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Finance : Explore yoga fitness market trends, retention strategies, and tech innovations. Uncover insights on customer loyalty, VR classes, ...
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Against the backdrop of agitations demanding more openness and accountability in government functioning, defence minister AK Antony on Wednesday said the country is going through a ‘transparency revolution’ which can’t be stopped ‘midway’. ‘Country is passing through a new era revolution — the transparency revolution. The walls of secrecy are crumbling in every field gradually including politics, business, administration and judiciary. Once the trend has started, you can’t stop it midway,’ he said.
Acting on a court order, the CBI has withdrawn cases against 18 accused in the Rs 6.58 crore Provident Fund scam case, officials said on Tuesday. The report of withdrawal was filed in a special CBI court here yesterday after which judge Shyam Lal directed the agency to withdraw the cases against all accused. Cases were withdrawn after no charges could be proved against the accused, who were charged in the case on grounds of suspicion, CBI’s counsel advocate Bal Karan said.
The All India Annual Conference of the Chief Commissioners and Directors General of Customs , Central Excise and Service Tax will be held at Vigyan Bhawan , New Delhi on 8th and 9th June, 2011. The Union Finance Minister, Shri Pranab Mukherjee will inaugurate the Conference on 8th June, 2011 while Minister of State for Finance Shri S.S. Palanimanickam will preside over the valedictory function on 9th June, 2011.
Union Finance Minister meets Institutional Investors; Confident of Reducing Fiscal Deficit; Hopeful of Economic Growth around 8.5 per cent during 2011-12. Union Finance Minister Shri Pranab Mukherjee has expressed confidence in reducing the fiscal deficit and achieving the target of 4.6 % of GDP announced in the 2011-12 budget. He said that the provisional figures for 2010-11 have given us strong reason to be hopeful in this regard.
Some of the subscribers of PPF (HUF) accounts had closed the accounts on maturity or thereafter between 13th May, 2005 to 7.12.2010 (before the issue of the aforesaid amendment). Some of such account holders, were not paid interest at PPF rates on the deposits retained beyond the maturity period (without further subscriptions). Those subscribers had been representing that interest at PPF rate may also be paid to them on the deposits that were retained in PPF accounts beyond maturity period. The matter has been examined in this Ministry and it has been decided that interest at PPF rate would be paid on those PPF (HUF) accounts, which had attained the maturity after 13.5.2005 but closed by the subscribers before 7.12.2010,subject to the conditions that the accounts had not been extended thereafter and the deposits were retained in such accounts without further subscriptions.
Despite regulatory hurdles, India continues to be among the preferred destinations for FDI due to the country’s high economic growth, with both Mumbai and Delhi being touted as among the cities likely to produce the next Microsoft or Google, a survey said. According to the ‘9th Annual European Attractiveness Survey’ by Ernst & Young, India will rank fifth among the most attractive destinations for European firms within the next three years, mainly on account of India’s perceived specialisation as a hub for low cost outsourcing business.
The Supreme Court on Monday issued notice to the government on eviction of Baba Ramdev from the Ramlila ground. Taking suomoto cognizance of Baba’s eviction by the government the apex court gave the government two-week notice to respond. An advocate on Sunday approached the Supreme Court seeking a direction to the government to issue a white paper on the entire episode leading to the eviction of yoga guru Ramdev and the alleged barbaric police action early today against his followers at the Ramlila Grounds.
The government is likely to make it mandatory for the investment bankers to reveal name of their existing clients while bidding for managing share sale offer of a state-run firm.The Finance Ministry is expected to come out with a notification this week making the disclosure mandatory.
According to AS 7 Construction Contracts, contract revenues are measured at the consideration received or receivable. The standard recognizes that the measurement of contract revenue is affected by a variety of uncertainties that depend on the outcome of future events. In the case of foreign currency revenue, one of the uncertainties pertains to exchange rate that will apply at the revenue recognition date. Similarly, in the case of foreign currency contract costs, the estimate of costs to be incurred considers the future exchange rates.
The Government today said that PPF accounts of Hindu Undivided Families (HUFs) which were closed down between May 2005 and December 7 last year would get 8 per cent interest on the deposits. The Finance Ministry has issued the clarification in view of the doubts raised with regard to payment of interest on Public Provident Fund (PPF) accounts held by the HUFs beyond the maturity period.
