The Telecom Ministry has informed the Public Accounts Committee (PAC) that it has issued show cause notices to 13 companies for termination of their licences, who are stated to be “ineligible” for getting them. Based on the report of the CAG, the Department of Telecom (DoT) has “issued show cause notices to 13 companies for termination of the 85 new licences issued in 2008. The companies have given their replies which are under examination,” DoT said in its reply to PAC’s questionnaire.
Parliament today completed the three-phase exercise of approving the General Budget 2011-12. The completion includes Parliamentary approval for appropriation of over Rs 46 lakh crore from the Consolidated Fund of India. The Rajya Sabha returned the Finance Bill 2011 and Appropriation Bills to the Lok Sabha, thus signalling the completion of the Budgetary exercise.
The undersigned is directed to refer to the Instruction No. 49, dated 12-3-2010 and Instruction No. 71, dated 12-11-2010 on the subject mentioned above. Instruction No. 71 was issued to amend the point No. IV of the Instruction No. 49. It was clarified that the units in FTWZ in sector specific SEZ can store goods required for development of the zone or setting up of units or for manufacturing and export/DTA sale of goods and services or finished products of the units in that particular sector specific zone.
The Resolution notifying the constitution of Financial Sector Legislative Reforms Commission (FSLRC) was issued today by the Government of India. This is in pursuance to the announcement made by the Union Finance Minister Shri Pranab Mukherjee in his budget speech of 2010-11 to rewrite and harmonise financial sector legislations, rules and regulations. This had become necessary as the institutional framework governing India’s financial sector was built over a century.
The Finance Bill, 2011 (the Bill) was introduced by the Finance Minister (FM) in the Lok Sabha yesterday. The FM has proposed certain amendments to the Bill in the Lok Sabha. Here we are giveing a snapshot of the key amendments proposed to the provisions of the Bill as passed by the Lok Sabha. It may be noted that these proposals will become law only after they are passed by the Rajya Sabha and thereafter receive assent of the President of India.
Auditors have rushed to respond to the Big Four bank clause investigation, which could see the Office of Fair Trading come down hard on lending restrictions linked to audit. RESTRICTIVE BANK clauses that force customers to use Big Four firms are to be investigated, and auditors have scrambled to respond. Martyn Jones, senior audit partner at Deloitte, professed no shock at the announcement, saying his firm welcomes the removal of restrictive agreements.
THE GOVERNMENT has asked regulators to investigate whether banks help to entrench the Big Four auditing firms’ dominance through restrictive lending agreements with companies. The Budget included a call to the Office of Fair Trading to probe whether bank covenants lock out smaller auditors.
