The Reserve Bank of India (RBI) plans to amend its rules to pre-empt non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms. In the interim, NBFCs that want to convert themselves to LLP firms will have to obtain a no-objection certificate from the central bank.
The Supreme Court on Monday filed an appeal before itself challenging a Delhi high court ruling that the Chief Justice of India (CJI) was covered by the Right to Information (RTI) Act. By doing so, the apex court has raised the broader issues of conflict of interest and of whether judges can judge themselves.
Price Waterhouse (PW), an Indian arm of the global consultancy firm PricewaterhouseCoopers, whose partners got embroiled in the Satyam accounting fraud, failed to get a reprieve from the stock market regulator, the Securities and Exchanges Board of India (Sebi).
London will become the most highly taxed financial centre in the world when the new 50 per cent income tax rate for those earning £150,000 or more comes into force next month. Taxes will be higher than for financial workers living in the other key centres of New York, Paris, Frankfurt, Geneva, Zurich, Dubai and Hong Kong, KPMG calculated.
Last year’s revelation of an accounting scandal in Satyam Computer Services has not dented the charm of accounting as a career, it seems. Between February 2009 and 2010, the number of candidates registering with the Institute of Chartered Accountants of India (ICAI) to qualify as a chartered accountant has grown by more than 25 per cent.
The answer to the question whether a member of a primary cooperative society will automatically become a member of the apex society will determine the income tax liability of the apex body, the Supreme Court stated in the case, Commissioner of Income Tax vs Rajasthan Rajya Bunker Samiti. In this case, Samiti, the apex body was the assessee. It provided raw materials like yarn to primary societies of weavers who manufactured cloth.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial asset is cash, equity shares issued by another entity, and a contractual right to receive cash or another financial asset. A derivative instrument is recognised either as an asset or a liability depending on whether the price of the instrument is favourable or unfavorable to the entity. Today we shall not discuss accounting for derivatives.
As you are aware, Credit Information Bureau of India Ltd.(CIBIL) has been functioning as a Credit Information Company (CIC) from January 2001 onwards and banks and Financial Institutions have been reporting data to CIBIL as per our letters DBOD No. DL.BC.111/20.16.001/2001-02 and DBOD No. DL.BC.29 /20.16.002/2002-03 dated June 04, 2002 and October 1, 2002 respectively in this regard.
Banks undertaking PD activities departmentally may continue to follow the extant guidelines applicable to banks in regard to the classification and valuation of the investment portfolio issued by our Department of Banking Operations and Development.
:This year the Budget 2010 announced on 26.02.2010 has given benefits to Small Scale Units. These benefits have been given not only to those units which are availing the small scale exemption under Notification No. 8/2003-CE dated 01.03.2003 but also to the units who are eligible to avail the benefit under the said Notification. In this Article we intend to take a deeper look at definition of “eligible units” and analyze the same.
