It is therefore clarified that the counterparty credit risk, arising out of exposure of NBFCs to CCIL on account of securities financing transactions (CBLOs) will carry a risk weight of zero, as it is presumed that the CCP’s exposures to their counterparties are fully collateralised on a daily basis, thereby providing protection for the CCP’s credit risk exposures. The deposits / collaterals kept by NBFCs with CCIL will attract a risk weight of 20%.
Dubai, home to the world’s tallest tower and the biggest man-made islands, is in a financial crisis. The dream city, where lakhs of expat Indians make a living, is trying to salvage Dubai World, the emirate’s flagship in the industrial world, which is struggling to pay back a $ 59 billion loan (around Rs 275,000 crore).
The finance ministry has rebuffed the petroleum ministry’s recent proposal to give income tax breaks to entities producing natural gas under exploration permits given during the first seven rounds of Nelp (national exploration licensing policy). Explorers like ONGC, RIL and Essar were hoping to book tax-free profits from those blocks.
The Finance Act, 2009 inserted a new section 144C in the Income-tax Act providing an alternate mechanism to resolve tax disputes of the foreign companies expeditiously. The Finance Minister, taking cognizance of delays, which take place in any tax litigation, declared in the parliament that “The dispute resolution mechanism presently in place is time consuming and finality in high demanding cases is attained only after a long drawn litigation till the Supreme Court.
The government has decided to crackdown on corporate and individuals that have defaulted on payment of their self-assessment in the year in a bid to boost direct tax collections that are well below the target for the year. Direct tax collections need to grow at 18% over the remaining five months of the fiscal 2009-10 ending March 2010 for the government to achieve its direct tax target for the year.
No single corporate client or group should account for more than a tenth of the total revenues of any audit firm and its associates, a committee on corporate governance set up by industry body Confederation of Indian Industry (CII) has recommended to the government.
Price Waterhouse Coopers is not a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India (ICAI). The ICAI has, however, initiated disciplinary action against M/s. Price Waterhouse, Bangalore, M/s. Price Waterhouse with head office at Kolkata and M/s. Price Waterhouse with head office at New Delhi, which are firms of chartered accountants registered with the ICAI.
As you are kindly aware that creation of employment opportunities to members of ICAI in industry, enhancing knowledge and skill sets and recognition of exemplary work of such Members in Industry are the primary goals of the Committee for Members in Industry of ICAI. The Committee continuously endeavors to provide value added services, upgrade its services by figuring out the various initiatives that can be taken to reinforce the placement services provided to the members in Industry.
British newspaper The Independent reported that the banks include HSBC, Royal Bank of Scotland, Lloyds Banking Group, and Standard Chartered. The banks’ total loans to Dubai World exceeds US$ 30 billion.
KPMG was also named Asia’s transfer pricing firm of the year, a release said here today. KPMG’s Head of Tax Uday Ved, said, “these awards are recognition of our commitment to highest quality standards and thought leadership, as well as the trust posed by our clients on us.”
