The Payment of Gratuity Act, 1972, did not provide for forfeiture of gratuity amount due to employees in any other contingency except the one covered under Section 4(6), viz., recovery of dues from them. Also, the law stipulated that for invoking the
The Maharashtra State Co-operative Bank, run largely by Nationalist Congress Party (NCP) leaders, has turned its loss of Rs 1,043 crore in 2009-10 into a profit of Rs 2.87 crore. The wrongdoing was exposed by the auditors of the bank, whose chairman is NCP leader Manikrao Patil and 40 of whose 77 directors are linked to the party. Patil, it is believed, is a puppet in the hands of Deputy Chief Minister Ajit Pawar, who has virtually been running the bank for the past 17 years. Pawar, whose motto is transparency in administration, has ignored the bank’s violation of general accounting standard norms in an attempt to hide the huge loss.
Domestic savings are crucial, both for the national economy as well as for the people who save, particularly during recessionary times. This was proved once again, wherein unlike many Western countries, India remained fairly insulated from the recent global economic slowdown due to its relatively high level of savings. Ideally one should save 20-30 percent of his earning for future needs. For salaried people, savings are forced ones, thanks to tax saving plans. While in India, average savings are in the range of 30-32%, saving rate in Japan is 28%, and in US just 12 percent. Indian savings generally get parked in bank deposits, insurance products, provident fund & pension plan and mutual fund & capital market instruments.
The Allahabad High Court has ruled that eligible government employees with a bright career should not be deprived of promotional avenues. The denial of promotional avenues with the intention to adjust others shall have demoralising effect
The Secretariat of the CASB of ICWAI has drafted the Initial Draft of Guidance Note on Cost Accounting Standard – 6 on Material Cost (CAS – 6). The proposed initial draft shall be modified in light of comments received before being forwarded to the C
An estimated annual savings of around Rs 1,00,000 crore makes a compelling case for the government to make a one-time investment of Rs 60,000-70,000 crore to build an electronic payment platform for all its transactions with individual households
Amid several instances of market manipulation , capital market regulator Sebi may tighten disclosure rules to check operators and company promoters cutting bulk trades outside the regulator’s radar, feel fund managers and brokers. It is common knowle
Chandigarh VAT rate change Effective 26 October, 2010, the basic rates of VAT in Chandigarh has been enhanced, as mentioned below: Particulars Rate up to 25 October, 2010 Rate with effect from 26 October, 2010 Goods falling under Schedule B an
On a day when India’s premier investigating agency Central Bureau of Investigation (CBI) is swamped with the investigation of major corruption cases, in a major embarrassment, its website has been hacked. People who logged on to the CBI’s official ho
Meanwhile, experts have dismissed the claims of any co-relation between the presence of pictorial warnings and cigarette sales even as overall sales figure in the country has not registered much growth over the past few years. “There is no growth in
