Petrol, diesel prices hiked again
Posted Date : 30-Jun-2011 , 09:11:39 am | Posted By CASANSAAR
The government has hiked petrol and diesel prices by a marginal Rs 0.27 a litre and Rs 0.15 per litre respectively following increase in the commission paid to petrol pump dealers.
The government approved raising dealer's commission paid on petrol from Rs 1.218 per kilolitre to Rs 1,499 per kl, res...
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FB to launch Facebook Credits for Indian users from July 1
Posted Date : 30-Jun-2011 , 01:53:57 am | Posted By CASANSAAR
Social networking site Facebook will next month introduce a payment system 'Facebook Credits' for Indian users who could spend the virtual currency across various games or applications they use on the popular website.
A virtual currency, Facebook Credits is already popular among gaming ...
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IT & BPO see maximum employment in first quarter
Posted Date : 29-Jun-2011 , 10:24:11 am | Posted By CASANSAAR
IT and BPO sectors saw the maximum increase in employment opportunities at about 3 lakh during the first quarter of this year, a government survey said today.
"The maximum increase of 2.87 lakh in employment was in the IT/BPO sector during January-March 2011 over September-December quarter ...
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Inflation cost Indians Rs 58,00,00,00,00,000 extra!
Posted Date : 28-Jun-2011 , 10:36:42 am | Posted By CASANSAAR
Indian households incurred an additional expenditure of whopping Rs 5.8 lakh crore (Rs 5.8 trillion) in the last three years, due to spiralling inflation and dearer food items, says a research report.
"The rise in inflation to 8 per cent per year during 2008-09 to 2010-11, from 5 per cent i...
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Former Citi exec charged with $19 mn fraud in US
Posted Date : 28-Jun-2011 , 10:35:18 am | Posted By CASANSAAR
A former top executive of Citigroup has been charged for allegedly siphoning off more than $19 million from the bank, the latest in a string of frauds that have come to light at the global banking giant.
Gary Foster, a former vice president at Citigroup's treasury finance department, has been arres...
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IRDA not keen on introducing solvency II norms for companies in India
Posted Date : 28-Jun-2011 , 09:51:41 am | Posted By CASANSAAR
Our country does not have the required statistical database to adopt solvency II norms that have been devised by the European community. Domestic insurers use factor-based process for arriving at solvency margins and we are comfortable with it. It has a set formula and there is no scope of variati...
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8 Indian-origin persons among 40 young global telecom leaders
Posted Date : 26-Jun-2011 , 11:49:43 am | Posted By CASANSAAR
As many as eight Indian-origin persons, including those working with Tatas and Bharti group, have been named among 40 young leaders of the global telecom industry.
Indians featured in the '40 under 40' list by Global Telecoms Business (GTB), a telecommunications magazine, include Srin...
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Govt modifies norms for filling board-level vacancies in PSUs
Posted Date : 26-Jun-2011 , 09:18:50 am | Posted By CASANSAAR
The government has modified the guidelines for filling board-level vacancies in state-owned companies in time and also to help the Central Public Sector Enterprises (CPSEs) to improve performance.
Under the new guidelines issued by the Public Enterprises Selection Board (PESB), the exercise...
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EPFO to appoint fund managers by July-end
Posted Date : 26-Jun-2011 , 09:16:26 am | Posted By CASANSAAR
Retirement fund body EPFO will appoint the multiple fund managers to manage its huge corpus of Rs 3.5 lakh crore by July 31, a month ahead of its latest deadline. "Employees' Provident Fund Organisation (EPFO) will be able to wind up the process of appointment of fund managers by July 31," a Labour ...
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MCX to seek Rs 300-400 cr damages from NSE
Posted Date : 25-Jun-2011 , 07:24:46 am | Posted By CASANSAAR
A day after the Competition Commission of India (CCI) imposed a penalty of Rs 55.5 crore on the National Stock Exchange after finding the bourse guilty of abusing its dominant market position, its rival MCX Stock Exchange on Friday said it’s planning to make a claim for costs and damages suffe...
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Bharti Airtel to merge mobile, DTH & telemedia businesses; 2,000 jobs may be lost
Posted Date : 25-Jun-2011 , 02:07:05 am | Posted By CASANSAAR
Bharti Airtel has embarked on a restructuring exercise that will merge three separate businesses, triggering a large-scale job cull for the first time in the services sector since the 2008 economic slowdown.
Under this exercise, Bharti Airtel plans to merge its mobile, satellite TV ...
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Private PF trusts may have to hand over responsibility for investing funds to the EPFO
Posted Date : 24-Jun-2011 , 10:11:40 am | Posted By CASANSAAR
Companies managing provident fund accumulations of their employees in-house may soon have to hand over the entire corpus to employees' provident fund organisation, or EPFO, as government looks for ways to ensure retirement saving of workers are protected.
The Central Board of Trustees...
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Exempt professionals from social security tax: India to US
Posted Date : 24-Jun-2011 , 10:02:50 am | Posted By CASANSAAR
India today asked the US to move ahead with an agreement which would exempt professionals from payment of security taxes to mitigate the impact of a visa fee hike last year.
Both the sides are negotiating Bilateral Totalisation Agreement (BTA), which once signed, would benefit lakhs o...
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India to overtake US as world's second largest trading nation: Citibank
Posted Date : 24-Jun-2011 , 10:01:10 am | Posted By CASANSAAR
In less than 40 years India will overtake the US as the world's second-largest trading nation , pushing today's superpower into third place and Europe in to the little leagues, according to a new report by Citigroup .
"According to our projections, world trade in goods and services wi...
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Govt to evolve market friendly stamp duty structure
Posted Date : 24-Jun-2011 , 08:15:54 am | Posted By CASANSAAR
The government is working on a uniform stamp duty structure for transactions in the capital on commodity markets. Finance ministry sources said in New Delhi that Department of Economic Affairs and Department of Revenue are in consultation to evolve a market friendly stamp duty structure.
Th...
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EPFO may offer 9.5% interest on PF this year too
Posted Date : 23-Jun-2011 , 04:34:49 am | Posted By CASANSAAR
There is more good news for provident fund subscribers after the higher 9.5% interest they got on their accumulations in the current year. The Employees' Provident Fund Organisation, or EPFO, says the surplus in the interest suspense account is more than the Rs 1,732 crore estimated initially...
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Employers to have compulsory insurance for foreign workers
Posted Date : 22-Jun-2011 , 08:50:21 am | Posted By CASANSAAR
All South Korean companies hiring foreign manual workers will be required from later this year to subscribe to the departure-expiration insurance to pay their retirement benefits, the labor ministry said today.
Owners of smaller firms hiring at least five foreigners with E-9 or H-2 visas ar...
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Lokpal meet unsuccessful, Anna will fast from Aug 16
Posted Date : 21-Jun-2011 , 09:27:57 am | Posted By CASANSAAR
Government and civil society exercise to work out an agreed draft of the Lokpal Bill ended in failure tonight after which Anna Hazare announced that he will go ahead with his fast from August 16 to "teach the government a lesson".After nine meetings spread over two months, the joint drafting committ...
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Fraud go undetected for longest period in Asia:KPMG
Posted Date : 21-Jun-2011 , 09:16:26 am | Posted By CASANSAAR
Fraudsters go undetected for a longer duration in Asia, with a survey revealing that frauds in the region sometimes do not come into the light for ten years or more.In Asia, it takes longer to detect frauds than any other region in the world, says a global consultancy KPMG report, released today."Th...
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Govt. forms panel to boost exports of manufacturing sector
Posted Date : 21-Jun-2011 , 08:06:28 am | Posted By CASANSAAR
The government has set up a committee to recommend measures to boost exports of manufacturing sector. The development comes close on the heels of Prime Minister Manmohan Singh giving an in-principal approval to a new manufacturing policy that aims at creating 10 crore jobs by 2025. Official sources ...
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2G scam: MP Kanimozhi back in jail after SC rejects bail plea
Posted Date : 20-Jun-2011 , 01:28:15 am | Posted By CASANSAAR
In a major setback to DMK MP Kanimozhi and Kalaignar TV MD Sharad Kumar, the Supreme Court today dismissed their bail pleas in the 2G spectrum case.A special bench of justices G S Singhvi and B S Chauhan asked the two accused to wait till framing of charges before approaching the special CBI cour...
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Access to info on Swiss accounts made easier
Posted Date : 18-Jun-2011 , 07:50:28 am | Posted By CASANSAAR
The Swiss Parliament today gave approval to amendments to tax treaties with countries, including India, that makes it easier for them to access information about the illegal funds held by their nationals in Swiss private banks. The upper house of the Swiss Parliament endorsed amendments to double-ta...
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Now, lawyers can practise in all courts
Posted Date : 17-Jun-2011 , 07:17:40 am | Posted By CASANSAAR
Now, lawyers can practise, as a matter of right, in all courts and forums, including tribunals or any quasi-judicial authority.
Fifty years after the Advocates Act, 1961, came into force, the Centre has notified Section 30 of the Act — with effect from Wednesday — to enable advo...
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Government to launch portal for suggestions on black money
Posted Date : 16-Jun-2011 , 07:57:08 am | Posted By CASANSAAR
With the difference in stance between opposition and experts on the government's plan to make tax evasion a criminal offence, the finance ministry has decided to launch a dedicated portal inviting suggestions on the issue from the public and all other stakeholders through email.
A formal an...
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India and ADB Sign $132 Million Loan Agreement for Strengthening Bihar’s Power Sector
Posted Date : 15-Jun-2011 , 10:08:39 am | Posted By CASANSAAR
The Government of India and Asian Development Bank (ADB) today signed a $132 million loan agreement for strengthening Bihar’s power sector. The signatories to the loan were Shri Venu Rajamony, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, on ...
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Oil Minister Reddy meets PM to push for diesel, LPG price hike
Posted Date : 15-Jun-2011 , 07:44:41 am | Posted By CASANSAAR
With the losses of oil firms mounting with each passing day, Oil Minister S Jaipal Reddy today met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices.
An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee , which decide...
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Maruti Suzuki agrees to new union
Posted Date : 15-Jun-2011 , 07:35:25 am | Posted By CASANSAAR
Maruti Suzuki on Tuesday agreed to a separate union at Manesar plant even as it took a "liberal view" on the sacking of 11 employees whose jobs were terminated for alleged indiscipline. The company, which has suffered huge losses due to the 11-day strike at the Manesar plant, said it looks at re-sta...
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Facebook likely to file IPO by 1st quarter of 2012
Posted Date : 14-Jun-2011 , 12:35:01 pm | Posted By CASANSAAR
Social networking site Facebook is likely to file an IPO by the first quarter of 2012, with a valuation of over USD 100 billion, a media report said.Facebook is likely to go public by next spring, CNBC quoted people familiar with the matter as saying."The company's IPO, were it to happen by next...
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Panel on tackling black money to seek public views
Posted Date : 09-Jun-2011 , 09:27:37 pm | Posted By CASANSAAR
Criminal charges on tax evaders and modification in existing laws to tackle the menace of black money topped the agenda of the first meeting of the high level committee appointed by the Finance Ministry . The panel would also seek public comments on ways to unearth black money. "The committee held i...
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Online PF account details from July 1
Posted Date : 08-Jun-2011 , 09:27:03 pm | Posted By CASANSAAR
The Employees Provident Fund Organisation (EPFO) today said account details would be available online from July 1. "You can watch the account balance of your PF online from July 1," Assistant PF Commissioner Kanchan Roy said at an interactive session at Bengal National Chamber of Commerce and Indust...
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