Auditors have rushed to respond to the Big Four bank clause investigation, which could see the Office of Fair Trading come down hard on lending restrictions linked to audit. RESTRICTIVE BANK clauses that force customers to use Big Four firms are to be investigated, and auditors have scrambled to respond. Martyn Jones, senior audit partner at Deloitte, professed no shock at the announcement, saying his firm welcomes the removal of restrictive agreements.
THE GOVERNMENT has asked regulators to investigate whether banks help to entrench the Big Four auditing firms’ dominance through restrictive lending agreements with companies. The Budget included a call to the Office of Fair Trading to probe whether bank covenants lock out smaller auditors.
Taking forward financial sector reforms, the government today introduced a long-pending PFRDA Bill in the Lok Sabha to give statutory status to interim pension regulator and promoting old age income security. The Bill, introduced by Finance Minister Pranab Mukherjee, provides for establishing a statutory regulatory body to be called the Pension Fund Regulatory and Development Authority (PFRDA), which will undertake promotional, developmental and regulatory functions in respect to pension funds.
Concerned over growing corporate fraud, the government is considering to tighten its Early Warning System (EWS) to scrutinise activities of companies with same addresses and common directors. The Ministry of Corporate Affairs (MCA) plans to add two more parameters to its software-based fraud detecting system, called Early Warning System (EWS), which scans unusual developments in companies and alerts the Ministry of any possible wrongdoing.
Highlights Of The Budget Presented By Deputy Chief Minister Shri Ajit Pawar, On Wednesday, 23rd March 2011. PART-I + Remarkable growth in revenues of the State • 2009-10 Revenue Receipts Rs.86,910 crore, 2010-11 Revenue Receipts Rs. 1,07,159 crore
Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest, in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names with effect from the forenoon of 1st April 2011. Shri. O. K. Narayanan, VP. Shri. N. Barathvaja Sankar, VP.
The Union Finance Minister (FM) on 22 March 2011, introduced a Constitution Amendment Bill (the Bill) in the Lok Sabha to enable the implementation of ‘Goods and Service Tax’ (GST), an indirect tax regime that would subsume levies like excise, service tax and sales tax. The Bill seeks to amend the Constitution to authorise both the Centre and the States to levy taxes on supply of goods and services. This Bill is a culmination of three Draft Amendment Bills circulated by the Central Government – the First Draft dated 21 July 2010, the Second Draft dated 11 August 2010 and the Third Draft dated 28 January 2011.
Addition to list of powers and functions of the Central Government delegated to ROC: Earlier, the grant of license for formation of a company which intends to apply its profits or other income in promoting its objects (i.e. objects of promoting commerce, art, science, religion, charity or any other useful object) and prohibits payment of any dividend to its members [popularly known as section 25 company] was delegated to the RD. Now, such powers to grant license under section 25 has been delegated to the ROC.
Notification No. 32 /2011-Customs- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 0f 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.20/2006-Customs, dated the 1st March,2006, published in the Gazette of India, Extraordinary, vide number G.S.R.92 (E),dated the 1st March, 2006,
The regulator SEBI today announced a new set of Code of Conduct, including restricting access to Internet forums for employees, for market intermediaries to ensure that unsubstantiated news, which could distort normal functioning and prices of stocks, are not circulated. This comes in the wake of observations by the Securities and Exchange Board of India that unauthenticated news related to various scrips are circulated in blogs, chat forums or e-mails by employees of broking houses and other intermediaries in violation of rules.
