The capital market regulator is going ahead with enforcement proceedings against audit firm Price Waterhouse, even as the firm moved a second consent application to reach an early settlement over the investigation into its role in the accounting fraud at Satyam Computer Services.
The income-tax department that faced flak from many quarters for late payment or non-payment of tax refunds, has been now asked to beef up its automation that does not seem to have helped much for the pending refund claims that could take even four years to be processed.
Form 11 is made available at http://llp.gov.in. All LLPs whose financial year closes on 31st March of every year has to file Form 11 within 60 days from the date of financial year closure without any late fee and later it attracts additional fees @ of Rs. 100/- per day of delay. This financial year (closed on 31/03/2010), the due date falls on 30/05/2010.
The government’s key body on foreign investments has rejected Jaipur IPL’s proposal to induct foreign equity into the company. The decision by the Foreign Investment Promotion Board (FIPB) creates problems for the shareholders of the Indian Premier League franchisee that owns the Rajasthan Royals team, but experts say it will not affect the functioning of the company.
I was writing on legal reforms as I am concerned with the standards in the profession, the delay in rendering justice and especially the dignity of the legal profession. Given the limitations, Indian Judiciary has discharged its constitutional responsibilities well. The issue of delay in rendering justice and the corruption is a bigger issue to deal with.
India’s central bank on Tuesday eased oversees borrowing rules for Infrastructure Finance Companies (IFC). The IFC’s will not need the central bank’s nod to raise overseas funds equivalent to or less than half of their own funds, the Reserve Bank of India (RBI) said in a statement.
Some banks have sought clarification in respect of classification of working capital limits granted to borrowers engaged in agricultural and allied activities and to food and agro-based processing units by way of export credit, under priority sector. The issue has been examined and it is clarified that loans granted by RRBs for agricultural and allied activities are eligible for classification under priority sector, irrespective of whether borrowing entity is engaged in export or otherwise.
“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.
