“The Finance Bill, 2010 was earlier passed by the Lok Sabha followed by its passage by the Rajya Sabha. The Finance Bill, 2010 has been assented to by the Hon’ble President on 8-5-2010 as Act No. 14 of 2010. With this, the Budgetary exercise is over for the F.Y. 2010-2011.”
Recently, there have been reports that the government is working on a scheme to offer education loans at a minimum rate of interest of 4 per cent. The Ministry of Human Resource Development (HRD) also plans to extend loan repayment periods for those who aspire to become doctors, engineers, fashion designers and/or information technology professionals.
Government may soon ask companies with less than 50 per cent foreign equity to seek approval of the Foreign Investment Promotion Board to make any downstream investment.
Notification No. 32/2010-Income Tax It is hereby notified for general information that the organization M/s Foundation for Revitalization of Local Health Traditions, Bangalore, has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules, 1962 (said Rules), from Assessment year 2009-2010 onwards in the category of ‘other Institution’, partly engaged in research activities subject to the following conditions, namely:-
Market regulator SEBI has disposed a case against brokerage firm Motilal Oswal in connection with an IPO scam after the company agreed to pay Rs 5 lakh as settlement charges. “The consent order disposes the pending enquiry proceedings against the applicant (Motilal Oswal) in the matter of IPO irregularities during 2003-05,” Securities and Exchange Board of India (SEBI) said in its order.
The government notified the ban on FDI in cigarette manufacturing. The decision was taken by the Union Cabinet on April 8. “Manufacturing of cigars, cheroots, cigarillos and cigarettes, of tobacco or of tobacco substitutes” have been put under the list of sectors where FDI is prohibited.
The accounting regulator, Institute of Chartered Accountants of India, will soon recommend to the Ministry of Corporate Affairs that auditors be asked to provide more information such as the revenue model, the break-even period and the cost benefit arising out of a particular funding pattern in the Companies Auditors’ Report Order (CARO).
New Delhi: THE Central Bureau of Investigation has registered a case against an Air Hostess (an officer of Dy. Manager level) in Indian Airlines / Air India for possession of disproportionate assets to the tune of around Rs 3.62 crore.
A five-judge Constitution bench of the Supreme Court will deliver on Tuesday a much-awaited judgment on the formation of the National Company Law Tribunal (NCLT). The decision is unanimous and it comes six years after the court admitted the appeal.
Market regulator Securities and Exchange Board of India on Monday said it would allow more currency derivatives products beginning with options soon. “It is almost near final stages of deliberation (on currency options introduction). So it can come at any time,” SEBI whole-time member K M Abraham said on the sidelines of an event organised by industry body Assocham.
