Private sector banks will have to get their branch accounts audited by an RBI-approved panel along the lines of PSU lenders if a proposal of accounting regulator ICAI goes through.
The Lok Sabha passed on 19.12.2011 the much awaited Chartered Accountants (Amendment) Bill, 2010, which provides for the following: Firstly, to enable the Members of the Institute of Chartered Accountants of India to form Multi Disciplinary firms i.e Partnership with other recognised professions and offer Multi Professional services in a competitive and commercial manner. It permits to enter into partnership with prescribed profession.
Whether it is about growing business or cracking recession, one of the critical success factors is to design & implement an Internal Control Framework that is a best fit to management approach and attitude, business needs and regulatory demands. Internal Control Framework comprises of control environment, internal audit and control procedures. Internal Audit is a control check over control functions / control procedures.
(iv) Company Law Settlement Scheme [CLSS]: This was introduced in August 2011 to give a chance to companies who have failed to file the balance sheets and annual returns earlier, to complete their filings to avoid prosecution. This measure has elicited a good response and so far about 1.25 lakh documents have been filed, yielding a revenue of Rs.15.37 crore. The Scheme is now valid till January 15, 2012.
The government may announce an amnesty scheme for citizens having unaccounted wealth abroad and also permit taxmen to dig into income tax filings of past 16 years of suspected assessees, based on the suggestions made by a high—powered panel. The committee on black money, headed by CBDT Chairman, which met last week, considered among other suggestions, an Offshore Voluntary Compliance scheme on the lines of the one operated by the Internal Revenue Service in the United States.
In an endeavour to bring prevention of money laundering legislation on par with global norms, the government today introduced a Bill to allow confiscation of proceeds of crime even during the trial. Finance Minister Pranab Mukherjee introduced the Prevention of Money Laundering (Amendment) Bill, 2011, in Lok Sabha today.he Bill seeks to strengthen the relevant Act of 2002 by amending some of its provisions.
UBD.BPD.(PCB)CIR No. 16/13.01.000/2011-12 . With a view to providing greater flexibility to banks in mobilising non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Deposit Accounts (the interest rates on term deposits under Ordinary Non-Resident (NRO) Accounts are already deregulated).
As you are aware, the period of maintenance of short position in G-Sec was extended beyond intraday to five trading days vide circular RBI/2006-07/243 dated January 31, 2007. In continuation, as announced in the Monetary Policy Statement 2011-12, it has been decided to extend the period of Short Sale from the existing five days to a maximum period of three months (including the day of trade), effective from February 1, 2012.
Notification No.92(RE-2010) /2009-2014 Supplies to non mega power projects shall henceforth be entitled to benefits for Deemed Exports only under Para 8.3(a) of FTP, viz., Advance Authorisation / Advance Authorisation for annual requirement / DFIA.
SEBI had initiated preliminary investigations into certain recent Initial Public Offers (IPOs), on receipt of information of irregularities from various sources. Based on the findings of the preliminary investigations carried out, Shri Prashant Saran, Whole Time Member, SEBI, has passed ad interim, ex-parte orders dated December 28, 2011 in matters related to the IPOs by the following companies: PG Electroplast Limited, Brooks Laboratories Limited, RDB Rasayans Limited, Taksheel Solutions Limited, Tijaria Polypipes Limited, Onelife Capital Advisors Limited , Bharatiya Global Infomedia Limited
