All Stock Exchanges are further advised to communicate to SEBI, status of implementation of the requirements of this circular in their quarterly report for the quarter ended March 31, 2009.
whereby the policy decision of the Government of India regarding foreign investments in infrastructure companies in securities markets, viz. stock exchanges, depositories and clearing corporations was communicated.
Notification No. 81-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2370(E) dated 23rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 21, extension of running old age home and women upliftment campaign by Aashara
NICHOLAS PIRAMEL (I) LTD. Versus COMMISSIONER OF CENTRAL EXCISE, THANE-I- The provisions of Rules 6(3)(b) of the Cenvat Credit Rules, 2002 are not applicable when the amount equivalent of the Cenvat Credit attributable to the common inputs used in, or in relation to, the manufacture of exempted final products has been paid prior to the removal of exempted final products from the factory.
Institute of Chartered Accountants of India has issued a notification no. Na.1-CA(7)/116/ 2008 dated 25-9-2008 incorporating various amendment to the Chartered Accountants Regulations, 1988.There are 16 amendments to the regulations. One of the major amendments is provisions relating to multidisciplinary partnership firm.
The Department has received proposals to allow such meetings and it has held extensive consultation with various shades of opinion. It also asked the Institute of Company Secretaries to examine this matter and to organize consultation with companies and other stake holders. Finally, the Department has decided to allow such meetings of the Boards and its Committees. However, DCA has also decided that there are some subjects of special importance which should only be decided or transacted by meetings in person i.e. “physical meetings”. It is proposed to notify such subjects from time to time.
SEBI has removed the restriction of the 70:30 ratio of investment in Indian equity and debt by FIIs. The removal is with immediate effect, said a statement from SEBI on Thursday. The necessary amendments to the regulations will be made in due course.This is to give flexibility to the FIIs to help avail themselves of the increased cumulative debt investment limit of $6 billion in corporate debt that was announced on Wednesday. The earlier cap had been $3 billion.
The International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) are gaining recognition as Global Reporting Standards. The Council of the Institute of Chartered Accountants of India, while appreciating the emerging diversities and complexities in the world of accounting and the need for knowledge of IFRS in relation to the convergence of the Indian accounting Standards with IFRS, has decided to launch a Certificate Course on International Financial Reporting Standards for its members. The objective of this Course is to enhance the knowledge as well as to provide benefit to the members in the global service market.
Union Minister of State for Food Processing Industries Subodh Kant Sahai today urged the states to remove Value Added Tax (VAT) on perishable goods and peg it below four per cent on non-perishable items to encourage food processing industry. Around 15 companies have already brought in 106.4 million US dollar foreign direct investments into the country’s food processing sector, Sahai said while addressing Investors’ Meeting for Development of Food Processing Sector in Andhra Pradesh.
Now e- form 23AC can be filled in without getting SRN of form 23B The Ministry of Corporate Affairs (Ministry) has revised e-form 23AC effective from 28th September 2008 wherein filling in SRN of 23B was made compulsory. In many a cases, it was reported by our members that SRN of form 23B was not available which ultimately resisted to file e-form 23AC required to be filed pursuant to section 220 of the Companies Act, 1956 by the Companies.
