Union Finance Minister Shri Pranab Mukherjee said while the current trend in food inflation is welcome and we hope to see further moderation in food inflation in the coming weeks. He said that however, there are concerns on the price momentum in non-food articles. Shri Mukherjee said that sustained high non-food primary prices are creating cost-push inflationary conditions in the manufacturing sector. Thus, even though food inflation is declining, the concern on higher core inflation remains, the Minister added. Union Finance Minister Shri Pranab Mukherjee said that the recent monetary policy announcements should help in addressing these concerns.
Please refer to SEBI Circular No. CIR/IMD/FIIC/1/201 1 dated January 17, 2011 related to the new reporting format of ODIs/PNs activity. Subsequently, SEBI received representations from a number of FIIs seeking various clarifications on the new reporting format. While these clarifications sought by the FIIs are being addressed by SEBI, it has been decided to defer the implementation of the new reporting format.
The International Telecommunication Union (ITU), the leading United Nations agency for Information and Communication Technology, is marking its 146th anniversary of establishment on 17 May this year by recognizing eminent personalities who have made a significant contribution in using ICT for social development to unleash the digital revolution.
India’s exports have registered a growth of 34.4% during April 2011, at US $ 23.9 billion. Stating this at a press interaction here today, Shri Rahul Khullar, Commerce Secretary, informed that during the interaction, with press, India’s imports in April 2011 were US $ 32.8 billion, which is up by 14.1% Balance of trade for the month of April stood at -8.9 billion US $.
The Supreme Court today pulled up the ED for filing a charge sheet against Pune-based stud farm owner Hasan Ali Khan in a case of alleged money laundering without informing a high-level committee formed by the government to monitor probe in sensitive cases.
Karnataka today became the first state in the country to launch an e-payment system for commercial tax payers. Speaking at the launch, Reserve Bank of India Deputy Governor Shyamala Gopinath wanted such a system to be adopted by other states. The system enables dealers to remit their commercial taxes anytime, anywhere, without physically approaching an office of the Commercial Taxes Department (CTD).
The Supreme Court today asked the Centre to frame guidelines for interception of telephone conversations in order to prevent illegal phone tapping by service providers. The central government must frame certain statutory guidelines in this regard to prevent interception of telephone conversations on unauthorised communication, a bench of justices GS Singhvi and AK Ganguly said.
Edelweiss Tokio Life Insurance Company Limited, a joint venture life insurance company promoted by Edelweiss Capital Limited and Tokio Marine and Nichido Fire Insurance Company, Japan has been registered as a Life Insurer under Section 3 of the Insurance Act, 1938 with the Authority. The Certificate of Registration (Forms IRDA/ R3) has been issued by the Authority on 10.05.2011. With this registration, the total number of Life Insurers registered with the Authority has gone up to 24.
The National Disaster Management Authority (NDMA), Government of India has formulated guidelines on ensuring disaster resilient construction of buildings and infrastructure financed through banks and other lending institutions (A copy of NDMA guidelines of September 2010 is enclosed). The NDMA has observed that in the context of disaster resilience there are certain critical gaps and the guidelines aim at addressing these gaps in the current process of approving the loan applications. It has been observed that the structural design of the proposed buildings and structures are not completed before submitting the application for a bank loan and no processes are in place at the banks to ensure that disaster resilience has indeed been incorporated in the assets during the design process at least before the construction begins. DBOD.Dir.BC.No.93 /08.12.14/ 2010-11, May 12, 2011
Tivoli Investment and Trading Co vs. ACIT (ITAT Mumbai)- the municipal value or standard rent is not binding on the AO but is a guiding factor for determining the reasonable rent expected to be fetched by the property. If the AO finds that the actual rent received is less than the fair market rent because of the abnormally high interest-free security deposit, he can undertake necessary exercise in that behalf. However, the notional interest on interest free security cannot be taken as determinative factor to arrive at fair rent.
