The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in November, 2011 are likely to be declared tentatively on Thursday, the 9th February, 2012 around 4.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and in accordance with the decision of the Examination Committee) on all India basis will be available on the following website:
The Supreme Court has cancelled 122 licenses for mobile networks issued during A Raja’s tenure as Telecom Minister and has asked the telecom regulator TRAI to make fresh recommendations on allotment of the licenses through auction within four months. In a second crucial verdict, the court refused to order an investigation into the role of Home Minister P Chidambaram in the telecom scam, asking a CBI trial court to decide on this instead within two weeks.
Accounting authorities are considering a proposal that will ask listed companies to disclose the extent of their holdings in risky regions or in volatile financial instruments, on the grounds that stakeholders need to be informed about the impact of such exposures. The proposal, which will have to be prepared by the Institute of Chartered Accountants of India (ICAI), the nodal accounting body, may make it mandatory for companies to mention the disclosure either in the form of a summary or as an annexure to their financial statements and will also contain a prudent assessment of the challenges, said a person familiar with the development.
Faced with a formidable task of collecting Rs 9.32 lakh crore taxes during the fiscal ending March 31, Finance Minister Pranab Mukherjee today said he is exerting pressure on revenue officials to improve realisation.
In Re WaveField Inseis ASA (AAR) When this Authority took the view in Monte Harris and other cases that the date of the filing of the application before the Authority should be the crucial date for determining the question of the applicability of clause (i) of the proviso to section 245R(2) of the Act and not the date when the application comes up for hearing either under section 245R(2) or under section 245R(4) of the Act,
Liquor baron Ponty Chadha today refuted reports that cash to the tune of Rs 100 crore has been seized from a mall owned by him in Noida near here during searches carried out by the Income Tax officials. In a statement, Wave Infratech owned by him said widespread rumours and wrong information have been circulated to tarnish the image of the group with ‘malafide intention’.
We have come across an instance, where loans and advances have been sanctioned to the relative of a Director of a bank, at a concessional rate of interest, thereby circumventing the spirit of the restrictions contained under Section 20 of the Banking Regulation Act, 1949. The matter has, therefore, been examined by us and it has been decided that the restrictions as contained in Section 20 of the Act would apply to grant of loans and advances to spouse and minor/dependent children of the Directors of banks.
Please refer to our circular DBOD.No.BP.BC.69/08.12.001/2010-11 dated December 23, 2010 on “Housing loans by commercial banks – LTV ratio, risk weight and provisioning” wherein it was advised that in order to prevent excessive leveraging, the LTV ratio in respect of housing loans should not exceed 80 per cent. However, for small value housing loans i.e. for loans below Rs. 20 lakh (which are classified as priority sector advances) the LTV ratio should not exceed 90 per cent.
Laxman Das took over as the new chairman of the Central Board of Direct Taxes (CBDT) on Wednesday. The former chairman of the CBDT, M C Joshi, retired yesterday.
We advise that the name of Industrial and Commercial Bank of China Limited has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD.IBD.No./8136/ 23.03.026/2011-12 dated December 01, 2011 published in the Gazette of India (Part III- Section 4) dated December 31, 2011.
