SFIO was established for investigations falling with the following characteristics: (i) of complex nature with inter -departmental and multi-disciplinary ramifications; (ii) involving substantial public interest to be judged by size, either in terms of monetary misappropriation or in terms of persons affected, and;
As Aadhaar is covered under the heading ‘Photo Identity Card Issued by Central/State Government’, the Ministry of Railways has decided to specifically incorporate and indicate Aadhaar as one of the proofs of identity acceptable for undertaking journey on e-tickets as well as under Tatkal scheme.
The CAG has pulled up the Income Tax Department for not recovering tax arrears worth over Rs 4,500 crore from various entities due to a lack of coordination between two of its wings. The government auditor, in its latest report tabled in Parliament, said it found several cases where the Assessing Officers (AOs) did not communicate updated information relating to demands to Tax Recovery Officers (TROs).
The Outcome Budget documents will be prepared separately by each Ministry/Department in respect of all Demands/Appropriations controlled by them, except those exempted from this requirement and to the extent disclosures are not barred on considerations of security etc. A list of exempted Demands/Appropriations is enclosed at Annexure-I. However, even the Ministries/Departments and other authorities ‘exempted’ from preparation of Outcome Budget and placing it in public domain are requested to carry out this exercise for internal use and voluntarily decide to place it in public domain fully or partially.
The Reserve Bank of India (RBI), has kept policy rates unchanged in its Mid Quarter Review of Monetary Policy announced today. The repo rate (the rate at which RBI lends money to banks) remains unchanged at 8.5%. The Reverse Repo Rate (rate at which RBI borrows money from banks) also will remain unchanged at 7.5% and the Marginal Standing Facility (MSF) rate at 9.5%.
On the basis of the current macroeconomic assessment, it has been decided to: * keep the cash reserve ratio (CRR) unchanged at 6 per cent; and * keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.5 per cent.
The development of the accounting profession owes its origin to the emergence of the joint stock company and the consequent separation of ownership from management. This arrangement triggered the need for an independent and informed opinion on the accounting of the owners’ funds entrusted to the management for their stewardship. The “raison d’etre” of the profession is consequently based on the confidence which the profession enjoys with the
The Protocol amending India-Australia Double Taxation Avoidance Agreement (DTAA) was signed, here today by Shri. S. S. Palanimanickam, Minister of State for Finance and Mr. Bill Shorten, Minister for Employment and Workplace Relations & Minister for Financial Services and Superannuation, Government of Australia. The original India-Australia DTAA was signed way back in 1991.
The Union Finance Minister, Shri Pranab Mukherjee has stated that today’s announcements of RBI concerning Monetary Policy would help in regaining our growth momentum with improved macro-economic parameters in the remaining period of the current fiscal 2011-12. The Finance Minister was reacting to the RBI’s Mid Quarter Review of Monetary Policy for 2011-12 which was announced by RBI Governor in Mumbai today. Shri Mukherjee welcomed the RBI Governor’s resolve to check the speculative interventions in the foreign exchange market which among other factors has contributed to the sharp depreciation in the Indian Rupee against the US Dollar. The Finance Minister, Shri Mukherjee said that inflation will moderate further in the coming weeks and therefore, the today’s announcements of RBI are welcome.
Special Bonus Benefit Scheme: A new scheme to provide special assistance to specified sectors for 6 months has been introduced. The support is given to Engineering, Pharmaceutical and Chemical sectors covering 50 products. This scheme will be available on exports made on or after 1.10.2011 and up to 31.3.2012. The rate of duty credit is 1% of FOB value of exports.
