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The Cabinet on Thursday approved an amendment to the Gratuity Act to raise the ceiling from Rs 3.5 lakh to Rs 10 lakh. The Bill to amend the Act will now go to Parliament, a government official told.
An auditor has to keep himself abreast of the latest developments in the audit field by constant upgradition of his skills and knowledge through Internet, seminars, self-study and correspondence course. The Satyam multi-crore scam is still fresh in people’s mind and investigations are in progress with the Chairman and Chief Finance Officer in jail pending investigation.
One recurring point of dispute in consumer law has been the standing of the person who makes the complaint. The Consumer Protection Act allows only persons who buy goods or services for their own purpose to approach a consumer forum. The law was amended in 2002 to further clarify that those who buy goods or services for commercial purposes cannot move a consumer forum.
In a clear signal of a rising interest rate regime, country’s largest private sector lender, ICICI Bank, on Thursday said it has hiked its auto loan rates by up to 0.5 percent and withdrawn its 8.25 percent special home loan scheme. “Auto loans rack rates have been raised by 0.25-0.5 percent depending on segment and tenor with effect from March 5,” an ICICI Bank spokesperson said.
There is good news for the companies usingPay Pal services as Reserve Bank of Indiahas given the green signal for restarting the bank withdrawals in the country, the news was confirmed last week by PayPal. The RBI has approved in order to settle payments and withdrawals for exports of gods and services.
Government on Wednesday said the modernisation project for online settlement of provident fund claim would be implemented by the next financial year in all EPFO offices. The project will be implemented in 27 offices of Employees Provident Fund Organisation (EPFO) by the end of this financial year and in remaining 92 offices by 2010-11 financial year, Minister of State for Labour and employment Harish Rawat said.
“With fixed deposit rates from banks coming down, investors seeking higher returns from fixed income products are investing in company fixed deposits,” says Aseem Dhru, MD & CEO of HDFC Securities, which has recently started distributing company fixed deposits. Company fixed deposits work for investors seeking assured returns higher than that offered by bank fixed deposits.
Earlier, SEZ unit holders and developers had raised concerns regarding continuation of tax benefits like income tax holiday after the Direct Tax Code comes into effect, replacing the existing Income Tax Act. The Minister informed the reporters that the Finance Minister in his Budget speech has said that the government is committed to ensuring continued growth of SEZs to draw investments and boost exports and employment.
Fraudsters would soon find it difficult to raise multiple loans against the same property with the budget setting aside Rs 25 crore for a Central Electronic Registry. The Central Electronic Registry (CER) would be a database of all all mortgages and the banks that have a charge. So in future when a borrower seeks to avail a loan against an apartment or a house, the lender will be able to verify whether anyone has already got a charge on the property.
The Supreme Court has dismissed the appeal of Hindustan Petroleum Corporation which had terminated its dealership agreement with Super Highway Services, a retail dealer. The action was taken after a check on the private company’s stock of high speed diesel for its quality. The dealer moved the Patna high court, which set aside the termination.
