In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government,being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following rules apply, and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange,whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the lst day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).
In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which any of the following rules apply, and wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds hundred crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India, shall get its cost accounting records, in respect of each of its financial year commencing on or after the 1st day of April, 2011, audited by a cost auditor who shall be, either a cost accountant or a firm of cost accountants, holding valid certificate of practice under the provisions of Cost and Works Accountants Act, 1959 (23 of 1959).
The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad, Gujarat in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violating guidelines issued by Reserve Bank of India on Know Your Customers (KYC) norms and Anti Money Laundering (AML) standards.
The Income Tax Department has saved a potential interest outgo of up to Rs 4,000 crore by an early payout of refunds to taxpayers in April, a top official of the Department said today. In the month of April, we have issued more than 20 lakh refunds all over the country which is a record number of refunds issued in April, Central Board of Direct Taxes Chairman Sudhir Chandra told reporters here.
Market regulator Sebi has decided to outsource its investor helpline service to a third-party call centre, where at least 500 agents would be required to attend to investors’ calls on issues like IPOs and trading. The decision to outsource its investor helpline comes within weeks of Sebi deciding to rope in third-party agencies for processing and maintenance of investor grievances.
In a bilateral meeting with the Japanese Finance Minister at Hanoi, Vietnam today, the Finance Minister Shri Pranab Mukherjee expressed deep concern and sympathy over the recent natural calamities in Japan and extended all possible assistance. Shri Mukherjee said that India attach great priority to Strategic & Global Partnership with Japan and there is strong political consensus in India on the importance of advancing this partnership in all areas.
Before the onset of global crisis, we faced food and fuel price volatility. During the global crisis of 2008-09, with collapse of demand, we experienced a broad flattening of prices. And, as the world experienced recovery from the crisis, different parts of the world faced highly differentiated recovery and inflationary conditions. Till about a few months ago, the slow recovering advanced economies, with few exceptions, still faced low inflationary conditions, while fast recovering emerging economies faced higher inflation.
Large Indian firms may have to adopt international accounting norms, IFRS, from the next fiscal when the new direct tax regime comes into effect, bringing clarity on the tax structure for companies. In a meeting held recently, the Corporate Affairs Ministry and the Finance Ministry is learnt to have found a common ground on how companies would be taxed under the International Financial Reporting Standards (IFRS).
Joining the rate hike bandwagon, state-run lender Indian Bank today raised its lending rates by 50 basis points, within days of the Reserve Bank announcing an increase in its short-term lending and bank savings rates.
The Rajasthan High Court has criticised the bureaucratic approach of government officials in releasing retirement benefits. The single judge bench said the benefits must be given timely, without making the retirees run from pillar to post.
