Government Policy, Finance and general News and Articles

What are the conditions to be fulfilled for grant of a Business visa? Ans.: The conditions to be fulfilled for grant of a Business visa are as follows:- (i) The foreign national must have a valid travel document and a re-entry permit, if required under the law of the country of nationality of the applicant. (ii) The foreign national should be a person of assured financial standing. The foreigner must submit proof of his/her financial standing and docume.. Full Article

The Union Budget is likely to be delayed by a few days, government sources have said. The Union budget and Railway budget are likely to be tabled in the first week of March, they said. That's only after assembly elections in five states – Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur - are over. Full Article

The Highlights in Tally.ERP 9 Series A Release 3.3 are: 1. MCA’s Statutory Report (in XBRL format) now available in Tally.ERP 9 2. The user experience for Market place has been enhanced 3. In Dealer Excise Enhancements 4. Manufacturers Excise Enhancements 5. New Eligibility criteria for ESI is supported for Payroll computation Full Article

Amid economic slowdown, finance minister Pranab Mukherjee will hold brainstorming sessions with various stakeholders during his annual pre-budget meetings beginning January 11. The first meeting would be held with agriculturalists, followed by a series of interactions with sectoral experts, representatives, industry captains and economists over the next ten days to get their feedback and inputs for incorporating them in Budget 2012-13. Full Article

The International Accounting Standards Board (IASB) today published for public comment proposed amendments to IFRS 10 Consolidated Financial Statements. The objective of the proposed amendments is to clarify the transition guidance in IFRS 10 by confirming when an entity needs to apply IFRS 10 retrospectively. The proposals should allay the concerns of some who thought that the transition provisions were more burdensome than originally intended. Full Article

The International Accounting Standards Board (IASB) today clarified its requirements for offsetting financial instruments by issuing Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32). The amendments address inconsistencies in current practice when applying the offsetting criteria in IAS 32 Financial Instruments: Presentation. Full Article

The Public Sector Oil Marketing Companies have started placing details of the components of petrol prices on their websites. The measure will help the people in understanding mechanism of the pricing of petroleum products. The companies include Indian Oil Corporation, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited. Full Article

A clerk employed with the State Road Transport Authority here was found to own property worth over Rs 40 crore. This came to light during a raid by sleuths of the Madhya Pradesh's Economic Offences Wing (EOW) on Sunday. Full Article