Cabinet makes hallmarking gold jewellery mandatory: Minister
Posted Date : 04-Jan-2012 , 02:00:18 pm | Posted By CASANSAAR
The government has made hallmarking gold jewellery for quality control mandatory, a senior government minister said. India is the world's biggest consumer of gold but quality is sometimes a problem, especially when small jewellers and customers face problems during redemption. At present, abo...
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General |
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HC rejects DLF plea against SEBI probe, imposes Rs 2 lakh cost
Posted Date : 04-Jan-2012 , 08:38:10 am | Posted By CASANSAAR
The Delhi High Court on Tuesday imposed a cost of Rs 2 lakh on realty major DLF while dismissing its plea against market regulator SEBI's order to probe an allegation that it duped a city-based businessman of Rs 34 crore in collusion with its associate firm Sudipti Estates.
Justice Vipin ...
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SEBI |
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Companies Bill may be cleared in Budget session: Veerappa Moily
Posted Date : 04-Jan-2012 , 08:34:06 am | Posted By CASANSAAR
Corporate Affairs Minister Veerappa Moily today said the Companies Bill is expected to be cleared in the forthcoming Budget Session despite its withdrawl after being tabled in the winter session. "Yes, it is likely to be tabled in the Budget session of Parliament," Moily said when asked about t...
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Corporate Law |
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Online service tax refund of tax on 18 services
Posted Date : 04-Jan-2012 , 08:31:55 am | Posted By CASANSAAR
As exports face adverse conditions amid a slowdown in growth, the government today came out with a mechanism to provide online refunds of tax paid on 18 services used beyond factory gate for outbound shipment of goods. Upbeat exporters exuded confidence that they can tackle the difficult situation...
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Service Tax |
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File validation Utility (FVU) version 3.3 for FY 2010-11 onwards and version 2.131 for upto FY 2009-10 released
Posted Date : 04-Jan-2012 , 08:28:21 am | Posted By CASANSAAR
FVU 3.3 will be applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards
Mandatory to quote Book Identification Number – BIN (in case of regular statement) for tax deposited by book entry (transfer voucher – applicable only in...
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Income Tax |
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SB a/c number portability on anvil: FinMin
Posted Date : 03-Jan-2012 , 09:35:09 pm | Posted By CASANSAAR
The Finance Ministry is working on savings banks account number portability, which will allow a customer to retain his account number while changing his bank.
"We want to do it [savings a/c number portability]. Right now there are some technical problems...We have identified them. We will...
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Banking |
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Employment increases by over 3% in quarter ending Sep
Posted Date : 03-Jan-2012 , 09:27:39 pm | Posted By CASANSAAR
Employment in the country has increased by over three per cent in the quarter ending September. According to the twelfth quick employment survey of the Labour and Employment Ministry, job generation has increased in respect of all sectors except Leather and Transport where there was a marginal fall....
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Income Tax |
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Foreign individuals can invest in public issues
Posted Date : 03-Jan-2012 , 02:13:40 pm | Posted By CASANSAAR
A foreign Individual, a foreign pension fund or even a foreign trust can invest in initial public offerings (IPOs) or follow-on public offers (FPOs) of Indian companies.
The Government on Monday clarified that such ‘qualified foreign investors' (QFIs) will be allowed to invest in public off...
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Shares & Stock |
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Money seized in I-T searches can be set off against advance tax
Posted Date : 03-Jan-2012 , 08:59:47 am | Posted By CASANSAAR
The ruling relates to a case involving Ram S Sarda, from whose premises cash was seized by the Income-tax officials after a search. Subsequently, the taxpayer requested the income-tax department to treat the seized cash as payment of advance tax. The department ignored this and levied interest u...
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Income Tax |
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Sebi, RBI work on QFI nitty-gritty
Posted Date : 03-Jan-2012 , 08:53:59 am | Posted By CASANSAAR
Market regulator Sebi and banking watchdog RBI are working out the nitty-gritty of the likely entry of qualified foreign investors (QFIs) into India so that the just-announced scheme for other nationals besides pension funds and similar entities from abroad could be operationalised by January 15.
...
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SEBI |
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PFC's Rs 5,000-cr tax-free Bonds
Posted Date : 03-Jan-2012 , 08:47:53 am | Posted By CASANSAAR
Power Finance Corporation (PFC) has come out with a Rs 5,000-crore tax-free bond issue. PFC is a Navratna Government of India undertaking with the government holding 73.72% stake in it. Allotment will be made on a first-come-first-serve basis and the issue closes on January 16. The Product There...
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Finance |
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Banks revise FCNR(B) deposit rates
Posted Date : 03-Jan-2012 , 08:44:47 am | Posted By CASANSAAR
As part of their efforts to raise more foreign currency resources from Indians abroad, commercial banks have revised rates on dollar- and pound sterling-denominated term foreign currency deposits for some maturities.
The revision is based on the assessment of liquidity, asset liability an...
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Banking |
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RBI governor D Subbarao hints at soft monetary policy
Posted Date : 02-Jan-2012 , 08:27:55 pm | Posted By CASANSAAR
Concerned over the declining growth, Reserve Bank Governor D Subbarao has indicated that the central bank could reverse the tight monetary stance adopted by it since March 2010 to tame inflation. "From here on we could expect reversal of monetary tightening," Subbarao told the BBC in an interview...
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RBI |
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Union Budget to be presented after elections in five states
Posted Date : 02-Jan-2012 , 05:22:24 pm | Posted By CASANSAAR
The Union Budget will be presented after the completion of elections in five states.The Finance Minister Pranab Mukherjee today said in New Delhi that final dates will be announced after due consultations.He was replying to a query on the likely date for presentation of the Budget.The general budget...
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Finance |
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Falling rupee: Ministry breather for companies with forex debt
Posted Date : 02-Jan-2012 , 09:09:24 am | Posted By CASANSAAR
Needn’t show MTM losses on some counts till decade-end; many may choose to write back Sept losses.
Friday’s accounting rule relaxation order from the Union ministry of corporate affairs should again lift the shares of companies that had taken a beating due to high foreign exch...
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Corporate Law |
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Sebi's tough stand against IPO cheats sends out right signals
Posted Date : 02-Jan-2012 , 09:05:47 am | Posted By CASANSAAR
Last week, the Securities and Exchange Board of India (Sebi) punished seven companies for malpractices committed during their IPO process. It also took action against the merchant bankers who managed the issues. These companies have all had their IPOs in recent months. The malpractices took the s...
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SEBI |
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Govt allows Qualified Foreign Investors to directly invest in Indian equity market
Posted Date : 02-Jan-2012 , 09:02:34 am | Posted By CASANSAAR
The New Year has kicked off with a major economic reform initiative that will allow foreign individuals to directly buy and sell shares of Indian companies in the country’s stock markets.The government has decided to allow Qualified Foreign Investors, to directly invest in the Indian equity ma...
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Finance |
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ICAI warns against misuse of question papers, suggested answers, revisionary test papers, supplementary study material, result etc pertaining to CA examination
Posted Date : 01-Jan-2012 , 10:40:18 pm | Posted By CASANSAAR
For the sake of information and academic guidance of students, specified material like question papers, suggested answers, revisionary test papers, supplementary study material, result etc pertaining to CA examinations are being published and hosted in the website www.icai.org from time to tim...
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ICAI |
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Happy New Year: Over 5 lakh new jobs in 2012
Posted Date : 01-Jan-2012 , 05:44:50 pm | Posted By CASANSAAR
The new year may bring in loads of cheers for job-seekers, as the experts expect the companies to hire more than five lakh new employees during 2012 despite the uncertainties prevailing about the overall economic scenario.
Adding to the cheers of the job market, the employees could expect doubl...
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General |
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Extension of last date for compliance of CPE hours requirement for Members holding COP
Posted Date : 01-Jan-2012 , 02:29:51 pm | Posted By CASANSAAR
FOR INFORMATION OF THE MEMBERS
Subject: Extension of last date for complying with the CPE hours requirement for the calendar year 2011 for the members holding COP from 31st December, 2011 to 31st March, 2012This is for kind information of the members that the Council of the Institute ha...
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ICAI |
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Asians, Australians welcome New Year with great fanfare
Posted Date : 01-Jan-2012 , 09:44:05 am | Posted By CASANSAAR
People in Asia and Australia welcomed New Year 2012 with great fanfare, while celebrations are underway in Europe.Sydney heralded the New Year with a 15-minute multi-million dollar firework display at midnight. Sydney's spectacular firework had the theme- Time to Dream which was about giving people ...
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General |
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Over Rs 2 Hike In Petrol Price From Monday Likely
Posted Date : 31-Dec-2011 , 07:54:13 pm | Posted By CASANSAAR
A hike of about Rs 2.10-2.13 per litre in petrol price is needed because of weakening Indian currency, but oil companies are unlikely to revise rates today as scheduled and instead may do so on Monday. State-owned oil companies, as per practice, revise rates of petrol on 1st and 16th of ev...
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General |
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Indraprastha Gas increases CNG price by Rs. 1.75 per Kilogram in NCR
Posted Date : 31-Dec-2011 , 03:33:15 pm | Posted By CASANSAAR
Indraprastha Gas Limited has increased the price of Compressed Natural Gas (CNG) by Rs. 1.75 per Kilogram in the national capital. The revised price came into effect on Friday midnight. It is now Rs. 33.75 per kg in Delhi. The CNG prices have also gone up in Noida, Greater Noida and Ghaziabad by ...
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General |
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Metro man Sreedharan retires today
Posted Date : 31-Dec-2011 , 01:35:07 pm | Posted By CASANSAAR
E Sreedharan retires today as Delhi Metro Rail Corporation chief tomorrow and hand over the reins to colleague Mangu Singh after a highly successful 16-year tenure during which he transformed the capital's transport sector through the Metro.79-year-old Sreedharan, who joined the DMRC in 1995, wi...
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General |
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Seized cash to be returned only after tax review: I-T Dept
Posted Date : 31-Dec-2011 , 08:17:41 am | Posted By CASANSAAR
The Income Tax department today said cash confiscated by surveillance teams on the directions of Election Commission will be returned only after the completion of assessment of I-T returns for 2011-12 fiscal which may take up to two years.
"Persons whose cash has been seized (by surveillance team...
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Income Tax |
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Sebi allows 2 and 5 year IRFs in G-secs
Posted Date : 31-Dec-2011 , 08:15:32 am | Posted By CASANSAAR
In order to help investors guard against interest rate fluctuations, capital market regulator Sebi today introduced two-year and five-year exchange-traded IRFs (Interest Rate Futures) in government bonds. "It has now been decided to permit the introduction of cash settled futures on 2-year and 5-...
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SEBI |
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RBI unveils draft Basel III capital norms for banks
Posted Date : 31-Dec-2011 , 08:10:02 am | Posted By CASANSAAR
The RBI says Tier 1 capital comprising pure equity and statutory and capital reserves must be at least 7 per cent and total capital must be at least 9 per cent of risk-weighted assets (RWAs).
In order to strengthen risk management mechanism, the Reserve Bank today issued draft guideline envisagin...
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RBI |
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Auditor disowns Prithvi Information report; refuses to sign accounts
Posted Date : 30-Dec-2011 , 08:23:17 am | Posted By CASANSAAR
The auditor of the Hyderabad based software outsourcer Prithvi Information Solutions (PISL) have refused to sign the financial accounts of the company for 2010-11. According to a copy of the minutes of the annual general meeting (AGM) seen by ET and also filed by the company with BSE, VK Asthana ...
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Auditing |
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Non-residents can now hedge currency risk with banks
Posted Date : 30-Dec-2011 , 08:18:45 am | Posted By CASANSAAR
To protect foreigners who lend to Indian NGOs in a violatile rupee market, the Reserve Bank of India (RBI) has permitted them to buy forward cover for their loans.
The measures announced by RBI said foreign equity holders, including overseas organisations or individuals, can approach Indian bank ...
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Banking |
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Black money in polls: Election Commission deploys 204 Indian Revenue Service officials
Posted Date : 30-Dec-2011 , 08:08:36 am | Posted By CASANSAAR
To curb instances of black money use during the polls in five states, 204 Indian Revenue Service (Income Tax) officials have been deployed as 'expenditure observers' by the Election Commission. A total of 204 IRS officers, in the ranks of Additional Commissioners of Income Tax, largely drawn from...
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Income Tax |
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