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.
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 propose to make any loan to, or give any guarantee or provide any security in connection with a loan made by any person to a Public Limited Company of which any such Director is a Director or a member even when the proposal does not fall under Section 295 (d) and Section 295 (e) of the Companies Act 1956.
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 Company registered under Indian Companies Act, 1956 with a net worth of atleast Rs 10 Cores.
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.
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 from Finance Minister Pranab Mukherjee last week.
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 states have chosen to extend the benefit to unmarried female members too.
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 being convened on 24th – 25th May, 2011 at Addis Ababa, Ethiopia. The outcome of the Trade Ministers’ Meet will feed into the Summit Declaration of the leaders. The Prime Minister, Dr. Manmohan Singh, will visit Ethiopia on May 23-26, 2011 to participate in the Summit.
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.
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 previous year”. He further said that the contribution of exports from SEZs to national exports during 2010-11 is 28%. The SEZ sector is providing employment to 6,76,608 people in the country as on 31.3.2011. The total investments in SEZs are Rs.2,02,810 crore as on 31.3.2011. The SEZ Council was set up in January 2003 and the Council recognize the efforts of EOUs and SEZ Units by presenting Export Awards for their excellent performance in exports every year since inception.
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 African Union, found the continent’s economy grew by 4.7 per cent last year and is likely to increase by another 5 per cent this year.
