RBI starts a new lender clan
Posted Date : 03-Dec-2011 , 08:41:31 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has put out guidelines for a new category of non-banking finance companies (NBFCs), which would be involved only in micro lending.
NBFCs which have minimum net owned funds of up to `5 crore and over 85% of their net assets in the nature of ‘qualifying assets&...
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RBI |
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Forex reserves plunge to 9-month low; may continue slide through June 2012
Posted Date : 03-Dec-2011 , 08:34:38 am | Posted By CASANSAAR
India's forex reserves fell to a nine-month low despite a temporary reprieve to the rupee which, if inflows don't revive, may resume its slide through June 2012 as more than a $100 billion of debt repayments begin to unfold. Currency strategists HSBC to CLSA are forecasting the Indian rupee to t...
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Finance |
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Tata Steel partly shuts Wales strip mill, cuts 115 jobs
Posted Date : 03-Dec-2011 , 08:32:41 am | Posted By CASANSAAR
Tata Steel on Friday said it has temporarily shut down its hot strip mill partly in South Wales and has cut 115 jobs at the plant due to poor demand from within Britain. "Tata Steel is temporarily to mothball the hot strip mill at its Llanwern site in Newport, South Wales, wi...
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International Business |
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Mandatory Publication of Central Government and Public Sector Tender Enquiries on the Central Public Procurement Portal
Posted Date : 03-Dec-2011 , 08:30:21 am | Posted By CASANSAAR
In pursuance of the recommendations of the Committee on Public Procurement headed by Shri Vinod Dhall and the decisions thereon of the Group of Ministers constituted to consider measures to tackle corruption and ensure transparency, the Department of Expenditure, Ministry of Finance has on 30th Nove...
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General |
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Do not to process over 3-month old cheques: RBI
Posted Date : 02-Dec-2011 , 06:32:07 pm | Posted By CASANSAAR
The Reserve Bank of India on Friday directed primary urban cooperative banks not to make payments on cheques and other financial instruments that are over three months old, with effect from April next year. "RBI directs that with effect from April 1, 2012, banks should not make payment of chequ...
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RBI |
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Companies worried about transfer pricing, says KPMG survey
Posted Date : 02-Dec-2011 , 08:38:38 am | Posted By CASANSAAR
India's bureaucratic tax system, more than tax rate, impacts investment decisions by foreign companies planning to set shop in the country. Unclear tax policies coupled with lengthy filing processes have made the country's tax regime moderately conducive for business, according to a survey conduc...
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Income Tax |
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Govt hopeful of House panel report on DTC in winter session
Posted Date : 02-Dec-2011 , 08:36:52 am | Posted By CASANSAAR
The Government expects that the Parliamentary standing committee report on the Direct Tax Code (DTC) will be presented during the ongoing winter session to enable implementing tax reforms by April next, a senior Finance Ministry official said today. "Right now, the Bill is before the standing commit...
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Income Tax |
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ICAI to sign deal with New Zealand body
Posted Date : 02-Dec-2011 , 08:35:35 am | Posted By CASANSAAR
The CA institute plans to ink a mutual recognition agreement (MRA) with the New Zealand Institute ofChartered Accountants (NZICA) in January next year.
“We are in the final stages. The agreement may be signed during an ...
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Income Tax |
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SBI raises deposit rates on NRE and FCNR accounts
Posted Date : 02-Dec-2011 , 08:34:22 am | Posted By CASANSAAR
The country's largest lender SBI has raised interest rates on Foreign Currency Non-Resident (FCNR) accounts and Non Resident-External rupee term deposits accounts by 5-15 basis points in order attract higher foreign deposit. While the public sector lender has raised interest rates by 12-15 basis...
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Banking |
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Panel on curbing black money gets 2-month extension
Posted Date : 02-Dec-2011 , 08:29:13 am | Posted By CASANSAAR
The government has given a two-month extension to the term of the Central Board of Direct Taxes (CBDT) committee that is examining ways to strengthen laws to curb the generation of black money in the country, its illegal transfer abroad and its recovery.
The panel was originally given tim...
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Income Tax |
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Life insurers with 10 years of operations can go public: IRDA
Posted Date : 02-Dec-2011 , 08:25:52 am | Posted By CASANSAAR
The much-awaited norms for public issues of life insurance companies have been notified in the Gazette by the Insurance Regulatory and Development Authority.
As per the norms, only those companies which completed 10 years of operations can apply for permission to go for public issues.
Before fil...
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General |
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Parliament adjourned for 8th day on FDI, PM meets UPA allies
Posted Date : 01-Dec-2011 , 02:42:19 pm | Posted By CASANSAAR
The stalemate in Parliament over FDI in retail and other issues led to adjournment of both Lok Sabha and the Rajya Sabha for the eighth consecutive day today. When the Houses re-assembled at 12.00 Noon, similar noisy situation prevailed. Lok Sabha was adjourned following uproar over the issue o...
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General |
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PPF to earn higher returns from Dec 1
Posted Date : 01-Dec-2011 , 08:16:52 am | Posted By CASANSAAR
The finance ministry has notified rules which will pave the way for small savings account holders to earn higher returns from December 1. Earlier this month, the government had accepted the recommendations of a panel which would help investors earn higher interest on sm...
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General |
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FDI in retail: 5 crore traders to down shutters today
Posted Date : 01-Dec-2011 , 08:11:50 am | Posted By CASANSAAR
Several Bharti-Walmart storeswill remain closed on Thursday as a precautionary measure due to the bandh called by traders across the country, sources said.World's second largest retailer Carrefour, which is present in the wholesale segment in the country, also beefed up security at its stores i...
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International Business |
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IRDA's guidelines on web aggregators
Posted Date : 01-Dec-2011 , 08:08:43 am | Posted By CASANSAAR
Recently, the Insurance Regulatory and Development Authority (Irda) announced two online initiatives that could be of interest to insurance-seekers. The first one is the extensive guidelines pertainining to web aggregators and the other is the launch of a mobile application to compare unit...
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General |
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Draft Public Procurement Bill, 2011 ; Comments and Suggestions Sought by 24th December, 2011
Posted Date : 01-Dec-2011 , 08:05:15 am | Posted By CASANSAAR
urrently there is no overarching legislation governing public procurement by the Central Government and Central Public Sector Enterprises (CPSEs). The General Financial Rules, 2005 govern procurements made by the Central Government. Some Ministries/ Departments have specific ...
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General |
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Posted Date : 01-Dec-2011 , 07:55:40 am | Posted By CASANSAAR
Foreign healthcare services firms are not liable for tax in India as payments for such services cannot be construed as royalty, according to a ruling by a Mumbai tax tribunal. The order by the Income Tax Appellate Tribunal (ITAT) was in response to the income tax department's position that forei...
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Service Tax |
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Vodafone broke FDI cap in Hutch deal, breach continues, says CBDT
Posted Date : 01-Dec-2011 , 07:52:30 am | Posted By CASANSAAR
A new controversy is set to cloud the telecom sector and queer the pitch for Vodafone in the R11,000 crore tax appeal before the Supreme Court. According to a note prepared by the Central Board of Direct Tax for the Foreign Investment Promotion Board, which has the approval of the finance secreta...
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Income Tax |
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Petrol prices slashed by 78 paise per litre
Posted Date : 30-Nov-2011 , 10:00:37 pm | Posted By CASANSAAR
Petrol price has been slashed by 78 paise, a litre in Delhi. Petrol in Delhi will cost 65.64 rupees per litre against the present 66.42. This will come in to force from midnight tonight.Petrol will cost 82 paise less in Kolkata and Mumbai and 83 paise less in Chennai. This is the second reduction in...
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General |
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Satyam staff fined Rs 5 lakh for insider trading
Posted Date : 30-Nov-2011 , 08:54:09 am | Posted By CASANSAAR
Sebi has imposed a penalty of Rs 5 lakh on G Jayaraman, compliance officer of erstwhile Satyam Computer alleging violation of insider trading rules. Sebi conducted an investigation relating to insider trading in shares of Satyam in 2008-09. It revealed that company's announcement on December 16,...
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SEBI |
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Denmark, Finland pass information on 1,500 transactions by Indians
Posted Date : 30-Nov-2011 , 08:51:37 am | Posted By CASANSAAR
India has received information on around 1,500 transactions from Denmark and Finland under Double Taxation Avoidance Agreements with these countries and the CBDT is looking into the data.
"... Information relating to around 1,500 transactions has been recently received from Denmark and Fi...
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Income Tax |
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Finance committee says tax exemptions to ICC unjustified
Posted Date : 30-Nov-2011 , 08:49:33 am | Posted By CASANSAAR
The Rs 45 crore tax exemption given to the ICC on the revenue generated from this year's cricket World Cup here was "unjustified and devoid of merit", the Standing Committee on Finance has concluded in an inquiry.The World Cup was jointly hosted by India, Sri Lanka and B...
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Finance |
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Measures to Control External Capital Flows
Posted Date : 30-Nov-2011 , 08:45:30 am | Posted By CASANSAAR
Volatility is inherent in any market. It is an outcome of perceptions of the investors – domestic and overseas, retail and institutional – about the economy, the sector and the company. The domestic fundamentals of economy are strong and intact.
Capital flows on account of ...
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Finance |
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Notification for Launch of 10-Year National Savings Certificate (IX-Issue), 2011 Issued
Posted Date : 30-Nov-2011 , 08:44:50 am | Posted By CASANSAAR
In accordance with the decisions taken by the Government on the basis of the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF), headed by Smt Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India, Notifications on chang...
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Income Tax |
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Delhi one of the most unsafe cities in India, says study
Posted Date : 29-Nov-2011 , 08:54:56 pm | Posted By CASANSAAR
The National Capital has emerged as one of the most unsafe cities along with Patna, Kanpur and Meerut in the country, according to a report by online realty portal 99acres.com. The report, which was prepared by global market research firm YouGov on behalf of 99acres.com, has found Chandigarh to b...
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General |
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New companies bill retained the provision for rotation of auditors every five years
Posted Date : 29-Nov-2011 , 03:54:06 pm | Posted By CASANSAAR
The government is likely to retain various contentious provisions in the new Companies Bill, like fixed term for independent directors and rotation of auditors every five years, despite concerns raised by industry. In thefinal draft of Companies Bill 2011, the Co...
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Income Tax |
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ICAI examining violation of Chartered Accountants Act: Government
Posted Date : 29-Nov-2011 , 08:18:10 am | Posted By CASANSAAR
Accounting regulator ICAI is examining violation of certain clauses of the Chartered Accountants Act by multinational audit firms, Parliament was informed today. "Some instances of violations have come to the notice of the Institute of Chartered Accountants of India (ICAI) which is examining the...
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ICAI |
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Supreme Court issued notice to SEBI on Sahara companies' plea
Posted Date : 29-Nov-2011 , 08:15:52 am | Posted By CASANSAAR
The Supreme Court Monday issued notice to the securities and exchange regulator on a plea of two Sahara group companies which challenged a Securities Appellate Tribunal's (SAT) award directing them to refund Rs.17,400 crore they had collected from investors through Optional Fully Convertible Deb...
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SEBI |
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RBI approves Air India debt restructuring
Posted Date : 29-Nov-2011 , 08:14:26 am | Posted By CASANSAAR
Air India Ltd has won the central bank’s approval for a debt recast plan crucial to the state-run carrier receiving desperately needed government funds over the next 10 years. The Reserve Bank of India (RBI) has, however, approved some of the loss-making carrier’s proposals while rejecti...
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Income Tax |
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CBEC seeks more staff to meet growing workload
Posted Date : 29-Nov-2011 , 08:10:14 am | Posted By CASANSAAR
The Central Board of Excise and Customs (CBEC) has asked the government for 25,000 more employees, equivalent to 40% of its current staffing level, to meet the growing workload.
The finance ministry unit helps formulate ...
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Excise |
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