Insurance Regulatory and Development Authority (IRDA) has issued guidelines vide circular dated 9.9.2011 implementing portability of health insurance policies amongst non-life insurance companies w.e.f. 1.10.2011. The health insurance policy holder by virtue of the said circular can, at the time of renewal, switch:-
Public sector entities with at least 5 years in central recordkeeping and administration functions, minimum positive net worth of Rs. 50 crore (Rupees Fifty crore) and experience in managing over five lakh individual accounts per year over the last three years were eligible to submit expression of interest. NSDL was selected after evaluation of the proposals received.
In exercise of the powers conferred by sub-sections (1), (2), (5) and (8) of section 25 and sub-section (2) of section 609 of the Companies Act, 1956(1 of 1956), the Central Government hereby makes the following regulations further to amend the Companies Regulations, 1956, namely :— 1. (1) These regulations may be called the Companies (Amendment) Regulations, 2011. (2) They shall come into force with effect from 18-12-2011.
The institutionalized mechanism is prescribed in the Vigilance Manual of the Central Vigilance Commission (CVC). Anti-corruption measures of the Central Government are the responsibility of (i) Administrative Vigilance Division (AVD) in the Department of Personnel & Training (ii) Central Bureau of Investigation; and (iii) Vigilance units in the Ministries/Departments of Government of India , Central Public Enterprises and other autonomous organizations; (iv) the disciplinary authorities; and (v) the Central Vigilance Commission. In addition, a Special Investigation Cell in the Department of Banking Supervision (DBS) in RBI and a Group of Officers in the Cabinet Secretariat, also examine the complaints received against the Board level appointees of Public Sector Banks (PSBs).
Terming auditors as the eyes and ears of the central bank, Governor Duvvuri Subbarao today said accounting professionals should provide early warning signals so that better supervision can be ensured in the banking system and also called for an inter-disciplinary approach to the job.
Reserve Bank of India (RBI) has reported that there were 25 complaints received in RBI regarding receipt of counterfeit currency notes through ATM during the period from 1.7.2008 to 31.10.2011 as detailed in the Annexure. All the complaints have been disposed in appropriate manner as indicated against each.
Shri Suresh Kumar D. Shah v. DCIT (ITAT Hyderabad)- It is held that in a Joint Development Agreement if the Developer has performed or is willing to perform his part of the contract, then the transaction would qualify as a ‘transfer’ under section 2(47)(v) of the Income-tax Act, 1961. The fundamental feature which determines the taxability of capital gains is that the gain ought to be from the transfer of a capital asset. This section has a larger scope of operation as it states that the gain shall be deemed income of that previous year in which the transfer takes place. Accordingly, given the deeming provision, the income on account of capital gain should be charged to tax in the same previous year in which the transfer was effected or deemed to have taken place. The doctrine of ‘part performance’ is undoubtedly based upon the doctrine of equity. If one party has performed his part of duty then equity demands that the other party shall also perform his part of the obligation. Section 53A of the Transfer of Property Act requires the existence of following conditions:
The President and members of the Council of the Institute of Cost and Works Accountants of India express their utmost unhappiness on the passing of the ICWAI Amendment Bill in the Rajya Sabha on 12th Dec 2011, by which the name was proposed to be changed to the Institute of Cost Accountants of India. Our Institute strongly objects to the move by the sister professional body in interfering the activities of the another professional body to encourage foreign management accounting bodies to establish their presence in India to the detriment of Indian professionals.
The Reserve Bank today swung into action to check slide in rupee value against dollar and speculations. It has imposed restrictions with immediate effect on forward trading in the local currency by Foreign Institutional Investors and traders and capped banks exposure to the forex market. The Reserve Bank has also decided to withdraw the facility of re-booking forex contracts by companies and reduced across-the board exposure limits of banks which are authorised to deal in the foreign currency.
Chattisgarh State Electricity Board Vs. ITO (TDS) – in a situation in which the payment in made for the use of an asset simpliciter, whether with control and possession in its legal sense or not, the payment could be said to be for the use of an asset. However, in a situation in which the payment is made only for the purpose a specific act, i.e. power transmission in this case, and even if an asset is used in the said process, the payment cannot be said to be for the use of an asset. When control of the asset (transmission lines in the present case) always remains with the PGCIL, any payment made to the PGCIL for transmission of power on the transmission lines and infrastructure owned controlled and in physical possession of PGCIL can be said to have been made for ‘the use of’ these transmission lines or other related infrastructure.
