Ministry of Corporate affairs has vide its General Circular No. 14/2012, dated 21-6-2012 imposed fees on various forms which were free of cost. One such form was E-form-23B which in an Intimation to ROC by statutory auditors regarding their appointment. So now fee shall be payable based on Authorised Capital of the Company. Additional fee provisions shall also apply in case of delay. It shall be applicable from 22nd July 2012.
An internal probe by the Income Tax department, to detect the occurrence of a spate of refund frauds, has found that swindlers have hacked into the user-ids of retired officials and unclaimed suspense refunds were generated to siphon off the taxpayers hard-earned money.
In FY2012, CPC processed 1.32 crores returns, a 47% increase over FY 2011. Rectification requests received by CPC has dropped from over 10% of returns filed in AY08-09, to 6.5% in AY 09-10, to 3.8% in AY 10-11 and further to just about 2.9% in AY 11-12. FY 2012 saw several milestones / records set by CPC. Between October 2011 and December 2011 , the Financial Accounting System (FAS) at ITDCPC was revamped completely with three rounds of enhancements which resulted in a quantum jump in daily throughput.
In a Working Paper published by the Reserve Bank of India has argued that the guidance given by Basel Committee on Banking Supervision (BCBS) is not appropriate for India. The finding is based on the analysis of annual banking data for the last 60 years since 1950-51. The authors have also showcased an alternative capital buffer guidance reflecting, among other things, the current status of economic development and the underlying banking business model in India. Using the annual data since 1990-91, the authors have empirically verified the performance of the alternative buffer guidance vis-à-vis the BCBS guidance. The salient findings of the research are:
Monetary policy transmission is a process through which monetary policy decisions affect the economy in general and the price level in particular. It is a complex process, wherein the transmission of policy actions to market interest rates and further to real sector may proceed through several channels. Therefore, monetary policy transmission mechanism is still considered to be a “black box”. In this context, this paper, using SVAR models on quarterly data for 1996-97:1 to 2011-12:1, examines the relative importance of various transmission channels of monetary policy to output growth and inflation in India.
The Mission statement indicates RBI’s renewed commitment towards providing a safe, efficient, accessible, inclusive, interoperable and authorised payment and settlement systems for the country. Payments systems will be driven by customer demands of convenience, ease of use and access that will impel the necessary convergence in innovative e-payment products and capabilities.
Service tax on passenger travel and freight was introduced in the general budget for 2009-10, but was kept on hold due to the then Railway Minister Mamata Banerjee’s opposition. The exemption has been extended since then on quarterly basis but this time the Finance Ministry has decided to exclude freight charges and AC rail travel from the negative list, which gets service tax exemption.
SEBI Board Meeting – Platform for e-voting by shareholders of listed entities; manner of dealing with audit reports filed by listed entities and amendment to certain provisions in SEBI (ICDR) regulations relating to infrastructure sector, etc.
In view of the closure of banks on account of half yearly closing on 29th September, 2012 followed by Sunday i.e. 30th September, 2012, the last date for registration for Common Proficiency Course (CPC) shall be 5th October, 2012 for being eligible to appear in the Common Proficiency Test (CPT) to be held in December, 2012.
The Institute is pleased to announce opening of five new Examination Centres at Alwar (Rajasthan) Gorakhpur (U.P.), Jallandhar (Punjab), Hooghly (West Bengal) and Howrah (West Bengal), for conduct of ‘Company Secretaries’ examinations, on an experimental basis beginning from December, 2012 examination onwards.
