The government is drawing up a tax-saving bank deposit scheme that will raise funds for cheap loans to educational institutions and students aspiring to become doctors, engineers, fashion designers and software engineers. The human resource development ministry discussed the proposal with the Planning Commission last week, and in the next one month, the concept will be crystallised, minister Kapil Sibal told.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendment in the List of Regional Authorities and their Jurisdiction given under Appendix 1 of Handbook of Procedure (Vol. I) 2009-2014:
The income-tax authorities may soon get sweeping powers to investigate and prosecute those suspected of hawala transactions, creating a strong deterrent for the channel used extensively for money laundering. The proposed changes are likely to be included in the direct taxes code and could shift the burden of proof on the accused, said an income tax department official.
A meeting of the Core Group constituted by the Ministry of Corporate Affairs for convergence of Indian Accounting Standards with the International financial Reporting Standards (IFRSs) from the year 2011 was held on 11th January, 2010 and on 29th March, 2010 under the chairmanship of Shri R. Bandyopadhyay, Secretary , Ministry of Corporate Affairs. These meetings were attended by the officials from Ministry of Finance, SEBI, RBI, IRDA C&AG, PFRDA, ICAI, Industry Representatives and other experts.
The Institute of Chartered Accountants of India (ICAI) here today organized a Press Conference at ICAI Bhawan. It was addressed by Mr Robert Bunting, President, International Federation of Accountants (IFAC),Mr Ian Ball, Chief Executive Officer, IFAC and Mr Matthew Bohun, Technical Manager, Governance and Operations.
RBI has finalised the guidelines on Note Authentication and Fitness Sorting Parameters after taking into account the comments received from various stakeholders including banks, equipment manufacturers and members of public.
S.O. (E) In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following addition with immediate effect at the end of Paragraph 2 of Notification No. 33(RE-2007)/2004-2009, dated 08.10.2007, as amended from time to time (pertaining to prohibition on export of wheat and wheat products):
For sake of clarity, in case of accounts of proprietorship concerns, it has been decided to lay down criteria for the customer identification procedure for account opening by proprietary concerns. Accordingly, apart from following the extant guidelines on customer identification procedure as applicable to the proprietor, banks should call for and verify the following documents before opening of accounts in the name of a proprietary concern:
No. 18/2010-Central Excise, dated the 27th February , 2010, published in the Gazette of India Part II, Section 3, Sub-section (i) vide number G.S.R.120(E), dated the 27th February , 2010, except as respects things done or omitted to be done before such rescission.
New accounting rules have brought down the capital of the country’s second-largest lender, ICICI Bank. The bank’s tier-I capital, which comprises equity and free reserves, is down by Rs 1,130 crore for the year ended March 31, 2010, due to changes announced by the Reserve Bank of India (RBI) on treatment of securitisation exposures and special reserves.
