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In order to bring excellence by promoting and enhancing the development of professional expertise in Customs administration, suggestions were called from Chief Commissioners and DGs. The Board received a large number of suggestions for bringing excellence in Customs administration. All these suggestions were discussed in full Board Meeting on May 4, 2011 and a number of plans and schemes were approved. One of the approved programs is institution of an annual award for officers and trade to encourage knowledge acquisition and capacity building. The award shall be given at national level as well as at zonal level (both at Chief Commissioner and Director General Level).
The Chairman Economic Advisory Council to the Prime Minister, Dr. C. Rangarajan released the ‘Economic Outlook 2011-12’ in New Delhi today. Following are the highlights: Economy to grow at 8.2% in 2011-12 . Agriculture grew at 6.6% in 2010-11. Projected to grow at 3.0% in 2011-12.
India’s exports during June, 2011 were valued at US $ 29213.14 million (Rs. 131031.43 crore) which was 46.45 per cent higher in Dollar terms (41.06 per cent higher in Rupee terms) than the level of US $ 19948.18 million (Rs. 92892.68 crore) during June, 2010. Cumulative value of exports for the period April-June 2011 -12 was US $ 79003.74 million (Rs 353338.87 crore) as against US $ 54221.16 million (`247574.57 crore) registering a growth of 45.71 per cent in Dollar terms and 42.72 per cent in Rupee terms over the same period last year.
The Union Finance Minister Shri Pranab Mukherjee has expressed confidence that the fundamentals of the economy are strong and the growth drivers in the medium term remain broadly intact. He was interacting with the captains of top business houses, here today. During his two and a half hour marathon meeting with top business leaders of the country, he said that the industry should play a proactive role in taking the country to the path of higher trajectory of growth. He said that such interaction should help in building the synergy needed to propel the economy to greater heights in the coming months.
Shri M. C. Joshi has taken over as the Chairman, Central Board of Direct Taxes (CBDT) with effect from 1st August 2011. Shri Joshi belongs to the 1974 batch of the Indian Revenue Service (IRS). Earlier, he was THE Chief Commissioner of Income Tax, Uttaranchal, after having served in the Income Tax department in various capacities. He also served in the Directorate of Enforcement as Special Director. Shri Joshi has a Masters degree in Economics.
Sh. Naved Masood, IAS (UP:77) has taken over as new Secretary in the Ministry of Corporate Affairs here today. Prior to it he was Special Secretary and Financial Advisor, Department of Health and Family Welfare in the Ministry of Health and Family Welfare. Sh. Masood replaces Sh. D.K.Mittal IAS (UP:77) who has been appointed as Secretary Department of Financial Services in the Ministry of Finance.
all the pension products offered shall comply with the following objectives. A pension product (deferred annuity contract) shall have an assured benefit disclosed at the time of sale, where the assured benefit is an amount in absolute terms which becomes payable on the vesting date.
Cir/ IMD/ DF/12 /2011 This refers to circular SEBI/IMD/CIR No. 14/151044/09 dated January 19, 2009 regarding indicative portfolio and yields in mutual fund schemes. It was mentioned that mutual funds shall not offer any indicative portfolio and indicative yield and that no communication regarding the same in any manner whatsoever, shall be issued by any mutual fund or distributors of its products.
The Central Bureau of Investigation has arrested a field officer (Loans) of State Bank of India, Main Branch, Shillong along with a middleman for demanding and accepting a bribe of Rs.4,000/- from the complainant.
It has been brought to our notice that some banks have recently issued demand drafts of Rs. 50,000 and above on deposit of cash and not against debit to the customer’s account or against cheques or other instruments tendered by the customer. In the current scenario where the integrity of the financial system in general and the banking channels in particular is of paramount importance, breach of these guidelines is a matter of serious regulatory concern in view of the wide ranging ramifications.
