The rupee today touched a fresh all-time low of 53 rupees 71 paise against the dollar, amid continuing capital outflows and further appreciation of the US currency against its major rivals, particularly euro. After slipping to sub-53 level yesterday, the local currency further plunged to 53 rupees 54 paise per dollar in the opening trade at the Inter-bank Foreign Exchange.
Broadening its probe in overseas black money cases, the Finance Ministry has decided to write to tax havens and other countries to obtain past information of banking-related transactions in select cases. Top sources said that the Central Board of Direct Taxes (CBDT) has obtained data of a number of accounts in foreign locations, including tax havens, and it will now write to these countries to share information about past banking transactions under the amended and rectified provisions of the Double Taxation Avoidance Agreement (DTAA).
The government on Friday said some of the persons named in the French list of people having funds abroad given to India have voluntarily paid about Rs 135 crore in taxes. Although the tax has not been assessed or raised yet, some persons have voluntarily paid taxes amounting to about Rs 135 crore so far,Minister of State for Finance S S Palanimanickam said in a written reply in Lok Sabha.
Upto 500% Revision in the rates of Stipend to ICWAI Trainees by Maharashtra State Electricity Transmission Co. Ltd. – ICWAI is pleased to inform that vide Administrative Circular number 299 dated 25.10.2011, Human Resource Department of Maharashtra State Electricity Transmission Co. Ltd. has revised the rates of stipend payable to Cost and Management Trainees in the places/towns having population more than 20 lakhs. The rates of revision is upto 360% for ICWAI intermediate passed students whereas it is upto 500% for ICWAI passed candidates as per the following details.
Turning to the topic of today’s lecture, the title is admittedly borrowed from a recent book, the very influential historical work on financial crisis by Carmen Reinhart and Kenneth Rogoff1. Besides being a very catchy title, which is always very tempting to borrow, I felt that there was some similarity between the historical dynamic described in the book and the situation we are facing with food inflation in India today. Crises recur because there are just enough differences between the circumstances that cause them for people to be able to deny their inevitability. However, the underlying drivers of virtually every crisis are essentially similar. In the story of financial crises that the book tells, unsustainable build-ups of exposures, underestimation of risks and an erosion or inadequacy of regulatory capacity are the common elements of all crises.
It is indeed a pleasure to be here in your midst today. Young people infuse energy and vigour into any gathering but bright, young bankers like you also make it a learning experience. Convocations are always a very special occasion as they signify both an end and a beginning. An end – to a formal learning process and, hence, a moment of great satisfaction and joy for everyone involved. And a beginning – as it marks the threshold of the next stage for applying practically the knowledge and skills acquired through the formal learning process, thereby, acquiring real world learning and experience.
The Union Finance Minister Shri Pranab Mukherjee has said that we need to further our understanding of issues where greater and coordinated policy actions are needed to sustain growth and create inclusive outcomes for the people. He was delivering the inaugural address at the International Conference on “Economic Policies for Emerging Economies” here today. The […]
Good evening. On behalf of the Reserve Bank of India, I have great pleasure in welcoming Prof. Maurice Obstfeld, who will shortly be delivering the L.K. Jha Memorial Lecture. Warm welcome also to Mrs. Jeniffer Obstfeld. I also have pleasure in acknowledging the presence here of members of the family of late Dr. L.K. Jha – Smt. Dipika Maharaj Singh, Smt. Sharika Glover and Master Kiran Glover. Your presence here means a lot to us. Thank you very much. Of course, a warm welcome to all our distinguished invitees who have made time to be here for this lecture.
This Guidance Manual for Audit Quality deals with a firm’s responsibilities for its system of quality control for audits and reviews of cost / financial statements, and other assurance and related services engagements. This Manual is to be read in conjunction with the requirements of the Cost and Works Accountants Act, related Regulations, the Code of Ethics and other relevant pronouncements of the Institute.
The Cabinet Committee on Economic Affairs today approved setting up of the National Electricity Fund (Interest Subsidy Scheme) to provide interest subsidy etc. aggregating to Rs. 8466 crore for a period of 14 years for projects of electricity distribution sector.
