There is a great deal of anxiety around the world about the outcome of this weekend’s Fund-Bank annual meetings and the G-20 meetings. There are strong expectations that we will converge on a plan of action that will reverse the crisis of confidence. We once again have to show the resolve that we did in 2008 to meet those expectations.
The IRDA, vide Circular, dated 10-2-2011, had issued guidelines on portability of health insurance policies which was to be introduced from 1-7-2011. Subsequently, on 24-6-2011, it was felt necessary to put in place a system to enable collection of data on the history of health insurance and monitoring the transfer of records of the porting policyholder. In that context, it was decided that the implementation of portability of health insurance policies would be mandated to commence no later than 1-10-2011. In continuation of the above guidelines, the detailed procedure on health insurance portability shall be as set out in these guidelines.
The Reserve Bank has announced today that banks and Non Banking Financial Companies (NBFCs) would be eligible to sponsor Infrastructure Debt Funds (IDFs), to be set up as Mutual Funds (MFs) and NBFCs. The Securities and Exchange Board of India (SEBI) has amended the (Mutual Funds) Regulations to provide regulatory framework for IDF-MFs by inserting Chapter VI – B to the MF Regulations.
ICAI & ANR. Vs DGIT (EXEMPTIONS) (Delhi High Court)- Even if the profits earned are used for charitable purposes, but fee, cess or consideration is charged by a person for carrying on any activity in the nature of trade, commerce or business or any activity of rendering of any service in addition to any trade, commerce or business, an institution will not be regarded as established for charitable purpose/activity (it would be covered under the proviso and the bar/prohibition will apply)
SMS Tea Estates Pvt. Ltd. Vs. M/s. Chandmari Tea Co. Pvt. Ltd. (Supreme Court of India)- SC held that under the provisions of Registration Act, 1908 (‘Registration Act’) an arbitration clause can remain enforceable in certain situations even if it forms part of an unregistered (but compulsorily registrable) document. But the agreement including the arbitration clause will not be admissible as evidence in court prior to payment of deficit stamp duty and penalty as per Stamp Act, 1899 (‘Stamp Act’).
We may very often say great things about Indian Judiciary or legal system. It is true that we have had great legal luminaries, who played a very important role in our democracy defending the Fundamental Rights of the people, expanding the scope of Part-III of Indian Constitution and who played a very important role in preserving and upholding the Constitutional Principles. People with no exposure to Courts, may appreciate our legal system and Indian Judiciary when they look at the intervention of High Courts and Supreme Courts in the matters of public importance.
Delhi High Court has upheld the constitutional validity of Service Tax on renting of immovable property with retrospective effect While upholding the levy of Service Tax on Renting, their Lordship has left open the question of imposition of penalty for period prior to 2010 to be examined by the Govt. in view of the fact […]
Thirteen South African Indians, all members of an extended family, have been arrested from a largely Indian residential locality near here, for allegedly defrauding the revenue service of millions of rands, in a scam that has left the township residents shocked. The accused, including a mother, her four children and other close and not so close relatives of the family, were arrested from the Lenasia area, south of here, largely populated by ethnic Indians.
It is a great honour to take over the chair of G24 and I thank you for enabling it. I bring greetings from all the people of India. South Africa and its dynamic Finance Minister Mr Pravin J Gordhan has successfully steered this group over the last one year. Let me thank him and his team, on behalf of all of us present here. I also take this opportunity to welcome the new 2nd Vice Chair , Minister Fayza Aboul Naga of Egypt.
Shri Anand Sharma Commerce, Industry and Textiles Minister of India along with Shri Pranab Mukherjee, Finance Minister and Deputy Chairman, Planning Commission led the Government of India delegation to the India-U.S. CEO Forum meeting in Washington D.C. on September 22, 2011. The Forum comprises top CEOs from both sides and is co-chaired by Ratan Tata on the Indian side and David M. Cote, CEO of Honeywell Corporation of the USA. Minister Sharma and the United States Trade Representative (USTR), Ambassador Ron Kirk chaired the session on Review of CEO/Government collaborative projects in different areas including energy efficient buildings, water, agriculture, health care/diabetes; Strategic, high tech and defence trade; and facilitating business travel and totalization agreement . US Treasury Secretary Timothy Geithner, Deputy National Security Advisor Mr. Michael Froman led the US Government delegation.
