Enforcement Directorate questioned Sanjay Chandra, Unitech MD and an accused in the 2G spectrum allocation scam recently over investments made in a tax haven abroad.Chandra, who was recently released on bail in the case, has been questioned by ED twice regarding an investment by his firm worth about Rs 230 crore in the Isle of Man.
Finance Minister Pranab Mukherjee says lack of external demand is the major reason behind the depleting condition of the Indian rupee in the international market and the government is taking effective measures to improve the condition. He said that India will be soon on the growth trajectory as the present downturn in the economy is a temporary phase.
The Companies Bill, which enhances accountability, introduces the concept of corporate social responsibility and encourages e-governance, was introduced in the Lok Sabha today. The 2011 Bill was introduced by Corporate Affairs Minister M Veerappa Moily after he withdrew a similar legislation of 2009 on the ground that the revised measure incorporating several recommendations and suggestions made by the Parliamentary Standing Committee on Finance and various stakeholders.
Ahead of the 2012-13 Union budget, electrical equipment industry body IEEMA has demanded extension of service tax exemption to all power projects, including generation, transmission and distribution. Indian Electrical and Electronics Manufacturers’ Association (IEEMA) has demanded extension of exemption to all power projects in line with other infrastructure projects like roads, airports, ports, a release issued here today stated.
Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 statutorily applies to employees getting wages upto Rs. 6500/- in respect of scheduled establishments employing 20 or more workers. State-wise details are given at Annexure.The mechanism to regulate and monitor the implementation of Labour Laws is incorporated in respective Labour Laws. Occasional instances of such nature have been noticed in the Employees Provident Fund offices.
Petrol prices may be hiked by Rs 0.65 per litre this week if state-owned oil firms manage to get political approval for the move. While a fall in the rupee to an all-time low of Rs 53.75 per US dollar has resulted in an increase in the cost of oil imports, international rates of gasoline — against which domestic petrol prices are benchmarked — have also increased, a top source at a state-run oil firm has said.
The rupee today touched a fresh all-time low of 53 rupees 71 paise against the dollar, amid continuing capital outflows and further appreciation of the US currency against its major rivals, particularly euro. After slipping to sub-53 level yesterday, the local currency further plunged to 53 rupees 54 paise per dollar in the opening trade at the Inter-bank Foreign Exchange.
Broadening its probe in overseas black money cases, the Finance Ministry has decided to write to tax havens and other countries to obtain past information of banking-related transactions in select cases. Top sources said that the Central Board of Direct Taxes (CBDT) has obtained data of a number of accounts in foreign locations, including tax havens, and it will now write to these countries to share information about past banking transactions under the amended and rectified provisions of the Double Taxation Avoidance Agreement (DTAA).
The government on Friday said some of the persons named in the French list of people having funds abroad given to India have voluntarily paid about Rs 135 crore in taxes. Although the tax has not been assessed or raised yet, some persons have voluntarily paid taxes amounting to about Rs 135 crore so far,Minister of State for Finance S S Palanimanickam said in a written reply in Lok Sabha.
Upto 500% Revision in the rates of Stipend to ICWAI Trainees by Maharashtra State Electricity Transmission Co. Ltd. – ICWAI is pleased to inform that vide Administrative Circular number 299 dated 25.10.2011, Human Resource Department of Maharashtra State Electricity Transmission Co. Ltd. has revised the rates of stipend payable to Cost and Management Trainees in the places/towns having population more than 20 lakhs. The rates of revision is upto 360% for ICWAI intermediate passed students whereas it is upto 500% for ICWAI passed candidates as per the following details.
