India recovered from the crisis sooner than even other emerging economies, but inflation too caught up with us sooner than elsewhere. Inflation, as measured by the wholesale price index (WPI), which actually went into negative territory for a brief period in mid-2009, started rising in late 2009, and it has remained around 9-10 per cent since January 2010 reflecting both supply and demand pressures. Supply pressures stemmed from elevated domestic food prices and rising global prices of oil and other commodities. The source of demand pressures was an economy with low per capita income which recovered sharply from the crisis. The supply pressures and demand pressures collided triggering a wider inflationary process.
The Union Health Minister and Chairman of Indian Red Cross Society and St John Ambulance (India), Shri Ghulam Nabi Azad today presided over the General Body meeting of the two organizations on behalf of the President of India Smt. Pratibha Devisingh Patil. Over 350 members of the General Body including Governors of the States of Uttar Pradesh, Chhattisgarh and UT Andaman and Nicobar Islands attended today’s meeting.
(Reuters) Deloitte Touche Tohmatsu Ltd , the world’s largest accounting and consulting firm, was accused on Monday of failing to detect fraud during its audits of one of the biggest private mortgage firms to collapse during the U.S. housing crash. A trust overseeing the bankruptcy of Taylor, Bean & Whitaker Mortgage Corp, or TBW, and […]
As decided by SEBI Board in its meeting dated March 22, 2007, SEBI had posted a consultative paper on the ‘Regulation of Investment Advisors’ on its website inviting public comments. Based on public comments received on the consultative paper as also the USAID (Fire Project), a memorandum was placed before the SEBI Board proposing a regulatory approach for Investment Advisors. It was proposed that the Regulations shall be implemented through an SRO. As Investment Advisors offer products across asset classes, it was felt that the respective regulators may take a view and formulate similar norms and code of conduct. Accordingly a reference was made to the HLCC on Financial and Capital Markets.
Electronic Reservation Slip (ERS) – The printout in standard specified Performa containing reservation particulars, and instructions for use which cn be used by the passenger along with the relevant authorized Identification, as travel authority for performing the journey. Virtual Reservation Message (VRM) – A screen-shot of the e-ticket displayed through laptops/palmtops/ Mobile phone is referred […]
ICAI has released Book titled ‘Quick Insight on CA profession’ to be circulated to all CA firms/ practitioners for ready reference and it includes matters relating to direct and indirect tax, accounting standards, list of mandatory statements and standards on auditing, peer review, information regarding forms relevant to students, websites, contact e-mail ids of Committees of the Institute and that pertaining to the Companies Act, 1956 and LLP.
There is a great deal of anxiety around the world about the outcome of this weekend’s Fund-Bank annual meetings and the G-20 meetings. There are strong expectations that we will converge on a plan of action that will reverse the crisis of confidence. We once again have to show the resolve that we did in 2008 to meet those expectations.
The Reserve Bank has announced today that banks and Non Banking Financial Companies (NBFCs) would be eligible to sponsor Infrastructure Debt Funds (IDFs), to be set up as Mutual Funds (MFs) and NBFCs. The Securities and Exchange Board of India (SEBI) has amended the (Mutual Funds) Regulations to provide regulatory framework for IDF-MFs by inserting Chapter VI – B to the MF Regulations.
Thirteen South African Indians, all members of an extended family, have been arrested from a largely Indian residential locality near here, for allegedly defrauding the revenue service of millions of rands, in a scam that has left the township residents shocked. The accused, including a mother, her four children and other close and not so close relatives of the family, were arrested from the Lenasia area, south of here, largely populated by ethnic Indians.
It is a great honour to take over the chair of G24 and I thank you for enabling it. I bring greetings from all the people of India. South Africa and its dynamic Finance Minister Mr Pravin J Gordhan has successfully steered this group over the last one year. Let me thank him and his team, on behalf of all of us present here. I also take this opportunity to welcome the new 2nd Vice Chair , Minister Fayza Aboul Naga of Egypt.
