CA, CS, CWA Amendment Bill has been passed by both houses of the Parliament paving the way for LLP and Multidisciplinary Partnerships (MDPs) subject to notification of the relevant provisions, after the assent of the President of India and issue of guidelines for MDPs by the Council.
The Government has declined to disclose two letters written to Prime Minister Manmohan Singh by former Sebi member K M Abraham, who had alleged in another communication, interference by some corporates and top Finance Ministry officials in the working of the market regulator.
The recent past has been a challenging time for the banking sector in India. You, along with the entrepreneurs, have coped well with these challenges and have emerged stronger from a difficult phase. While the banking sector has responded well so far, there are several challenges that lie ahead. Our banking system needs to equip itself to deal with emerging challenges and be prepared to cash in on the opportunities unleashed by higher growth. In dealing with the needs of small and medium enterprises, banks have to look for new delivery mechanisms.
You are aware that a select class of companies have to file their financial statements for financial year 2010-11 using eXtensible Business Reporting Language (XBRL) vide Companies (Filing of Documents and Forms in eXtensible Business Reporting Language) Rules, 2011. Owing to fervent requests from stakeholders, last date of XBRL filings by a company have been extended up to 31.12.2011 or within 60 days from its due date of filing, whichever is later, without any additional fees vide the Ministry’s Circular No. 69/2011 dated 30.11.2011. Please note that companies filing after expiry of this extended timeline would be charged additional fee as per their normal 23AC and 23ACA filings. i.e., late fee for such companies would be calculated with effect from original due date of filing.
Though fraud is not explicitly defined in the existing Companies Act there are offences in IPC which include aspects relating to fraud. Frauds of various types like falsification of financial statements through overstatement of assets/ understatement of liabilities, diversion of funds in Project financing, over/under invoicing and capital market, including criminal breach of trust, misappropriation of funds/assets etc. under the IPC have been reported by the SFIO in various cases investigated by it and cases against such companies are being pursued before the concerned courts, under provisions of relevant Act.
A committee has been formed by MCA to develop the roadmap for future implementation of XBRL. The committee has its Terms of References as under: A. Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner. B. Development of Taxonomies to be used by Corporates for their regulatory filings to government agencies.
Unfazed by the setback to plans for FDI in retail, the government is moving ahead with a proposed hike in the foreign investment cap in different broadcasting services like Direct-to-Home and cable TV networks to a uniform 74%.
Due to unavoidable changes in the itinerary of the Honorable Finance Minister, Government of India, the inauguration of Direct Taxes Regional Training Institute campus at No 17, Jalahalli, scheduled to be held at 5.30 pm, on 18.12.2011, has been cancelled.
The Government has put in place an investor-friendly policy on FDI, under which FDI, up to 100% is permitted on the automatic route, in most sectors/activities. Significant changes have been made in the FDI policy regime in recent times, to ensure that India remains increasingly attractive and investor-friendly. Foreign Direct Investment (FDI) policy is reviewed on an ongoing basis, with a view to make it more investor friendly.
As per available information, Indian Pharmaceutical exporters are facing intense competition in international markets from China, particularly in Bulk drugs sector. Competition in formulations is also increasing gradually from China. India is also facing competition from Brazilian companies in Latin American Countries. Exports of India, China and Brazil for the last three years are given below:-
