Finance Minister Pranab Mukherjee said he’d like companies to voluntarily adopt good governance and corporate social responsibility (CSR) practices, rather than be legally compelled to do so. Pranab Mukherjee Such voluntary contributions should be re
Even as a section of market participants harped on the lack of transparency in the terms of the Hero Honda split, the corporate affairs ministry made it clear today it had no plans to scrutinise the deal. Experts say the company is under no obligatio
We had to issue a notification but we have decided to postpone the levy,” said a senior official. This is the third time that the finance ministry has decided to postpone the levy. The 10 per cent service tax levy had to come into effect from April 1
The Central Board of Direct Taxes (CBDT) — the nodal office for the income tax department — has decided to settle all income tax refunds pertaining till 2009-10 by the end of the current fiscal. With the Central Processing Centre operational,
The Union Government and the State Governments give Guarantees for repayment of borrowings within such limits, if any, as may be fixed upon the security of the Consolidated Fund of India or of the State, as the case may be, in terms of articles 292 and 293 of the Constitution. Guarantees are also given by the Union Government for payment of interest on borrowings, repayment of share capital and payment of minimum annual dividend, payment against agreements for supplies of materials and equipments on credit basis on behalf of the State Governments, Union territories, local bodies, railways, Government companies or corporations, joint stock companies, financial institutions, port trusts, electricity boards and co-operative institutions. Guarantees are also given by the Union Government to the Reserve Bank of India, other banks and financial institutions for repayment of principal and payment of interest, cash credit facility, financing seasonal agricultural operations and for providing working capital in respect of companies, corporations, co-operative societies and co-operative banks. Further, guarantees are also given in pursuance of agreements entered into by the Union Government with international financial institutions, foreign lending agencies, foreign Governments, contractors and consultants towards repayment of principal, payment of interest and payment of commitment charges on loans. The Union Government also gives performance guarantees for fulfilment of contracts or projects awarded to Indian companies in foreign countries as well as foreign companies in foreign countries besides counter-guarantees to banks in consideration of the banks having issued letters of credit to foreign suppliers for supplies or services rendered by them on credit basis in favour of companies or corporations. Furthermore, guarantees are given by the Union Government to railways, and electricity boards for due and punctual payment of dues and freight charges by the companies and corporations. Similarly, guarantees are also given by the State Governments and Union Territory Governments (with legislature).
