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May 15, 2011

Opening of Escrow Accounts for FDI transactions – Recent Amendment

Opening of Escrow Accounts for FDI transactions – Recent Amendment

Posted: 13 May 2011 10:57 AM PDT

Presently Authorized Dealers Category- I bank (AD) is permitted to open Escrow account and Special account on behalf of non-resident corporates for acquisition / transfer of shares / convertible debentures of an Indian company through open offers /...

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Key clarifications and Open issues in FAQ on Provident fund for international workers

Posted: 13 May 2011 10:54 AM PDT

The Government of India has issued updates to the FAQ on Provident Fund [PF] for international workers [IWs] on 6 May 2011 with a view to provide greater clarity on the applicability of PF regulations. This FAQ addresses few of the open issues that...

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FDI in Limited Liability Partnerships – Policy announcements

Posted: 13 May 2011 10:48 AM PDT

- Cabinet Committee on Economic Affairs of the Government of India have decided to permit Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) which are formed under the Limited Liability Partnership Act, 2008 [LLP Act]. Presently,...

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ICSI – Six Month Training at Registrar of Companies/ Official Liquidator/Regional Directors

Posted: 13 May 2011 10:30 AM PDT

06 Months Training at Registrar of Companies/ Official Liquidator/Regional Directors - Ministry of Corporate Affairs has agreed to provide part of training( 6 Months ) of 15 Months training in its various offices RD/ROC/OL at the stipend of Rs....

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Government Plans to conduct the Sixth Economic Census as a Central Sector Plan Scheme during 2012

Posted: 13 May 2011 10:30 AM PDT

The Central Government plans to conduct the Sixth Economic Census as a Central Sector Plan Scheme during 2012. The Ministry of Statistics and Programme Implementation plans to carry out the fieldwork of this Census during January to June 2012, in...

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CCI notice to NSE for abusing dominance in currency derivative market

Posted: 13 May 2011 10:30 AM PDT

Competition watchdog CCI has issued a show cause notice to the National Stock Exchange (NSE) asking why a penalty should not be imposed for its unfair trade practices in connection with currency derivatives trading . The commission has found NSE...

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MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode

Posted: 13 May 2011 10:28 AM PDT

The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business reporting language (XBRL)...

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India Signs DTAA with Republic of Colombia for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on income

Posted: 13 May 2011 10:26 AM PDT

India today signed a Double Taxation Avoidance Agreement (DTAA) with the Republic of Colombia for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income. The Agreement was signed by Shri Sudhir...

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Quarterly Report on Debt Management for the Quarter Jan-March 2011 Released

Posted: 13 May 2011 10:22 AM PDT

Government has released the Quarterly Report on debt management pertaining to the quarter Jan-March 2011, here today. The Middle Office (MO), Department of Economic Affairs in the Ministry of Finance has been bringing out the Quarterly Report on...

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Foreign Contribution (Regulation) Rules, 2011

Posted: 13 May 2011 10:10 AM PDT

Foreign Contribution (Regulation) Rules, 2011 - NOTIFICATION NO. G.S.R. 349(E), DATED 29-4-2011 - In exercise of the powers conferred by section 48 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby makes...

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Notification – Foreign Contribution (Regulation) Act, 2010 to Come Into Force w.e.f. 1-5-2011

Posted: 13 May 2011 09:52 AM PDT

NOTIFICATION NO. S.O. 909(E), DATED 29-4-2011 - In exercise of the powers conferred by sub-section (3) of section 1 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby appoints the 1st day of May, 2011 as...

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Haryana asks I-T sleuths to curb pilferage of tax

Posted: 13 May 2011 09:38 AM PDT

Haryana Governor Jagnnath Pahadia today urged the officers of Indian Revenue Service (IRS) to curb the menace of hoarding and pilferage of taxes, according to an official release. The Governor was speaking at a function to give away completion...

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SC bans production, sale and use of Endsosulfan for 8 weeks

Posted: 13 May 2011 09:35 AM PDT

The Supreme Court today banned the production, sale and use of controversial pesticide Endosulfan in the country for the next eight weeks, holding that human life is more important than anything else. Keeping in mind various judgements of this court...

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Companies (Accounting Standards) Amendment Rules ,2011

Posted: 13 May 2011 09:28 AM PDT

These rules may be called the Companies (Accounting Standards) Amendment Rules, 2011. They shall come into force on the date of their publication in the Official Gazette. In the said rules, in the annexure under the heading B. ACCOUNTING STANDARDS,...

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SEBI – Clarification on circular dated December 3, 2009 on 'Dealings between a Client and a Stock broker

Posted: 12 May 2011 10:19 PM PDT

Subsequent to the issuance of the aforesaid circular, SEBI has received representations from market participants expressing difficulties in implementation of the requirements pertaining to renewal of Running Account Authorisation once in a year as...

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Notification No. 34/2011 – Customs (N. T.), amends Notification No. 36/2001 – Customs (N.T.), dated-3rd August, 2001

Posted: 12 May 2011 10:16 PM PDT

Tariff Value of Edible Oils, Brass Scrap and Poppy Seeds Notified- Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.34/2011-Customs (N.T.) dated May 13, 2011 and thereby notifying tariff values of...

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CBI raid at premises of trader in bank loan case

Posted: 12 May 2011 09:40 PM PDT

A Central Bureau of Investigation (CBI) team has raided the premises of a local trader who has allegedly committed Rs 1.75 crore bank loan fraud. No arrest has been made so far in the raid conducted yesterday, CBI sources said, adding investigation...

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CBI raids ex-minister's house, arrests retired IAS

Posted: 12 May 2011 09:38 PM PDT

The CBI today raided the residence of former Jharkhand health minister Bhanu Pratap Sahi in Garhwa and arrested a retired IAS officer in Ranchi in connection with a medicine scam, which surfaced in 2009. Siyaram Prasad Sinha, who was the health...

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ICAI – Invitation for Empanelment of Resource Persons for Investor Awareness Programmes

Posted: 12 May 2011 09:30 PM PDT

The Committee on Financial Markets and Investor's Protection (CFM&IP) is one of the Non-Standing Committees of the Institute. The functions of the Committee include preparing suggestions on various Regulations / Circulars relating to Financial...

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