As you may perhaps be aware, the United Nations has declared the year 2012 as the International Year of Cooperatives and, to my mind, this is precisely what makes today’s Central Zone Cooperative Conference, both contextually and topically, very relevant and it will culminate, I am sure, in most desired outcomes going forward ! And it will be no exaggeration to say that India has been among the pioneering nations in the matter of genesis, and democratic evolution, of agricultural and rural co-operatives, truly informed, and inspired, by the tenets and principles of cooperation.
The exemptions to Mega/ Ultra-Mega Power Projects were extended to augment the power generation capacities in the country considering the acute shortages and requirements. The facilities such as Ash Disposal System including ash dyke, water intake including treatment and storage facilities and coal transportation facilities are essential for viability and sustenance of Mega/ Ultra-Mega power Projects and hence are considered vital and inalienable part of such projects.
The Reserve Bank of India, RBI, has cautioned the public against falling prey to fictitious offers of cheap funds that are rampant in recent times. In a press statement at Guwahati, the RBI said, the fraudsters often lure the public in the form of lottery prize money through letters, e-mails, SMS etc. It said such fraudulent communications were even sent on fake letterheads of the Reserve Bank of India or other reputed organizations, purportedly signed by their top executives or senior officials.
As the fall of Rupee against the dollar continues, the experts say more investment opportunities in India are opening up for the Gulf based non-resident Indians (NRIs). Real estate, capital markets and deposits are among the new instruments in which the expatriate Indian community can invest. The State Bank of India CEO , Debajyoti Ray Chaudhuri said in Dubai, the NRIs in United Arab Emirates, UAE are getting more rupees in exchange for Dirhams and they should make the most of it.
. In the Companies (Accounting Standards) Rules, 2006, (hereinafter referred to as the said rules), in the Annexure, Under the heading ‘B. ACCOUNTING STANDARDS’, in the sub-heading ‘Accounting Standard (AS) 11’ relating to The Effects of Changes in Foreign Exchange Rates’, after paragraph 46, the following paragraph shall be inserted, namely,- ‘ 46A. (1) In respect of accounting periods commencing on or after the 1st April, 2011, for an enterprise which had earlier exercised the option under paragraph 46 and at the option of any other enterprise (such option to be irrevocable and to be applied to all such foreign currency monetary items), the exchange differences arising on reporting of long-term foreign currency monetary items at rates different from those at which they were initially recorded during the period, or reported in previous financial statements , in so far as they relate to the acquisition of a depreciable capital asset, can be added to or deducted from the cost of the asset and shall be depreciated over the balance life of the asset, and in other cases, can be accumulated in a ‘Foreign Currency Monetary Item Translation Difference Account’ in the enterprise’s financial statements and amortized over the balance period of such long term asset or liability, by recognition as income or expense in each of such periods, with the exception of exchange differences dealt with in accordance with the provisions of paragraph 15 of the said rules.
Private sector banks will have to get their branch accounts audited by an RBI-approved panel along the lines of PSU lenders if a proposal of accounting regulator ICAI goes through.
The Lok Sabha passed on 19.12.2011 the much awaited Chartered Accountants (Amendment) Bill, 2010, which provides for the following: Firstly, to enable the Members of the Institute of Chartered Accountants of India to form Multi Disciplinary firms i.e Partnership with other recognised professions and offer Multi Professional services in a competitive and commercial manner. It permits to enter into partnership with prescribed profession.
Whether it is about growing business or cracking recession, one of the critical success factors is to design & implement an Internal Control Framework that is a best fit to management approach and attitude, business needs and regulatory demands. Internal Control Framework comprises of control environment, internal audit and control procedures. Internal Audit is a control check over control functions / control procedures.
(iv) Company Law Settlement Scheme [CLSS]: This was introduced in August 2011 to give a chance to companies who have failed to file the balance sheets and annual returns earlier, to complete their filings to avoid prosecution. This measure has elicited a good response and so far about 1.25 lakh documents have been filed, yielding a revenue of Rs.15.37 crore. The Scheme is now valid till January 15, 2012.
The government may announce an amnesty scheme for citizens having unaccounted wealth abroad and also permit taxmen to dig into income tax filings of past 16 years of suspected assessees, based on the suggestions made by a high—powered panel. The committee on black money, headed by CBDT Chairman, which met last week, considered among other suggestions, an Offshore Voluntary Compliance scheme on the lines of the one operated by the Internal Revenue Service in the United States.
