In view of the developments in the Microfinance sector, particularly in Andhra Pradesh, the Reserve Bank of India (RBI) had in October, 2010 constituted a Sub-Committee under Shri Y.H. Malegam, Member of the Central Board of Directors of RBI, to study issues and concerns of the Micro Finance Sector including interest rates charged by the lenders in this area. The Malegam Committee in its Report has inter alia recommended the following.
Let me now conclude. I have highlighted ten challenges that we need to address in order to accelerate output growth with focus on the quality of growth. I must admit that this list is by no means exhaustive, and individual lists can vary both in content and emphasis. I hope my list would, at the least, serve as a reference point for thinking through.
‘Self-Assessment’ in Customs has been implemented w.e.f. 8.4.2011 vide Finance Act, 2011 by suitable changes to Sections 17, 18, 46 and 50 of the Customs Act, 1962. Self-Assessment interalia requires importers / exporters to correctly declare value, classification, description of goods, exemption notifications etc. and self assess the duty thereon, if any. As Self-Assessment is newly introduced, the Central Board of Excise and Customs is releasing this Manual to guide importers / exporters in making correct Self-Assessment of duty of imported or export goods.
The time has come for all the stakeholders in the growth of Indian economy to come forward and launch a national movement to build a culture of competition so as to promote innovation, entrepreneurship and inclusive growth and to be part in ushering second generation of reforms. This was stated by the Minister for Corporate Affairs, Dr M Veerappa Moily at the Conference on Building
The Cabinet today approved the Companies Bill 2011 which, once approved by Parliament, will replace half-a-century-old Act.Companies Bill, 2011 is likely to be tabled (for consideration and passage) in the ongoing Winter Session. The Bill, which has already been vetted by the Parliamentary Standing Committee of Finance and also by different ministries, seeks to update the company law in line with the best global practices.
Union Cabinet today cleared the bill to increase foreign direct investment to 51% in multi-brand retail and 100% in single brand. Commerce and industry minister Anand Sharma said that he would give a statement in Parliament on retail FDI. Currently, India allows 51% FDI in single brand retail and 100% FDI in cash and carry format of the business.
Income Tax sleuths on Wednesday seized about Rs 70 crore in cash from a contractor from his house at Jharia in Dhanbad district, a senior IT official said. As per Additional Director, IT, Ajit Srivastav An IT team seized the cash from coal contractor Lal Babu Singh’s residence. Singh is a contractor with the Bharat Coking Coal Limited.
As per Circular No. 57/2011, a company is allowed to file the financial statements in XBRL mode without any additional fee up to 30th November, 2011 or within 60 days from the due date, whichever is later. In case of a company whose financial year is ending on 31-03-2011 and if its date of AGM is 30th September 2011, then its Due date for filing financial statements is 30 days from the AGM date i.e. upto 30th October, 2011.
Country’s largest lender State Bank of India (SBI) has decided to abolish pre-payment charges on home loans, giving some succour to borrowers who want to foreclose their accounts. SBI has decided to do away with the pre-payment charges on all kinds of housing loans with immediate effect. The bank has been charging pre-payment penalties only on housing loans with floating interest rates taken before May 2011.
Infrastructure Development Finance Company (IDFC) today demanded that the Government raise the income tax-saving cap of Rs 20,000 for more retail participation in infrastructure funding. At present, subscription to long-term infrastructure bonds by an individual or Hindu Undivided Family (HUF) not exceeding Rs 20,000 in a fiscal year is entitled for deduction in computation of taxable income.
