"04 January 2011" Archive

Soon PF account Number will be Replaced by UID

The retirement fund manager EPFO plans to replace PF account number with unique identification number, a move which will help in speedy transfer of subscribers' funds in case of job change and allow them to track their accounts online. At present whe...

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Posted Under: Finance |

300 Companies to adopt IFRS from 1st April 2011

The government will stick to its April 1 deadline for 300 large companies to align their accounts with global financial reporting norms, despite concerns raised by an industry lobby. India will have to honour the commitment made at the G20 summit,...

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Posted Under: Finance |

RBI launches Quarterly Industrial Outlook Survey for January-March 2011

The Reserve Bank of India has launched the 53rd round of the Industrial Outlook Survey (IOS) for reference period January –March 2011. The Reserve Bank is conducting the Industrial Outlook Survey on a quarterly basis since 1998. The survey gives an i...

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Posted Under: Finance |

“On-line” submission of application-Clarification regarding use of manual mode for filing application on DGFT’s server

Policy Circular No.11RE (2010) /2009-14 (04/01/2011)

In such cases, the exporters shall use the manual Shipping Bill filing option on the DGFT’s server to file their application for Export Promotion Schemes (Chapter 3,4 and 5 for the FTP). Moreover, necessary documents in original including Shipping Bills will need to be submitted to jurisdictional Regional Authority of DGFT by the expor...

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Second surveyor can not be appointed by Insurance Companies

Upholding a district forum order, the Maharashtra State Consumer Disputes Redressal Commission recently dismissed an appeal filed by an insurance firm. The commission ruled against the Oriental Insurance Company after it appointed a second surveyor t...

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Posted Under: Finance |

ICAI opposes tendering to select auditors for Govt schemes

Accounting regulator ICAI is opposed to the tendering process of selecting accountants for auditing state-run schemes and has taken up the issue with the Planning Commission and the CAG. The ICAI wants the appointment to be done through fixing the ...

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Posted Under: Finance | ,

Provisional release of export – goods detained for investigation- Circular No. 01/2011-Customs

Circular No. 01/2011-Custom Duty (04/01/2011)

Attention is invited to the Board Circular No.33/2005-Customs dated 2.08.2005 which contains the instructions regarding provisional releas of goods entered for exportation and is seized on the ground of mis-declaration in terms of quantity and value...

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Classification of Polyester Bonded Fabrics and other Bonded Fabrics – Regarding- Circular No. 2 / 2011-Customs

Circular No. 02/2011-Custom Duty (04/01/2011)

References have been received that divergent practices are being followed by field formations regarding classification of polyester bonded fabrics and that classification disputes of polyester bonded fabrics are pending at various fora. The issue was also discussed in ...

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Bofors Scam-Now Income Tax Tribunal too exposes Kickback trail to Quattrocchi

Income Tax Appellate Tribunal (ITAT) has pointed out that despite the Indian government’s order against the appointment of middlemen in defence deals by foreign companies, Bofors had entered into a fresh consultancy agreement with AE Services Limited of UK on November 15, 1985, at the behest of Ottavio Quattrocchi, whom the CBI in its c...

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Posted Under: Finance |

Hero group official arrested in Citibank fraud case

: A senior executive of the Hero Group was arrested by Gurgaon police on Monday as the investigative net on the Rs. 300 crore fraud at the local branch of Citibank was cast wider. The arrest of Sanjay Gupta, associate vice-president of Hero Corporate...

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Posted Under: Finance |
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