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The Supreme Court had held that High Court cannot interfere in civil disputes like eviction of tenants or property rows as such issues are to be dealt by civil courts. Citing its earlier rulings, the apex court said the writ jurisdiction enjoyed by the High Courts under Article 226 to pass anydirective to the authorities for enforcing the fundamental right of a citizen cannot be used in private disputes unless there is an statutory connotation to it.
India and Japan have signed a historic Memorandum of Understanding (MOU) on IFRS. It was signed in Japan between the Core Group on IFRS constituted by the Ministry of Corporate Affairs and the IFRS Council, Japan in the presence of Shri R. Bandhyopadhyay, Secretary, Ministry of Corporate Affairs. Shri Amarjit Chopra, President, ICAI, and Shri Noriaki Shimazaki, Chairman of the International Affairs Committee of the IFRS Council of Japan signed this MOU. An India-Japan Forum 2010 has also been formally inaugurated.
The government is likely to ask all departmental enterprises and agencies, such as the National Highways Authority of India (NHAI), to dispense with the system of tender-based appointment of internal auditors. Instead, the Comptroller and Auditor General of India (CAG) and the Institute of Chartered Accountants of India (ICAI) will jointly finalise a panel of eligible audit firms for different categories of projects and entities, based on the project size, number of locations and turnover.
Effective use of technology for in-house audit processes could help prevent accounting fraud in a company, as it will be easier to monitor the flow of data online, says global consultant PricewaterhouseCoopers. A new PwC report, `2010 Internal Audit State of the Productivity of the Profession Survey’, said that about 48 per cent of Indian companies lack skill and knowledge of data tools used in internal audit softwares, while 18 per cent have no access to these tools.
India has become a member of elite global body Financial Action Task Force (FATF), a standard setting body to combat money laundering and terror financing. Membership of FATF has been granted to India in its Plenary held in Amsterdam, Netherlands from 23rd to 25th June, 2010.
Here we go again! India’s Human Resource Development Minister Kapil Sibal has “launched” a $35 computer, evidently a “dream project” of his. The touch-screen, Linux-based device looks iPad-inspired, but we know little about how it works.
The taxman does not have claim over the bank overdraft facility of a defaulter since the lender does not owe money, but has promised a loan for business, the Bombay High Court has ruled. By taking an overdraft facility, a taxpayer becomes a debtor to the bank and hence, no authority has the right to attach overdraft facility for recovering tax dues, the court said in an order dated July 8.
Finance Minister Shri Pranab Mukherjee has asked the Regional Rural Banks (RRBs) to bring their Non-Performing Assets (NPAs) below 5% by this year itself. Finance Minister also announced the wage revision of the pay-scale and allowances of the employees of the RRBs corresponding to those of Nationalised Banks as per 9th Bipartite Settlement. The additional cost burden of the arrears on this account would be about Rs. 791 crores.
PATNA: A woman, as everyone knows, usually gives birth to a baby after nine months of pregnancy, but in Bihar 298 women claim to have delivered two to five children in a span of 60 days – at least that’s what records of incentives amount given to new mothers under a government scheme show.
The Monsoon Session, 2010 of Parliament (5th Session of Fifteenth Lok Sabha and the 220th Session of the Rajya Sabha) is scheduled to commence on Monday, the 26th of July, 2010 and subject to exigencies of Government Business, the Session will conclude on Friday, the 27th of August, 2010 . The Session will provide 24 sittings spread over a period of 33 days.