"07 October 2011" Archive

Will the Renminbi Eclipse the Dollar?

Date: 07 Oct 2011 Welcome Remarks by Dr. D. Subbarao, RBI Governor at the talk delivered by Dr. Arvind Subramanian “Will the Renminbi Eclipse the Dollar?” on Oct. 7, 2011 at the RBI Auditorium, Mumbai 1. I have great pleasure in welcoming Arvind Subramanian, Senior Fellow at the Peterson Institute for International Economics, Washingt...

Posted Under: Fema / RBI |

CBDT Committee to examine ways to strengthen laws to curb generation of black-money in India, its illegal transfer and abroad and its recovery

The Central Board of Direct Taxes, Department of Revenue, it has been decided with the approval of competent authority that the Committee to examine ways to strengthen laws to curb generation of black-money in India, its illegal transfer and abroad and its recovery shall be co-chaired by Member (investigation), CBDT....

Posted Under: Fema / RBI |

Two provident fund officials arrested for graft

Two officials of the Provident Fund Commissioner's office were arrested for taking bribes to settle a case, a Central Bureau of Investigation (CBI) official said Tuesday. 'A complaint was registered based on a written complaint that Enforcement Officer A.L. Dighe demanded a bribe of Rs.20,000 on behalf of Assistant Provident Fund Commissi...

Posted Under: Fema / RBI |

SC allows clubbing of two establishments as one for the purposes of the PF as there was unity of ownership, management, control, finance, labour and functional integrity

L. N. Gadodia & Sons & ANR. Vs. Regional Provident Fund Commissioner (Supreme Court of India)

L. N. Gadodia & Sons & ANR. Vs. Regional Provident Fund Commissioner (Supreme Court of India)- When two establishments are run by the same family under a common management with common work force and with financial integrity, they are expected to be treated as branches of one establishment for the purposes of the Provident Fund Act, the Su...

Directors not vicariously liable for crime of company – Supreme Court

M/s. Thermax Ltd. & Ors. Vs. K.M. Johnny & Ors. (Supreme Court of India)

M/s. Thermax Ltd. & Ors. Vs. K.M. Johnny & Ors. (Supreme Court of India)- Though civil law recognises the principle of ‘vicarious liability’ of directors of companies, the concept is not acknowledged in criminal law, the Supreme Court stated while allowing the appeal case, M/s Thermax Ltd Vs K M Johnny....

Govt. cannot change purpose of acquired land – SC

M/s. Royal Orchid Hotels Ltd. and another Vs. G. Jayarama Reddy and others (Supreme Court of India)

Land acquired by Government or its instrumentalities for a specific public purpose cannot be changed and transferred to private individuals or corporate bodies, the Supreme Court has held. A bench of justices G S Singhvi and Sudhansu Jyoti Mukhopadhaya said though Government enjoys power of “eminent domain” to compulsorily acquire any...

Innocent purchaser cannot be disallowed Input Tax Credit (ITC) for non payment of tax by seller

The Common issue involved in these writ petitions was with regard to denial of Input Tax Credit by the Assessing Authority on the ground that the dealers from whom the petitioners have purchased goods, have not deposited full tax in the State Treasury. The purchasers-petitioners have not been held entitled for deduction of Input Tax Credi...

Posted Under: Fema / RBI |

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