The finance ministry has asked government banks to shift to a system where non-performing assets (NPAs) are identified by technology. The aim is to avoid human interference. The ministry has told the government banks to put the system in place by March 2011.
The Government has assigned duties to senior officers presently working in Delhi in various Ministries/Departments in relation to the Commonwealth Games. These Officers would be deputed on part-time basis to oversee the preparations at the major Commonwealth Games venues, to solve coordination problems and bring to the notice of Secretary, Department of Sports and Cabinet Secretary for any intervention that may be required.
The Ministry of Corporate Affairs has an Investor Grievances Management Cell (IGMC) at the Headquarters and nodal officers at all field offices of Regional Directors (RD) and Registrars of Companies (ROC) for redressal of investors’ grievances. The investors may take up their grievances with the concerned nodal officers.
The Government has found that all the 10 Indian Premier League (IPL) franchises did not comply with specific provisions of the Companies Act. It has instructed Registrar of Companies to scrutinise the documents of these firms and initiate penal action, wherever required.
Receipt number to be quoted in Form 16/16A will be generated by TIN. Receipt number will be generated for the quarterly TDS/TCS statements pertaining to FY 2010-11 and onwards uploaded to TIN. Receipt number generated will be of eight digits (alphabets) and will be applicable only for statements pertaining to FY 2010-11 and onwards.
After Bank of Rajasthan – ICICI Bank merger, while more old banks may fall prey to such inorganic growth hunger of banks wanting to become bigger in short run, another major development going to be in the banking space is the entry of new private sector players in the banking arena.
The Ministry of Home Affairs has recently issued another set of FAQs in relation to the type of visa to be issued to Foreign Nationals in relation to their work related visits. Such FAQs are in continuation of the earlier clarifications issued by it in October 2009 and subsequent Foreign National Worker Quota Guidelines (“FNWQ”) issued by Ministry of Labour and Employment and Training (“MLET”) in January 2010 and related press note released in May 2010.
Even as the Andhra Pradesh high court granted bail to B Ramalinga Raju, the prime accused in the Satyam Computers multi-billion-rupee scam, on Wednesday, citing his ill health as one of the reasons, doctors at the Nizam’s Institute of Medical Sciences in Hyderabad said that there was a significant improvement in his Hepatitis B condition.
The Foreign Trade (Development and Regulation) Amendment Bill, 2010, (Sill’) has been passed by Rajya Sabha on 9 August 2010. The Bill seeks to amend the Foreign Trade (Development and Regulation) Act, 1992 (‘the Act’) which empowers the government to regulate trade in goods.
Once the non-productive asset like urban land is converted into a productive asset like a building which qualifies for exemption, then the assessee can start availing exemption even during the period of conversion of such non-productive asset to productive asset.
