities over a Swiss bank account in the name of Tailwinds, three people familiar with the development told ET Now. Tailwinds is the Isle of Man-based parent of Jet Airways and owns 79.99% of the airl...
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Income Tax |
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Anna Hazare to fast in Mumbai from tomorrow, govt asks him to 'wait'
Posted Date : 26-Dec-2011 , 06:14:25 pm | Posted By CASANSAAR
Showing no signs of relenting, Anna Hazare on Monday said he will go ahead with his three-day fast in Mumbai from tomorrow against a "weak" Lokpal Billwith his team raising the pitch for an independent probe agency for the ombudsman saying it was "non-negotiable" even as government as...
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General |
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Co Bill for refund of benefits in case of Satyam type frauds
Posted Date : 26-Dec-2011 , 10:46:46 am | Posted By CASANSAAR
In order to deter chief executives and other senior functionaries from indulging in Satyam type accounting fraud, the Companies Bill 2011 stipulates that such officials will have to refund the remuneration received in case the accounts are re-stated. According to the Companies Bill, which is awai...
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Corporate Law |
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I-T dept to reopen returns of 'suspects'
Posted Date : 26-Dec-2011 , 10:45:24 am | Posted By CASANSAAR
Faced with a number of cases of denial of secret foreign bank account holdings, the Income Tax department has decided to re-open past tax returns of such individuals in Mumbai and Delhi among others, in order to unearth black money stashed abroad.The Central Board of Direct Taxes (CBD...
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Income Tax |
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ICAI for branch-level audit of private sector banks
Posted Date : 25-Dec-2011 , 08:54:09 am | Posted By CASANSAAR
Banking and accounting regulators don’t see eye to eye, as RBI wants the practice relaxed even for public sector banks.
Private sector banks may have their branches statutorily audited by an RBI-approved panel, on the pattern of public sector bank audits, if the central bank accepts...
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ICAI |
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Bank not responsible if ATM misused: Consumer forum
Posted Date : 24-Dec-2011 , 01:44:49 pm | Posted By CASANSAAR
A person cannot claim damages from bank if he fails to immediately block his lost ATM and money is unauthorisedly withdrawn by using the card, a district consumer forum has said.It said the bank would have been liable if the transaction of withdrawal of money took place after blockage of the card.A ...
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Banking |
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Cos to gain from ICAI's proposed norms on forex derivatives
Posted Date : 24-Dec-2011 , 10:03:30 am | Posted By CASANSAAR
In what could be a major relief to India Inc, the accounting regulator ICAI has recommended that companies be allowed to account for losses arising from foreign exchange derivative trade over several years. The measure, according to sources, would prevent the companies ...
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ICAI |
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Press Note by CBDT
Posted Date : 24-Dec-2011 , 10:02:32 am | Posted By CASANSAAR
It has been reported in a section of the press that several captains of industry have complained to the government that taxmen are harassing industry by resorting to indiscriminate and increased ‘raids’. It is informed that under the Income Tax Act, search and seizure is conducted o...
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Income Tax |
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Supreme Court ruling on Vodafone tax case to have global implications
Posted Date : 24-Dec-2011 , 10:01:07 am | Posted By CASANSAAR
The Supreme Court ruling on the Vodafone tax case, which involves a tax demand of $2 billion, will have a major impact on tax regimes of various countries seeking to introduce rules covering cross-border acquisitions involving entities in their respective jurisdictions, according to senior tax o...
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Income Tax |
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Action against ex-CFO in Satyam case within a week: ICAI
Posted Date : 24-Dec-2011 , 09:59:58 am | Posted By CASANSAAR
Accounting regulator ICAI today said it will decided the case concerning former CFO of Satyam Computer in the Rs 14,000-crore accounting scam within a week. "The disciplinary committee of ICAI will take a decision based on the available documents against ex-Satyam CFO. The report will be finalis...
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ICAI |
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HC dismisses Hindalco plea against I-T order on transfer pricing issue
Posted Date : 24-Dec-2011 , 09:57:18 am | Posted By CASANSAAR
The Bombay High Court on Friday dismissed the plea of the Aditya Birla Group flagship Hindalco Industries which had challenged the income-tax (I-T) department's contention that tax should be levied on corporate guaranatees issued by the company. A division bench comprising justices DY Chandrach...
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Income Tax |
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I-T searches unearthed Rs 18700 crore in last 2 years
Posted Date : 24-Dec-2011 , 09:55:06 am | Posted By CASANSAAR
More than Rs 18,700 crore of unaccounted wealth has been unearthed across the country after searches were conducted by the income tax officials in the last two years, the Central Board of Direct Taxes said on Friday. The body has, however, denied any harassment has been caus...
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Income Tax |
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Delhi Court orders Facebook, Google, Youtube and other websites.
Posted Date : 23-Dec-2011 , 08:28:20 pm | Posted By CASANSAAR
Over the voices rose to keep a check on the content which has been published on the social networking sites, a Delhi trial court today asked several sites including, Facebook, Youtube and Google to delete the 'anti religious' or 'anti social' content which promotes hatred or communal harmony.The cou...
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No tax relief for Infy’s payment to police: HC
Posted Date : 23-Dec-2011 , 08:33:37 am | Posted By CASANSAAR
Can an establishment seek a deduction under the Income-Tax Act with regard to a donation/ contribution made to police for regulating traffic? No way, says the Karnataka High Court. The division bench comprising late Justice V G Sabhahit and Justice Ravi Malimath in a recent judgment h...
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Income Tax |
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Spike in bad loans worries RBI
Posted Date : 23-Dec-2011 , 08:30:46 am | Posted By CASANSAAR
Bad loan growth in Indian banks this year has been over thrice the average growth in the preceding five years. While most bad loans are in retail, priority sector and infrastructure, RBI is worried about the power sector which is going through a high level of stress.&nb...
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RBI |
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Cabinet clears 4.5 per cent sub-quota for minorities in Govt. jobs and edu. Instt.
Posted Date : 23-Dec-2011 , 08:27:32 am | Posted By CASANSAAR
Union Cabinet has approved 4.5 per cent sub-quota for minorities within the 27 per cent reservation for other Backward Classes, (OBC). Top government sources said that the decision to this effect was taken at a cabinet meeting last evening. This decision will pave the way for reservation i...
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Cabinet approves Electronic Delivery of Services Bill 2011
Posted Date : 22-Dec-2011 , 06:17:19 pm | Posted By CASANSAAR
The government is believed to have approved a Bill to bring in transparency and prevent corruption in delivery of public services, like driving licence and permit, through use of electronic medium, particularly Internet.
The Union Cabinet, chaired by Prime Minister Manmohan Singh, today clear...
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US Bill on outsourcing cause of concern: India
Posted Date : 22-Dec-2011 , 04:44:03 pm | Posted By CASANSAAR
India today expressed concern over the proposed US Call Centre Bill but said that it is premature to assess the impact of the decision on the domestic IT industry. A bipartisan bill has been tabled in the US House of Representatives to make companies, that move call centres overseas, ineligible f...
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International Business |
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Government withdrew Companies Bill, Pension Fund Regulatory and Development Authority Bill
Posted Date : 22-Dec-2011 , 08:20:13 am | Posted By CASANSAAR
Two important bills slated for passage this session have been yanked back from Parliament for fresh tweaks, in another embarrassing climbdown by a government attempting to convey an impression of decisiveness after being pilloried for months over paralysis in policymaking. The government withdrew...
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Corporate Law |
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2G scam: CAG defends presumptive loss calculation
Posted Date : 22-Dec-2011 , 08:15:30 am | Posted By CASANSAAR
Faced with an aggressive Congress attack over there being no provision for "presumptive loss" in the statute, comptroller and auditor general Vinod Rai cited three income tax assessment orders to argue that the procedure was not just notional as dues had been recovered from assesses. ...
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Income Tax |
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UPA ministers owe Air India Rs 435 crore
Posted Date : 21-Dec-2011 , 05:24:52 pm | Posted By CASANSAAR
Union Cabinet Ministers have accumulated dues of Rs 435 crore on the cash-strapped Air India, which is 93 per cent of the total bills incurred by them during their visits abroad, Lok Sabha was informed on Wednesday.
Responding to a question, Minister of State in the Prime Minister's Office V Naraya...
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General |
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Companies bill bars non-audit operations of auditors
Posted Date : 21-Dec-2011 , 08:40:45 am | Posted By CASANSAAR
Audit firms may no longer be able to offer non-audit services like investment advisory and management services to companies as the government plans to prohibit such activities to checkany conflict of interest, leading to a potential fraud. The move, in line with rules proposed by th...
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Auditing |
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Termination of contractual job can be challenged in court, says Supreme Court
Posted Date : 21-Dec-2011 , 08:25:47 am | Posted By CASANSAAR
In view of changing nature of employment in the commercial world, the Supreme Court has said that courts can interfere even in the case of contractual job if the decision taken by the management is arbitrary. A bench of justices Cyriac Joseph and T S Thakur, however, said that scope of such judic...
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General |
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RBI penalises 19 banks for flouting derivative norms
Posted Date : 21-Dec-2011 , 08:17:33 am | Posted By CASANSAAR
The Reserve Bank has imposed penalties on 19 commercial banks, including SBI, HDFC Bank, ICICI Bank and Citibank, for violating norms on derivatives, Parliament was informed. RBI has informed that they had imposed penalties on 19 commercial banks on April 26, 2011, for contravention of various...
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RBI |
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