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Global companies answerable to Indian consumer courts: SC
Posted Date : 19-Sep-2011 , 09:50:24 pm | Posted By CASANSAAR

International companies are answerable to Indian consumer courts for service deficiency, the Supreme Court has ruled, upholding the apex consumer forum's direction to a Lebanese international courier company to pay 71,615.75 US dollars compensation to a Mumbai-based firm. A benc...

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Category : International Business | Comments : 0 | Hits : 293

SEBI's decision to revise penalty upsets traders
Posted Date : 19-Sep-2011 , 08:46:53 am | Posted By CASANSAAR

Market regulator Sebi's recent decision to revise penalty on stock brokers and their clients for their failure to deposit margins fully or partially has left the market participants worried about its implications. Most brokers fear that the move will adversely impact participation of investor...

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Category : SEBI | Comments : 0 | Hits : 258

Satyam case: CBI seeks more time to complete trial
Posted Date : 19-Sep-2011 , 08:45:45 am | Posted By CASANSAAR

Unable to stick to the time frame to complete proceedings in the trial against former Satyam chief B Ramalinga Raju and nine others accused in the multi-crore Satyam accounting fraud case, CBI has approached the Supreme Court seeking more time to complete the task.   In an interim appl...

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Category : General | Comments : 0 | Hits : 206

GST: Empowered Committee to decide on rate soon
Posted Date : 19-Sep-2011 , 08:35:58 am | Posted By CASANSAAR

Kerala Finance Minister K. M. Mani said here on Sunday that the Empowered Committee on Goods and Services Tax (GST) would soon decide on whether to go in for one or two rates of GST in the country. Mr. Mani, who is a member of the Committee comprising of State finance ministers, said in an articl...

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Category : GST | Comments : 0 | Hits : 327

SEBI wants a self-regulatory body to supervise financial advisers
Posted Date : 19-Sep-2011 , 08:33:48 am | Posted By CASANSAAR

The Securities and Exchange Board of India, or Sebi, has finalised new rules for regulating investment advisers on the lines of the structure in the mutual fund industry to prevent growing complaints from investors about being short-changed. The securities market regulator wants a self-regula...

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Category : SEBI | Comments : 0 | Hits : 268

Govt unveils new duty draw back scheme to give incentives to exporters
Posted Date : 19-Sep-2011 , 08:30:20 am | Posted By CASANSAAR

The government has announced a new duty draw back scheme to give incentives to exporters. Speaking to media in New Delhi, Finance Secretary R S Gujral said the Duty Entitlement Pass Book (DEPB) Scheme for exporters will end after 30th of this month. The new scheme comes into force from 1st October.&...

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Category : International Business | Comments : 0 | Hits : 501

Income tax raids against Chinar, Manmohan groups yield Rs 4.34 cr
Posted Date : 18-Sep-2011 , 07:23:32 am | Posted By CASANSAAR

The Income Tax ( Investigations), Panchkula, today disclosed that in search operations being carried out at the Chinar Group and Manmohan Singh & Company premises on September 8 and 9, there has been a seizure of Rs 4.34 crore. “It includes Rs 3.36 crore in cash and jewellery worth Rs 98...

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Category : Income Tax | Comments : 0 | Hits : 271

No TDS on compensation for farmland, clarifies government
Posted Date : 17-Sep-2011 , 08:07:28 am | Posted By CASANSAAR

Farmers will not have to cough up any tax upfront on the compensation money they receive for their land acquired by the government. The rural development ministry has clarified after complaints that in absence of clear rules the harshest provisions were being imposed. "We have issued orders t...

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Category : Income Tax | Comments : 0 | Hits : 376

India slashes tax incentives for exporters
Posted Date : 17-Sep-2011 , 08:05:21 am | Posted By CASANSAAR

Tax incentives for exporters will be lowered from Oct 1 as the government said Friday it will do away with the popular tax refund scheme, Duty Entitlement Pass Book (DEPB), and bring them under an existing duty drawback scheme from the beginning of next month. At the same time, the number of...

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Category : International Business | Comments : 0 | Hits : 331

NRIs can now open joint accounts with resident Indians
Posted Date : 16-Sep-2011 , 05:39:57 pm | Posted By CASANSAAR

Liberalising the foreign exchange rules, the Reserve Bank today allowed NRIs to hold joint account with Indian residents, a move that would help increase remittances. The central bank has also permitted sale proceeds of foreign investments in India to accrue to NRE/FCNR accounts after tax de...

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Category : Banking | Comments : 0 | Hits : 404

Repo rate, reverse repo rate hiked by RBI; home, auto loan EMIs to go up
Posted Date : 16-Sep-2011 , 03:03:45 pm | Posted By CASANSAAR

All loans are set to become costlier, with the Reserve Bank on Friday hiking the key interest rate for the 12th time since March, 2010, by 25 basis points to rein in high inflation. With today's decision, the short-term lending (or repo) rate at which banks borrow from the RBI stands increas...

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Category : RBI | Comments : 0 | Hits : 549

Advance tax nos show confidence
Posted Date : 16-Sep-2011 , 07:48:54 am | Posted By CASANSAAR

A cursory look at the advance tax payments by leading corporates during the July-September quarter showed most of them are sanguine about raking in handsome profits despite fears of a slowdown. However, the overall tax collection target for this fiscal might not be met.     Led by Rel...

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Category : Income Tax | Comments : 0 | Hits : 296

Petrol prices hiked by Rs 3.14 per litre effective midnight
Posted Date : 15-Sep-2011 , 06:47:45 pm | Posted By CASANSAAR

State-owned oil firms raised petrol prices by Rs 3.14 per litre as the rupee touched two-year low against the US dollar, increasing the cost of importing crude oil. The hike will be effective from midningt. "Oil retailers are losing Rs 2.61 per litre or Rs 15 crore per day on sale of petrol. Toge...

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Category : General | Comments : 0 | Hits : 457

Tamil Nadu govt imposes tax on IPL, DTH
Posted Date : 15-Sep-2011 , 09:28:20 am | Posted By CASANSAAR

The Tamil Nadu government on Wednesday decided to impose entertainment tax on direct-to-home (DTH) service providers and the Indian Premier League (IPL) cricket matches. A Bill, which was passed unanimously in the assembly, said DTH services will attract 30% entertainment tax, while 25% ta...

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Category : VAT | Comments : 0 | Hits : 553

Govt announces series of measures to expedite corruption cases
Posted Date : 14-Sep-2011 , 10:03:08 pm | Posted By CASANSAAR

The government today announced a series of measures to expedite the process to deal with corruption cases against public servants. Out of 71 fast-track special CBI courts being set up, 44 have already started are already working. Government has also fixed a limit of three months to grant sanction fo...

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Category : General | Comments : 0 | Hits : 289

RBI not interferes in foreign exchange market: Gopalan
Posted Date : 14-Sep-2011 , 06:12:59 pm | Posted By CASANSAAR

Government on Wednesday said that Reserve Bank of India's policy of not interfering in the foreign exchange market is the proper way of correcting international imbalances. Speaking to reporters on the sidelines of a function in New Delhi, Secretary, Economics Affairs, R Gopalan said that exchange r...

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Category : RBI | Comments : 0 | Hits : 338

VDIS scheme on disclosure of blackmoney in the offing
Posted Date : 14-Sep-2011 , 05:58:50 pm | Posted By CASANSAAR

A special voluntary disclosure scheme for bringing back blackmoney stashed away in tax havens abroad may be in the offing. The CBDT is understood to be "seriously considering" recommending to the government a scheme on the lines of the Voluntary Disclosure of Income Scheme (VDIS) announced in...

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Category : Income Tax | Comments : 0 | Hits : 341

ICAI to probe Everonn auditors
Posted Date : 14-Sep-2011 , 07:36:45 am | Posted By CASANSAAR

Chartered accountants' regulatory body, the Institute of Chartered Accountants of India (ICAI), has asked Everonn Education for its books, after the company got embroiled in a tax evasion and bribery case. The CBI arrested Everonn's founder and managing director P Kishore fo...

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Category : ICAI | Comments : 0 | Hits : 761

Finmin, SEBI push for e-IPO facility for cutting cost of funds and reduce listing time to 3-4 days
Posted Date : 14-Sep-2011 , 07:34:41 am | Posted By CASANSAAR

Investors will soon be able to avail of an e-IPO facility, with the finance ministry and market regulator Sebi pushing for a complete paperless system to raise capital. "We are actively looking at this...," a senior finance ministry told ET. The finance ministry has begun discussions with the co...

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Category : SEBI | Comments : 0 | Hits : 343

Rs 650 crore released from Harshad Mehta's assets
Posted Date : 14-Sep-2011 , 07:30:56 am | Posted By CASANSAAR

A Mumbai special court Tuesday ordered the release of Rs 650 crore to the Income Tax department and banks from the liquidated assets of late scamster Harshad Mehta's group, an official said. Special court's Justice D.K. Deshmukh, based on a distribution proposal submitted by the finance minis...

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Category : Income Tax | Comments : 0 | Hits : 263

MCX gets regulator`s approval for IPO
Posted Date : 12-Sep-2011 , 07:15:20 pm | Posted By CASANSAAR

India's Multi Commodity Exchange (MCX), the country's biggest commodity bourse by turnover, plans to list "sooner rather than later," after it got a regulatory nod for an initial share sale, a top executive said on Monday. "We will try to do it sooner rather than later. At the same time there is ...

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Category : SEBI | Comments : 0 | Hits : 279

Cabinet to take up new Companies Bill soon: Moily
Posted Date : 12-Sep-2011 , 07:11:48 pm | Posted By CASANSAAR

  Corporate Affairs Minister Veerappa Moily today said the Union Cabinet will take up the New Companies Bill for approval within the next fortnight and expressed hope that it will be passed by Parliament before the end of this year. "The final draft of the New Companies Bill is ready and it h...

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Category : Corporate Law | Comments : 0 | Hits : 318

ICAI will train companies on new software
Posted Date : 12-Sep-2011 , 07:49:34 am | Posted By CASANSAAR

Move over HTML, welcome XBRL (eXtensible Business Reporting Language). This is the mantra that The Institute of Chartered Accountants of India (ICAI) is pushing for, given that the last date for filing of company's balance sheet and annual return for current fiscal is falling due during October an...

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Category : ICAI | Comments : 0 | Hits : 567

CAG seeks powers to audit Sebi, Trai
Posted Date : 12-Sep-2011 , 07:47:06 am | Posted By CASANSAAR

Government auditor CAG is seeking to widen the scope of its powers to audit the performance of regulators such as Sebi, Trai and Irda as part of the new legislation that will replace the CAG Act, 1971. The proposed CAG Bill, now under consideration of the finance ministry, i...

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Category : CAG | Comments : 0 | Hits : 626

IPL T20 2009 had plunged BCCI's profits to Rs 21.2 crore
Posted Date : 12-Sep-2011 , 07:45:08 am | Posted By CASANSAAR

The Indian Premier League T20 tournament has not exactly turned out to be the money spinner for the Board of Control for Cricket in India (BCCI) as everyone believes. The second edition of the widely followed IPL in 2009 that was held in South Africa made a Rs 41.9-crore loss for the BCCI,...

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Category : Income Tax | Comments : 0 | Hits : 249

CAG raps Delhi govt for loss in tax collection
Posted Date : 12-Sep-2011 , 07:41:39 am | Posted By CASANSAAR

Inefficiency, under assessment, irregular claim of tax exemption and other lacunae in revenue collection system of Delhi government may have caused a whopping Rs 3,000 crore loss to the exchequer in 2009-10, according to the CAG. Rapping the government for the shortcomings, the national auditor said...

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Category : Income Tax | Comments : 0 | Hits : 274

Gold price pushes foreign exchange reserves to $320.78 billion high
Posted Date : 11-Sep-2011 , 07:41:40 am | Posted By CASANSAAR

Foreign exchange (forex) reserves rose by $1.61 billion to hit an all-time high of $320.78 billion for the week ended Sep 2 on the back of nearly $3 billion jump in the value of gold reserves, official data showed. The forex reserves kitty has risen for the third consecutive week. The rese...

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Category : International Business | Comments : 0 | Hits : 366

'ICAI studying effects of GST regime'
Posted Date : 10-Sep-2011 , 09:07:16 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) is serious on its role as India prepares to usher in the goods and services tax (GST). Apart from seeking inputs from various users such as traders, commerce organisations and associations, ICAI has also asked its chartered accountant ...

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Category : GST | Comments : 0 | Hits : 454

Centre to move ahead with Companies Bill
Posted Date : 10-Sep-2011 , 09:04:34 am | Posted By CASANSAAR

As part of its effort to showcase its commitment to transparency and accountability, the government has decided to move forward with the Companies Bill, 2011. The Prime Minister's Office has stepped in asking the corporate affairs ministry to move ahead with the proposed legislation. The governme...

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Category : Corporate Law | Comments : 0 | Hits : 380

ICICI Bank to hire 6,000 people this fiscal for biz expansion: Chanda Kochhar
Posted Date : 09-Sep-2011 , 04:21:33 pm | Posted By CASANSAAR

Country's largest private lender ICICI Bank will recruit up to 6,000 people this fiscal to help its business growth and expansion, a top official said today. "Our business is growing between 18 to 20 per cent and we are also adding branches...its expected that we would hire between five to s...

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Category : Banking | Comments : 0 | Hits : 959

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