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The International Accounting Standards Board (IASB) on Wednesday flayed India’s dilly-dallying on implementing global accounting norms IFRS and said that it is undermining the country’s global standing. New Delhi needs to curb its anxiety to be different and stop mongering about the many unsubstantiated differences and instead should get into an honest dialogue with the IASB said Prabhakar Kalavacherla, a board member of the London-based IASB.
In exercise of the powers conferred by article 150 of the Constitution of India, the President of India, on the advice of the Comptroller and Auditor General of India, hereby makes the following accounting standards, namely, – Indian Government Accounting Standards (IGAS)2,- Accounting and Classification of Grants- In- Aid.
The Delhi High Court today dismissed a petition seeking its intervention in deciding the maximum limit for expenses in marriage functions. “I am of the considered opinion that this court cannot venture into the issue and hence the petition stands dismissed,” a division bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna said.
An unmarried Hindu woman is entitled to equal share in ancestral or coparcenery property along with other male members under the amended Hindu Succession Act, the Supreme Court has held. Coparcenary refers to equal inheritance which was restricted only to male members of the Hindu Undivided Family but after succesive amendements several states have chosen to extend the benefit to unmarried female members too.
Shri Anand Sharma, Union Minister for Commerce & Industry will lead Indian side in a special Meeting of India-Africa Trade Ministers to be held on May 21, 2011 in Addis Ababa. The meeting precedes 2nd Africa- India Forum Summit and will be involving Trade & Industry Ministers from all the member States. 2nd Africa- India Forum Summit is being convened on 24th – 25th May, 2011 at Addis Ababa, Ethiopia. The outcome of the Trade Ministers’ Meet will feed into the Summit Declaration of the leaders. The Prime Minister, Dr. Manmohan Singh, will visit Ethiopia on May 23-26, 2011 to participate in the Summit.
Amit Mitra, who is tipped to become the next Finance Minister of West Bengal in the Trinamool Congress-led government, has resigned as Ficci Secretary General. Mitra, 63, emerged as a ‘giant killer’ by defeating CPI(M) veteran and state Finance Minister Asim Dasgupta by a big margin from the Khardah Assembly constituency.
The Minister of State for Commerce Shri Jyotiraditya M. Scindia presented the EPCES Export Awards to EOUs and SEZ Units for Outstanding Export Performance for 2008-09, here today. Speaking on the occasion Shri Scindia said, “The exports from SEZs during 2010-11 is to the tune of Rs.3, 15,867 crore representing a growth of 43% over the previous year”. He further said that the contribution of exports from SEZs to national exports during 2010-11 is 28%. The SEZ sector is providing employment to 6,76,608 people in the country as on 31.3.2011. The total investments in SEZs are Rs.2,02,810 crore as on 31.3.2011. The SEZ Council was set up in January 2003 and the Council recognize the efforts of EOUs and SEZ Units by presenting Export Awards for their excellent performance in exports every year since inception.
African economies will continue to enjoy high rates of growth this year, but that growth will only translate into job creation and poverty reduction if the State takes a larger role, according to a report released today by the United Nations. The 2011 Economic Report on Africa, produced by the UN Economic Commission for Africa and the African Union, found the continent’s economy grew by 4.7 per cent last year and is likely to increase by another 5 per cent this year.
The Central Bureau of Investigation has registered a case against some of the medical courses aspiring candidates for securing admission in Medical Colleges in India through All India Pre-Medical Test-2011 with the help of dummy candidates.
Migrant workers and minorities are among groups that continue to face discrimination in the labour market as a result of the global economic crisis, despite positive advances in anti-discrimination laws, the United Nations International Labour Organization (ILO) said in a report unveiled today.
