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Archive: 23 November 2010

Posts in 23 November 2010

SEBI wants Mutual Funds to ensure quality of debt papers

November 23, 2010 210 Views 0 comment Print

Concerned over the quality of papers that mutual fund . are investing in, market regulator SEBI has asked six of them to refile their offer documents for capital protection scheme. In a capital protection scheme, fund houses usually invest a hefty c

2G Spectrum – CBI collects documents from Corporate Affairs Ministry

November 23, 2010 417 Views 0 comment Print

The CBI has collected documents from the ministry of corporate affairs about companies which were granted spectrum allegedly in an arbitrary fashion between September 2007 and January 2008. According to CBI sources, the MCA documents deal with the sh

Labour Ministry requests to keep ESI, EPF schemes out of service tax ambit

November 23, 2010 459 Views 0 comment Print

The Labour and Employment Ministry has requested the Finance Ministry to keep Employees’ State Insurance (ESI) and Employees’ Provident Fund (EPF) schemes out of the ambit of service tax as they are social security schemes. “If the provisions of ser

Vodafone in talks with foreign banks to provide counter guarantee to nationalised banks in India

November 23, 2010 318 Views 0 comment Print

Mobile service operator Vodafone is in talks with foreign banks to provide counter guarantee to nationalised banks in India for a sum of Rs 8,500 crore. This follows an order from the Supreme Court last week asking the telco to furnish a bank guarantee of a nationalised bank and set aside Rs 2,500 crore in cash with the court.

Complaints Received by the Serious Fraud Investigation Office and the Registrar of Companies

November 23, 2010 453 Views 0 comment Print

The Minister for Corporate Affairs has informed the Lok Sabha that the Registrars of Companies (RoC) received complaints against various companies from stakeholders, such as shareholders, creditors, financiers, other Government Departments, members o

Formation of Financial Stability Development Council (FSDC)

November 23, 2010 333 Views 0 comment Print

The Financial Stability Development Council (FSDC) is expected to come into force in the month of December, 2010. The Ministry of Finance has consulted all the financial sector regulators on the formation of the Council. The objectives of FSDC would

Regulation of Interest Rates Charged by MFIs

November 23, 2010 348 Views 0 comment Print

The Small Industrial Development Bank of India (SIDBI) has reported that SKS Microfinance Ltd. (SKS), the only Micro Finance Institution (MFI) in India to be listed on the Bombay Stock Exchange/National Stock Exchange (BSE/NSE) had gone for an initia

Cash Handling Charges levied by Banks should be reasonable not more then cost of providing such services

November 23, 2010 2196 Views 0 comment Print

Normally banks do not charge from their customer for depositing money to their own account. However, some banks levy charges for cash payment against credit card bills. Charges are collected at the time of accepting cash. As per the Reserve Bank of I

Tax arrears up 18 per cent to Rs 2.93 lakh crore till March

November 23, 2010 267 Views 0 comment Print

The government today said that tax arrears rose over 18 per cent to Rs 2.93 lakh crore as on March 31, 2010 against the year-ago period. The direct tax arrears grew over 16 per cent to Rs 2.48 lakh crore as on March 31, 2010 compared to Rs 2.13 lakh crore at the end of 2008-09, Minister of State for Finance S S Palanimanickam said in a written reply to Rajya Sabha.

Indian-American stores against soft drink tax

November 23, 2010 444 Views 0 comment Print

Indian American owners of convenience stores have joined hands with the Coca-Cola company and the American Beverage Association against the proposed Federal soft drink taxes of an extra one-cent an ounce. A decision in this regard was taken at the Si

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