NRIs can hold accounts in any currency now: RBI
Posted Date : 19-Oct-2011 , 07:08:40 pm | Posted By CASANSAAR
The Reserve Bank on Wednesday said Indians who have non-resident accounts in the country can now hold them in any currency which is fully convertible. The move is likely to help NRIs/Persons of India Origin as it will give them more options in the holding of accounts, and lessen the risk from &nbs...
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RBI |
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Centre asks Haryana govt to take steps to end Maruti strike
Posted Date : 19-Oct-2011 , 07:05:15 pm | Posted By CASANSAAR
The Centre on Wednesday asked the Haryana government to take steps to ensure that the strike at the Manesar plant of Maruti Suzuki India ends soon.Talking to reporters on the sidelines of a function in New Delhi, Union Labour Minister Mallikarjun Kharge, however, ruled out making a direct interventi...
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General |
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CA.Y.H. Malegam joined RBI Board
Posted Date : 19-Oct-2011 , 08:31:24 am | Posted By CASANSAAR
The Government of India has appointed two more members on the Central Board of Directors of the Reserve Bank of India. The new Directors are:
Shri Y.H. Malegam, who has been re-appointed from October 7, 2011 vice Shri H. P Ranina.
Prof. M.V. Rajeev Gowda who has been appo...
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RBI |
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Now, ICAI to turn transparency spotlight on itself
Posted Date : 19-Oct-2011 , 08:27:07 am | Posted By CASANSAAR
Like charity, scrutiny too, it seems, begins at home. After pitching for more disclosure norms for corporates, the Institute of Chartered Accountants of India (ICAI) now wants to usher in more transparency in its own functioning.
The accounting regulator...
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ICAI |
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TDSAT asks Bharti Airtel deposit Rs 25 Cr penalty with DoT
Posted Date : 19-Oct-2011 , 08:24:33 am | Posted By CASANSAAR
Telecom tribunal TDSAT on Tuesday directed Bharti Airtel to pay 50 per cent of the Rs 50 crore penalty imposed by theTelecom Ministry in the matter of alleged violation of licence terms and conditions by the private operator for issuing bulk mobile connections.
Passing an interi...
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General |
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Finance ministry favours extending trading hours for currency futures till 7pm
Posted Date : 19-Oct-2011 , 08:21:42 am | Posted By CASANSAAR
Currency traders may be in for longer working hours if the government has its way. The ministry of finance is understood to be backing a proposal to extend trading hours for currency futures, even though exchanges and brokerages are divided on the subject. The issue cropped up at a recent mee...
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Shares & Stock |
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SAT tells Sahara firms to pay Rs 24k cr in six weeks
Posted Date : 19-Oct-2011 , 08:14:10 am | Posted By CASANSAAR
Group says ‘shocked’, to move Supreme Court.
The Securities Appellate Tribunal (SAT) on Tuesday directed two Sahara group firms to refund a sum of Rs 24,029 crore to 29.6 million investors who had subscribed to its optionally fully convertible debentures (OFCDs).
...
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SEBI |
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Formula 1 : SC notice to UP govt on tax exemption
Posted Date : 18-Oct-2011 , 05:14:57 pm | Posted By CASANSAAR
India's Formula One ambition has hit its first hurdle just two weeks ahead of the first Indian Grand Prix.
The Supreme Court sought explanation from the Uttar Pradesh government for granting tax exemption to Jaypee group, the company organising Formula 1 event in Greater Noida.
A bench headed by...
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Income Tax |
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Cos need not maintain 2 account books: FinMin proposal
Posted Date : 18-Oct-2011 , 08:09:58 am | Posted By CASANSAAR
Companies wanting to migrate to international auditing norms, IFRS, may be spared from maintaining two books of accounts - one under the Companies Act and the other for taxation purposes, if a Finance Ministry proposal gets implemented.
The proposal, which was floated in a Discussion Paper on Tax...
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Corporate Law |
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CBDT releases discussion Paper on Tax Accounting Standards
Posted Date : 18-Oct-2011 , 08:01:34 am | Posted By CASANSAAR
Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes
1. Background
1.1 Section 145 of the Income-tax Act, 1961 („the Act‟) provides that the method of accountin...
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Income Tax |
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FinMin meets Sebi, market players for STT consultation
Posted Date : 18-Oct-2011 , 07:54:09 am | Posted By CASANSAAR
As the demands for lowering statutory levy on share trading get the backing of the Securities and Exchange Board of India (Sebi), the finance ministry today held a meeting to discuss the rationalisation of the Securities Transaction Tax (STT).
However, the final proposal will be...
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Income Tax |
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MCA in favour of corporate governance index
Posted Date : 17-Oct-2011 , 08:48:39 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs today said it is in favour of introducing a corporate governance index that will offer rankings to companies adopting governance standards.
"I would like to introduce a corporate governance index and am working on an award scheme for corporates," Corporate Affair...
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Corporate Law |
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India and Philippines to Sign DTAA Soon: FM
Posted Date : 17-Oct-2011 , 08:47:18 pm | Posted By CASANSAAR
Union Finance Minister Shri Pranab Mukherjee said that there is a need for transparent arrangement with a legal framework for exchange of information between India and Philippines relating to banking and tax related matters. The Finance Minister Shri Mukherjee raised this issue during his bilateral ...
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Income Tax |
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No govt jobs for those with criminal record: SC
Posted Date : 17-Oct-2011 , 08:17:25 am | Posted By CASANSAAR
A person facing criminal cases cannot be considered suitable for appointment in government service unless acquitted of the charges, the Supreme Court has held. Quashing the appointment of constable SK Nazrul Islam, the apex court said, "Surely, the authorities entrusted with the responsibility of ...
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General |
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Firms get govt breather on forex earnings
Posted Date : 17-Oct-2011 , 08:12:05 am | Posted By CASANSAAR
The ministry of corporate affairs, or MCA, has given Indian firms another year to spread their liabilities on account of foreign exchange borrowings accruing from fluctuations in foreign exchange, or forex, rates.
While getting more time to amortize such liabilities will come as a breather fo...
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ICAI |
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EC ropes in I-T dept to check poll funding
Posted Date : 17-Oct-2011 , 08:05:56 am | Posted By CASANSAAR
In a bid to check suspicious transactions, the Election Commission has rolled out fresh guidelines for monitoring of poll funding during the forthcoming elections in five states, including Uttar Pradesh, and has roped in the income tax department and the financial intelligence unit for...
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Income Tax |
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RBI raises per transaction limit to 3,000 USD for exporters
Posted Date : 16-Oct-2011 , 09:18:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) enhanced the limit for retaining foreign currency abroad to 3,000 USD per transaction for exporters against the existing 500 USD.RBI in a statement issued in Mumbai on Friday said the decision has been taken for export related remittances received through Online Payme...
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RBI |
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Carbon tax cannot be addl source of climate finance: Pranab Mukherjee
Posted Date : 16-Oct-2011 , 09:09:45 am | Posted By CASANSAAR
India on Saturday strongly opposed imposition of carbon tax as an additional source of funding to fight climate change. "India believes that some of the measures like carbon export optimisation tax and levy on CDM/offsets violate the principles of the Convention (UNFCCC) as their incidence fall...
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Income Tax |
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Govt committed to make RTI more effective instrument: PM
Posted Date : 15-Oct-2011 , 09:58:11 am | Posted By CASANSAAR
he Prime Minister has asserted that the government is committed to making Right to Information more effective instrument for ensuring transparency and accountability in administration.Elaborating the need to strike a balance between request for information and limited time and resources available wi...
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General |
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Taxmen to bank on high profit segments to meet target
Posted Date : 15-Oct-2011 , 09:51:20 am | Posted By CASANSAAR
Faced with an increased and "difficult" direct taxes target of Rs 5.85 lakh crore this fiscal, the taxmen will focus on high profit-making segments of the economy, a top official said today.
"These are difficult targets to achieve...We will check sections of the economy where profit...
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Banking |
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Value-added tax to be levied on sugar, textiles from April
Posted Date : 15-Oct-2011 , 09:49:03 am | Posted By CASANSAAR
Come April, and you may have to pay more for sugar and textiles.
All the States have arrived at a consensus to levy the Value Added Tax (VAT) on these two items from April 1, 2012.
The Centre had allowed them to levy it from April 1, 2006 in lieu of additional excise duty (AED) on sugar and text...
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VAT |
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IIM-B has a week accounting system
Posted Date : 14-Oct-2011 , 03:15:57 pm | Posted By CASANSAAR
Urging autonomous bodies to incorporate better accounting practices, Director General, Office of the Comptroller and Accounting General of India, K P Sasidharan said that even Indian Institute of Management, Bangalore (IIM-B) has a weak accounting system.
“Institutions like IIM-B are capabl...
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Accounts |
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Mahindra Satyam can deposit nominee directors' salaries in Treasury: CLB
Posted Date : 14-Oct-2011 , 03:05:22 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has suggested that Satyam Computer deposit the salary of directors nominated to its board by the Government after a multi-crore accounting fraud was exposed at the IT firm in the Government treasury.
Filing a reply before the Company Law Board, the Ministry of Co...
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Corporate Law |
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Commodity, bullion trade to come under the I-T radar
Posted Date : 14-Oct-2011 , 08:15:30 am | Posted By CASANSAAR
A tardy progress in tax collection has triggered this reform. The government has decided to bring mining along with bullion and commodity trade on the income tax radar in the current financial year so as to promptly detect tax evasion and garner additional revenue.
The Income Tax de...
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Income Tax |
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Govt paves way for easy loan recovery by banks
Posted Date : 14-Oct-2011 , 08:12:02 am | Posted By CASANSAAR
The Cabinet on Thursday cleared two amendment Bills paving the way for banks to recover loans from errant borrowers. The move would also help the financial institutions to reduce their non-performing assets and release funds for home, retail or corporate credit needs.
The Bills to a...
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Banking |
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New SBI management under govt scanner
Posted Date : 14-Oct-2011 , 08:10:13 am | Posted By CASANSAAR
The performance of the new State Bank of India Management is under the scanner, given the steep rise in the provisioning levels and the manner in which the country's largest lender handled the Moody's ratings downgrade. Top government officials are blaming the new management comprisin...
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Banking |
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Working hours of the Articled Assistants doing CA
Posted Date : 14-Oct-2011 , 08:07:46 am | Posted By CASANSAAR
The Council has considered the issue regarding the working hours of the articled assistants . The Council is of the view that the article training is an important part of the CA curriculum and the same needs to be carried out in accordance with the scheme framed by the ICA...
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Students Zone |
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Helpline for November, 2011 CA Examinations
Posted Date : 13-Oct-2011 , 08:32:13 pm | Posted By CASANSAAR
Help Line Desk - Admit Card Do you have any query about NOVEMBER, 2011 examination? The Help Line Desk will be functional from 11th October to 11th NOVEMBER, 2011 for 24 hours on all days (inclusive of holidays and Sundays) to attend to any query relating to the ensuing Chartered Accountan...
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Students Zone |
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Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 approved
Posted Date : 13-Oct-2011 , 08:24:47 pm | Posted By CASANSAAR
The Union Cabinet today approved introduction of the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 in the next session of Parliament. The proposed amendments would enable banks to improve their operational efficiency, deploy more funds for credit disbursemen...
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Finance |
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Govt unveils new policy to help PSUs buy overseas assets
Posted Date : 13-Oct-2011 , 08:23:10 pm | Posted By CASANSAAR
The government on Thursday unveiled a new policy which accords greater autonomy to profit-making PSUs in acquiring raw material assets abroad, and said it will also consider setting up a sovereign wealth fund."While some countries have already taken the lead in acquiring the sources of raw material ...
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International Business |
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