"15 March 2011" Archive

Mid-Quarter Review of Monetary Policy 2010-11 at 12 noon on March 17, 2011

The Reserve Bank of India will release its next Mid-Quarter Review of Monetary Policy 2010-11 at 12 noon on March 17, 2011. The Review will be by way of a press release and will be placed on RBI website....

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Posted Under: Fema / RBI |

SFIO investigating 14 cases – says R.P.N. Singh

The Minister of State of Corporate Affairs, Shri R.P.N. Singh has stated that serious Fraud Investigation Office (SFIO) is currently investigating 14 cases. In the past two years investigation in respect of 25 companies were completed and 117 petitions were filed by SFIO in the Competent Courts. The Hon’ble Courts ordered convictions in...

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Posted Under: Fema / RBI |

Government has prescribed percentage of profits for public limited companies and their subsidiaries – says R.P.N. Singh

For Public Limited Companies and their subsidiaries ceiling as percentage of profits is already prescribed. The Government also regulates the remuneration of managing directors / whole-time directors / managers (board level positions) of Public Limited Companies in accordance with the provisions of Schedule XIII of the Companies Act, 1956...

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Posted Under: Fema / RBI |

Jurisdiction of Companies Act under which SFIO is functioning is restricted to India only

The jurisdiction of Companies Act, 1956 under which the SFIO is functioning is restricted to the territory of India. Investigation regarding diversion of funds outside the country, is being carried on by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) for which they have the requisite powers. This was stated by ...

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Posted Under: Fema / RBI |

Anshu Jain tops Deutsche Bank pay with 12 million euro

Deutsche Bank investment banking chief Anshu Jain earned 12.00 million euros ($16.73 million) in 2010, eclipsing Chief Executive Josef Ackermann's pay, the lender said on Tuesday. Jain's total remuneration topped the 8.99 million euros awarded to his boss, reflecting a rebound in business at his division, and also surpasses the 2010 pay o...

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Posted Under: Fema / RBI |

Companies Name Availability Rules – Govt Amends existing Rules

NA

Company Law : Companies (Name Availability) Rules, 2011- As per provisions contained in section 20 of the Companies Act, 1956, no company is to be registered with undesirable name. A proposed name is considered to be undesirable if it is identical with or too nearly resembling with: (i) Name of a company in existence; or (ii) A register...

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Service Tax on Convention services

Convention services means any service provided or to be provided [to any person], by any person in relation to holding of convention, in any manner; Convention" means a formal meeting or assembly which is not open to the general public, and dose not include a meeting or assembly the principal purpose of which is to provide any type of amu...

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Posted Under: Fema / RBI |

Service Tax on consulting engineer’s service

consulting engineer’s service means any service provided or to be provided to any person, by a consulting engineer in relation to advice, consultancy or technical assistance in any manner in one or more disciplines of engineering including the discipline of computer hardware engineering but excluding the discipline of computer softwa...

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Posted Under: Fema / RBI |

Service Tax on Copyright Services

Copyright Services means any service provided or to be provided to any person, by any other person, for – (a) Transferring temporarily; or (ii) Permitting the use or enjoyment of, Any copyright defined in the Copyright Act, 1957 (14 of 197), except the rights covered under sub-clause (a) of clause (1) of section 13 of the ...

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Posted Under: Fema / RBI |

Amendments to the Prevention of Money Laundering Rules, 2005

RBI/ 2010-11/425 UBD. BPD. (PCB) No. 38 /12.05.001/2010-11 15/03/2011

These rules may be called the Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermedia...

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