The Ministry of Corporate Affairs Government proposes to set up National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) which will replace Company Law Board, Board for Industrial and Financial Reconstruction and Appellate Authority for Industrial and Financial Reconstruction.
India’s exports for the month of April- December 2011 have registered a growth of 25.8%, at US $ 217.6 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April—December 2011, the imports were US $ 350.9 billion with a growth of 30.4% and a Balance of Trade stood at US $ (-)133.3 billion, during the same period. Shri Khullar also informed that India’s exports in December 2011 were US $ 25 billion and imports stood at US $ 37.8 bn Balance of trade for the month of December 2011 stood at (-) 12.8 billion US $.
After IAS and IPS officers, the government has now turned its heat on Indian Revenue Service (Income Tax) officers asking them to mandatorily furnish their immovable property returns by this month-end failing which they would be denied promotions. Citing a Department of Personnel and Training (DoPT) order in this regard, the Central Board of Direct Taxes has said those officers who fail to submit their IPRs within the prescribed time “would be denied vigilance clearance and will not be considered for promotion and empanelment for senior level posts and deputation, among others (service benefits).
The top economic official of the European Union has criticised a decision by Standard and Poor’s to downgrade the credit ratings of nine euro zone countries. Economic Affairs Commissioner Olli Rehn said the move was inconsistent as the euro zone was taking decisive action to end the debt crisis. Other senior European officials have also hit out at the move.
The Foundation Programme being the entry level to the Company Secretaryship Course and gateway to the profession of Company Secretaries, the Syllabus Review Committee based on the feedback received from various stakeholders has completed the formulation of detailed contents of the Foundation Programme. We are pleased to inform you that the Council of the Institute has approved the new syllabus for the Foundation Programme.
Google, Facebook and 19 other social networking sites faced legal action for offences of promoting enmity between classes after the Government granted sanction to prosecute them. The Government today told a Delhi court there is sufficient material to proceed against the 21 social networking sites which included Yahoo and Microsoft for offences of promoting enmity between classes and causing prejudice to national integration.
The Central Bureau of Investigation has today arrested Commissioner of Central Excise, Delhi in an on-going investigation in a case registered against him; a Superintendent, Central Excise, New Delhi; a middleman and others for demanding an illegal gratification of Rs.60 Lakh from a mobile phone importer.The Superintendent of Central Excise and the middleman were earlier arrested on 02.01.2012 by CBI.
Finance Minister Pranab Mukherjee today said stress has to be put on direct tax collection as part of the country’s revenue generation exercise. While the amount of direct tax collected last year was Rs 5,96,000 crore, the indirect tax collection was Rs 3,76,000 crore, the minister said. Inaugurating a new income tax building here in this industrial town, Mukherjee said that a recruitment drive in the income tax sector would be undertaken shortly.
Users can now avail facility of e-Payment through ICEGATE for all Custom Locations from any of the following authorized Banks w.e.f. 16th Jan, 2012.
The existing role and functions of CIT(CO) had been defined with reference to erstwhile Regional Computer Centres (RCCs) and they were also acting as Nodal points for distribution of hardware etc. in the initial phases of Computerisation in the Department. Post consolidation of Regional Data Bases stabilized Taxnet and PDC, BCP & DR Sites becoming fully operational, redefining and recasting the role and functions of CIT (CO) had become imperative. Deliberations in the Directorate were ongoing to recast the same so as to align it in the new environment.
