The Union Cabinet today gave its approval to certain amendments to the IMF`s Articles of Agreement on Reform of the Executive Board of the IMF. The amendments are part of a package of reforms on quotas and governance in the IMF. Along with the recent quota reforms in IMF (i.e., Fourteenth General Review of Quotas), these amendments represent a major overhaul of the Fund`s quotas and governance, and help in strengthening the Fund`s legitimacy and effectiveness .
The Comptroller and Auditor General of India (CAG) has been appointed as the external auditor of two major UN organizations – the International Atomic Energy Agency (IAEA), Vienna and World Intellectual Property Organization (WIPO), Geneva. Both these organizations have traditionally been the stronghold of the developed world and it is for the first time that a Supreme Audit Institution from outside Europe has been appointed to these prestigious positions. These appointments were made in the face of competition from other developed countries like United Kingdom, Spain and Norway.
Revising its norms for foreign institutional investors (FII) in the infrastructure debt bonds, the capital market regulator Sebi today lowered the minimum bidding and allocation amounts for such investors. As per the revised guidelines, no single FII shall be allocated more than Rs 2,000 crore of the investment limit against the existing Rs 10,000 crore. The market regulator has also reduced the minimum bid size to Rs 50 crore from the existing Rs 250 crore, a SEBI circular said.
Assessees can file their Central Excise and Service Tax Returns using following offline Excel Utilities/XML Schema by downloading the same from this page. It is advised that the latest Excel Utility may be used every time, for filing Returns, by downloading it from the link given below Click on the respective Excel Utility/XML Schema hyperlink to download. Please refer the detailed Instructions Sheet embedded within the utility before using the same.
MCA XBRL Validation Tool for validating XBRL instance documents has been released. The same can be downloaded by stakeholders for validating the instance documents prepared by them. The stakeholders should also refer to the XBRL filing manual for creation and validation of the instance documents.
A chartered accountant was arrested here on Thursday in connection with his alleged role in the Singapore-based online survey company SpeakAsia’s multi-level marketing scam taking the total number of arrests in the case to six, police said.
Apex chartered accountants body ICAI has accused multinational accounting companies of violating the CA Act and asked for joint action by agencies, including the RBI and the Corporate Affairs Ministry, to enforce compliance.
Secondary market transactions of Rs 10 lakh or more in a year, insurance premium of above Rs 1 lakh, debit card payments above Rs 2 lakh, fixed deposits and recurring deposits of over Rs 10 lakh each, and cash deposits of Rs 20 lakh in current accounts are likely to be added to the AIR list, which currently comprises eight items. High-value sales and purchases of property are taken as two items.
To enable eligible Entities verify Permanent Account Numbers (PANs), Income Tax Department (ITD) has authorized National Securities Depository Limited (NSDL) to launch an online PAN verification service for verification of PANs by authorized entities.
(Speech by Deepak Mohanty, Executive Director, Reserve Bank of India, delivered at the Harvard Business School, Boston on 27th September 2011) It is an honour and privilege for me to be speaking at Harvard to such a distinguished audience. I thank Professor Benjamin Friedman and Professor Tarun Khanna for this opportunity. I will be speaking […]
