The French Finance Minister, Ms. Christine Lagarde called on the Union Finance Minister Shri Pranab Mukherjee today as part of her effort to seek support for her candidature to the post of Managing Director, IMF. During her talks, she outlined her vision for reforms that IMF needs to undertake and the role it can play in addressing the current challenges confronting the world economy including G-20 matters.
Amid fears of moderation in growth, Finance Minister Pranab Mukherjee today said sustained efforts would be needed to achieve indirect tax collection target of Rs 3.92 lakh crore, about 15% more than the last fiscal. The Minister, while addressing the annual conference of chief commissioners and directors general of CBEC here, also called upon the tax officials to work towards reducing the tax litigations. Noting that doubts were being raised over growth projection of 9% for the current fiscal, Mukherjee said, it would be possible to achieve a growth rate of 8.75% (plus-minus 0.25%) with hard work.
The process of organizing the 11th ICSI National Award for Excellence in Corporate Governance 2011 which was instituted in the year 2001 by the Institute of Company Secretaries of India has commenced. The Award aims to identify corporates which best establish and follow good corporate governance norms in letter and spirit. The award is based on the outcome of concerted and comprehensive process which includes the evaluation of responses of the participating companies to questionnaires designed by the Institute.
A.P. (DIR Series) Circular No. 70 Attention of the AD Category-I banks is invited to paragraph 8 of Schedule 3 to the Notification No. FEMA 5 /2000-RB dated 3rd May 2000, viz. Foreign Exchange Management (Deposit) Regulations, 2000, as amended from time to time, in terms of which when a person resident in India leaves India for a country (other than Nepal or Bhutan) for taking up employment, or for carrying on business or vocation outside India or for any other purpose indicating her / his stay outside India for an uncertain period, her / his existing account should be designated as a Non-Resident (Ordinary) [NRO] Account.
The IRDA had constituted a Committee on Bancassurance vide Order No. IRDA/AGENTS/ORD/02/APR 2009, dated May 4, 2009 to study the distribution of insurance products through Banks. The Committee had invited for comments/views from key stakeholders, insurers, consumer associations, distributors, etc., and after analysis of these views the Committee had submitted their recommendations to the IRDA on 26th May, 2011. Chairman, IRDA had addressed the Governor, Reserve Bank of India for his remarks on the recommendations made by the Committee.
These regulations may be called the Insurance Regulatory and Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011. They shall come into force on the date of their publication in the official Gazette. These Regulations shall apply to all general insurance companies other than wholly owned Government companies which fall within the purview of General Insurance Business (Nationalization) Act, 1972.
CBDT Sets-up a Committee to Examine And Suggest Ways to Recover Income Tax Demand Classified Under the Categories ‘Assessees not Traceable’ and ‘No Assets/Inadequate Assets for Recovery’ In order to examine certain suggestions on Income tax Demand classified under the categories ‘Assessees not traceable’ and ‘No assets/inadequate assets for Recovery’, a Committee has been constituted by the Central Board of Direct Taxes (CBDT) with following constitution
he Central Bureau of Investigation has today arrested a Joint Director of Central Insecticide Board & Registration Committee, Ministry of Agriculture for demanding & accepting a bribe of Rs.40,000/- from the complainant. The complainant, authorized representative of a Hyderabad-based company had approached the Joint Director(Chemistry) of CIB&RC at Faridabad, who demanded Rs.40,000/- as bribe for clearance of pending three files for the issuance of Registration Certificate for the purpose of manufacturing of pesticides.
Notification No 56 (RE – 2010)/2009-2014 Minimum Export Price (MEP) of onions other than Bangalore Rose Onions and Krishnapuram onions will be US$ 200 per Metric Ton F.O.B. It was US$ 170 per Metric Ton as notified on 31.03.2011. There shall be no change in the MEP of Bangalore Rose Onion and Krishnapuram onion which continues to be USD 350 per Metric Ton F.O.B.
In yet another major success in its fight against the problem of smuggling and circulation of Fake Indian Currency Notes into India, the officials of the Directorate of Revenue Intelligence (DRI) seized FICN having face value of Rs.1.54 Crores in what is described as one of the bigg seizures of FICN by any agency in this country.
