The Income Tax Department has been ordered by a road mishap tribunal to pay over Rs six lakhs as compensation to a photographer who suffered permanent disability after being hit by a department’s vehicle. Motor Accident Claims Tribunal ( MACT )) judge Rajiv Mehra ordered the IT department to pay damages to photographer Vijay Singh , saying ‘driver of the offending vehicle is the main tortfeasor (wrongdoer). A careless driving of the vehicle on his part has made the petitioner crippled for whole life.’
Notification No.14/ 2011 – Central Excise (N.T.) In exercise of the powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby exempts from the operation of said rule, every manufacturing unit engaged in the manufacture of recorded smart cards falling under sub-heading 8523 where manufacturer of such goods has a centralized billing or accounting system in respect of such goods manufactured by different manufacturing units and opts for registering only the premises or office from where such centralized billing or accounting is done.
Shri Dhanendra Kumar said the Competition Commission of India (CCI), under its mandate to make markets function for the consumer and to ensure fair and healthy competition in the Indian Economy, is initiating series of market studies to analyse and monitor the competitive dynamics in the various industries of the Indian Economy. As part of this series, the sectors of Agriculture, steel and paper has been taken up by the commission in its initial phase.
Union Finance Minister Shri Pranab Mukherjee said that the success of fiscal policy is closely tied with optimal utilization of public resources. He stated that numerous factors make expenditure reforms an extremely challenging and uphill task. There is significant scope to reform the expenditure policy of the Government for rationalization of public spending, the Minister added.
1. Cost Accounting Records (Cycles) Rules, 1967 published vide G.S.R. 311 dated 2nd March, 1967. 2. Cost Accounting Records (Tyres & Tubes) Rules, 1967 published vide G.S.R. 1260 dated 10th August, 1967. 3. Cost Accounting Records (Air-Conditioners) Rules, 1967 published vide G.S.R. 1447 dated 16th September, 1967 and subsequently amended vide G.S.R. 668(E) dated 28th September, 1999.
While reviewing prosecution cases it was decided to review pending prosecution cases. Ministry of Corporate Affairs has decided following actions to be taken by RDs and ROCs immediately. Lok Adalats should be organized on 9th, 16th, 23rd & 30th June by RDs in the offices of concerned ROCs within your jurisdiction between 10.00 AM to 1.00 P.M by giving an advance advertisement in the local Newspapers to this effect through DAVP. The chapters of ICSI, ICWAI, ICAI and Bar Council may be used for wide publicity and efforts should be made to dispose off compoundable offences there itself. In next month, two Lok Adalats will be held by each RD per month. These would be held on Saturdays. F.No.3/57/2011-CL.II New Delhi-110001.Dated 03.06.2011
Capital market regulator SEBI today said the equity market should not be considered as a market of speculators.’Don’t treat the capital market as a market of speculators, Securities and Exchange Board of India (SEBI) Chairman U K Sinha said at a conference.
Country’s largest insurer LIC today announced launch of health insurance plan Jeevan Arogya which offers comprehensive hospitalisation benefits for the whole family. A unique feature of this plan is that it also offers to cover the parents in-law of the policy holder besides spouse, minor children and parents, LIC said in a statement.
MCA has issued criteria for qualification as Public Financial Institution. It should be a company or corporation established under Special Act or formed under the Companies Act 1956; It should be engaged in industrial / infrastructural financing; It should be in existence for at least 3 years and at least 50% of its income should be from financing activities; Its net worth should be at least Rs. 1,000 crores; The Company should be registered with Reserve Bank of India as Infrastructure Financing Company or as Housing Financing Company with National Housing Board ; These conditions shall not apply to Central or State PSUs.
In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, the Ministry of Corporate Affairs has decided vide General Circular No33/2011, Dated 01.06.2011 that from 3rd July, 2011 all the Companies will have to file their updated Balance Sheet and Profit & Loss Accounts and Annual Return with the Registrar of Companies before recording any event based information / changes made and no request, whether oral, in writing or through e-forms will be accepted in this regard.
