The Ministry of Corporate Affairs (MCA) under notifications number S.O. 447(E) and 653(E) dated 28th February, 2011 and 30.03.2011 respectively notified that the annual accounts for the financial year ending 31st March 2012 shall be prepared in accordance with the revised Schedule VI. Hence, the new Schedule VI of the Companies Act, 1956 shall not be applicable to December, 2011 exam ination.
The Custodian (Trial of Offences Relating to Transactions in Securities), Ministry of Finance, appointed by the Central Government to deal with the Securities Scam of 1992 has secured another order from the Special Court, Mumbai, allowing him to release a total amount of Rs.650 crores to the Income Tax Department, banks and financial institutions from the liquidated assets of the Harshad Mehta Group of entities, against pending claims.
Union Finance Minister Shri Pranab Mukherjee has said that one of the central objectives of the G-20 has been to address the root causes of the global financial crisis, prevent a recurrence and, going forward, to take measures to achieve strong sustainable and balanced growth. Dealing effectively with the interrelated issues of global imbalances, financial regulation, and the international monetary system are central to this agenda, he said. The Finance Minister was speaking at the international conference on ‘Global Cooperation on Sustainable Growth and Development, here today.
ITAT Collegium transfers 12 Members at All India level (Sept 2011) – In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest, (except Serial Nos. 1 & 8 )* in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names with effect from 12.09.2011
The Reserve Bank of India today released the September 2011 issue of its monthly RBI Bulletin. The September issue carries six articles: India’s Foreign Trade: 2011-12 (April-June), Monthly Seasonal Factors of Selected Economic Time Series, Corporate Investment: Growth in 2010-11 and Prospects for 2011-12,
The President, in terms of the authority given to him by the Council at its 303rd meeting held on 10th, 11th and 12th February, 2011, has appointed Shri Manoj Kumar, Joint Secretary, Ministry of Corporate Affairs, the newly nominated member on the 21st Council in place of Dr. T.V. Somanathan, on the following Committees/Boards of the Institute, for the remaining period of the year 2011-2012.
Following the announcement by the Union Finance Minister Shri Pranab Mukherjee in his budget 2011-12, the Government in consultation with the regulators had raised the limit for FII investment in long-term corporate bonds issued by the companies in the infrastructure sector from USD 5 billion to USD 25 billion. This scheme was operationalised vide SEBI circular CIR/IMD/FIIC/5/2011 dated 31st March 2011.
Union Corporate Affairs Minister Dr. M. Veerappa Moily has said that the announcement of the national competition policy will be the second biggest reform initiative after the 1991 economic reforms. Dr. Moily was chairing the first Consultation Meeting organized by the Indian Merchants’ Chamber and the Indian Institute of Corporate Affairs in Mumbai today. He hoped that the Cabinet’s nod will be obtained by the end of this year to pave way for the New Competition Policy next year.
The Reserve Bank of India today placed on its website the Report of Expert Committee on Licensing of New Urban Co-operative Banks (Chairman:Shri Y.H. Malegam). Suggestions and comments on the Report may please be forwarded by October 31, 2011 to the Chief General Manager-in-Charge, Urban Banks Department, Reserve Bank of India, Central Office, Garment House, First Floor, Dr. Annie Besant Road, Worli, Mumbai – 400 018 (Fax No. 022-24974030) or emailed.
Attention of the trade is invited to the Circular No. 37/2011-Cus dated 23.08.2011 issued by CBEC vide F.No. 450/179/209-CustomsIV(Pt).
