RBI slaps fine on Kolhapur bank for violating KYC norms
Posted Date : 08-Jul-2011 , 09:55:25 pm | Posted By CASANSAAR
he Reserve Bank today imposed a penalty Rs 5 lakh on Kolhapur District Central Co-operative Bank for violation of guidelines related to Know Your Customers (KYC) norms and Anti Money Laundering standards.
"The RBI has imposed a monetary penalty of Rs 5 lakh on Kolhapur District Central Co-operative...
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Banking |
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SBI denies funding to realty projects in disputed areas
Posted Date : 08-Jul-2011 , 09:52:46 pm | Posted By CASANSAAR
Adopting a cautious approach in the wake of Supreme Court asking the U P government to return land to original owners, country's largest lender SBI today said it will not finance real estate projects which are mired in disputes over acquisition of land.
"...If in a particular area where there has b...
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Banking |
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Mumbai, New Delhi among 5 cheapest places in world
Posted Date : 08-Jul-2011 , 09:38:36 pm | Posted By CASANSAAR
Government may be finding it difficult to battle soaring inflation in the country, but a global survey has found two key Indian cities -- Mumbai and New Delhi -- to be amongst the five cheapest places to live. In a Worldwide Cost of Living Survey , India's financial capital Mumbai has bee...
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General |
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Companies will have to disclose CSR contributions: MCA
Posted Date : 08-Jul-2011 , 07:17:57 pm | Posted By CASANSAAR
The government today said it would be mandatory for corporates to disclose to shareholders whether they have made a contribution of 2% of net profit toward corporate social responsibility activities.
"We have made it mandatory for all corporates to disclose (CSR spend of 2% to sharehol...
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Corporate Law |
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SC declines Sahara plea to issue notice to govt on OFCD issue
Posted Date : 08-Jul-2011 , 04:42:21 pm | Posted By CASANSAAR
The Supreme Court today declined the Sahara Group's plea to issue a notice to the government in connection to a dispute with market regulator Sebi, which had directed the firm to return funds raised from investors under an OFCD scheme along with 15% interest.
"We do not want Union of Indi...
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SEBI |
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Govt may challenge SIT probing black money
Posted Date : 08-Jul-2011 , 03:48:14 pm | Posted By CASANSAAR
The Government is exploring legal options on the Supreme court order to set up a Special Investigation Team (SIT) on black money. Sources have told CNN-IBN that the Government is considering seeking a review of the Supreme Court order but no decision has been taken yet.
Criticising the Government...
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General |
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SBI to seek govt nod for rights issue this month
Posted Date : 08-Jul-2011 , 12:14:16 pm | Posted By CASANSAAR
The State Bank of India (SBI) on Thursday said it would soon seek government approval for its Rs 20,000-crore rights issue. The bank will give a revised proposal to the finance ministry this month.
“The draft proposal is with us. We are going to submit it this month to the ministry,&r...
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Corporate Law |
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ICAI to suggest ways to deal with black money
Posted Date : 08-Jul-2011 , 07:37:08 am | Posted By CASANSAAR
As the heat turns on the government on the issue of black money, the Institute of Chartered Accountants of India (ICAI) on Thursday said it would suggest to the finance ministry ways to track and control illicit money.
A committee, consisting of nine members of ICAI’s central council ...
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ICAI |
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SC gives two weeks relief to Satyam in tax case
Posted Date : 08-Jul-2011 , 07:30:39 am | Posted By CASANSAAR
The Supreme Court on Thursday directed that the order of the Central Board of Direct taxes (CBDT) with regard to its multi crore tax demand from Mahindra Satyam Computer will not come into effect for two weeks.
The order of the Apex Court headed by Chief Justice of India SH Kapadia, Justice...
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Income Tax |
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Direct tax collection in Q1 up 24 percent
Posted Date : 08-Jul-2011 , 07:27:39 am | Posted By CASANSAAR
The country's direct tax collection has increased almost 24 percent in the first quarter of the current fiscal year and stood at Rs.104,136 crore as compared to Rs.84,041 crore in the like period of last fiscal, official data showed on Thursday. According to the figures released by the finance minis...
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Income Tax |
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SC to hear Sahara plea against SEBI order tomorrow
Posted Date : 07-Jul-2011 , 09:04:17 pm | Posted By CASANSAAR
The Supreme Court will tomorrow hear the Sahara group firm''s plea against the SEBI order to return the money, along with 15 per cent interest, collected from investors through its Optionally Fully Convertible Debentures (OFCD) scheme.
The plea would be heard by a three-member bench headed ...
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SEBI |
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FM to review performance of public sector banks next month
Posted Date : 07-Jul-2011 , 05:07:48 pm | Posted By CASANSAAR
Finance Minister Pranab Mukherjee will review the performance of all public sector banks next month after the release of financial numbers by the lenders for 2010-11 financial year.
"We will have a review next month with the Finance Minister ... may be towards the end of May," Departme...
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Banking |
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Bharti Airtel to re-structure operations in India and South Asia
Posted Date : 07-Jul-2011 , 04:36:35 pm | Posted By CASANSAAR
Bharti Airtel said on Thursday it would have a new organisation structure for its operations in India and South Asia, effective Aug. 1, to improve efficiency. Mobile, fixed-line, digital TV and other consumer businesses such as mobile commerce will be part of the business to customer (B2C) unit...
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Merger & Acquisitions |
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Union Textiles Minister Dayanidhi Maran quits
Posted Date : 07-Jul-2011 , 03:03:01 pm | Posted By CASANSAAR
Textiles Minister Dayanidhi Maran has submitted his resignation to Prime Minister Manmohan Singh, informed sources said Thursday, a day after the CBI alleged that he forced telecom promoter C. Sivasankaran to sell his Aircel stake to the Maxis group considered close to his family.
The DMK...
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General |
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DGCA busts fake flying school in Delhi
Posted Date : 07-Jul-2011 , 12:51:16 pm | Posted By CASANSAAR
A fake flying school has been busted by the Directorate General of Civil Aviation (DGCA) in the capital. One person was arrested and an FIR was filed by the Delhi police in this regard.
The action was taken after the DGCA received a complaint on fake flying school. The pilot training institute wa...
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General |
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SEZ sales by realtors under I-T scanner
Posted Date : 07-Jul-2011 , 12:50:34 pm | Posted By CASANSAAR
Smelling the possibility of major tax evasion and routing of unaccounted income, the income tax department has started re-opening cases pertaining to the sale of sites in Special Economic Zones (SEZs) by developers, especially to associated entities.
A senior I-T department official associated wi...
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Income Tax |
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45 Sail Employees Bag Eleven Prime Minister
Posted Date : 07-Jul-2011 , 10:57:59 am | Posted By CASANSAAR
Employees of Maharatna Steel Authority of India Limited (SAIL) have once again proved their mettle. Of the 33 Prime Minister’s Shram Awards announced for calendar year 2010 by the Ministry of Labour, Government of India, yesterday, 17 of which went to PSUs, SAIL employees have bagged 11 awards...
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General |
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First quarter tax collection figures belie fears of economic slowdown
Posted Date : 07-Jul-2011 , 07:39:21 am | Posted By CASANSAAR
Belying slowdown fears, the government’s net indirect tax receipts recorded 32 per cent increase to Rs 76,499 crore, while gross direct tax collections rose about 23 per cent to Rs 1,03,000 crore in the first quarter ending June 2011. Net direct tax receipts, however, showed about 17 per cent ...
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Income Tax |
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RBI caps banks
Posted Date : 07-Jul-2011 , 07:32:01 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday capped banks’ investments in non-financial companies to prevent commercial lenders from taking control of the management of these entities.
Investments are capped at 10% of the equity of the company or equity and reserves of the bank, which...
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RBI |
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Indrajit Banerjee bags best CFO of the Year award
Posted Date : 06-Jul-2011 , 09:31:56 pm | Posted By CASANSAAR
Indrajit Banerjee, Chief Financial Officer of Cairn India Ltd has been adjudged the best CFO of the year in the Best Treasurer category. Finance Minister Pranab Mukherjee conferred the Business Today CFO of the Year (Best Treasurer Category) on Banerjee at a function here yesterday, the company said...
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Finance |
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CEO of Universal Commodity Exchange resigns
Posted Date : 06-Jul-2011 , 03:20:40 pm | Posted By CASANSAAR
India's Universal Commodity Exchange's Chief Executive Samir Shah resigned on July 5, citing personal reasons, about a month after he joined the company.
"I am going for personal reasons. I am going back to Singapore, it didn't work for me...," Shah told Reuters.
Shah is in the process of inform...
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General |
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0 | Hits : 818
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SC upholds HC ruling against acquisition of Greater Noida land
Posted Date : 06-Jul-2011 , 03:18:26 pm | Posted By CASANSAAR
The Supreme Court today upheld the Allahabad High Court order quashing the acquisition of over 156 hectares of land from farmers in Greater Noida in Uttar Pradesh and allotting it to builders.
The court also imposed Rs 10 lakh as cost on the Greater Noida Industrial Development Authority (GNIDA) ...
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General |
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Prime Minister Shram awards for 2010 Announced to 76 Workers
Posted Date : 06-Jul-2011 , 12:26:15 pm | Posted By CASANSAAR
The Government of India on Tuesday announced the Prime Minister’s Shram Awards for the year 2010 to be awarded to 76 workers employed in the Departmental Undertakings & Public Sector Undertakings of the Central and State Governments and Private Sector Units employing 500 or more wo...
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General |
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Government of India and World Bank Sign US$200 million Agreement to Strengthen Local Government System in Kerala
Posted Date : 06-Jul-2011 , 12:12:20 pm | Posted By CASANSAAR
To strengthen the capacity of gram panchayats and municipalities in Kerala, an IDA credit of US$200 million was signed between the Government of India and the World Bank in Thiruvananthapuram yesterday. The Kerala Local Government and Service Delivery Project will fund improvements in local infrastr...
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General |
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0 | Hits : 821
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Bombay HC questions women's working hours
Posted Date : 06-Jul-2011 , 10:28:18 am | Posted By CASANSAAR
Calling for a change in mindset, the Bombay High Court on Tuesday observed that if men are allowed to work late hours then why should there be a restriction on the working hours for women.
"Why is it that men work till 1:30 in the night but women should work only till 9:30 pm? You (Maharash...
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General |
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0 | Hits : 1172
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SC pulls up Mayawati govt over UP's land policy
Posted Date : 06-Jul-2011 , 10:23:27 am | Posted By CASANSAAR
The Supreme Court on Tuesday pulled up Mayawati government of the land acquisition policy of Uttar Pradesh, and driving out poor people from the state.
The Supreme Court ruled that the Uttar Pradesh government's land acquisition policy is anti-people and a sinister campaign.
The court also said ...
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General |
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0 | Hits : 740
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Hefty penalties on BPOs compromising customer privacy
Posted Date : 06-Jul-2011 , 10:21:04 am | Posted By CASANSAAR
The Indian government will shortly impose hefty penalties on business process outsourcing (BPO) firms that compromise on the data privacy of individual customers. It is likely to tighten the provisions linked to data privacy and data protection in the Information Technology (IT) Act, 2000, and is wo...
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General |
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0 | Hits : 758
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HC issues notices to Big B, Sony TV for insulting Netaji
Posted Date : 06-Jul-2011 , 07:50:42 am | Posted By CASANSAAR
The Bombay High Court Tuesday issued notices to Indian actor Amitabh Bachchan and Sony Television in response to a PIL which challenges a promo in ''Kaun Banega Crorepati'' claiming it has insulted and maligned the slogan ''Tum mujhe khoon do, main tumhe azadi doonga'', coined by Subhash Chandra Bos...
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General |
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RBI sets limit on MF investments
Posted Date : 06-Jul-2011 , 07:23:17 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday put a limit on how much banks can invest in liquid and short term schemes of mutual funds, a decision that can impact adversely the assets under management (AUM) of fund houses that rely heavily on money flows from banks.
The central bank said that a ban...
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Income Tax |
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0 | Hits : 883
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Idea gets relief from paying Rs250-crore penalty
Posted Date : 06-Jul-2011 , 07:19:56 am | Posted By CASANSAAR
Telecom service provider Idea Cellular got a breather from hefty fine after a telecom tribunal on Tuesday restrained the department of telecom (DoT) from imposing penalty on the Aditya Birla Group firm. The Telecom Disputes Settlement & Appellate Tribunal (TDSAT), a quasi-judicial body that solv...
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General |
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