Market regulator Sebi and mutual fund houses have asked the finance ministry to continue with the tax benefits on equity linked schemes in the Direct Taxes Code, which will replace the existing Income Tax Act. The revised DTC draft, based on which the government is finalising the bill, has proposed to do away with the tax benefits available to people investing in the equity-linked savings schemes (ELSS).
The government is streamlining the process of appointment of independent directors in Public Sector Undertakings (PSUs), a senior government official said on Friday. “We are in the process of shaping a note that actually gives timelines to each part of the process (for appointment of independent directors),” Department of Public Enterprises Secretary Bhaskar Chatterjee told reporters on the sidelines of an All-India Management Association (AIMA) function here.
The Senior Citizens Savings Scheme, 2004 (SCSS), was designed to meet the need of a regular flow of income for the senior citizens and retired persons with security of investment, liquidity of funds and operation convenience. Keeping in view of the above, higher rate of interest at 9 percent per annum is offered to all senior citizens under this scheme.
The Ministry of Human Resources Development (HRD) has circulated Interest Subsidy Scheme on Educational Loan for Economically Weaker Sections (EWS) to banks on 25th May, 2010. In terms of the Scheme, full interest subsidy would be provided by Government during the period of moratorium/study period and would be applicable to students from EWS with a parental upper income limit of Rs.4.50 lakhs.
Central Government appoints/engages counsel to conduct its litigation in different courts of law. Informing this in Lok Sabha in a written reply Dr. M. Veerappa Moily said that at present, the total number of counsel appointed by the Ministry of Law and Justice is 2463.
The Minister of Housing and Urban Poverty Alleviation Kumari Selja has said that in order to promote planned and healthy real estate development of colonies and apartments with a view to protecting consumer interest and to facilitate smooth and speedy urban construction, the Ministry of Housing & Urban Poverty Alleviation in consultation with various stakeholders had prepared a draft Model Real Estate (Regulation of Development) Act 200___ and the same was put on the website of the Ministry ( http://mhupa.gov.in ).
Use of funds allocated under the UPA government’s flagship programme Mahatma Gandhi National Rural Employment Guarantee Act could end up being audited by local chartered accountants. This is part of an endeavour by The Institute of Chartered Accountants of India (ICAI) that is interacting with the Comptroller and Auditor General (C&AG) of India to promote end use audit in government schemes.
Shri R. Bandyopadhyay, Secretary, Ministry of Corporate Affairs reviewed the progress of investor education initiatives of the Ministry. The Ministry of Corporate Affairs had decided to upscale its investor education initiatives for the current year and increased the number of investor awareness programmes by ten times from the 300 programmes organized last year.
The special court for trying Satyam Computer Services Ltd financial fraud case will hear the arguments again on framing of charges on August 24. Mr B.V. Ln Chakravarti, the XXIII Additional Chief Metropolitan Magistrate has posted the case for next hearing on Tuesday.
The Public Sector General Insurance Companies have been incurring health insurance claims in excess of premium received and after factoring in acquisition costs, which are around 10%, and the management expenses which are over 25%, the Combined Ratio i.e. the total expenses for health portfolio exceed 140% of the premium income.
