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The Finance Ministry is working on savings banks account number portability, which will allow a customer to retain his account number while changing his bank.
The Union Budget will be presented after the completion of elections in five states, but the government has not yet decided the final date of presentation, Finance Minister Pranab Mukherjee said today.
India’s exports during November, 2011 were valued at US$ 22321.64 million (Rs.113519.82 crore) which was 3.87 per cent higher in Dollar terms (17.34 per cent higher in Rupee terms) than the level of US$ 21489.49 million (Rs. 96742.01) during November, 2010. Cumulative value of exports for the period April-November 2011 -12 was US$ 192694.38 million (Rs 893094.16 crore) as against US$ 144659.95 million (Rs.661055.88 crore) registering a growth of 33.21 per cent in Dollar terms and 35.10 per cent in Rupee terms over the same period last year.
Sufficient evidence exists to conclude that art and practice of accounting existed even in Vedic times. There are references to kraya (sale), Vanij (merchant), sulka (price) in Rigveda. Kautilya’s Arthashastra contains details on business of keeping up accounts in the office of accountants .It provides details of matters which should be recorded, registers to be maintained, system of examination of accounts and even details of punishments for default.
In the usual course, the budget is presented in the Lok Sabha on last working day of February. As 2012 is the leap year, the last working day of the month falls on February 29. There are reports that the government might postpone the date of presentation of the budget in view of assembly elections in five states — Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur. As per the schedule worked out by the Election Commission, last polling will take place on March 3 in Goa and counting of votes will begin on March 4.
As the fall of Rupee against the dollar continues, the experts say more investment opportunities in India are opening up for the Gulf based non-resident Indians (NRIs). Real estate, capital markets and deposits are among the new instruments in which the expatriate Indian community can invest. The State Bank of India CEO , Debajyoti Ray Chaudhuri said in Dubai, the NRIs in United Arab Emirates, UAE are getting more rupees in exchange for Dirhams and they should make the most of it.
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.
The Lok Sabha on Tuesday night passed the Lokpal and Lokayukta Bill, 2011 with amendments by a voice vote following a day-long stormy debate in Parliament. The bill obtained the nod of the Lok Sabha after the government moved a few key amendments to it. Of the ten amendments moved by the government, seven […]
The Government introduced in Lok Sabha the Lokpal and Lokayuktas Bill 2011, aimed at setting up the body of Lokpal at the Centre and Lokayuktas at the level of the States. The proposed autonomous and independent bodies, Lokpal and Lokayuktas, shall have powers of superintendence and direction for holding a preliminary inquiry, causing an investigation to be made and prosecution of offences in respect of complaints under any law for the prevention of corruption. The Bill provides a uniform vigilance and anti corruption road map for the nation, both at Centre and States. The Bill institutionalizes separation of investigation from prosecution and thereby removing conflict of interest as well as increasing the scope for professionalism and specialisation.
There are some very special moments in the life of a nation. This is one such moment. The nation awaits with bated breath how the collective wisdom of this House will be reflected in the vote at the end of the debate on the Lokpal and Lokayuktas Bill, 2011.
