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Archive: 03 January 2012

Posts in 03 January 2012

Course on Mastering GST Sections Effortlessly with Memory Techniques!

November 28, 2024 5820 Views 0 comment Print

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Government decides to double strength of foreign tax division

January 3, 2012 543 Views 0 comment Print

As part of efforts to fight black money, the government has decided to double the strength of the crucial foreign tax division in Finance Ministry which handles classified tax related information between India, tax haven nations and other countries.

Negotiated Dealing System (NDS) – Order Matching (OM) – Grant of membership to UCBs

January 3, 2012 1147 Views 0 comment Print

Please refer to circular UBD.BPD. (PCB). Cir. No. 24 /12.05.001/2010-11 dated November 16, 2010 in terms of which all licensed UCBs, other than those under all inclusive Directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS), were permitted to open Current Account and Subsidiary General Ledger Account with the Reserve Bank and take up membership of the Indian Financial Network (INFINET).

Government not yet decided the final date of Union Budget for 2012-13

January 3, 2012 267 Views 0 comment Print

The Union Budget will be presented after the completion of elections in five states, but the government has not yet decided the final date of presentation, Finance Minister Pranab Mukherjee said today.

RBI may reverse the tight monetary stance adopted by it since March 2010

January 3, 2012 262 Views 0 comment Print

Concerned over the declining growth, Reserve Bank Governor D Subbarao has indicated that the central bank could reverse the tight monetary stance adopted by it since March 2010 to tame inflation.

SEBI launches toll free Helpline Service for Investors in 14 languages

January 3, 2012 717 Views 0 comment Print

Toll-free Helpline Service for Investors Securities and Exchange Board of India (SEBI) has launched a toll free helpline service number 1800 22 7575 for investors on December 30, 2011. The service will be available to investors from all over India and will be in 14 languages. At present the available languages are English, Hindi, Marathi, Gujarati, Tamil, Bengali, Malayalam, Telugu, Urdu, Oriya and Punjabi. The service in Kannada, Assamese and Kashmiri will be commenced shortly. The toll free helpline service will be available on all working days during Monday to Friday from 9:30 a.m to 5:30 p.m.

IRDA – Asset-Liability management and Stress testing – Guidelines on Asset Liability Management Reporting

January 3, 2012 2526 Views 0 comment Print

As Asset Liability Management plays a vital role in the sound management of the insurance business, Authority vide its Circular No: IRDA/ACT/CIR/MISC/081/05/2010, May 13, 2010, has mandated all the non-life insurers to provide the details of ALM activities undertaken by them Section-11 on ‘Investments and ALM’ of Financial Condition Report (FCR) and also discussed the framework of ALM in its guidelines on Corporate Governance. On thorough examination of the details of ALM activities submitted by the non-life insurers in the FCR for the year ended March 31, 2010, it appeared that these details are incomplete and inconsistent. As the mandate by the Authority was very broad, each insurer had adopted their own measures in reporting such details in FCR. In this regard, the following framework shall be put in place by the insurers.

Formation of the Operational Committee to oversee and guide the functioning of the Indian Motor Third Party Declined Risk Insurance Pool

January 3, 2012 664 Views 0 comment Print

order No. IRDA/Nl/ORD/MPL/004/01/2012, dated 3-1-2012 In order to ensure that the setting up of declined risk insurance pool and matters connected to its operations, the Authority constitutes the Operational Committee with following members to oversee a smooth transition to the new system, operates in an efficient & effective manner, protect the interests of the policyholder address issues that may arise during the course of its functioning:

Motor Third Party Pool Reserves and Account Reserves

January 3, 2012 1979 Views 0 comment Print

In accordance with the Order No Ref: IRDA/NL/ORD/MPL/046/03/2011, dated 12-03-2011, the Authority had appointed Government Actuary’s Department, UK to evaluate the liabilities of the Indian Motor Third Party Insurance Pool (IMTPIP) under the Insurance Act, 1938 in order to assess the adequacy of the reserves which are to be calculated as per the IRDA Regulations and in particular as per reference 2 cited.

ICWAI and Accounting Institutes of USA and Australia agree for mutual recognition

January 3, 2012 4386 Views 0 comment Print

Ministry of Corporate Affairs has accorded approval to the proposal of the Institute of Cost and Works Accountants of India (ICWAI) to give membership to and charging of fees from the members of the Institute of Public Accountants (IPA), Australia and the Institute of Management Accountants (IMA), USA in terms of the MOUs entered into by the ICWAI With these Institutes.

Implementation of Section 51-A of UAPA, 1967 Updates of the UNSCR 1267(1999) and 1989( 2011) Committee’s Al Q-aida Sanctions List – Circular No. DBOD. AML. No. 9855 /14.06.001/2011-12

January 3, 2012 1039 Views 0 comment Print

We have since received from Government of India, Ministry of External Affairs, UNP Division copies of notes forwarded by the Chairman of UN Security Council’s 1267/ 1989 Committee (copy enclosed) regarding changes made in the “Al-Qaida Sanctions List”, i.e. list of Individuals and entities linked to Al-Qaida, as detailed below:

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