"25 March 2011" Archive - Page 3

Parliament completes for Budget approval exercise- Budget 2011-12

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 ...

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Posted Under: Finance |

SEZ – Clarification on FTWZ issues

Insruction No. 76 (22/03/2011)

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 ...

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Resolution Nofifying Constitution of Financial Sector Legislative Reforms Commission (FSLRC) Issued

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 an...

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Posted Under: Finance |

Proposed amendments to the Finance Bill, 2011 in respect of Direct and Indirect Taxation

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 be...

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Posted Under: Finance |

Big 4 Auditors respond to Big Four clause investigation

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 partne...

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Posted Under: Finance |

Banks in UK face probe for their use of Big Four auditors

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....

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Posted Under: Finance |