"19 May 2011" Archive - Page 3

IGAS 2 – Accounting and Classification of Grants-In-Aid

Notification No. S.O.1113(E) 19/05/2011

In exercise of the powers conferred by article 150 of the Constitution of India, the President of India, on the advice of the Comptroller and Auditor General of India, hereby makes the following accounting standards, namely, - Indian Government Accounting Standards (IGAS)2,- Accounting and Classification of Grants- In- Aid....

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Clarification on Loan to Public Limited Companies Under Section 295 of the Companies Act

The Ministry of Corporate Affairs has issued clarification on loan to Public Limited Companies under Section 295 of the Companies Act. A circular issued by the Ministry in this regard says that it has come to the notice of the Ministry that some Companies are making applications for getting prior approval of Central Government when they p...

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Posted Under: Finance | ,

Clarification on Guidelines on Outsourcing of Activities by Insurance Companies

Notification No. Ref:IRDA/Life/Cir/Misc/103 /05/2011 18/05/2011

Reference is invited to point no. 5.1 of Guidelines on Outsourcing of Activities by Insurance Companies (Circular No: IRDA/Life/CIR/GLD/013/02/2011 dated 01st February, 2011) wherein it is prescribed that entities engaged for the activities referred at Column (4) of Sl. No. 3 of Annexure - 1 (Cheque pick and Banking) shall be only a Compa...

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HC refuses to decide limit for wedding expenses

The Delhi High Court today dismissed a petition seeking its intervention in deciding the maximum limit for expenses in marriage functions. "I am of the considered opinion that this court cannot venture into the issue and hence the petition stands dismissed," a division bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna said....

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Posted Under: Finance |

CBDT recovers Rs 30,000 crore black money in last 2 years

Taxmen have seized black money to the tune of a whopping Rs 30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers. The CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval ...

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Posted Under: Finance |

Unmarried Hindu woman has equal property rights

An unmarried Hindu woman is entitled to equal share in ancestral or coparcenery property along with other male members under the amended Hindu Succession Act, the Supreme Court has held. Coparcenary refers to equal inheritance which was restricted only to male members of the Hindu Undivided Family but after succesive amendements several s...

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Posted Under: Finance |

Anand Sharma to Lead Indian Side for India-Africa Trade Ministers’ Meet

Shri Anand Sharma, Union Minister for Commerce & Industry will lead Indian side in a special Meeting of India-Africa Trade Ministers to be held on May 21, 2011 in Addis Ababa. The meeting precedes 2nd Africa- India Forum Summit and will be involving Trade & Industry Ministers from all the member States. 2nd Africa- India Forum Summit is b...

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Posted Under: Finance |

Mitra resigns as Ficci Secretary General

Amit Mitra, who is tipped to become the next Finance Minister of West Bengal in the Trinamool Congress-led government, has resigned as Ficci Secretary General. Mitra, 63, emerged as a 'giant killer' by defeating CPI(M) veteran and state Finance Minister Asim Dasgupta by a big margin from the Khardah Assembly constituency....

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Posted Under: Finance |

SEZ Exports in 2010-11 Registers Growth of 43 per Cent

The Minister of State for Commerce Shri Jyotiraditya M. Scindia presented the EPCES Export Awards to EOUs and SEZ Units for Outstanding Export Performance for 2008-09, here today. Speaking on the occasion Shri Scindia said, “The exports from SEZs during 2010-11 is to the tune of Rs.3, 15,867 crore representing a growth of 43% over the p...

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Posted Under: Finance |

UN report projects continued high growth rates for African economies

African economies will continue to enjoy high rates of growth this year, but that growth will only translate into job creation and poverty reduction if the State takes a larger role, according to a report released today by the United Nations. The 2011 Economic Report on Africa, produced by the UN Economic Commission for Africa and the Afr...

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Posted Under: Finance |

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