"20 June 2011" Archive

New CAG norms for govt accounting to be unveiled on Tuesday

The CAG guidelines for a new government accounting system aimed at improving transparency and fixing the accountability of departments for managing state-owned assets will be unveiled on Tuesday. In line with the recommendations of the 12th and 13th Finance Commissions and the second Administrative Reforms Commission, the operational gui...

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Posted Under: Finance |

Denial of Interest on service tax refund specious – Bombay high court

Shroff United Chemicals Limited. Vs The Union of India and others (Bombay High Court)

Shroff United Chemicals Limited. versus The Union of India - The Bombay high court last week described the denial of interest on refund of service tax by the deputy commissioner as 'specious' in the case, Shroff United Chemicals Ltd vs Union of India. It asked the revenue authorities to pay interest for the delayed refund. The firm, in an...

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Posted Under: Finance |

Direct tax collections crosses Rs one trillion in Q1

Belying fears of moderation in economic activities, the direct tax collection ( personal income tax and corporate tax) grew by 23 per cent to Rs 101,600 crore in the first quarter of current financial year . The collection was Rs 82,300 crore in the same period last fiscal and Rs 77,500 crore in April-June 2009, showing consistent increa...

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Posted Under: Finance |

FM to Address State Finance Ministers on Reforms in Financial Reporting

The Union Finance Minister Shri Pranab Mukherjee will inaugurate a national conference of the State Finance Ministers here tomorrow. The day-long conference, which includes participation from all stakeholders from Union and State Governments, aims to trigger discussions on operational guidelines for conceptualizing ‘General Purpose Fina...

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Posted Under: Finance |

SEBI – Periodical Report – Grant of prior approval to Depository Participants

Circualr No. MIRSD/9/2011 (20/06/2011)

CIRCULAR NO. MIRSD/9/2011, Henceforth, the Depositories shall submit a periodical report to SEBI regarding the following changes, as per the format and in accordance with the guidelines given at Annexure A: a. Amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the ...

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SEBI – Periodical Report- Grant of prior approval to Bankers to an Issue

Circular No. MIRSD/11/2011 (20/06/2011)

CIRCULAR NO. MIRSD/11/2011, The requirement of taking prior approval by the Bankers to an Issue from SEBI for change in status or constitution has been dispensed with. However, the Bankers to an Issue would be required to take prior approval from SEBI for change in control. Pursuant to the aforesaid notification, commencing from the quart...

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SEBI – Periodical Report- Grant of prior approval to Debenture Trustees

Circular No. MIRSD/10/2011, (20/06/2011)

CIRCULAR NO. MIRSD/10/2011, With the said amendment, the requirement of taking prior approval by the Debenture Trustees from SEBI for change in status or constitution has been dispensed with. However, the Debenture Trustees are required to take prior approval from SEBI for change in control. Pursuant to the aforesaid notification, commenc...

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Clarification on Circular No.33/2011, Dated 01.06.2011

Circular No. 38/2011 (20/06/2011)

Clarification on Circular No. 33/2011 dated 01.06.2011 with regard to compliance of provisions of the Companies Act, 1956 and Rules made there under....

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MVAT – Amendment to VAT Notification dated 5-11-2009 – Refund to Diplomatic Authorities

Notification No.VAT-1511/CR-56/Taxation-1 (20/06/2011)

In exercise of the powers conferred by sub-section (1) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends the Government Notification, Finance Department, No.VAT-1509/CR-89/Taxation-1, dated the 5th November 2009, as follows, namely : — ...

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Shri P. Vijaya Bhaskar and Shri B. Mahapatra take charge as New EDs at RBI

Shri P. Vijaya Bhaskar assumed charge as Executive Director of the Reserve Bank of India on June 13, 2011. As Executive Director, Shri Bhaskar will look after Central Security Cell, Department of Banking Supervision and Department of Non-Banking Supervision. Prior to his appointment as Executive Director, Shri Bhaskar was the Regional Di...

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Posted Under: Finance |