I am happy to share with you a very significant development regarding the profession. In my last month’s communiqué I had informed you that other issues concerning our profession as recommended by the Expert Group will be implemented shortly. You may be aware that the basic tenet of the recommendations of the Expert Group was maintenance of principle based cost accounting records. The Expert Group had also recommended that instead of individual product/industry based cost accounting records, the Government should adopt principle based uniform cost accounting record rules. I am extremely happy to inform our members that the Central Government has now issued Companies (Cost Accounting Records) Rules 2011 vide notification dated 3rd June 2011.
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. NOTIFICATION NO. [F. NO.IRDA/REG/1/55/2011], DATED 20-5-2011
To be able to truly appreciate the importance of non-financial reporting, we have to step back in time to recollect how the parameters for evaluation of corporate performance have been changing over the years. During the initial phases, when business was organized as sole proprietorship or partnership firms, profit was the dominant indictor of the performance. Subsequently, with the formation of joint stock companies and the development of stock markets, corporate performance was judged by market capitalization, share price and certain financial ratios such as Earnings Per Share (EPS), Return on Equity (ROE), etc.
The CBDT chairman-headed committee, set up to strengthen ways to curb black money in the country, is likely to hold its first meeting on June 9. The meeting, which comes in the backdrop of the agitation led by Yoga guru Baba Ramdev, will begin with discussions and modalities on a number of issues related to […]
The Reserve Bank of India wants more and more banks to launch services on mobile, its Deputy Governor Shyamala Gopinath said here today. Launching Canara Bank”s CanMobile, a mobile banking product, she said RBI has already enabled mobile banking and issued guidelines in this regard.
The Union Ministry of Corporate Affairs has inked an agreement with the Ministry of Economic Affairs, Agriculture and Innovation of Netherlands on Corporate Governance and Corporate Social Responsibility. The letters of Intent to this effect were signed at a function here by Shri D.K.Mittal, Secretary, Ministry of Corporate Affairs, Government of India and HE Bob Hiensch, Netherlands Ambassador to India on behalf of the Government of Netherlands. The Letter of Intent is expected to intensify the existing successful bilateral trade and investment relations between the two countries by way of ¡V
The government on Tuesday said it has cleared 16 foreign direct investment (FDI) proposals amounting to Rs 923.55 crore, including those of Star News Broadcasting Ltd and L&T Finance Holdings. A total of 38 FDI proposals were taken up by the Foreign Investment Promotion Board (FIPB), but the board deferred a decision on 14 applications, rejected seven and recommended one for the CCEA, the finance ministry said in a statement.
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-2014,, as amended from time to time, the Central Government hereby adds Export Licencing Note 2 in Chapter 25 of ITC(HS) Classification of Export and Import items.
Export of the quantities of Stone Aggregate with the annual ceiling indicated in the respective columns in Export Licencing Note 1(i) above has been permitted for export to the Republic of Maldives under Bi-lateral Trade Agreement between Government of India and Government of the Republic of Maldives.
Notification No. 53 (RE-2010)/2009-2014 Export of 32,094.70 MTs of wheat flour to Maldives for the year 2011-12 was permitted through Notification No. 43 of 20.04.2011. Now, the quantity of wheat flour, as indicated above, is permitted to be exported for the years 2011-12, 2012-13 and 2013-14 to Maldives under the Bi-lateral Trade Agreement between Government of India and the Republic of Maldives, through the designated PSUs, mentioned against each year.
