The Reserve Bank plans to upgrade its high-value online fund transfer system RTGS to enable handling of up to 50 lakh transactions a day and incorporate various new facilities for the bank customers. RTGS (Real Time Gross Settlement) system facilitates online transfer of high-value funds between bank customers of different banks on real-time basis and currently handles about three lakh transactions per day.
UK-based HSBC on Wednesday said regulatory sanctions being faced by the bank in the US is “embarrassing” and would have a bearing on its image. “Not positive… it’s disappointing,” HSBC Holding Plc Group Chairman Douglas J Flint told reporters when asked whether findings of the US regulator on foreclosures would have impact on its image.
Notification No. 12/2011 – Income Tax Income-tax : Section 43(5), clause (ii) of Explanation to clause (d) of proviso of the Income-tax Act, 1961 – Speculative transaction – Recognized Stock Exchange – Notified Recognized Stock Exchange. NOTIFICATION NO. 12/2011 [F.NO. 142/20/2010-SO (TPL)], DATED 25-2-2011. In exercise of the powers conferred by clause (ii) in the Explanation to clause (d) of the proviso to clause (5) of section 43 of the Income-tax Act, 1961 (43 of 1961), read with rule 6DDB of the Income-tax Rules, 1962, the Central Government hereby notifies the United Stock Exchange of India Limited as a recognized stock exchange for the purpose of the said clause with effect from the date of publication of this notification in the Official Gazette.
Shri R.P.N.Singh, Minister of State for Corporate Affairs informed the Lok Sabha in a written reply that Competition Commission of India (CCI) has started its statutory functioning. He informed that Section 3 and 4 of the Competition Act, 2002, relating to Anti-Competitive Agreement and Abuse of Dominant position have been notified and came into force with effect from 20th May, 2009.
Corporate Social Responsibility is Voluntary The Minister of State for Corporate Affairs, R.P.N. Singh stated that it is not mandatory for every company to have a corporate social responsibility. But the Government has issued “Corporate Social Responsibility Voluntary Guidelines 2009” for adoption by Companies voluntarily.
Cases of Merger and Amalgamation of Government Companies – The Minister of State for Corporate Affairs, Mr. R.P.N. Singh has stated that cases of Government Companies involving mergers and amalgamations presently under consideration of the Government are:- 1. M.P. State Industrial Development Ltd. and its Creditors.
Minister of State for Corporate Affairs, Mr. R.P.N. Singh has said that the Government regulates the remuneration of managing directors / whole-time directors / managers (board level positions) in accordance with provisions of Schedule XIII of the Companies Act, 1956. Listed Companies and subsidiaries of Listed Companies in India which are loss making / have inadequate profits require Government approval for paying remuneration in excess of ceiling stipulated therein.
The Union Minister of State for Corporate Affairs Mr. R.P.N. Singh has stated that since inception, the Serious Fraud Investigation Officers have Investigated 61 Companies u/s 235 /237 of the Companies Act, 1956. Replying to a question in Lok Sabha recently, he said there is no criteria classifying Companies as big or otherwise under the Companies Act, 1956. The time taken in completion of the investigations depends upon the seriousness and complexities of the issues involved in each case.
The Union Minister of State for Corporate Affairs, Mr. R.P.N. Singh has stated that the investigation into Satyam Computer Services Limited is underway by SFIO in association with CBI & ED to ascertain diversion/siphoning of funds including role of individual directors.
The CCEA has approved the operating and extending Indian Development and Economic Assistance (IDEA) Scheme during the period 2010-11 to 2014-15 for both African and non-African countries. Under the IDEA scheme, Government supported Export and Import Bank of India (Exim Bank) Lines of Credit (LoCs) are made available to developing countries for support of developmental and other projects as recommended by Ministry of External Affairs (MEA).
