The expert group constituted by the Ministry of Corporate Affairs has specifically highlighted the need to develop cost accounting standards on the basis of generally accepted cost accounting principles. The cost accounting standards board is working to address the issue.
Everyone knows that we Indians invented the zero. Without zero and the decimal number system, writing and calculating really large numbers would be very difficult. This would be awful for people in the financial industry, whose work depends on having really big salaries. FortunatelyBrahmagupta came to their rescue.
As per the extant External Commercial Borrowing (ECB) policy, Infrastructure Finance Companies (IFCs) i.e. Non-Banking Finance Companies (NBFCs) categorized as IFCs by the Reserve Bank were permitted to avail of ECBs for on-lending to infrastructure sector under approval route subject to satisfaction of prescribed conditions.
Authority vide circular No. 46/IRDA/F&A/Nov.-07 dated 22.11.2007 has made it mandatory for to file quarterly report of solvency margin. The said circular mandates filing of Table II – Available solvency margin and solvency ratio as mentioned in IRDA (Assets, Liabilities and Solvency margin of Insurers) Regulations, 2000.
Authority vide Circular No. IRDA/F&I/CIR/012/01/2010 dated 28.01.2010, has introduced Public Disclosures by Insurers, which is comprehensive and covers all the important aspects of an insurer.
The present policy of Government of India permits 100% Foreign Direct Investment (FDI) under Government route Le. with prior approval of Foreign Investment Promotion Board (FIPB) in the manufacture of Cigars & Cigarettes, subject to obtaining industrial license under the Industries (Development & Regulation) Act, 1951.
Notification No. 61 /2010-Customs, entral Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), no. 26/2010-Customs, dated the 27th February, 2010, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 139(E) dated the 27th February, 2010, except as respects things done or omitted to be done before such rescission.
Notification No. 60 /2010-Customs Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), no. 25/2010-Customs, dated the 27th February, 2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 138(E) dated the 27th February, 2010, except as respects things done or omitted to be done before such rescission.
exempts Raw cotton falling under Heading No. 16 of the Second Schedule to the Customs Tariff Act, 1975 (51 of 1975), when exported out of India, from so much of the duty of customs leviable thereon which is specified in the said Second Schedule as is in excess of the amount calculated at the rate of Rs 2500 per tonne.
Recently, the Authority for Advance Rulings (AAR) in the case of Royal Bank of Canada (A.A.R No 816 of 2009) has held that the profits / losses on futures and options contracts (derivative transactions) carried out by Canadian entity would be in the nature of ‘Business Income’. Further since the entity did not have a Permanent Establishment (PE) in India, as per Article 5 of the India-Canada tax treaty (the tax treaty), the Business Income of the applicant would not be taxable in India.
