Reserve Bank of India (RBI) has issued Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks on 3rd November, 2006, to enable the banks to effectively manage the risks arising out of outsourcing. As per these guidelines, the banks are required to put in place a Board approved comprehensive policy
With effect from 25th June, 2011, the Central Government has reduced basic customs duties on crude from 5% to Nil, on petrol and diesel from 7.5% to 2.5% and on other petroleum products from 10% to 5%. Similarly, the basic excise duty on diesel has been reduced to Nil from Rs. 2 per litre.
The uncertainty in the global markets due to recent developments in United States of America (USA) and Eurozone has had some impact on major markets across the globe, including India. However, Indian markets were less affected as compared to some of the major Asian and European markets. Fluctuations in markets are not unusual.
Ridiculing the disclosure of assets by union cabinet ministers, the opposition Bharatiya Janata Party (BJP) in Goa said agriculture minister Sharad Pawar must have ‘forgotten to add a few zeroes’. Pawar disclosed his assets to be worth Rs 12 crore.
Vide Order No 152 of 2011 dated 06.09.2011 the CBDT has transferred and posted several Commissioners & Directors of Income-tax with immediate effect
The Cost Accounting Standards Board Secretariat has prepared a revised Guidance Note on Cost Accounting Standard -4 (CAS-4). This note has been exposed for the public comments. The proposed Exposure Draft shall be modified in light of comments received before being issued in the final form. I request all of you to please submit your views / comments / suggestions on the same latest by October 10, 2011 to the CASB Secretariat. I also request the members to send their views on the Generally Accepted Cost Accounting Principles, which has been already exposed for public comments.
