The ‘Industrial Loan’ is required for an industry which is a social activity generating employment for the masses (direct as well as indirect), generation of public revenue by way of taxation for meeting public expenses through the government, making available goods indigenously and thus saving valuable foreign exchange, creating possibilities for export and thus earning valuable foreign exchange, creating wealth to improve standard of living of the citizens etc. Thus the ‘Industrial Loan’ is an object and purpose oriented loan for creating an activity for the benefit of the public. In this context, the PAYMENT OF INTEREST AND REPAYMENT OF SAID ‘INDUSTRIAL LOAN’ IS PRIMARILY, WHOLLY AND SOLELY OUT OF EARNINGS OF THE SAID INDUSTRY. In fact all the project reports and appraisal reports prepared by the banks/financial institutions show only this mode of repayment of industrial loan as well as interest. In a running unit, all the transactions ultimately leave only the net profit in the hands of the Company. Average net profit in the business is 2% to 4% of the turnover. Out of this if the Company reserves half, the balance half i.e. 1% to 2% is only available which the Company can use the way it likes say for keeping reserves for business risks, security and safety of key persons etc.
Indian economic success is being looked at with awe in Emerging markets like Latin America which are integral to India’s strategy for inclusive growth. To reduce dependence on traditional markets like the US and Europe, Indian exporters have started exploring new markets like Latin America, Asia and Africa. The government has introduced incentives for exporters to diversify and boost their trade with emerging markets like Latin America and Caribbean region (LAC). The Focus LAC programme, aimed at enhancing India’s trade with LAC region has been extended up to March 2014. The ICWAI professionals can contribute immensely in merchandise export by reporting and controlling the costs and advising the Management of profitable products/services utilizing the scarce resources.
If Asia has to reach the level of an affluent region, achieving broad-based, inclusive and sustained growth would be a paramount necessity. Inclusive growth is critical for a sustained assault on poverty and for containing inequality. If we fail to achieve inclusive growth, we will end up with islands of prosperity within a largely poor Asia. Equally, important is the quality of growth. Asian countries should aim to transform their economies into knowledge- and skill-based economies over the next 40 years to ensure high sustained growth.
COMPANY SECRETARIES EXAMINATIONS – DECEMBER 2010 – THE ROLL NUMBERS OF THE CANDIDATES WHO HAVE PASSED THE foundation programme, executive programme, professional programme (new syllabus) and final (old syllabus) EXAMINATIONS OF The COMPANY SECRETARIES HELD IN December, 2010 are available on the website of the institute.
CBI has registered a case U/S 8 of Prevention of Corruption Act against an official of Registrar, Firms & Societies, Punjab on the basis of a complaint received from Secretary of an Association alleging demand of bribe of Rs.1.5 crore by the official, of Registrar, Firms & Societies, Punjab, Sector 17, Chandigarh for closing the complaint against the Association without any action. The accused also threatened that in case of non-payment of the bribe amount, control of the Association shall be taken over by the Government and a criminal case will be registered against the office bearers of the Association. The accused official also allegedly told the complainant that he has approached a Minister in Punjab Cabinet through Chief Parliamentary Secretary for closing the complaint. He said that initially an amount of Rs.2 crore was demanded for settling this matter but, however, he has been able to reduce it to Rs.1.5 crore. The accused official also allegedly told that the bribe amount has to be delivered at the residence of Chief Parliamentary Secretary.
Relaxing the norms for making payments using mobile phones, known as m-wallet, the Reserve Bank today decided to increase the limit of money-loading to Rs 50,000 from the existing limit of Rs 5,000. The maximum value of such prepaid semi-closed m-wallet shall not exceed Rs 50,000, a RBI notification said.
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.
