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The American banking sector continues to grapple with failures and on an average, ten banks are closing down every month. This year, 30 banks have already collapsed and the numbers are expected to rise in the coming weeks. A staggering 184 banks have folded up since the bankruptcy of the then Wall Street major Lehman Brothers in September 2008.
When oil prices went for an upward hike the whole of India took off the extra pay with a mixed reaction. Mixed reaction since 1) Indian citizens have become very much close to the Indian economic fiscal condition and 2) The increase in tax slab for the all class of citizen made them feel that they will have some more savings in their hands and more shopping spree for the families.
Applications for issue of passports under the Tatkal scheme are accepted if a verification certificate is submitted in the prescribed performa, duly signed by a designated officer of the Central/State Governments, or on submission of three prescribed documents. Two lists containing designated officers and prescribed documents are enclosed at Annexure A and B.
The Government has informed Lok Sabha that the Government has adopted the approach of convergence of Accounting Standards issued under the Companies Act, 1956 with the International Financial Reporting Standards (IFRS), keeping in view the requirements relevant to Indian conditions and to enable Indian companies and concerned regulatory bodies to transform to the new standards smoothly.
The main reasons for the pendency are, time taken in collection and scrutiny of voluminous documents, examination of large number of witnesses, scientific and forensic examination of exhibits, obtaining expert advice and shortage of officers at the level of Supdt. of Police, Dy.SP etc.
Although, the proposal is for setting up all twenty IIITs in Public Private Partnership (PPP) mode, since industry participation may not be forthcoming in some States like in the North East, it is proposed that IIITs in the North East may be set up by the Central Government with contributions from Ministry of Development of North Eastern Region (DONER).
The CVC does not issue sanction for prosecution. However, the Commission advised sanction for prosecution in the year 2008 and 2009 in 107 and 131 cases respectively. In pursuance of the Commission’s advice, the Competent Authorities have imposed penalties as per details given below:-
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial asset is cash, equity shares issued by another entity, and a contractual right to receive cash or another financial asset. A derivative instrument is recognised either as an asset or a liability depending on whether the price of the instrument is favourable or unfavorable to the entity. Today we shall not discuss accounting for derivatives.
Recessions have affected mostly the real estate business. Slowing demand and sudden evaporation of liquidity position made the situation become so tough for the real estate sector that companies who were engaged in massive long term projects have to abandon the projects. In many cases they have to forgo SEZ projects too due to financial crisis.
Recessions have taught lessons to many even to the favorite pet at your home. Among all these many of the lessons are positive and where as many are on the way to become positive. Recessions have educated us in many ways. Among them emerging economies is making the world economy educated about the process of making positive outcomes.
